Bankrupt Sri Lanka’s economy shrank 8.4 per cent year-on-year in the second quarter, official data showed on Thursday, as the island nation’s unprecedented financial crisis reached its peak. Months of acute food, fuel and medicine shortages, extended blackouts and runaway inflation have plagued the country after it ran out of dollars to finance even the most essential imports. Sri Lanka has
The National Price Monitoring Committee (NPMC) reviewed the prices of essential commodities on Thursday and directed all stakeholders to ensure the distribution of essential commodities among the masses. In its meeting chaired by Planning Minister Ahsan Iqbal, the committee reviewed the progress of essential commodities after the floods. The meeting was attended by the chief economist, chief se
As many as 85 per cent of Pakistani sellers on Alibaba.com, one of the largest global platforms for business-to-business (B2B) e-commerce, are based out of a single city: Sialkot. Speaking at a sellers’ summit organised by the international B2B platform on Thursday, Alibaba.com Pakistan Business Growth Manager Muhammad Sadiq said there’ve been 3.2 million listings from Pakistani sellers so far.
Pakistan’s oil and eatables imports grew 11.4 per cent in the first two months of the current fiscal year to $5.08 billion from $4.56bn a year ago, the Pakistan Bureau of Statistics (PBS) said on Thursday. In contrast, textile and clothing exports could only rise by 4.2pc year-on-year to $3.05bn due to slow demand and high cost of local production because of expensive energy. The oil import
Oil prices edged higher on Friday but were on track for a weekly decline amid fears of sharp interest rate hikes that would slam global growth and hit fuel demand. Brent crude futures were up 24 cents, or 0.3 per cent, to $91.08 a barrel as of 0315 GMT, but were down 1.9pc for the week so far. US West Texas Intermediate (WTI) crude futures gained 10 cents, or 0.1pc, to $85.20 a barrel, but w