The Pakistan Association of Large Steel Producers (PALSP) requested the State Bank of Pakistan (SBP) to compensate importers who were overcharged by banks in opening Letters of Credit (LC) at higher spot rates, making windfall profits in the process. In a letter addressed to the SBP governor, PALSP raised its concerns over the issue that has left the steel industry struggling to survive in this
In what appears to be a deliberate move, the sugar mills in Punjab have refused to start the sugarcane crushing season from November 25, as a deadlock between the government and mills over permission to export the sweetener persists. The delay in the crushing, despite the issuance of the permit to start the 2022-23 season, has multiplied the worries of the growers, particularly those who had al
A parliamentary panel was informed on Tuesday about the serious threat of collapse of the tunnel of Neelum – Jhelum project. Chairman National Electric Power Regulatory Authority (Nepra), Tauseef Farooqi drew the attention of the parliamentary panel towards the serious threat pertaining to the closure of the tunnel of the Neelum-Jhelum project. Responding to queries at the Senate Standing Co
Shares listed on the Pakistan Stock Exchange moved up on Tuesday as the semi-annual review by global index provider MSCI added four companies to one of its indices. Topline Securities said the additions resulted in a buying momentum on the bourse and kept blue-chip stocks in the limelight through the day. Investors’ sentiments improved from previous few sessions that had been rather dull. Ar
Saudi Arabia and Turkey are discussing Riyadh placing a $5 billion deposit at Turkiye’s central bank, a Saudi Ministry of Finance spokesperson said on Tuesday. “We are in final discussion to make a USD 5 billion deposit with the central bank of (Turkiye),” the spokesperson said in an emailed response to a Reuters query. The Turkish central bank declined to comment on the issue. A Turkish off