A South Korean chemical company announced on Monday it’s exiting the Pakistan market after 13 years. Lotte Chemical Company Pakistan Ltd said its South Korea–based majority shareholder is selling its entire stake of 75.01 per cent in the local firm to optimise its overall business portfolio. Separately, Lucky Core Industries Ltd said it’s buying the shareholding from the foreign investor. Ne
As the dollar crisis deepens and strong reaction is beginning to appear from almost all sectors of the economy, Finance Minister Ishaq Dar on Monday reiterated that government will facilitate all exporters, including five previously zero-rated sectors, for the import of raw material, parts and accessories to meet their requirements. Mr Dar took to Twitter to announce that the export industry wa
Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-2022 U-turn in Covid policy still supported hopes of recovery in the country’s fuel demand this year. Brent crude futures had risen 16 cents, or 0.2 per cent, to $84.62 by 0414 GMT, recouping some of the 1pc loss of the previous session. US West Texas Intermediate (WTI) cr
Trading on the stock exchange commenced on a positive note in the outgoing week as investors celebrated the reported progress towards the resolution of the circular debt, said Arif Habib Ltd. The benchmark index of the stock market remained in then green zone subsequently as Pakistan secured more than $10 billion in pledges from international financial institutions. The United Arab Emirates als
Pakistan remained in the grip of the foreign exchange crisis in 2022. Now, at the beginning of 2023, the situation has deepened further. On January 6, forex reserves held by the State Bank of Pakistan (SBP) plunged to $4.343 billion, enough to cover just three weeks of imports, after the country repaid $1bn commercial loans of two UAE-based banks. Despite such a massive decline in the forex res