Foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $157 million during the week ended on Oct 21, but an inflow of $1.5 billion from the Asian Development Bank elevated the reserves level. However, the US dollar remained in high demand in the interbank market as a result it appreciated by 81 paise against the rupee despite a massive inflow from the ADB. The greenback closing p
State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Thursday the country will meet all foreign debt obligations on time. “There should be no concern about that,” he said while speaking at a gong-ringing ceremony at the Pakistan Stock Exchange (PSX). The risk of sovereign default hit its highest level since November 2009 early this week. The country’s five-year credit default swap (CDS
Elon Musk became Twitter Inc's owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. "The bird is freed," he tweeted after taking control. The CEO of electric car maker Tesla Inc has said he wants to “defeat” spam bots on Twitter, make the algorithms that determine how cont
Apple Inc on Thursday reported revenue and profit that topped Wall Street targets, one of the few bright spots in a tech sector battered by spending cutbacks due to inflation. The forecast for the holiday quarter was more grim. While not providing specific numbers, Apple said revenue growth would fall below eight per cent in the December quarter but did not go as far as Amazon.com, whose dire h
The Economic Coordination Committee (ECC) of the cabinet on Thursday approved a Rs31 billion supplementary grant to the defence ministry and cleared an out-of-court settlement with three “non-performing and defaulter” oil and gas companies over 11 exploration and concession blocks to push for new domestic hydrocarbon finds. In a meeting presided over by Finance Minister Ishaq Dar, the commi