The pound jumped more than two per cent against the dollar Monday as Britain’s fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets. Chancellor of the Exchequer Jeremy Hunt tore up the fiscal policy unveiled by the new government of Prime Minister Liz Truss last month. Monday’s reversals also lifted London’s benchmark FTSE 100 shares
A syndicate led by the Bank of Punjab (BOP) has raised over Rs10 billion for Thar Energy Ltd (TEL) for working capital financing, a press release said on Monday. In this regard, a financing-document signing ceremony was held at the bank’s corporate office to mark the closure of the first tranche of the facility. The ceremony was attended by the Hub Power Company Ltd (Hubco) CEO Kamran Kamal, TE
A day after opposition Pakistan Tehreek-i-Insaf won six out of eight seats it had vacated, an urgently called virtual meeting of the Economic Coordination Committee (ECC) of the federal cabinet approved a supplementary grant of Rs17 billion to increase discretionary spending on development schemes of parliamentarian to a record Rs87bn. The meeting, which was presided over by Finance Minister I
The Oil and Gas Regulatory Authority (Ogra) on Monday notified a 13 per cent reduction in the price of re-gasified liquefied natural gas (RLNG) for October as the international spot market remained out of reach of Pakistan and average cost of cargos under a long-term contract slightly came down with oil price cut. The basket RLNG price was also lower because of four cargos, instead of usual two
The rupee suffered losses for the fourth day as it depreciated by 46 paise against the US dollar in the interbank market on Monday making it difficult for the government and the State Bank of Pakistan to stabilise the exchange rate. According to the SBP, the dollar traded at Rs218.89 compared to Rs218.43 the previous day. However, the Exchange Companies Association of Pakistan (ECAP) reporte