Business

LONDON: Bitcoin has scant experience with rising interest rates, posing perils for investors looking to capitalise on its dramatic drop. The cryptocurrency has tanked along with other risk assets such as tech stocks after the US Federal Reserve amped up rates last week, sending them on a trajectory that’s expected to pass thee percent early next year. Bitcoin was an …

KARACHI: The country’s oil sales clocked in at 2.2 million tonnes in April as compared to 1.672m tonnes, up by 32 per cent year-on-year (YoY) and 21pc month-on-month (MoM) due to higher furnace oil (FO) and high speed diesel (HSD) sales. April sales were the highest since May of last year. Overall oil sales in 10MFY22 increased by 17pc to …

KARACHI: Expressing concerns over the country’s worsening balance of payments (BoP) position, the business and industry representatives on Monday urged the government to take urgent steps to avoid any “national crisis”. They claimed that the economy cannot sustain the current level of trade deficit, which is expected to reach $50 billion by the end of this fiscal year. Federation of …

ISLAMABAD: Amid higher policy rate of the of the central bank’s and recent surge in cut-off yields of secondary market coupons, the Central Directorate of National Savings (CDNS) on Monday increased profit rates on all national savings schemes. The new rates would be applicable to deposits and saving certificates/investments made with effect from May 10. The State Bank of Pakistan …

KARACHI: After a two-month pause, the foreigners started making investments in high-return treasury bills (T-bills). The latest data of the State Bank of Pakistan (SBP) issued on Monday showed that the foreigners invested $9.9 million in T-bills on Friday just after the government raised the profit rates. During March and April T-bills and Pakistan Investment Bonds (PIBs) didn’t attract any …

ISLAMABAD: With more than Rs300 billion in stuck up dues, more than two dozen Chinese firms operating in Pakistan on Monday said that they would be forced to shut down their power plants this month unless payments were made upfront. This was the overwhelming theme of a meeting presided over by Minister for Planning and Development Ahsan Iqbal with more …

Bears were in firm control of the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index shed more than 1,300 points in intraday trading, while dollar continued its flight towards record levels against rupee. According to PSX website, KSE-100 Index opened at 44,840.81 points, made a high of 44,841.41 points before going down rapidly. The bourse took brief …

Bitcoin fell to its lowest level since January on Monday as slumping equity markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets like tech stocks. Bitcoin dropped to as low as $33,266 in morning trade, testing the January low of $32,951. A fall below that level would be it lowest since July last year. …

PM Shehbaz Sharif directed to formulate a comprehensive strategy to effectively resolve the economic problems of the people. He also ordered special arrangements to ensure the supply of food items to the general public at cheaper rates.

As urban traffic gets more miserable, entrepreneurs are looking to a future in which commuters hop into “air taxis” that whisk them over clogged roads.   Companies such as Archer, Joby and Wisk are working on electric-powered aircraft that take off and land vertically like helicopters then propel forward like planes. “‘The Jetsons’ is definitely a reference that people make …