Oil prices fell more than 4 per cent on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where it is currently trading and as gasoline inventories in the United States built by more than analysts’ expected. Brent futures for January delivery fell $3.67 to $84.69 a barrel, a 4.2pc loss, by 11:07 a.m. ET (16:07 GMT). US crude fell $3.56, or 4.4pc, to $77.39
Consul General of Malaysia Herman Hardynata Bin Ahmad has said that the Free Trade Agreement (FTA), signed in 2008, needs to be reviewed to boost the existing trade between Pakistan and Malaysia. Addressing the members of the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, Mr Hardynata said former prime ministers Imran Khan and Mahathir Mohamed agreed in 2019 to review the FTA. St
China Power Hub Generation Company Ltd (CPHGC) served on Wednesday an “encashment notice” of $150 million on the bank that issued a standby letter of credit (SBLC) on behalf of the Hub Power Company Ltd (Hubco). Hubco and China Power International Holdings Ltd are joint-venture partners in the 1,320-megawatt power plant based on imported coal. Speaking to Dawn, Optimus Capital Management Ltd
In a major move to restrict dollar outflows, the State Bank of Pakistan (SBP) has made it mandatory to open an account before buying $2,000 or above. State Minister for Finance Aisha Ghaus Pasha on Wednesday informed this to the Senate’s Standing Committee on Finance which met in Islamabad. The government and the SBP have taken several steps to get control over the dollar outflows. Finance M
Pakistan’s timely finalisation of a recovery plan from devastating floods is essential to support discussions and continued financial support from multilateral and bilateral partners, the International Monetary Fund (IMF) said on Wednesday. Pakistan was already battling a full-blown economic crisis, with decades-high inflation and dwindling foreign exchange reserves, when it was hit by floods e