European Union energy ministers locked horns on Thursday over a proposed gas price cap at 275-euros per megawatt hour (MWh), grappling over its effectiveness at that level and the impact on supplies and incentives to cut consumption. The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker per
A “breakthrough” between Pakistan and Russia on the projects agreed between the two countries in the energy sector is expected in December. According to Express News, way has been paved for the import of petroleum products, crude oil and gas from Russia, as refineries in Pakistan have expressed their willingness to produce yields from the Russian crude oil. In this regard, State Minister for
The forthcoming repayment of $1 billion by Pakistan for a maturing Sukuk on December 5, 2022 has kept the rupee under pressure against the US dollar as the foreign exchange reserves continued to deplete over the past 11 months. The domestic currency inched down by 0.05% (or Rs0.11) to a new six-week low at Rs223.92 against the greenback in the inter-bank market on Thursday. A market expert p
In yet another range-bound session on Thursday, the KSE-100 index opened in the green zone but closed barely higher than its preceding close. Topline Securities said the market-moving announcements included the prime minister picking Asim Munir for the position of the country’s next chief of army staff for three years. Arif Habib Ltd said the ongoing political uncertainty led the investors t
The State Bank of Pakistan is expected to keep the main policy rate unchanged at 15 per cent in its monetary policy announcement scheduled for tomorrow, according to analysts and economists. All seven experts who spoke to Dawn.com said they expected the central bank to maintain rates, with many pointing out that a slowdown in economic activity had begun and inflation, which has been at decades-