Business

NEW DELHI: The share of Russian oil in India’s overall imports rose to about two-fifths in the first half of fiscal 2023-24, consolidating Moscow’s position as the top supplier as refiners curbed purchase from the Middle East, industry data showed. India, the world’s third largest oil importer and consumer, has emerged as the top buyer of the discounted Russian seaborne …

KARACHI: The benchmark index of the stock market crossed the 50,000-point barrier in the outgoing week after a gap of six years. Arif Habib Ltd said the stock market maintained its bullish trend on the back of better economic indicators, peaked out interest and inflation rates, strong currency and robust corporate results. On the economic front, the current account deficit …

ISLAMABAD: Short-term inflation soared to 35.45 per cent on a year-on-year basis in the week ending on October 19, according to official data released on Friday. Measured by the Sensitive Price Index (SPI), the benchmark saw a sharp rise mainly due to an increase in the prices of essential food items and electricity. The SPI has remained above 30pc for …

KARACHI: The amount of outstanding auto loans shrank for the 15th consecutive month to Rs272.3 billion at the end of September, showing a drop of 2.1pc on a month-on-month basis. Data released by the State Bank of Pakistan (SBP) shows the total decline in the last 15 months was Rs95.6bn. At the end of June 2022, auto financing stood at …

KARACHI: The impending visit of an American delegation to review the installation of turtle excluder devices (TEDs) in shrimp-catching nets has prompted stakeholders, fisheries departments, and others to take action, addressing a problem that has persisted for years. Pakistan’s shrimp exports to the US has been banned since 2017 because fishermen were not using the TED in their nets, endangering …

KARACHI: The exchange rate on Friday recorded no change from a day ago in both interbank and kerb markets. Official data released by the State Bank of Pakistan (SBP) on Friday showed the dollar rate remained Rs278.80, flat from the preceding day’s closing level of Rs278.81. The exchange rate remained unchanged at Rs280 in the open market on a day-on-day …

ISLAMABAD: A new initiative has been unveiled by the two UN agencies to offer member countries assistance in strategic planning, increasing food production and food safety. The Food and Agri­culture Organisation and the Inter­national Atomic Energy Agency announced the new initiative called ‘Atoms4Food’ that will bolster a response to the global need to achieve sustainable agrifood systems. The initiative is …

KARACHI: Pak Suzuki Motor Company Ltd (PSMC) said on Thursday its overseas sponsor controlling the majority shareholding will purchase all outstanding shares and delist the company from the Pakistan Stock Exchange (PSX). The Japanese automaker told investors on Thursday the proposed delisting will be “beneficial” for the minority shareholders as they’ll get the opportunity to make a “fair exit” given …

ISLAMABAD: The Central Power Purchasing Agency (CPPA) on Thursday sought about 55 paise per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to mop up another Rs7bn from consumers next month, despite a record 77pc electricity generation from cheaper domestic fuels, on top of a 26pc increase in the annual base tariff and an 18pc hike under …

Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East. Risk aversion was compounded by Federal Reserve boss Jerome Powell, who indicated a pause in interest rates at the bank’s next meeting but left open the prospect of another hike later. Traders are …