Covid haunts G20 economies amid weak labour market recovery: IMF on May 18, 2022G20 members face long-term “scarring” from the Covid-19 pandemic due to a weak recovery in labour markets in emerging economies and severe school disruptions in the group’s developing and advanced economies, according to the International Monetary Fund (IMF). In G20 emerging markets, employment rates remain below pre-pandemic projections due to weaker economic recoveries, the Washington-based […]
Brent, WTI stay above $115 as oil rally continues on May 18, 2022Crude oil prices surged on Tuesday after reports emerged that coronavirus cases in China are declining while the European Union’s diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil. As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.21 (+1.06 percent) […]
Rupee plunges to 194.18 vs dollar as freefall continues unabated on May 17, 2022Keeping its spree of setting new lows intact for the fifth straight session, Pakistani rupee suffered another massive hit on Monday when the dollar rose to an all-time high in the interbank market at Rs194.18. The rupee’s weakest closings prior to this were 192.53, 191.77, 190.02 and 188.66 during the last four sessions of the […]
Conflict of interest in PTA chief’s appointment costs kitty $10m on May 17, 2022While earmarking 10 MHz cellular spectrum to state-owned Special Communication Organisation (SCO), the people at the helm of affairs in top regulatory body – Pakistan Telecommunication Authority (PTA) – have allegedly dented the national kitty with a loss of around $10 million, creating apprehensions in the market about fair competition and level playing field in […]
Weekly inflation rises 0.49pc as flour, chicken prices fly higher on May 14, 2022The Sensitive Price Indicator (SPI) based inflation increased by 0.49 percent for the week ended on May 12. According to the data released by Pakistan Bureau of Statistics (PBS) on Friday, inflation on a year-on-year basis increased to 15.85 percent. The weekly inflation for the lowest income group (Q1) witnessed an increase of 0.94 percent, […]
Remittance flows to Pakistan grew by 20pc in 2021: WB on May 14, 2022Officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent this year to reach $630 billion. This follows an almost record recovery of 8.6 percent in 2021, according to the World Bank’s latest Migration and Development Brief. Remittances to Ukraine, which is the largest recipient in Europe and […]
LSMI output records 26.6pc growth in March on May 14, 2022The output of Large-Scale Manufacturing Industries (LSMI) grew by 26.6 percent on a year-on-year basis during March 2022, showing the highest increase since May 2021 on a year-on-year basis. According to the data released by Pakistan Bureau of Statistics (PBS), the LSMI growth witnessed an increase of 8.2 percent in April on a month-on-month basis […]
Semiconductor sales may rise 14pc to hit $676b in 2022: report on May 14, 2022The global semiconductor market, which was upended by Covid-induced supply chain frictions in 2020 and 2021, is projected to reap nearly 14 percent more in revenue this year compared to 2021 to reach $676 billion. According to a new report by Gartner, a technological research and consulting firm based in Stamford, driven by increasing demand […]
Passenger car sales surge 51pc in 10 months on May 13, 2022The sale of passenger cars witnessed a decline of 18 percent on a month-on-month basis in April 2022 after observing an upsurge of 26 percent in March; however, it recorded a robust growth of 51 percent on a year-on-year basis during the first 10 months (July-April) of the current fiscal year 2021-22. The data released […]
Rupee hits third all-time low of 191.77 vs dollar in 3 days on May 13, 2022Maintaining its spree of setting new lows for the third straight day, Pakistani rupee suffered another massive hit on Thursday when the dollar rose to all-time high in the interbank market at Rs191.77. The rupee’s weakest closings prior to this were 190.02 on Wednesday last and 188.66 on Tuesday last. The State Bank of Pakistan […]