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.
The dollar scaled fresh 24-year heights on the yen on Wednesday, breaching levels that prompted intervention by Japanese officials last month, as traders braced for United States inflation data and its implications for further Federal Reserve rate hikes. Sterling slipped to a new two-week trough after Bank of England Governor Andrew Bailey reiterated that the central bank will end its emergency
The Pakistan Stock Exchange on Monday witnessed the revival of investor interest on optimism that the State Bank of Pakistan (SBP) would maintain status quo in its monetary policy announcement. The market kicked off trading on a positive note and soon the benchmark KSE100 index touched intra-day high of 42,441.29 points. Investor optimism was also fuelled by a statement from Finance Minister Is
Moody's Investors Service has downgraded the long-term deposit ratings of five Pakistani commercial banks — Allied Bank Limited (ABL), Habib Bank Ltd, (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd (UBL) — to Caa1 from B3. The rating agency has also downgraded the five banks' long-term foreign currency Counterparty Risk Ratings (CRRs) to Caa1 from B3, accordi
In the backdrop of the US sanctions against Tehran, Pakistan has renewed its commitment to execute the much-awaited Iran-Pakistan (IP) gas pipeline project. Prime Minister Shehbaz Sharif reinforced his commitment to execute the IP gas pipeline project during his meeting with the Iranian head-of-state on the side lines of the Shanghai Cooperation Organisation (SCO) meeting in Samarkand. This was