Trading in the shares of Treet Battery Ltd will begin on Friday (today) after the bifurcation of the battery division of First Treet Manufacturing Modaraba (FTMM) through a court-sanctioned scheme of arrangement. According to the swap ratio in the scheme, certificate holders of FTMM have been allotted 0.99 shares of Treet Battery Ltd against each certificate that they held in the Modaraba. T
The US Federal Reserve was left in a camp of its own on Thursday when a host of Europe’s central banks stuck to plans to keep policy tight well into next year, dashing any hope that the Fed’s pivot towards rate cuts marked a global turning point. Extending the hawkish stance that has dominated global central banking through two years of excessive inflation, the European Central Bank said policy
Oil prices rose more than three per cent on Thursday, extending the previous session’s gains, boosted by a weaker dollar and as the International Energy Agency (IEA) lifted its oil demand forecast for next year. Brent futures were up $2.64, or 3.6pc, to $76.90 a barrel at 11:30 a.m. EST (1630 GMT). US West Texas Intermediate (WTI) crude climbed $2.53, or 3.6pc, to $72.00. The market has turn
Former State Bank of Pakistan (SBP) governor Dr Ishrat Husain said on Thursday it’d take 70 years for Pakistan to double its per capita income at the current rates of savings, investment and population growth. Speaking at the International InsureImpact Conference 2023 organised by the Securities and Exchange Commission of Pakistan (SECP), Dr Husain said the non-bank financial sector must step u
A sense of stability prevailed in the currency market as the rupee rose for the third session in a row against the US dollar in the interbank market on Thursday. The State Bank reported the dollar settled at Rs283.51 after losing 10 paise against the local currency. Dealers said the market stayed calm even though importers were facing a tough time getting their letters of credit opened. Curr