Oil prices extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand. Brent crude futures for May rose 46 cents, 0.6 per cent, to $83.91 a barrel at 0445 GMT. US West Texas Intermediate (WTI) crude for April gained 42 cents, or 0.6pc, to $77.47 a barrel. Oil prices continue to be
The Pakistani rupee’s value declined sharply in the interbank market on Wednesday, with the local currency closing at Rs266.11 per dollar, according to the State Bank of Pakistan (SBP). This equates to a depreciation of 1.76 per cent from yesterday’s close of Rs261.5 a dollar. Exchange Companies Association of Pakistan (Ecap) Secretary General Zafar Paracha attributed the rupee’s depreciation t
Pakistan’s exports of merchandise shrank for the sixth month in a row dipping by 18.67 per cent year-on-year to $2.30 billion in February, stoking fears of massive layoffs in the industrial sector. In the first eight months (July to February) of 2022-23, exports were down 8.65pc at $18.79bn compared to $20.57bn in the corresponding period last year. The drop shows the government would find it d
Pakistan remains committed to expanding trade ties with the United States and is modifying the regulatory regime to do so, says the country’s US ambassador. Masood Khan gave this assurance at a meeting with the US Soybean Export Council (USSEC) at the Pakistan Embassy on Tuesday. “Pakistan is committed to easing the regulatory regime and facilitating businesses in the country,” he said. “Exp
While concluding a public hearing on K-Electric’s Rs484 billion investment plan for the next seven years, the National Electric Power Regulatory Authority (Nepra) on Wednesday said it would review the performance outcome of its previous similar plan of Rs200bn before allowing it over the next two months. During the hearing presided over by Nepra chairman Tauseef H. Farooqui, some interveners al