Business

KARACHI: After Moody’s and Fitch, the S&P Global Ratings on Thursday revised the outlook on Pakistan’s long-term ratings to negative from stable. The S&P affirmed its ‘B-’ long-term and ‘B’ short-term sovereign credit ratings on Pakistan, as well as ‘B-’ long-term issue rating on the country’s senior unsecured notes and Sukuk Trust Certificates. “Pakistan’s external position weakens against a backdrop …

Oil prices were steady to higher in Asia trade on Friday, lifted by supply concerns as attention turns to the next meeting between Opec and its allies, though fears of recession capped gains. US West Texas Intermediate (WTI) crude futures for September delivery rose 38 cents, or 0.4 per cent, to $96.80 a barrel by 0330 GMT, reversing losses from …

ISLAMABAD: Painting an uncertain economic outlook, the Ministry of Finance on Thursday warned that prevailing political unrest was causing governance problems and intensifying the market uncertainties already caused by low foreign exchange reserves and external pressures. “Inflationary and external sector risks are building macroeconomic imbalances in the economy. Furthermore, the ongoing political unrest is increasing economic uncertainty, which is causing …

ISLAMBAD: Finance Minister Miftah Ismail on Wednesday said the government was amending the laws to enable the sale of shares of listed state-owned entities (SOEs) with a buyback option to friendly countries on a government-to-government (G2G) basis and help bridge a part of $4bn financing gap estimated by the International Monetary Fund (IMF) for the current fiscal year. Speaking at …

KARACHI: The current account deficit (CAD) swelled to $17.4 billion in FY22, which could be the most painful shock for an economy already in trouble with serious imbalances. The State Bank of Pakistan (SBP) on Wednesday reported that the country recorded a CAD of $17.406bn in FY22 compared to a gap of just $2.82bn in FY21. The massive CAD speaks …

ISLAMABAD: The Privatisation Commission (PC) on Wednesday said meetings with the pre-qualified parties for the sell-off of Pakistan Steel Mills were underway, with the companies conducting due diligence processes and on-site visits. At a review meeting, Minister for Privatisation and PC Chairman Abid Hussain Bhayo stated that the commission should focus in order to resolve all the pending matters for …

ISLAMABAD: The newly appointed United States Ambassador to Pakistan Donald Blome on Wednesday expressed concern over the ban imposed by the government on the import of luxury goods, which also included food items, saying it was hurting the interest of the business community. In a meeting with Commerce Minister Naveed Qamar, the US envoy also discussed difficulties faced by businesses …

The rupee’s losses continued on Thursday as the local currency closed at a record low of Rs239.94 against the dollar in the interbank market. According to the Forex Association of Pakistan (FAP), the rupee lost 4.48, or 1.89 per cent, compared to yesterday’s close of 236.02 by 12:03pm. Consequently, the rupee was trading at 240.5 against the greenback. The rupee …

WASHINGTON: Surging inflation and severe slowdowns in the United States and China prompted the IMF on Tuesday to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse. “The outlook has darkened significantly since April,” said IMF chief economist Pierre-Olivier Gourinchas. “The world may soon be teetering on the edge …

KARACHI: Pak Suzuki Motor Company Limited (PSMCL) has decided to cut the number of production days in August due to shortage of parts following restrictions on their import imposed by the State Bank of Pakistan. When contacted, PSMCL public relations head Shafiq Ahmed Shaikh said the company had already stopped booking of vehicles from July 1 due to an expected …