Oil prices edges higher on Tuesday as upbeat economic data in No. 2 oil consumer China more than offset wider concerns that possible increases to US interest rates could dampen growth in the top consuming country. Brent crude rose 49 cents, or 0.6 per cent, to $85.25 a barrel by 12:48 p.m. ET (1648 GMT), while US West Texas Intermediate was up 49 cents, or 0.6pc at $81.32. China’s economy gr
The banks have failed to meet the surging demand for cash amid higher inflows of foreign exchange in Ramazan. It was also noted that dozens of automated teller machines (ATMs) were out of cash during the last two days as banks were not filling them up with the required cash. Currency dealers said the supply of cash from banks is either delayed or not provided when required. Banking customers
Textiles and clothing exports fell 12.42 per cent year-on-year to $12.47 billion in the first nine months of the current fiscal year, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday. The exports recorded a steep decline of 22.61pc to $1.26bn in March from $1.62bn in the corresponding month of last year. However, on a month-on-month basis, textile exports rose 6.6pc.
Pakistan is estimated to produce 26.81 million tonnes of wheat during the ongoing Rabi season against the target of 28.4 million tonnes. While production will be below the target, the area under wheat cultivation also reduced from 9.3 million hectares to 9.1 million hectares. However, the reason for below-the-target wheat production was not explained during a meeting of the high-powered Fede
The Chinese mine operator in Thar whose output feeds coal-based power plants generating 1,360 megawatts has reportedly cut its production by half over non-payment of dues to the tune of $60 million. The China Machinery Engineering Corporation (CMEC) — which works under an offshore agreement with Sindh Engro Coal Mining Company (SECMC) as the operator of an open-pit lignite mine in Block-II of t