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March,23(Agencies)-- Oil prices fell Thursday after three sessions of gains as Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy, while US crude stocks rose more than expected.Brent crude futures fell 66 cents, or 0.9%, to $76.03 a barrel by 0420 GMT, while US West Texas Intermediate crude (WTI) dropped 74 cents, or 1.0%, to $70.16.Both crude benchmarks settled on Wednesday at their highest close since March 14 after the dollar slid to a six-week low. “Economic risks were being flagged out in the Fed meeting, while higher-than-expected US crude oil stockpiles also dampened some optimism around demand outlook,” said Yeap Jun Rong, market strategist at IG.However, the weakness i...

March 24, 2023 at 11:03 am | Economic Affairs

March,23(Agencies)-- Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, have agreed to meet soon and pave the way for the re-opening of embassies under a deal to re-establish ties, Saudi state news agency SPA said on Thursday.Earlier this month, Iran and Saudi Arabia agreed to revive relations after years of hostility that had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria.The ministers spoke by phone to mark the occasion of the Muslim holy month of Ramadan, SPA said.Amirabdollahian emphasized during the call Iran’s readiness to strengthen relations with Saudi Arabia, Iran’s official news agency IRNA reported.The f...

March 24, 2023 at 11:03 am | Economic Affairs

March, 22(Agencies)--British consumer price inflation unexpectedly rose to 10.4% in February of January’s 10.1%, figures from the Office for National Statistics showed on Wednesday.Economists polled by Reuters had forecast that the annual CPI rate would drop to 9.9% in January, moving further away from October’s 41-year high of 11.1% but still eating into the spending power of workers whose pay is rising by less.The Bank of England is due to announce on Thursday whether it has raised interest rates for an 11th meeting in a row. Core CPI - which excludes energy, food, alcohol and tobacco and is watched closed by the BoE - rose to 6.2% from 5.8% in January, versus a forecast decline to 5.7%.The annual inflation rate in the services secto...

March 23, 2023 at 12:37 pm | Economic Affairs

March,22(E.A Report)--Electricity generation take a dip of 4% year-on-year decline by registering 11,541 MW during February 2023 as compared to 12,036 MW generated last year.The decline in generation is being attributed to lower generation from furnace oil, which was down 80% YoY, as well as coal (-57% YoY), wind (-44% YoY), and gas (-7% YoY).“This decline in power generation is triggered by the overall decline in economic activity across the country,” said Arif Habib Limited (AHL) in a report on Wednesday. “China Power Hub Generation and Thar Energy Limited generated zero electricity during February 2023 due to the coal import issues and transmission constraints on the back of the delay in the second transmission line between Thar a...

March 22, 2023 at 8:11 pm | Economic Affairs

March,22(E.A Report)-- Pakistan Stock Exchange (PSX) stayed witnessing Wednesday sell off for the fifth consecutive session, led it to fall over 500 points owing to stalemate between Pakistan and the International Monetary Fund (IMF) with regard to resumption of the bailout programme.KSE-100 Index recorded a decrease of 501.88 points or 1.23% to close at 40,376.1. at close on Wednesday. Market is getting mixed signals and while some investors are optimistic of a staff level agreement, others seem to be sceptical.Since Thursday last week, the market has shed nearly 1,500 points. Trading began on a mixed note and the market remained rangebound, however, final hours of the session saw modest selloff which dragged the KSE-100 Index downward.Al...

March 22, 2023 at 7:48 pm | Economic Affairs

March,22(Agencies) Malaysian palm oil futures tumbled on Wednesday to their lowest in five months, weighed down by sharp losses in rival edible oils and crude oil, and lingering concerns about the global banking crisis.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 140 ringgit, or 3.7%, to 3,644 ringgit ($815.94) a tonne by the midday break, hitting its lowest since Oct. 14.Palm fundamentals remain strong but trading is weighed down by bearish sentiment, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.“Adding to the woes is uncertainty over interest rate decision from the Fed,” Varqa said. While recent market turmoil has eased, the Federal Reserve’s interest rate ...

March 22, 2023 at 7:46 pm | Economic Affairs

March,22(E.A Report) Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, has warned that time is running out for the country as it struggles to resume the International Monetary Fund (IMF) programme.“As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy,” said the PBC in a statement on Wednesday. “Drip feed and hope will not suffice. Without IMF’s programme and debt reprofiling, help from friendly nations is not forthcoming.” “Pakistan is running out of time,” it added.The statement comes as Pakistan reels from one of its worst economic crises in history. The South Asian country has been faced with a barrage of woes with a perceived default risk and do...

March 22, 2023 at 7:41 pm | Economic Affairs

March,22(EA Report) Federal Board of Revenue (FBR) directed a Pakistani tracking service provider, TPL Trakker, to install tracking devices on containers and trucks carrying transhipment cargo.FBR in a notice has asked company to begin operations at all customs stations across the country where transhipment consignments are being originated from or designated to TPL Trakker.The company that sells and installs tracking devices and provides vehicle tracking and fleet management services, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.“We are pleased to announce that the Federal Board of Revenue (FBR), in terms of its letter dated March 20, 2023 and SRO 413(I)/2012 dated 25-04-2012, has directed the com...

March 22, 2023 at 7:37 pm | Economic Affairs

March, 22(Agencies)--British consumer price inflation unexpectedly rose to 10.4% in February of January’s 10.1%, figures from the Office for National Statistics showed on Wednesday.Economists polled by Reuters had forecast that the annual CPI rate would drop to 9.9% in January, moving further away from October’s 41-year high of 11.1% but still eating into the spending power of workers whose pay is rising by less.The Bank of England is due to announce on Thursday whether it has raised interest rates for an 11th meeting in a row. Core CPI - which excludes energy, food, alcohol and tobacco and is watched closed by the BoE - rose to 6.2% from 5.8% in January, versus a forecast decline to 5.7%.The annual inflation rate in the services secto...

March 22, 2023 at 7:35 pm | Economic Affairs

March 22,2023Islamabad (EA Report)Foreign Minister Bilawal Bhutto Zardari has extended warm felicitations on the signing of the Joint Trilateral Statement by Iran, Saudi Arabia and China, and termed the resumption of diplomatic relations between Riyadh and Tehran as a testament to the wisdom and farsightedness of the leadership of the two countries.In a telephonic conversation with Foreign Minister Hossein Amir Abdollahian of the Islamic Republic of Iran, on Wednesday, the Foreign Minister also commended the important role played by China in facilitating this process, which has also been the stated policy of Pakistan.Underscoring Pakistan’s close fraternal relations with both Iran and Saudi Arabia, the Foreign Minister stressed that the ...

March 22, 2023 at 1:42 pm | Economic Affairs