All about Business, economy, international economy, Pakistan economy.
Pakistan Refinery Limited (PRL) has signed and executed the upgrade agreement with the Oil and Gas Regulatory Authority (OGRA) to upgrade its plants, the company reported on Thursday. Pakistan Refinery Limited (PRL) has emphatically pledged its commitment to national progress by steadfastly adhering to the mandatory provisions outlined in the Pakistan Oil Refining Policy for…
Pakistan Refinery Limited (PRL) is anticipated to finalize an agreement with the Oil and Gas Regulatory Authority (OGRA) on Thursday, aligning with the ‘brownfield refinery policy’ to avail incentives aimed at enhancing existing plant development. An official from the refinery, who opted to remain anonymous, confirmed the impending signing. The official disclosed that the requisite…
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) and the Pakistani Oil and Gas Development Company (OGDCL) have officially inked a Memorandum of Understanding (MoU), solidifying a collaborative alliance between the two energy giants. The comprehensive MoU outlines a strategic framework for the joint assessment of potential business prospects, both within Pakistan and in international upstream…
Pakistan is the country where the insurance sector penetration (life and non-life) is less than one percent of GDP, and its gross premium is only $1.9 billion, which is almost the lowest in the world. The Securities and Exchange Commission of Pakistan (SECP) said it is 0.87 percent of GDP. The regulator attributed it…
In accordance with International Monetary Fund (IMF) conditions advocating the privatization of state-owned entities, Pakistan has chosen the British multinational firm ‘Ernst & Young’ as the Financial Advisor for the privatization of its national flag carrier, Pakistan International Airlines (PIA). The decision was made by the country’s privatization commission board on Friday, marking a significant…
Indus Motor Company (IMC), the renowned Toyota car assembler to introduce the Pakistan-made Corolla Hybrid Electric Vehicle by mid-December, Ali Jamali, the CEO revealed on Wednesday. Jamali said, “very soon” we will launch the Hybrid Electric Vehicle (HEV) while underscoring the significance of Toyota’s hefty $100 million investment in Pakistan’s HEV production. This investment not…
Pakistan’s weekly inflation rate eased by a third of a percentage point over the previous week driven by a decline in some kitchen items’ prices, especially pulses, chicken, onions, rice, sugar, and wheat flour. During the week ending on October 26, chicken prices in one week dropped by 10.2 percent to Rs312/kg, while onions became…
Citigroup Inc. has predicted that there shall be a drop in crude oil prices next year, with a likely reduction to US$70 a barrel. This is primarily because of lower demand and an anticipated “peak transport fuel demand” according to the U.S. Bank. Currently, at US$92, oil prices have risen steadily due to production cuts by…
Pakistan’s Power Regulatory Body Exposes This Use of Inferior Coal Under CPEC framework, Raising Concerns Over Capacity Payments. Chinese coal-fired power generators operating in Pakistan under the China-Pakistan Economic Corridor (CPEC) framework have been violating their signed agreements with Islamabad. They are using lower-quality imported coal, despite their pledge to import coal with a calorific…
Trade Dialogue between US Treasury chief Janet Yellen and Chinese Vice-Premier He Lifeng led to the establishment of working groups. Sources say the two sides have resumed talks in several areas and are working on dialogue on arms control and AI China and the United States announced on Friday that they have set up joint…
Amazon is poised to introduce a new dimension to its Prime Video streaming service with the integration of Amazon Prime Video Ads by 2024. This strategic move is designed to fortify financial support for the creation of compelling original TV shows and films. In A statement, Amazon said Prime Video still offered “very compelling value”….
Heading into Friday’s settlement, the dollar scores golden cross as the 50-day average on the ICE U.S. Dollar Index a gauge of the buck’s value against a basket of its biggest rivals that’s heavily weighted toward the euro, stands at 103.15, higher than the 200-day moving average, which was 103.11. The index itself finished at…
In a week marked by financial developments, the Indian rupee closed higher on Friday, settling at 82.93 against the U.S. dollar, a weekly gain of 0.3%. This performance comes on the heels of an announcement by multinational investment bank JPMorgan, revealing its plans to incorporate India’s government bonds into its emerging market index. This process…
