Oil jumped more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, escalating the war in Ukraine and raising concerns of tighter oil and gas supply. Brent crude futures rose $2.28, or 2.5pc, to $92.90 a barrel by 0707 GMT after falling $1.38 the previous day. US West Texas Intermediate crude was at $86.16 a barrel, up $2.22, or 2.
The Asian Development Bank (ADB) said on Wednesday that while Pakistan’s economic growth reached around six per cent in FY22, it was expected to slow down in the current fiscal year to 3.5pc because of double-digit inflation, climate headwinds and policy efforts. In the latest Asian Development Outlook update, the ADB revised Pakistan’s growth estimates from 4.5 to 3.5pc amid devastating floods
The PKR neared an all-time low against the dollar on Wednesday after falling 74 paise in the interbank market. The local currency closed at Rs239.65 per dollar — a depreciation of 0.31 per cent from yesterday’s close of Rs238.91. The rupee had reached a record low of 239.94 per dollar on July 28. Head of Research at Tresmark, Komal Mansoor, said the government was “paralysed by inaction even
The Securities and Exchange Commission of Pakistan (SECP) on Wednesday revamped the Companies (Further Issue of Shares) Regulations 2020 for listed companies allowing the investors to make informed decisions and implement them at a faster pace. The SECP has said that the examination of the historical cases of right issues by listed companies indicated that risk disclosures were minimal and prov
The governments of Japan and Pakistan have agreed on a debt deferral amounting to $160 million as the third and last phase of the ‘G20 Debt Service Suspension Initiative (DSSI)’. The total amount of deferred debt has now reached $730m, which will provide the fiscal space for the Pakistan government to restore its economy affected by the Covid-19 pandemic and the floods, the Japanese embassy ann