Central banks worldwide are using aggressive interest rate hikes to lasso galloping inflation, at the risk of pulling down the global economy with it. The US Federal Reserve and its counterparts in Europe and most emerging economies have been raising rates this year as consumer prices have soared to decades-high levels. While higher rates aim to tame runaway inflation by slowing economic act
Hum Network Ltd posted a net consolidated profit of Rs1.39 billion for 2021-22, up 45.1 per cent from the preceding year, a stock filing showed on Monday. The media company’s annual revenue increased 31pc to Rs6.5bn over the same period.The company didn’t announce any dividend along with the financial results. PIBT posts Rs990m loss Pakistan International Bulk Terminal Ltd recorded a ne
Cryptocurrencies fell to fresh lows on Monday on regulatory concerns and as investors globally turned shy on risky assets with interest rate rises looming around the world. Bitcoin, the biggest cryptocurrency by market value, fell about five per cent to a three-month low of $18,387. Ether, the second largest cryptocurrency, dropped 3pc to a two-month low of $1,285 and is down more than 10pc
The dollar held firm near two-decade highs against other major currencies on Monday, biding its time ahead of a slew of central bank meetings that will include one by the United States Federal Reserve that is likely to deliver another hefty rate hike. Trade was generally subdued, with markets in London and Tokyo closed for public holidays. Still, the dollar maintained its firm tone, given ex
The rupee, which has been falling against the dollar since Sept 2, lost another Rs1.07 in the interbank market on Monday. The PKR closed at Rs237.91 per dollar — a depreciation of 0.45 per cent, according to the State Bank of Pakistan. Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the decline was reflective of the overall demand and supply situation in
