The Bank of England on Thursday announced its biggest interest rate hike since 1989 to combat sky-high inflation that it warned was pushing Britain into a recession set to last until mid-2024. Following a regular meeting, the BoE said it was lifting borrowing costs by 0.75 percentage points to three per cent — the highest level since the 2008 global financial crisis — to cool UK inflation that
The health ministry has notified new prices of paracetamol, a generic drug for reducing pain and fever that disappeared from the market after manufacturers said they couldn’t make paracetamol-based tablets and syrups amid rising production costs. The notification, issued on Thursday, came almost a week after the finance ministry gave the go-ahead to pharmaceutical companies to increase paraceta
Prime Minister Shehbaz Sharif’s China visit did not work well in the currency market as the dollar appreciated against the rupee for the second day on Thursday. The State Bank of Pakistan reported that the greenback closed at Rs221.95 after gaining 52 paise against the local currency. The dollar appreciated by 78 paise on Wednesday reflecting no impact of high hopes being attached to the PM’s v
The Pakistan Stock Exchange observed a range-bound activity on Wednesday with the benchmark making an intraday high and low of 196 points and 81 points, respectively. Topline Securities Ltd said investors remained uncertain because of the ongoing political and economic conditions. Higher inflation was one key factor for the bearish sentiment, according to JS Global. Headline inflation for O
Apart from the bluster we saw in the first few days after he took control, we have heard little from Ishaq Dar even though the economy remains trapped in the throes of a storm of near Homeric proportions. Last month, prices continued to rise at a breakneck pace, draining household budgets at rates not seen in decades. It is becoming a real challenge for many just to put food on the table, not t