Oil prices eased slightly on Monday as Opec’s plans to increase oil output once again outweighed hopes of a trade deal framework between the US and China and renewed US sanctions on Russia. Brent crude futures were down about 26 cents, or nearly 0.4 per cent, at $65.68 a barrel at 11:30am ET (1538 GMT). US West Texas Intermediate crude futures were 9 cents or 0.2pc lower at $61.41. Both contrac
Claiming a rare Rs1.5 trillion federal fiscal surplus — instead of usual deficits — in the first quarter of the current fiscal year, the government on Monday conceded rising prices of essential commodities due to supply disruptions caused by floods and closure of the Pak-Afghan border. “Flood-related supply disruptions and temporary border closures have put upward pressure on prices of a few es
Barring foreign investors, Pakistan’s business community on Monday strongly criticised the State Bank of Pakistan’s (SBP) decision to maintain the policy interest rate at 11 per cent since May, terming the move “anti-growth” and damaging for industrial competitiveness. Trade and industry leaders have been urging the central bank to bring the rate down to single digits to revive industrial activ
Pakistan and Iran have agreed to explore new avenues of cooperation in the blue economy by strengthening road, rail and maritime connectivity to facilitate regional trade and promote people-to-people contacts. The understanding was reached during a meeting between Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Iran’s Minister for Roads and Urban Development, Farzaneh Sadegh. B
The continuous closure of the Torkham border since October 13 has multiplied the woes of hundreds of stranded transporters, with many running short of money while others suffering from physical and psychological issues, it has been learnt. Local and Afghan transporters stranded on the road leading to Torkham border said that roughly around 4,000 to 5,000 vehicles, loaded with multiple trade goo