Pakistan to get $2.5b from ADB next fiscal year on May 13, 2022The Asian Development Bank (ADB) has indicated that it will provide additional support of $2.5 billion to Pakistan during the next fiscal year 2022-21. This transpired from a recent meeting between the Federal Minister of State for Finance and Revenue Dr Aisha Ghous Pasha and Country Director ADB Yong Ye. Welcoming the team from ADB, […]
Govt to restore old urea price at Rs1,768 per bag: Murtaza on May 12, 2022Federal Minister for Industries and Production Makhdoom Syed Murtaza Mahmud has said that the government is reverting urea price to the old price i.e. Rs1,768 per bag to provide relief to farmers. The minister said this while chairing a meeting of the Fertilizer Review Committee (FRC) on Wednesday. Federal Secretary for Industries and Production Jawwad […]
Rupee hits another all-time low of 190.02 vs dollar on May 12, 2022There is no let-up in the falling spree of Pakistani rupee, which suffered another massive hit on Wednesday when the dollar rose to all-time high in the interbank market at Rs190.02. The rupee’s weakest closings prior to this were 188.66 on Tuesday last and 188.18 on April 7, 2022. The State Bank of Pakistan said […]
Global renewable energy capacity may rise to 320GW in 2022: IEA on May 12, 2022New capacity for generating electricity from renewable sources is set for another record in 2022, as governments around the globe seek security in renewable energy and its climate benefits, the International Energy Agency (IEA) said. Globally, new renewable power capacity rose 6 percent in 2021 to record 295 gigawatts, shaking off the rising cost of […]
4.8m jobs lost in Ukraine since conflict with Russia: ILO on May 12, 2022An estimated 4.8 million jobs have been lost in Ukraine since the start of the Russian aggression, according to a new brief by the International Labour Organisation (ILO). The study estimates that if hostilities were to escalate employment losses would increase to seven million. However, if the fighting was to cease immediately a rapid recovery […]
ICCI demands urgent power sector reforms on May 12, 2022Rising circular debt, surging transmission & distribution losses and poor performance of power companies are taking a heavy toll on the business & economic activities in Pakistan and the government should take urgent measures to bring drastic reforms in the power sector. This was demanded by Islamabad Chamber of Commerce & Industry (ICCI) President Muhammad […]
Cotton export to China increases to $168m in three months on May 11, 2022Pakistani cotton experts expressed confidence in the development of local cotton-related industry and yarn export to China as well as other parts of the world, which is increasing every year despite the Covid-19 pandemic. According to the data released by the General Administration of Customs of the People’s Republic of China (GACC), China imported more […]
Rupee hits record low of 188.66 vs dollar in inter-bank market on May 11, 2022Pakistani rupee maintained its fast losing streak against the US dollar on Tuesday and depreciated to 188.66, an all-time low in the inter-bank market. The rupee’s weakest closing prior to this was 188.18 on April 7, 2022. The State Bank of Pakistan said in a statement that the rupee opened at 187.53 against the US […]
Urea offtake surges 45pc to 448,000 tonnes in April on May 11, 2022The urea offtake showed a growth of 45 percent to 448,000 tonnes in April 2022, compared with 309,000 tonnes during the same month of last year. According to a report released by Arif Habib Limited, the combined offtake of Fatima Fertilizers Company (FFC) and Fauji Fertilizer Bin Qasim Limited (FFBL) showed an increase of 32 […]
WTI falls to $102 as crude prices decline for second day on May 11, 2022Crude oil prices dipped over one percent for the second straight day on Tuesday over demand concerns. As of 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.28 (-1.21 percent) to reach 104.66 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, decreased to […]