Home / Business (page 193)

Business

Oil rises as Saudi Arabia discusses supply cuts

Oil prices rose slightly on Thursday after reports Saudi Arabia had started talks with customers about a reduction of up to 7 percent in crude sales in February to support an attempt by OPEC to reduce global supply. The Organization of the Petroleum Exporting Countries (OPEC) promised in November to cut output to help prop up prices. Under the deal, …

Read More »

Mexican leader defends fuel price hike

MEXICO CITY: Mexican President Enrique Pena Nieto defended on Wednesday a steep increase in gasoline prices but said he understood people’s “anger” against the measure, as protests entered a fourth day. Pena Nieto said the 20.1 percent increase in the cost of a liter of gasoline was necessary due to a rise in global oil prices. “I understand the irritation …

Read More »

Edible oil import reduces by 6.92 percent, 39.38 percent in five months

ISLAMABAD: (Parliament Times)  Import of edible oil into the country including soyabean and palm oil during first five months of current financial year reduced by 33 percent and 6.93 percent respectively as compared to the imports of corresponding period of last year. Soyabean oil import into the country during the period from July-November, 2016 reduced by 33 percent as compared …

Read More »

London stocks kick off 2017 with record high

London:World stock markets mostly rose Tuesday, with London reaching a new high in its first session of 2017 and Wall Street resuming its push towards the 20,000 level. Oil prices also powered ahead, before succumbing to profit-taking, while the dollar strengthened against its major peers. “The New Year has started with a bang, at least in the case of the …

Read More »

Shares in Next, UK clothing groups slump on price warning

LONDON: British clothing retailer Next on Wednesday warned of a tougher trading year ahead as a weak pound caused by Brexit uncertainty pushes up raw material costs. Shares in Next slid 11 percent on the news, dragging down stock values of clothing competitors Marks and Spencer and Associated British Foods, which owns also budget garment chain Primark. In a trading …

Read More »

Tracing K-electric’s journey to privatization

KARACHI: Shanghai Electric has agreed to buy 66.4 percent shares of K-Electric in a deal worth Rs. 180 billion, although regulatory approvals are still awaited. Shanghai Electric Power is a listed subsidiary of State Power Investment Corporation. The company formerly known as Karachi Electric Supply Corporation was privatized in 2005 for a sum of Rs. 16 billion to a Saudi-Kuwaiti …

Read More »

Shortfall in tax collection crosses Rs127bn

ISLAMABAD: (Parliament Times) The Federal Board of Revenue (FBR) witnessed a shortfall of more than Rs127 billion in collection for the first half of the current fiscal year. The government faces the challenge of achieving a fiscal deficit target of 3.8 per cent of the GDP for 2016-17 owing to its lower-than-expected revenue collection so far. Tax officials believe the …

Read More »

Gold price witnesses Rs100 decline

KARACHI:  On first day of trading week, gold price in international market plummeted by $1 to settle at $1152. Following footprints of international market, gold price witnessed decline of Rs100 in local market to settle at Rs 49, 800 per tola. Likewise, price of 10 grams gold settled at Rs 42,685 with a decline of Rs 85 whereas silver price …

Read More »

Government mulling to privatise 5 entities in 2017

ISLAMABAD: As part of economic reforms, federal government is mulling to privatise five public sector enterprises (PSEs) in 2017. Pakistan Steel Mill (PSM) tops priority list which is expected to be privatised by June, 2017. Despite injecting over 26 billion in two and half years, government failed in reviving PSM. With no production activity since July-2015, PSM is causing a mammoth …

Read More »

PSX 100 index hits highest level of 48,827 points

KARACHI : The bullish trend in Pakistan Stock Exchange continues as the 100 index reaches the all-time highest level of 48,827 points. Pakistan Stock Exchange (formerly Karachi Stock Exchange) has made it a habitof making the headlines as it is breaking the records with each passing day. Yet another landmark achievement of reaching 48,827 points was observed after the index rose …

Read More »