Oil prices were steady on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in US buying for reserves competed with concerns about fuel demand in the top global oil consumers, the United States (US) and China. Brent crude futures fell 2 cents to $73.91 a barrel by 08:00 GMT, while US West Texas Intermediate crude was at $69.34 a barrel, up 4 cents. Last w
Finance Minister Ishaq Dar announced on Monday that the price of petrol was being cut by Rs12 and diesel by Rs30 per litre for the next fortnight. In a televised address, he said: “Prime Minister Shehbaz Sharif sahib and his government try to provide maximum relief to the public on the basis of prices in the international market. “Hence, after 12pm tonight, for the next 15 days, petrol price
The European Central Bank (ECB) has fined US financial giant Goldman Sachs € 6.63 million euros ($7.2 million) for misreporting its capital needs, it said on Monday. Goldman Sachs Bank Europe was found to have “breached credit risk reporting rules” in 2019, 2020 and 2021, the ECB said in a statement. “For eight consecutive quarters, the bank reported lower risk-weighted assets for credit ris
Honda Atlas Cars Ltd (HACL) on Monday announced that it was preparing to resume its production thanks to a slight improvement in the accessibility of trade finance facility for the supply chain with a hope to increase the same gradually. In a stock filing, the company did not give an exact date for resuming the production activities. An official in HACL told Dawn that it was not clear yet wh
Pakistan on Monday signed a debt relief agreement with the Republic of Korea (RoK) for the deferment of repayment of about $20 million loan under the G-20 Debt Service Suspension Agreement (DSSI) offered to poor nations to sustain economic challenges in the aftermath of Covid-19 pandemic. The agreement was signed by Secretary of Economic Affairs Dr Kazim Niaz and Ambassador of Korea to Pak