State Minister for Petroleum Musadik Malik announced on Monday that Russia has decided to provide crude oil, petrol, and diesel to Pakistan at discounted rates. The decision comes a month after Finance Minister Ishaq Dar said that the country is considering buying discounted Russian oil, pointing out that neighbour India has been purchasing oil from Moscow and Islamabad also has a right to expl
Domestic gold price hit an all-time high of Rs164,200 per tola and Rs140,604 per 10 grams on Monday, showing a jump of Rs700 and Rs601 from Saturday despite a $4 drop in world market rate to $1,794 per ounce. All Sindh Saraf and Jewellers Association (ASSJA) President Haji Haroon Rasheed Chand said the exchange rate fluctuations have been keeping the bullion rates under pressure. He said due
Cotton production has dropped by more than 40 per cent mainly because of climate change and floods giving a nightmare to the country’s ‘financial wizards’ as the foreign exchange-starved country will have to import about 7 million cotton bales to meet the textile industry’s demand this season. Total white lint production is expected to be barely 4.8m bales this year, raising the cotton impor
Engro Corporation Ltd said on Monday it’s looking for an investment opportunity in the mobile infrastructure business, which typically involves purpose-built towers with communication equipment allowing area residents to use wireless devices. Even though the securities filing didn’t mention the potential size of investment — or name the target of acquisition — market reports suggest the conglom
The Economic Coordination Committee (ECC) of the Cabinet on Monday accepted offers for the import of almost 950,000 tonnes of wheat including 450,000 tonnes from Russia at the same rate of $372 per tonne. With this, Russia has become the single largest wheat supplier to Pakistan this year, taking total quantities to 750,000 tonnes. The meeting of the ECC presided over by Finance Minister Is