Oil prices climbed about three per cent to a two-week high on Thursday after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East. Brent futures rose $2.23, or 2.9pc, to $79.03 a barrel by 11:25am EST (1625 GMT), while, US West Texas Intermediate (WTI) crude rose $2.34, or 3.35, to $73.71. That puts Brent on track for its highest close
The listed sugar sector’s earnings were up 78 per cent year-on-year to a record high of Rs22 billion in FY23 (Oct 2022 to Sept 2023) due to a rise in sugar prices that led to higher gross margins. Ethanol, which is a by-product of sugar, also experienced improved performance in FY23 due to favourable selling prices in the international market along with the rupee devaluation. Sunny Kumar of
The government has set a record for borrowing from banks in the first six months of the current fiscal year, surpassing the total borrowing in the entire FY23. This intense borrowing has not only burdened the economy with debts but has also restricted the private sector’s access to banking funds. According to the latest data from the State Bank of Pakistan, the government borrowed Rs4.284 tr
The foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped $66 million during the week ended on Jan 5, 2024. The central bank on Thursday announced that its foreign exchange holdings fell to $8.154bn due to debt repayments during the week. Pakistan is bound to arrange $24bn to meet external obligations during the current fiscal year. This outflow has kept the exchange rate
As the entire auto sector, barring tractors, faced a steep fall in sales ranging from 14 per cent to 56pc during the first half of 2023-24, the general elections on Feb 8 also failed to lift the sales of Toyota pickups, jeeps and SUVs. Surging prices along with unprecedented interest rates turning car financing into a more expensive ride have continued to cast gloom on sales. Total car sales