Moody’s changes outlook on Pakistan’s banking sector from negative to stable – Business
Moody’s Investors Service on Thursday changed its outlook on Pakistan’s banking sector from “negative” to “stable” citing its solid profitability, stable funding and liquidity, which it said “provide an adequate buffer’ to withstand the country’s macroeconomic challenges and political turmoil. The international rating agency — one of the top three global rating firms — said […]
Refineries to maximise petrol, diesel production – Business
KARACHI: In the wake of the upgradation policy, refineries have initiated to comply with Euro-V specifications, maximise the output of petrol and diesel and minimise the production of furnace oil (FO). “The upgradation policy is anticipated to enable refineries to increase total production of petrol (99 per cent) and diesel (47pc). The production of furnace […]
Oil up as OPEC+ cuts override China, US demand concerns – Business
Oil prices rebounded slightly on Wednesday after four days of declines as signs of supply tightness amid output cuts by major producers overrode demand concerns in China and the US, the world’s two biggest crude consumers. Brent crude futures were up 53 cents, or 0.65 per cent, to $82.57 a barrel at 0922 GMT, while […]
HBL chief tapped for incoming finance team – Business
ISLAMABAD: The chief executive officer of Habib Bank Ltd (HBL), Pakistan’s largest bank, is likely to be tapped for a top position in the finance team of newly elected Prime Minister Shehbaz Sharif, two sources told Reuters, ahead of talks with the IMF for a fresh bailout deal. Pakistan urgently needs a fresh IMF agreement […]
Receding Kibor sparks rate cut hopes – Business
KARACHI: The Karachi Interbank Offered Rate (Kibor) has started to recede, reflecting both the money market’s reaction to low inflation and anticipation of an interest rate cut in the next monetary policy review. From Friday to Monday, Kibor dropped by 11 basis points (bps) for a one-year term, decreasing from 21.38 per cent to 21.27pc. […]
Bitcoin bursts above $66,000 – Business
LONDON: Bitcoin rallied to a two-year high on Monday, breaking above $66,000 as a wave of money carried it within striking distance of record levels. The price hit a session high of $66,240, up 5.4 per cent in Europe, having already hit a new two-year high in Asian trading. The largest cryptocurrency by market value […]
Nepra plans doubling of licensing fees – Business
ISLAMABAD: Following in the footsteps of power companies, the National Electric Power Regulatory Authority (Nepra) has decided in principle to increase by at least 100 per cent its annual and one-time registration fee for all its licensees like those dealing in generation, distribution, transmission, trading, operators and suppliers. At the same time, Nepra is also […]
CPI inflation decelerates to 23.1pc in February – Business
ISLAMABAD: Inflation, measured by the Consumer Price Index (CPI), decelerated to 23.06 per cent year-on-year in February from 28.34pc in the preceding month due to a slight decrease in the prices of food products. It is the lowest reading in 20 months, down from a peak of 37.97pc in May 2023. Until December 2023, the […]
Shares at PSX rally 700 points on ‘anticipated decline’ in inflation – Business
The Pakistan Stock Exchange (PSX) continued its upward journey on Friday as shares gained over 700 points, with analysts attributing the positive momentum to an anticipated decline in inflation and clarity on the political front. The KSE-100 index made decent gains throughout the day and closed at 65,325.68 points, up by 747.16 or 1.16 per […]
WTO talks enter final day with no clear sign of progress – Business
Negotiations at the World Trade Organisation ministerial meeting in Abu Dhabi on Thursday were extended for another day, with the WTO announcing the closing session had been delayed, and no sign of a breakthrough in talks to set new global commerce rules. The biennial conference is seeking deals on ending fishing subsidies and extending a […]