Misfortunes never come singly. That’s one big misfortune for companies that sell insurance against misfortunes. Non-life insurance players in Pakistan are in a tight spot. Calamities have struck their clients one after another, triggering insurance events — occurrences that result in insurance providers paying out on a claim. Premiums should go up correspondingly. Yet their clients refuse to
Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. Brent crude futures dropped seven cents, or 0.1 per cent, to $92.38 a barrel by 0310 GMT. US West Texas Intermediate crude was down 21 cents at $87.06 a barrel, or 0.2pc. Both Opec and the US Energy Department have cut their demand outlo
Apple Inc and Samsung Electronics will upgrade software for their 5G-enabled phones in India by December, the companies said on Wednesday, as Indian authorities press mobile phone manufacturers to adopt the high-speed network. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network.
Remittances sent by overseas Pakistanis declined to $2.4 billion in September as the open and grey markets were offering much higher rates than interbank. The State Bank of Pakistan (SBP) on Tuesday said remittances decreased by 10.5 per cent month-on-month and 12.3pc year-on-year in September. The inflows in August were $2.72bn while they were $2.78bn in September 2021. The central bank sai
Pakistan State Oil (PSO) has won about $15 million arbitration award against an international energy trader, Gunvor International BV, for excess port charges on account of liquefied natural gas (LNG) supplies over the past few years. Pakistan’s state-run fuel supplier and Geneva-based Gunvor signed a five-year contract for the supply of 100 million cubic feet per day (mmcfd) of LNG in 2015-16.