Despite strengthening foreign reserves after Pakistan signed the agreement with the International Monetary Fund (IMF), the rupee continued to lose value against the US dollar and gained Rs1.20 in early Thursday am interbank trading due to increased demand. In contrast to the previous day’s closing price of Rs283.80, the dollarContinue Reading
Elon Musk stated on Saturday that Twitter’s cash flow is still negative due to a nearly 50% decline in advertising revenue and a high debt load, falling short of his prediction from March that Twitter might become cash flow positive by June. Musk responded to demands for recapitalization in aContinue Reading
Prime Minister Shehbaz Sharif said on Tuesday that the government hoped to attract billions of dollars in investment from Gulf Cooperation Council (GCC) countries in the country’s food and agriculture sectors. In a tweet, he stated that the GCC countries import $40 billion in food and agricultural products each year.Continue Reading
On an inspection tour of a major industrial region, China’s President Xi Jinping reaffirmed his push for increased creativity and technical self-reliance, as the United States tightens restrictions on Chinese access to breakthrough technologies. China should speed up the improvement of essential technologies and core products, according to Xinhua, quotingContinue Reading
After the new Finance Act 2023 went into effect, the government began charging higher-income businesses and people a Super Tax. The super tax’s income threshold has gone from 300 million to 500 million. On annual income surpassing 500 million rupees, a 10% super tax has been applied. 10% super taxContinue Reading
OPEC+ production cutbacks and increased Chinese demand drove up oil prices on Friday, helping the commodity score a weekly gain amid forecasted global economic downturn and the possibility of more interest rate rises. A barrel of Brent crude ended the day up 94 cents at $76.61. WTI crude for theContinue Reading
On June 19, a Turkish energy team will speak with representatives from the Iraqi oil industry in Baghdad to discuss the restart of Iraq’s norBasim Mohammed, the deputy oil minister for upstream issues in Iraq, told Reuters on Thursday that a Turkish energy team will meet with Iraqi oil authoritiesContinue Reading
The Sindh government upped government employee pay and hiked the minimum wage on Saturday. Sindh Chief Minister Murad Ali Shah announced a 35% pay increase for government employees in Grades 1-16, and a 30% pay increase for those in Grades 17-22. He also proposed a 17.5 percent rise in pensionContinue Reading
The coalition administration is prepared to publish the federal budget for the fiscal year 2023–2024 today, with an expected spending of more than Rs14.5 trillion, despite continuous political and economic challenges. Ishaq Dar, the finance minister, will present the budget address in front of the National Assembly at 4 p.m.Continue Reading
Reuters (Reuters) – An IMF official said on Thursday that Pakistan must satisfy the IMF on three counts, beginning with a budget to be presented on Friday, before its board will consider whether to release at least some of the $2.5 billion remaining to be disbursed under a lending programmeContinue Reading
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