Saudi Arabia raised a total of $12.35 billion from selling more shares in Aramco, after increasing the offering in the world’s most valuable oil company, a document seen by Reuters showed. The success of the share sale and additional proceeds will help further fuel Saudi Arabia’s ambitions to invest in new industries and wean its economy away from oil under its Vision 2030 plan. The kingdom
The country’s auto sales — cars, jeeps, sport utility vehicles and pickups — touched a 18-month high to 13,284 units during June 2024, showing a growth of 21 per cent month-on-month and 120pc year-on-year. In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors Company, which rose by 44pc to 2,957 units and Pak Suzuki Motor Company Ltd, which went
The government borrowed Rs3231 billion (Rs3.2 trillion) from scheduled banks during the last 45 days (May 15 to June 28) of the fiscal year 2023-24 despite a 30 per cent growth in revenue generation. The latest State Bank data shows that the government borrowed Rs71.8bn per day during the period, reflecting the government’s massive spending of the government. In the budget for FY25, the gove
The country received over $30 billion in remittances in FY24, showing an increase of 10.7 per cent over the last fiscal year, while inflows for last month jumped by 44pc year-on-year, the central bank reported on Tuesday. The country received almost $3bn more than the receipts for last year, but it was still below the record inflows of $31.3bn in FY22. The growth in remittances has already exce
The United States unveiled stricter rules Wednesday on steel and aluminium imports from Mexico, moving to prevent China-origin goods from avoiding tariffs. The election-season actions by President Joe Biden’s administration mark the latest in a series of efforts to guard against excess industrial capacity in China, which Washington has warned could bring a flood of unfairly priced goods to o