The government firmed up key principles on Thursday for hiking gas prices to the extent of full cost recovery so as to compel consumers to shift to electricity for space and water heating during winter. The exercise was undertaken to tackle the Rs577bn circular debt in the sector. This was the crux of a meeting on natural gas policy and pricing at the ministry of planning. It was decided
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected US economic growth and hopes of a rapid recovery in Chinese demand as Covid-19 cases and deaths plunged from last month’s peak levels. Brent futures gained 30 cents, or 0.34 per cent, to $87.77 a barrel by 0321 GMT, while US crude rose 34 cents to $81.35 per barrel, a 0.42pc gain. Both benchmarks had gained
Foreign exchange reserves of the State Bank of Pakistan (SBP) hit a new nine-year low of $3.678 billion during the week ended on Jan 20. The SBP on Thursday said that its forex holdings decreased by $923m during the week due to external debt repayments. The government has practically surrendered to the IMF conditions for the revival of the loan programme amid fast-dwindling SBP reserves are
Bulls extended their gains on Wednesday as a wave of optimism swept up the trading floor on positive news triggers. Arif Habib Ltd said the index of representative shares opened at a higher level as bulls pushed up the benchmark to an intraday high of 889.97 points. Investors took stock of the recent developments on the economic front that have paved the way for the revival of a loan program
Asia’s richest man Gautam Adani saw his net worth drop $6 billion on Wednesday after a US investment firm accused him of “brazen stock manipulation and accounting fraud”. Adani, 60, is the world’s third-richest person, with an estimated fortune of around $120bn and interests ranging from Australian coal mines to India’s busiest ports. But the magnate was the biggest loser on Forbes’ real-tim