After months of serious pressure by local automobile manufacturers, the government has decided to regulate used car imports as the local auto industry sounded alarms over 120,000 imported vehicles within a year, which had pushed the local industry to the verge of collapse. The decision was taken here on Thursday during a high-level meeting chaired by Special Assistant to the Prime Minister on I
In a major development on economic front, Kingdom of Saudi Arabia (KSA) has extended term for USD3.0 billion deposit placed with Pakistan for another year. According to State Bank of Pakistan (SBP) the Saudi Fund for Development (SFD) on behalf of the KSA has extended the term for the deposit of USD3.0 billion maturing on 08 December 2025 for additional one year. The said amount has been pla
The Pakistani rupee registered gains against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Friday. At 10am, the local currency was hovering at 280.27, a gain of Re0.18 against the greenback. On Thursday, the local unit closed at 280.45. Internationally, the US dollar languished not far from a five-week low against its major peers on Fr
WTI oil prices were heading for weekly gains of close to 2% in early trading on Friday, supported by an expected Federal Reserve interest rate cut, escalating U.S.-Venezuela tensions and stalled peace talks in Moscow. It would be a second straight week of increases. Prices were little changed at market open on Friday, with Brent crude up 6 cents, or 0.09%, at $63.32 per barrel by 0104 GMT.
The Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited, has received an offer from Najd Gateway Holding Company to acquire SNB’s entire shareholding in Samba Bank Pakistan, representing approximately 84.51% of the bank’s issued shares. Samba disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. “The Saudi National Bank (SNB), as the majo