Business
July 19, 2024

EU, Serbia ink pact to start lithium battery production

SERBIA: The European Union and Serbia signed a deal Friday to develop the supply of lithium seen as a crucial building block to achieve Europe’s transition to a green economy. The memorandum of understanding inked during a “critical raw materials summit” in Belgrade is seen as the first step in developing Serbia’s lithium resources and […]

Business
July 17, 2024

ADB raises Asia-Pacific growth forecast for 2024 to 5pc

MANILA: The Asian Development Bank (ADB) on Wednesday slightly raised its 2024 growth forecast for developing Asia and the Pacific to 5 per cent from 4.9 per cent, reflecting the region’s accelerated growth in the first quarter of this year. The growth outlook for 2025 remains at 4.9 per cent. In its latest supplement to […]

Business
July 14, 2024

$7 billion IMF deal laced with harsh strings

ISLAMABAD: Pakistan and the International Monetary Fund have reached a staff level agreement for a $7 billion Extended Fund Facility programme -in a deal that in short-term inflicts heavy burden on the nation but also ends decades-old protections to agriculturists and exporters. The global lender announced the over three-year 24th programme deal only after Pakistan […]

Business
July 12, 2024

Bullish streak breaks as PSX drops 467 points amid confidence woes

The Pakistan Stock Exchange (PSX) experienced a significant drop today, losing 467 points to stand at 79,524.98 during intra-day trading and marking a 0.59% decline from the previous day’s closing of 79,992.35 points. Yesterday, the PSX gained 150.80 points, a 0.19% increase, closing at 79,992.35 points compared to Wednesday’s closing of 79,841.56 points. However, this […]

Business
July 10, 2024

Govt okays first phase of ML-I project

ISLAMABAD: Just hours before dispatching special envoys to Beijing with the energy debt restructuring proposal, Pakistan on Tuesday approved the $3.3 billion worth of first phase of the Mainline-I (ML-I) project. With the green light to the first phase of the largest China-Pakistan Economic Corridor (CPEC) project costing a total of $6.7 billion, the controversy, […]

Business
July 07, 2024

China reports $3.22 trillion in foreign exchange reserves

China’s foreign exchange reserves stood at 3.2224 trillion U.S. dollars at the end of June 2024, official data showed Sunday. The amount shrank by 0.3 percent compared with the previous month, the State Administration of Foreign Exchange (SAFE) said, attributing the decrease to the combined impact of currency translation and asset price changes. Affected by […]

Business
July 05, 2024

Petroleum dealers strike call triggers panic buying

KARACHI: Financially-stressed commuters rushed to petrol pumps across the country and formed long queues on Thursday in an attempt to get their vehicle-tanks refilled ahead of a daylong shutter-down strike called by fuel stations for Friday (today). The strike by the owners of around 13,000 fuel stations nationwide was set to start from 6am. Abdul […]

Business
July 02, 2024

Bullish trend continues as PSX surges by nearly 900 points

The Pakistan Stock Exchange (PSX) continued its bullish streak on Tuesday, with the KSE-100 index gaining an impressive 892 points. This surge propelled the index to stand at an all-time 79,717.31 points high during intra-day as of 2:18 PM, marking a substantial 1.12% increase from the previous 78,825 points. Earlier on Friday, the PSX reclaimed […]

Business
June 30, 2024

Cross-subsidy to hit exports

ISLAMABAD: Textile millers have warned that cross-subsidies for the fertiliser sector in “ring-fenced” re-gasified liquefied natural gas (RLNG) prices will have a destructive impact on Pakistan’s exports, employment and economy. In a statement, the All Pakistan Textile Mills Association (Aptma) pointed out that the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory […]

Business
June 27, 2024

PSX surges 252 points, continues bullish trend

ISLAMABAD: The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Thursday, with the 100-index rising by 252.61 points, a 0.32 per cent increase, to close at 78,528.25 points. This is up from the previous day’s close of 78,275.65 points. The trading volume for the day was 283.54 million shares, down from the previous day’s […]