Skipping the normal process of inviting competitive bids, the Karachi Port Trust (KPT) has entered into a 50-year concession agreement with the Abu Dhabi Ports Group (ADPG) of the UAE government to operate the Karachi Gateway Terminal Ltd (KGTL). Sindh Governor Kamran Khan Tessori inaugurated the gateway by unveiling the plaque in a ceremony held at KPT. The UAE’s ADPG would manage, operate
Developed countries should distribute resources fairly to help mitigate the suffering of developing nations and ensure world peace, Prime Minister Shehbaz Sharif told a gathering of some 40 world leaders in Paris on Thursday, at a summit aimed at charting a fresh approach to tackling poverty and climate change. The two-day New Global Financial Pact Summit, hosted by French President Emmanuel Ma
The central bank’s foreign exchange reserves plummeted by almost half a billion dollars during the week that ended on June 16, making the country’s external account more vulnerable. The State Bank on Thursday said it had to pay $482 million during the week as debt servicing, which brought down its total reserves to just $3.536 billion — the lowest level since mid-February. However, it insist
A bearish rampage took hold of the Pakistan Stock Exchange on Wednesday as the benchmark index dropped because of reduced investors’ confidence. Topline Securities said no positive development took place on the front of the International Monetary Fund programme, which hurt investors’ sentiments. In addition, continuous institutional selling in the run-up to the end of 2022-23 kept the overall m
The government on Wednesday raised over Rs2.4 trillion through the auction of treasury bills, collectively borrowing Rs4.6tr in the last seven days. On Wednesday it picked up Rs2.276tr through T-bills and Rs33bn through non-competitive bids.The banks offered bids of Rs3.3tr against the auction target of Rs2.25tr. The cut-off yields were almost the same but the highest amount of Rs2.222tr was