Business

COLOMBO: Cash-strapped Sri Lanka took delivery on Saturday of Russian oil — which could soon be subject to a European embargo — to restart operations at the country’s only refinery, the energy minister said. The island nation is suffering its worst economic meltdown since independence, with shortages of fuel and other vital goods making life miserable for its 22 million …

ISLAMABAD: An increase in electricity tariff would follow fuel price adjustment through withdrawal of subsidies while protecting the poor under principles agreed to with the International Monetary Fund (IMF), Minister of State for Petroleum Musadiq Malik said on Friday. Speaking at a news conference, he said Minister for Finance Miftah Ismail had very skillfully finalised conditions with the International Monetary …

BERLIN: Ministers from the Group of Seven countries on Friday called on Opec to act responsibly to ease a global energy crunch brought on by the Russian invasion of Ukraine, even as they announced a breakthrough commitment to phase out coal-fuelled power. The call, made at the end of three-day talks in Berlin focused on climate change, underscored that the …

ISLAMABAD: Inflation measured by the Sensitive Price Index (SPI) fell 0.26 per cent in the week ended May 26 owing to a drop in the prices of a few essential food items, according to Pakistan Bureau of Statistics (PBS) data released on Friday. The drop was noted after four weeks of consecutive increases. Last week, the SPI saw the second-biggest …

LAHORE: Leading economists have expressed grave concerns over the deteriorating economy, which, according to them, is in a free fall situation. In a webinar titled “Budget 2022-23: Is the economy in free fall?” organised by the Institute for Policy Reforms (IPR), they sought immediate and effective short-, medium-, and long-term measures under political will in a bid to control the …

Finance Minister Miftah Ismail said on Saturday that the government’s relief package, which was announced by Prime Minister Shehbaz Sharif a day earlier, would help protect the poor people from the “storm of inflation” left by the previous PTI government and the recent hike in fuel prices. Addressing a press conference in Islamabad, he shared the criteria for availing the ‘Sasta Petrol, Sasta Diesel’ relief …

DAVOS: Cryptocurrency firms, many of which lined the main street in Davos this week, were told they will need to clean up their act before gaining complete acceptance from the World Economic Forum’s old guard. “The future of crypto, I’m sorry to say, looks regulated to me,” said Nela Richardson, senior vice president and chief economist for human resources software …

ISLAMABAD: In a move towards placating the International Monetary Fund (IMF) for an economic bailout, the government on Thursday increased, with immediate effect, the prices of all petroleum products by Rs30 per litre to reduce fuel subsidies. Speaking at a hurriedly called news conference, Finance Minister Miftah Ismail, who remained on the move between the Ministry of Finance and the …

KARACHI: Trade and industry leaders have slammed the government for increasing the petrol and diesel rates by a whopping Rs30 per litre which will not only multiply the woes of already inflation-hit masses but will also push up the cost of production. They said the government bowed to the IMF pressure to withdraw the fuel and power subsidies for releasing …

After increasing the prices of all petroleum products by Rs30, the government has also hiked up flour prices — by more than 20 per cent — at utility stores. The new rates were conveyed to all zonal managers in a May 26 notification issued by the Utility Stores Corporation of Pakistan, a copy of which is available with Dawn.com. According to the document, …