Pak Suzuki Motor Company Ltd has announced to keep its motorcycle and four-wheeler plants closed from June 22 to July 8. In a stock filing on Monday, the company said it was suspending production due to a shortage of parts and accessories owing to a mechanism introduced in May 2022 by the State Bank of Pakistan for taking prior approval for the import of completely knocked-down kits, which had
Trading on the stock market commenced in the outgoing week on a negative note in reaction to the federal budget announced on June 9. Arif Habib Ltd said uncertainty over the monetary policy announcement by the State Bank of Pakistan (SBP) also fuelled negative sentiments. The following day, however, the stock market turned positive as the SBP kept the policy rate unchanged. However, the Inte
As the PDM government keeps struggling to secure $1.1 billion from the International Monetary Fund (IMF), the country lost $7.15bn on account of shrinking exports and remittances during the first 11 months of FY23. Despite missing out on targets for the outgoing fiscal year, the government has fixed higher exports and remittances projections for FY24. Exports plunged by $3.491bn, or 12 per c
Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow. “Oil deliveries to Pakistan have begun. There
Desperate to put a floor beneath the crude markets, on June 4, after a ‘contentious’, seven hours meeting of the Opec+ countries, which includes the Organisation of the Petroleum Exporting Countries oil-producing states and its allies, including Russia, Saudi Arabia took a unilateral decision. It announced cutting its oil output further by another one million barrels per day (bpd) in July, extenda