President Dr Arif Alvi has directed Habib Bank Limited (HBL) to pay Rs249,525 to a cook whose money was fraudulently withdrawn online from his account by swindlers. The president directed all the banks to regularly caution their customers and clients about banking scams, including banking frauds involving online fund transfers, and improve communications with their clients. He said innocent
Financial advisers of the National Power Parks Management Company Limited (NPPMCL) — which owns and operates two LNG-fired plants with a combined capacity of around 2,500 megawatts — have asked the government to immediately finalise gas-sale and power-purchase agreements, debt recapitalisation and payment mechanism if it wanted an early sale of the two units to Qatar. The government is trying t
Oil prices tumbled more than $4 on Wednesday, slumping below levels seen prior to Russia’s invasion of Ukraine as downbeat Chinese trade data fed investor worries about recession risks. Brent crude futures were down $4.12, or 4.4%, at $88.71 a barrel by 1543 GMT, touching their lowest since February 3 and falling below $90 a barrel for the first since February 8. US West Texas Intermediate crud
The foreign exchange reserves held by the central bank increased 14.3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. “During the week ended September 2, 2022, SBP received $1,166 million from IMF under EFF (Extended Fund Facility) programme,” the SBP said in a statement on Thursday. On September 2, the foreign currency reserves held by the SBP
The government is finally geared up to appoint managing directors of the country’s two big state-run hydrocarbon explorers that are running without a permanent head for past many months. Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) have been working on an ad hoc basis since the days of previous Pakistan Tehreek-e-Insaf (PTI) government. The government