Reacting to a government decision to have shifted its cost of bringing workers’ remittances over to banks in the country, Pakistan Banks Association (PBA) said on Saturday the move had placed an additional financial burden on the financial institutions that would dent their profitability. Banks in Pakistan have been directed to bear the cost of bringing the remittances with effect from July 1,
Pakistan and Kenya have achieved a historic milestone in their bilateral economic relations, with two-way trade surpassing the USD1 billion mark during the last fiscal year for the first time ever, reflecting growing commercial ties, stronger business engagement, and expanding market access between the two countries. According to official statistics Pakistan-Kenya bilateral trade has reached US
Gold prices held near a two-week high on Monday after a cooler-than-expected US jobs report last week slightly tempered expectations of interest rate hikes by the Federal Reserve. Spot gold was steady at $4,175.02 per ounce by 0028 GMT, after posting a weekly gain of more than 2% following four straight weeks of declines on Friday. US gold futures for August delivery climbed 1.5% to $4,186
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures slid 24 cents, or 0.33%, to $71.88 a barrel by 0010 GMT after settling 0.45% higher on Friday. US West Texas Intermediate crude was at $68.58 a barrel, dow
Buying rally continued at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark KSE-100 Index gaining nearly 500 points during the opening minutes of trading. At 9:35am, the benchmark index was hovering at 184,992.43, up by 471.47 points or 0.26%. Buying interest was observed in key sectors, including chemical, commercial banks, fertiliser, oil and gas exploration companies, OMCs,