Business

Government has upraised the rate of profit by 20-125 basis points on numerous saving schemes, to mobilize high investment in saving products. Though, the profit rates on Pensioner Benefit Accounts, Behbood Saving Certificates, special savings accounts, and Defence Saving Certificates unchanged.

The US dollar on Friday nonstop its down slide on the fifth consecutive day beside the rupee with the greenback cracking around Rs16 in a week in the interbank amid pledge from the IMF for the release of a USD1.17 billion tranches. In the open market, the dollar traded amongst Rs221 and Rs223.

Chinese e-commerce giant Alibaba stated flat revenue growth on Thursday for the first time, as the country tackled with an economic slowdown and Covid-19 revivals kept consumers jittery. Revenue came in at 205.55 billion yuan ($30.7 billion) in the April-June quarter, beating analyst prospects although being slightly below the same period last year.

US dollar continued its falling trend in the interbank and open market on Thursday after the greenback saw a significant decline of over Rs9 on Wednesday. Rendering to forex dealers, the US dollar slipped by Rs4.02 at the start of the day to trade at Rs224.78 as the banks sold it at Rs226.28.

The chamber of commerce officials has proclaimed long march to Islamabad against economic crisis being faced by traders in the country. President Faisalabad Chamber of Commerce Atif Muneer and other officials speaking a press conference here announced long march to Islamabad after 10 Muharram.

The federal government is possibly to accept additional demand from the International Monetary Fund (IMF) to regulate the petrol prices in the country on a weekly basis. The earlier government of the PTI changed the period of regulation in oil prices to 15 days from one month.

The Organization of the Petroleum Exporting Countries (OPEC) Plus is set to raise its oil production...

At least 112 women were admitted to hospital for medical treatment after a gas leak at...

The US dollar on Wednesday sustained its losing streak in interbank and open market beside the rupee, a day after the IMF said that the country has achieved its last condition of floating the tax on fuel prices.According to forex dealers, the US dollar lost Rs0.90 today in the interbank in contradiction of the rupee and traded at Rs237.48 while the banks are trading the greenback at Rs238.

After the climbs in the prices of Honda and Yamaha motorcycles, the locally manufactured Chinese bikes’ prices have also increased due to worldwide inflation. The customers of these companies continued stressed as well as angry because the government is not taking any actions concerning the speedy hikes.