Dawood Hercules Corporation Ltd is going to make long-term investments of more than Rs5.3 billion in its associated companies. Shareholders passed a resolution in their extraordinary general meeting on Monday to allow the investments in the publicly traded shares of four companies at prices quoted on the Pakistan Stock Exchange. The holding company chaired by prominent businessman Hussain D
Pakistan’s exports of textile and clothing post a negative growth of 15.23 per cent in October from a year ago, data compiled by the Pakistan Bureau of Statistics (PBS) showed on Monday. High energy cost was one of the reasons for the slowdown in textile exports besides the non-disbursement of refund payments. Refund payment orders for Sept 16 to Oct 17 period are still unpaid and if the situa
World oil prices plunged more than five per cent on Monday, reaching the lowest levels since January, on forecasts of a hit to Chinese demand. Brent North Sea crude slumped 5.5pc to $82.84 per barrel and WTI shed 5.7pc to $75.55 as China’s first coronavirus death in six months triggered fears of renewed strict lockdowns in the world’s second biggest economy. “Crude oil prices have slipped ba
QatarEnergy announced a 27-year natural gas supply deal with China on Monday, calling it the “longest” ever seen as it strengthened ties with Asia while Europe scrambles for alternative sources. The state energy company will send four million tonnes of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation (Sinopec), it said. The deal
The business community has appeared sceptical about the petition filed by the Sui Southern Gas Company Ltd (SSGCL) to the Oil and Gas Regulatory Authority (Ogra) seeking an increase of Rs667.44 per mmBtu in its prescribed prices for FY23. Businessmen said that industries should not be overburdened and gas price hikes should be applied to fertiliser, commercial and domestic sectors as well. T