Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including Russia, OPEC sent prices rising when it agreed to cut supply by 2 mill
Pakistan State Oil (PSO) has won an arbitration case against global Liquefied Natural Gas (LNG) trader Gunvor Group Limited for receiving excess payments for natural gas shipments. The London Court of International Arbitration gave a verdict in favour of PSO which had reduced payments to Gunvor due to overcharged shipments. PSO was awarded $14.6 million, as well as other costs as per the con
The low purchasing power of consumers coupled with rising car prices have contributed to a 51% decline in automotive sales in September 2022 as compared to the corresponding period last year. “Auto sales are down by 51% to 13,000 units – including the sale of Non-PAMA (Pakistan Automotive Manufacturers Association) members – year-on-year, amid escalating car prices, expensive auto financing and
The government has targeted raising over Rs7 trillion by selling various short and long-tenure sovereign bonds to financial institutions over the next three-month period (October-December). This is in response to the devastation caused by the floods and the need to generate more financing to address its aftershocks. On Wednesday, the government borrowed Rs218.3 billion against the pre-announced
The shares market witnessed a range-bound session on Tuesday as investors chose to book profits. Arif Habib Ltd said the benchmark index failed to continue its upward momentum despite opening in the positive zone. Sluggish participation led the benchmark to close in the red zone, it added. The trading volume remained healthy in main-board stocks while hefty volumes were recorded in third-ti