The Russian government has proposed two options for the revival of the ailing Pakistan Steel Mills (PSM): one blast furnace model will cost USD 1.91 billion and the other is based on Electric arc furnace (EAF) technology that will cost USD 1.05 billion. During the Special Assistant to the Prime Minister (SAPM) on industries and production, Haroon Akhtar Khan’s official visit to Moscow in July,
Oil prices pushed higher for a second day on Wednesday, buoyed by sanctions-related supply risks, hopes of a U.S.-China trade deal and news that the U.S. is seeking oil for delivery to its strategic reserves. Brent crude futures rose 18 cents, or 0.29%, to $61.50 a barrel as of 0137 GMT, while U.S. West Texas Intermediate crude futures climbed 21 cents, or 0.37%, to $57.45. Oil has bounced
IGI Investments (Private) Limited, a wholly-owned subsidiary of IGI Holdings Limited, has received in-principle approval from its Board of Directors to evaluate the potential acquisition of up to 100% shareholding in Akzo Nobel Pakistan Limited. IGI Holdings, the parent company, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. The company said that t
The Pakistani rupee continued to gain against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Wednesday. At 10am, the local currency was hovering at 280.87, up by Re0.19 against the US dollar. The local unit closed at 281.06 on Tuesday. Internationally, the US dollar weakened in early Asian trade on Wednesday, edging back from its highest
Bullish momentum continued at the Pakistan Stock Exchange (PSX) amid improved investor sentiments, with the benchmark KSE-100 Index gaining nearly 1,800 points during the opening minutes of trading on Tuesday. At 10:20am, the benchmark index was hovering at 168,015.96, an increase of 1,773.06 points or 1.07%. Buying interest was observed in key sectors including automobile assemblers, commer