Pakistan’s textile manufacturer Sapphire Fibres Limited (SFL) has announced plans to inject an additional equity investment of up to $2.5 million into its wholly owned subsidiary, Sapphire USA, LLC. The listed company - a manufacturer of yarn, fabric and garments - shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. This follows the company’s earlier invest
Citing economic hardships, the Board of Directors (BoD) of Amreli Steels Limited (ASTL) has decided to extend the suspension of its operations at the company’s SITE Rolling Mill (SRM) in Karachi. The site represents 30% of the company’s production capacity, the listed company stated in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We wish to inform you that the Board of Direct
Oil prices held on to most gains from the previous session in Asian trading on Thursday as investors awaited the outcome of US-China trade talks, hoping for signs that tensions clouding the outlook for world economic growth will ease. Brent crude futures, which had risen 52 cents on Wednesday, fell 4 cents or 0.06% to $64.88 a barrel by 0402 GMT. US West Texas Intermediate crude futures drop
The Pakistani rupee continued to strengthen against the US dollar, appreciating 0.06% in the inter-bank market on Thursday. At 10am, the local currency was hovering at 280.78, a gain of Re0.18 against the greenback. On Wednesday, the local unit closed at 280.96. Internationally, the Japanese yen fell on Thursday after the Bank of Japan (BOJ) left rates unchanged, while the US dollar held gai
Commerce Minister Jam Kamal Khan said the government is working on amending used car import schemes to curb commercial misuse and ensure that only genuine overseas Pakistanis benefit from them. The development came during a high-level meeting held at the Ministry of Commerce, co-chaired by Jam Kamal Khan and Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, to review pol