Oil prices edged up on Thursday morning as investors worried about escalating tensions between the US and Iran, on fears that any attacks on Tehran or shipping could lead to supply disruptions. Brent crude oil futures were up 27 cents, or 0.39%, at $69.67 a barrel at 0350 GMT. US West Texas Intermediate crude rose 29 cents, or 0.45%, to $64.92. Both benchmarks settled higher on Wednesday.
Pakistan’s new power price proposals will increase inflation and shift the International Monetary Fund-mandated (IMF) subsidy cuts onto middle-class households while easing pain for industries, analysts say. The plan, ending a system where businesses subsidised household energy bills, could trigger a 1.1 percentage point jump in inflation over 12 months, Optimus Capital Management said. Anal
Trading at the Pakistan Stock Exchange (PSX) kicked off on a positive note, with the benchmark KSE-100 Index gaining over 700 points during the opening minutes of trading on Wednesday. At 9:35am, the benchmark index was hovering at 182,871.39, up 717.84 points or 0.39%. Buying interest was observed in key sectors, including cement, commercial banks, fertiliser, oil and gas exploration compan
Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited), a leading Saudi-based energy company, has approved the establishment of a wholly owned subsidiary in Dubai as part of its strategy to expand business and commercial operations beyond Pakistan. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. It said that the new company
The Pakistani rupee posted marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday. At close, the local currency settled at 279.67, a gain of Re0.03 against the greenback. On Monday, the local unit closed at 279.70, according to the State Bank of Pakistan (SBP). The inflow of overseas workers’ remittances into Pakistan stood at $3.46 billion in January 202