Business

ISLAMABAD: The United Kingdom (UK) has introduced the “Developing Countries Trading Scheme” (DCTS), which will give tariff reductions and easier trading terms to 65 nations, including Pakistan, when it is implemented in early 2023. The Generalised Scheme of Preferences (GSP), a preferential trading scheme that offers tariff reductions and removals …

KARACHI: Citing the appreciation of the rupee versus the dollar, Pak Suzuki Motor Company Limited (PSMCL) said on Tuesday that the prices of certain models had been lowered by Rs75,000–199,000 as of August 16. Since July 1, the firm has stopped accepting reservations for cars in advance. The current prices …

ISLAMABAD: Pakistan’s oil and eatable import bill posted a double-digit growth in the first month of the current fiscal year owing to higher international prices and massive depreciation of the rupee. While the textile and clothing exports also grew marginally by 0.67 per cent year-on-year, showed data released by the …

Elon Musk, the world’s richest person, on Tuesday tweeted that he was buying English soccer club Manchester United Plc, without offering any details.   However, shortly afterwards, in response to another tweet, Musk said it was a “long-running joke” on Twitter and he was not buying any sports teams.   …

KARACHI: The rising trend of remittances reversed in July when a decline of 7.8 per cent was recorded compared to the same month of the previous fiscal year, according to the data released by the State Bank of Pakistan (SBP) on Tuesday. The country received $2.523 billion in July FY23 …

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Brent crude futures rose 56 cents, or 0.6 per cent, to $92.90 …

The government decided on Monday to raise the prices of petroleum products for the next fortnight citing fluctuations in rates in the international market and exchange rate variations. According to an annou­ncement by the Ministry of Finance, the rate of petrol and light diesel oil (LDO) was increased by Rs6.72 and 43 …

LONDON: Oil prices slumped more than five per cent on Monday on the rising prospects of a return of Iranian oil to the market and data showing China’s economic recovery stuttering under Covid-19 restrictions. Stock markets were broadly steady and the dollar traded mixed as investors welcomed signs of cooling …

KARACHI: The country’s total debt and liabilities increased by Rs11.85 trillion in FY22, according to data released by the State Bank of Pakistan (SBP) on Monday. The data, related to the domestic and external debts and liabilities, shows that Pakistan’s total debt and liabilities reached Rs59.696tr by June 30, compared …

Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession. Brent crude futures fell 73 cents, or 0.8 per cent, to $94.37 a barrel by 0313 GMT. WTI crude futures dipped 44 cents, or 0.5pc, to $88.97 a barrel. Oil …