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The Pakistan economy is expected to slow down to 3.5% in FY2023 amid the destroying floods, policy tightening, and critical efforts to overcome quite large fiscal and external imbalances, the Asian Development Bank (ADB) said in a report released Wednesday. The deceleration in the fiscal year 2023 (which ends on June 30, 2023) has been […]
US Fed raises interest rates 75 basis points for 3rd straight time This Wednesday, US Federal Reserve made an announcement for raising its interest rate by 75 basis points 3rd time consecutively, aiming to fight the growing inflation. FOMC (Federal Open Market Committee) decided to raise the target for the federal funds to 3-3.25% range. […]
Fauji Foods sponsors to inject PKR 11.7 billion for the betterment of the company The Fauji Foods Limited Board of Directors held its delayed meeting from September 12, 2022, and recommended issuing shares other than the right offer, subject to the approval of the shareholders of the company, for which the extraordinary general meeting of […]
Pakistani Foreign Minister held a meeting with Meta for Investment in the IT sector Foreign Minister Bilawal Bhutto Zardari said on Tuesday that Pakistan’s IT sector has marked strong growth in recent times opening opportunities for platforms such as Meta to extend their operations to Pakistan. The Minister of Foreign Affairs, at his meeting with […]
According to the Central bank Monday monthly reports, recession in Germany might be hitting soon and high inflation is expected in 2023. Germany being the largest economy in Europe is moving ahead the slump that may last into next year. This report said that the signs of recession for the German economy will be […]
Norwegian energy crisis plan failed to get support The Norwegian government’s plan to combat the country’s energy crisis plan failed to get support after an emergency parliamentary meeting on Monday. Ninety-two rescue proposals have been put forward by the government to reduce high electricity costs for businesses and households. The Minister of Oil and Energy, […]
Amreli Steels Limited announced on Monday to extends its plant shut down until September 30, 2022. “The company will continue its production from October 1, 2022,” according to a communication received by the Pakistan Stock Exchange (PSX). Furthermore, saying that the company has sufficient stock to meet the customer’s demand during the closing period. Previously, […]
WorldCall Telecom is fined for delay in the dissemination of Price Sensitive Information The Pakistani Security and Exchange Commission has fined WorldCall Telecom Limited because it did not spread sensitive price information on time to the exchange. The case was linked to operations based in Karachi of the WorldCall Telecom Limited Company which were given […]
Gloomy Economic Conditions Cause a Decrease in the Volume of Global Shipping: FedEx The deteriorating economic conditions have caused a decrease in the volume of global shipping, according to Multinational transportation US-based FedEx. FedEx shares fell more than 24% Friday after the company issued a profit warning and canceled the previous income guidelines for this […]
Shipping prices have decreased by more than 50 percent this year Shipping or freight rates continued to decrease as global trade volumes slow it down following the reduction in the demand for goods, showed the latest data from S&P Global Market Intelligence. Although the freight rates have also dropped due to the relaxation of the […]