Oil slipped more than three per cent on Monday with US crude oil futures falling more than $3 a barrel as fears eased about the Israel’s war on Gaza disrupting supply from the region and as investors grew cautious ahead of this week’s US Federal Reserve meeting. Brent crude futures fell $2.90, or 3.21 per cent, to $87.58 a barrel by 10:32am CDT (1532 GMT), while US West Texas Intermediate crude
The State Bank of Pakistan (SBP) kept the key interest rate unchanged at 22 per cent on Monday, expecting inflation to decline significantly in October because of downward adjustments in fuel prices, easing rates of some major food commodities and a favourable base effect. The Monetary Policy Committee (MPC) of the SBP noted that headline inflation rose in September as expected. The SBP in i
The Directorate General of Intelligence and Investigation of the Federal Board of Revenue (FBR) has unearthed duty and tax evasion of Rs716.27 million in the clearance of steel bars at Hyderabad Collectorate. Karachi’s Customs Intelligence Regional Office has lodged a First Information Report (FIR) against the culprits. The steel, initially cleared at the Hyderabad Collectorate, was later found
The latest crisis in the Middle East has raised geopolitical risks for commodity markets, but so far its impact on prices has been small, says a World Bank report released on Monday. It said that previous military conflicts in the region often resulted in higher prices and vitality in commodity markets. According to the ‘Commodity Markets Outlook’ report this suggests that an escalation could
The rupee is gradually and slowly losing the strength it gained against the US dollar during the last couple of months in both the interbank and open markets. The State Bank of Pakistan on Monday re-ported that the greenback continued its appreciation drive against the local currency for the sixth day in a row and added another 38 paise to close at Rs280.95 in the interbank market. Currency