The numbers flashing on trading screens on Aug 5 were shocking even to market veterans. In Tokyo, the Nikkei 225 was down 12 per cent. In Seoul, the Kospi index sank 9pc. When the opening bell rang in New York, the Nasdaq plunged 6pc in seconds. Cryptocurrencies sank; the VIX, a gauge of stock market volatility, skyrocketed; and investors piled into Treasury bonds, the safest asset of them a
French oil major TotalEnergies has agreed to sell its 50 per cent stake in oil marketing company Total Parco Pakistan Limited (TPPL) to global commodities trader Gunvor Group, TotalEnergies said in a statement on Tuesday. A joint venture between Total Energies and Pak-Arab Refinery Limited in Pakistan, TTPL has a retail network of more than 800 service stations and is involved in fuel logistics
Pakistan has secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for the government as it awaits final approval of a new $7 billion loan programme with the International Monetary Fund (IMF), Bloomberg reported on Tuesday. Pakistan has a peculiar financial arrangement with these three countries in the shape of commercial loans and SAFE
The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal trading platform being promoted through various social media channels, falsely claiming substantial returns on trading in the Pakistan Stock Exchange and international stock markets. Operating under the name “Aviva Investment Group/ H1-Aviva Securities Exchange Academy/Aviva Investment Limited”, the platform
Overseas Investors Chamber of Commerce and Industry (OICCI) member companies have injected $22.6 billion into Pakistan’s economy during the last 10 years, according to the chamber’s 2023 annual economic contribution survey. With the contribution of $22.6bn in the last 10 years, the 139 OICCI member companies reported assets amounting to Rs29.6 trillion, capital expenditure of Rs482bn, governmen