The high-powered Federal Committee on Agriculture (FCA) met on Thursday to set production targets for Rabi crops for the 2022-23 season and fixed a wheat production target at 28.4 million tonnes, to be grown on an area of 9.3m hectares. The wheat production target for Punjab has been fixed at 21m tonnes, while Sindh’s target has been fixed at 4m tonnes. The target for Sindh has been set in anti
The central bank’s foreign exchange reserves dropped $303 million to a three-year low of $7.597 billion in the week ending Oct 7, it said on Thursday, while the rupee also edged lower for a second day. The reserves fell due to external debt repayments, including repayments of a commercial loan and interest payments and Eurobonds, the State Bank of Pakistan (SBP) said. Reserved held by commer
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
Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including Russia, OPEC sent prices rising when it agreed to cut supply by 2 mill
Pakistan State Oil (PSO) has won an arbitration case against global Liquefied Natural Gas (LNG) trader Gunvor Group Limited for receiving excess payments for natural gas shipments. The London Court of International Arbitration gave a verdict in favour of PSO which had reduced payments to Gunvor due to overcharged shipments. PSO was awarded $14.6 million, as well as other costs as per the con