The business community and the banking sector are closely interconnected, and commercial banks must introduce maximum facilitation to support business activities. This was stated by Syed Salman Ali, Convener of the Standing Committee on Banking Affairs at the Lahore Chamber of Commerce and Industry (LCCI), while presiding over a committee meeting. Former LCCI Senior Vice President Ali Hissam As
Gold prices inched lower on Monday as the dollar firmed, while news the Strait of Hormuz is closed again pushed oil prices higher and revived inflation fears. Spot gold was down 0.4% at $4,809.71 per ounce, as of 0155 GMT, after hitting its lowest level since April 13 earlier in the session. U.S. gold futures for June delivery fell 1% to $4,829.40. “Gold prices are lower today after the U
The US dollar firmed to its highest level in a week against major currencies on Monday as renewed US-Iran tensions and shaky prospects of a peace deal in the Middle East sent investors toward safe havens. The United States said on Sunday that it had seized an Iranian cargo ship that tried to run its blockade while Iran said it would retaliate amid growing worries of a resumption of hostilitie
Oil prices rebounded more than 6% on Monday after tumbling more than 9% on Friday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ships over the weekend. Brent crude futures jumped $6.11, or 6.76%, to $96.49 a barrel by 2327 GMT and U.S. West Texas Intermediate was at $90.38 a barrel, up $6.53, or
At least three Liquefied Natural Gas (LNG) cargoes destined for Pakistan are currently stranded in the Persian Gulf, according to Bloomberg’s vessel-tracking data. The South Asian country has gone more than a month without receiving any LNG shipments due to the closure of the Strait of Hormuz, raising the risk of increased power outages as temperatures begin to rise, said the report. Last we