Amid economic slowdown, the country’s oil import bill and local production of petroleum products declined 21.84 per cent and 11.23pc, respectively, during the first 11 months of FY23. As a consequence, exports of petroleum products were down by 24.61pc in 11MFY23 from a year ago. The foreign sales of crude oil and petroleum products were down by 21.97pc and 32.65pc, respectively. In dollar t
Skipping the normal process of inviting competitive bids, the Karachi Port Trust (KPT) has entered into a 50-year concession agreement with the Abu Dhabi Ports Group (ADPG) of the UAE government to operate the Karachi Gateway Terminal Ltd (KGTL). Sindh Governor Kamran Khan Tessori inaugurated the gateway by unveiling the plaque in a ceremony held at KPT. The UAE’s ADPG would manage, operate
Developed countries should distribute resources fairly to help mitigate the suffering of developing nations and ensure world peace, Prime Minister Shehbaz Sharif told a gathering of some 40 world leaders in Paris on Thursday, at a summit aimed at charting a fresh approach to tackling poverty and climate change. The two-day New Global Financial Pact Summit, hosted by French President Emmanuel Ma
The central bank’s foreign exchange reserves plummeted by almost half a billion dollars during the week that ended on June 16, making the country’s external account more vulnerable. The State Bank on Thursday said it had to pay $482 million during the week as debt servicing, which brought down its total reserves to just $3.536 billion — the lowest level since mid-February. However, it insist
A bearish rampage took hold of the Pakistan Stock Exchange on Wednesday as the benchmark index dropped because of reduced investors’ confidence. Topline Securities said no positive development took place on the front of the International Monetary Fund programme, which hurt investors’ sentiments. In addition, continuous institutional selling in the run-up to the end of 2022-23 kept the overall m