As the price of chicken meat touched Rs650 per kilogramme on Tuesday, traders and poultry farmers warned that relative affordability of chicken may become a thing of the past, and soon it could become as pricey as beef in light of the feed crisis. They added the price could cross Rs800 per kg, almost equivalent to the red meat, as the live broiler chicken was being sold up to Rs370/kg in Islama
Oil consumption witnessed a year-on-year drop of 11 per cent in December and 19pc in 1HFY23 as demand for diesel, petrol and furnace oil remained depressed amid higher prices and plunging auto sales due to an overall economic slowdown. Oil sales dipped to 1.34 million tonnes in December 2022 from 1.507m tonnes in the same month last year. This is the lowest monthly sales number since the first
Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors raised concerns about the management of its $1 billion heal
Another textile maker joined on Tuesday the steadily growing list of industrial units that’ve either scaled back or suspended operations citing unfavourable economic conditions. Crescent Fibres Ltd is curtailing production by up to 50 per cent owing to “widespread demand destruction,” it told shareholders on Tuesday. Earlier, Suraj Textile Mills Ltd announced it was bringing down its product
The Economic Coordination Committee (ECC) of the cabinet has allowed additional sugar exports of 150,000 tonnes and approved immediate disbursement of Rs60 billion to the state-run Pakistan State Oil (PSO) to address its liquidity challenges and ensure a smooth supply chain. In a meeting presided over by Finance Minister Ishaq Dar on Tuesday, the committee also decided to discontinue the subsi