Oil prices settled down more than $5 on Wednesday as fuel demand destruction and a bleaker macroeconomic picture took centre stage in the day’s trade. Brent crude oil futures settled down 5.11, or 5.6 per cent, to $85.81 a barrel while US West Texas Intermediate crude (WTI) fell $5.01, or 5.6pc, to $84.22. At their session lows, both benchmarks were down by more than $5, and heating oil and
Pakistan’s domestic debt is estimated to have shot up by more than Rs7 trillion since January last year just because of an increase in the State Bank’s policy rate from less than 10 per cent to 22pc, a Senate panel was told on Wednesday. The Senate Standing Committee on Finance also sought separate reports from the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR) over Rs69bn
A World Bank proposal to increase revenue by raising taxes on the salaried class has invoked the ire of professionals across the country, who are already reeling from high inflation. According to suggestions included in WB’s Pakistan Development Outlook, the overarching goal is to expand the tax base by bringing previously untaxed segments into the tax net and rationalising government expenditu
After a gap of almost one year, Pakistan on Wednesday received three bids for two additional liquefied natural gas (LNG) cargoes needed for the peak winter demand at a significantly higher premium over the prevailing spot market. Petroleum Minister Muhammad Ali later announced in the evening that the government had accepted two lowest evaluated bids to minimise winter gas shortage following a d
Shares at the Pakistan Stock Exchange (PSX) continued an upward trend on Tuesday, with the benchmark KSE-100 index making marginal gains of 129.72 points or 0.28 per cent, closing at 46,756.80 points as compared to the previous close of 46,627.08 points. Trading in the stock market started on an optimistic note on Tuesday as investors received good news on reforms taken in the energy sector, in