Pakistan International Airlines (PIA) has resorted to ground several aircraft as it struggles to secure funds to maintain its operations for the next few months, during which time its core functions and non-core assets are expected to be put up for sale. The Ministry of Aviation issued a stern warning last week, telling the federal government that PIA currently grapples with a severe cash flow
With a gap of less than six months, the caretaker government is again working on imposing prohibitive regulatory duties on a longer list of luxury and non-essential import items as part of a broader strategy aimed at curbing the rapid depletion of the country’s scarce foreign exchange reserves. Simultaneously, the administration is also actively working to revive regionally competitive gas and
Equities settled at a lower level at the end of Thursday’s trading session as share prices oscillated within a small range. Topline Securities said the market sentiment remained directionless on the back of the latest auction of treasury bills that witnessed massive increases of 162 basis points and 213 basis points in three- and 12-month cut-off yields, respectively. The rise in the yields
The International Monetary Fund (IMF) and World Bank on Thursday issued a rare joint statement pledging to step up their cooperation to address climate change, debt vulnerabilities and countries’ digital transitions. The statement, released ahead of a G20 leaders summit in India this week, said the two institutions can help address mounting challenges facing the global economy — from increasing
akistan Gasport is looking to buy a spot liquefied natural gas (LNG) cargo for November delivery, its chairman Iqbal Ahmed told Reuters on Thursday, which would be the country’s first spot LNG deal since June 2022. The country, facing a severe economic and foreign exchange crisis, has struggled to purchase the super-chilled fuel following a surge in prices after Russia’s invasion of Ukraine las