Business & Finance Archives

Trump voices concern over oil company profits amid Iran conflict

August 4, 2026 by Newsdesk

WASHINGTON:US President Donald Trump said he is concerned about the large profits oil companies are making amid the conflict with Iran, as rising energy prices continue to fuel inflation and create political challenges ahead of the U.S. midterm elections.

Speaking in the Oval Office on Monday, Trump said oil companies were making “a lot of money” from the surge in crude prices and acknowledged that he was uncomfortable with the situation despite being a strong supporter of free-market principles.

US media reported that Trump hopes oil prices will decline before the November midterm elections, with recent political surveys indicating that Democrats could make gains if inflation remains elevated.

The conflict involving Iran has driven global oil prices sharply higher, boosting earnings across the energy sector. On Tuesday, Saudi Aramco reported a 33% increase in second-quarter profit, reflecting the impact of stronger crude prices.

Higher fuel costs have also weighed on American consumers. Since the outbreak of the conflict, the average price of gasoline in the United States has risen by about 37%, adding to inflationary pressures and increasing the political stakes for the White House.

Pakistan stocks surge as KSE-100 gains more than 2,700 points

August 3, 2026 by Newsdesk

KARACHI: Pakistan’s benchmark stock index surged by more than 2,700 points in early trading on Monday after U.S. President Donald Trump announced the start of negotiations with Iran.

The benchmark KSE-100 Index at the Pakistan Stock Exchange rose 2,708 points to 178,802 during the session, extending a strong start to trading in the first business day of August.

Investor sentiment improved amid easing geopolitical concerns following the announcement of renewed US-Iran talks.

Elsewhere in Asia, stock markets traded mixed. Japan’s Nikkei index fell 1.5%, while South Korea’s Kospi declined 5.25%. Hong Kong’s Hang Seng Index, however, edged up 0.1%.

Earlier, US President Donald Trump has opened the way for talks with Iran, saying negotiations will begin Monday as Washington looks for a diplomatic solution to ease tensions and prevent further escalation in the region.

Trump said he had delayed a planned attack on Iran to give diplomacy more time, adding that he wanted to reach an agreement over Tehran’s nuclear activities and the reopening of the Strait of Hormuz, a key route for global energy shipments.

While returning to Washington from New Jersey on Sunday, Trump told reporters that discussions would begin Monday afternoon but did not reveal where the talks would take place or who would participate.

When asked whether Iran had been given a deadline to reach an agreement, Trump avoided setting a timeline and said he preferred negotiations over further military action.

“Would I rather make a deal? I’m not looking to kill people because people die, a lot of people die, and we don’t want that,” Trump said.

Pakistan raises LNG prices by record $6.45 per MMBTU

August 1, 2026 by Newsdesk

ISLAMABAD: Pakistan has recorded the highest-ever increase in liquefied natural gas (LNG) prices, with the Oil and Gas Regulatory Authority (OGRA) raising the sale price for July by up to $6.45 per MMBTU.

According to an OGRA notification, the LNG sale price has increased significantly, with the rate on the Sui Northern Gas Pipelines Limited (SNGPL) system rising to $25.83 per MMBTU.

The LNG price on the Sui Southern Gas Company (SSGC) system has also increased to $25.80 per MMBTU, according to the notification.

The increase comes as Pakistan had to purchase five expensive spot LNG cargoes in July due to the tense situation in the Middle East, resulting in a sharp rise compared with June prices.

Despite regional tensions, Pakistan received a new LNG cargo from Qatar; however, higher global market costs pushed domestic LNG prices to record levels.

PM orders technical audit of power distribution companies’ billing systems

July 30, 2026 by Newsdesk

ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to conduct a technical audit of the billing systems used by Pakistan’s electricity distribution companies (DISCOs) as part of broader efforts to reform the country’s power sector.

During a briefing on the performance of distribution companies, officials informed the prime minister that technical and commercial losses across DISCOs have been declining gradually.

They said the Islamabad, Lahore and Gujranwala electricity distribution companies recorded the lowest losses during the last fiscal year.

The prime minister instructed officials to establish key performance indicators (KPIs) to evaluate the performance of all distribution companies and said the best-performing DISCO would be recognized with an official award.

Sharif said power sector reforms remain one of the government’s top priorities and stressed that the installation of smart electricity meters nationwide is essential to improving efficiency and transparency.

He also called for stricter measures at every level to eliminate electricity theft completely and directed authorities to prepare village-level solar energy projects to expand access to renewable energy and reduce pressure on the national grid.

Pakistan repays $2.2b in external debt, including $1.4b Chinese loan

July 30, 2026 by Newsdesk

ISLAMABAD: Pakistan repaid $2.2 billion in external debt in July, including a $1.4 billion commercial loan from China, as part of efforts to reduce debt-servicing pressure and strengthen the country’s external financial position, State Bank of Pakistan (SBP) Governor Jameel Ahmad said.

Speaking to reporters after attending a meeting of the Senate Standing Committee on Finance, Ahmad said Pakistan’s external debt repayment obligations for the current fiscal year have declined from $26.5 billion to $21.5 billion, while about $3.5 billion will be paid in interest.

The SBP governor said the government expects the $1.4 billion Chinese commercial loan to be refinanced by Chinese banks within the next few weeks, although the rollover has not yet been completed.

He added that Pakistan will also require the rollover of about $12 billion in deposits and loans from Saudi Arabia and China during the fiscal year.

Ahmad said the central bank purchased $28 billion from the foreign exchange market over the past three years to build Pakistan’s foreign exchange reserves. Of the $2.2 billion repaid in July, $1.4 billion was used to settle the Chinese commercial loan, while the remaining $800 million was allocated to servicing other external liabilities.

The governor said the government’s strategy of managing external repayments while increasing foreign exchange reserves is aimed at easing financing pressures and maintaining macroeconomic stability.

Oil prices fall more than 5% after Trump pauses strikes on Iran

July 27, 2026July 27, 2026 by Newsdesk

LONDON: Global oil prices fell by more than 5% after US President Donald Trump announced a pause in military strikes against Iran, easing concerns over potential disruptions to global crude supplies.

According to Reuters, the announcement followed nearly two weeks of US military operations targeting Iran and prompted investors to scale back fears of a broader regional conflict affecting energy markets.

Brent crude dropped $5.58, or 5.77%, to $91.20 per barrel, while U.S. West Texas Intermediate (WTI) crude fell $4.91, or 5.50%, to $84.40 per barrel.

Market analysts said expectations of reduced tensions between the United States and Iran, along with hopes for a diplomatic resolution, helped ease concerns over oil supply disruptions, leading to the sharp decline in prices.

US media reported that Trump ordered a halt to military operations after 13 days of strikes. It remains unclear whether the pause is temporary or marks the beginning of a broader ceasefire.

SBP keeps key interest rate unchanged at 11.5%

July 27, 2026 by Newsdesk

KARACHI: Pakistan’s central bank left its benchmark interest rate unchanged at 11.5%, citing easing inflation and stable macroeconomic indicators while announcing its latest monetary policy for the next two months.

State Bank of Pakistan (SBP) Governor Jameel Ahmad said the Monetary Policy Committee (MPC) decided to maintain the policy rate at 11.5%, noting that inflation has continued its downward trend in recent years. He said average inflation stood at 5.5% between July and February.

Ahmad said Pakistan recorded a current account deficit of $139 million in fiscal year 2026 and projected the deficit to remain between 0% and 1% of GDP in fiscal year 2027.

The governor said workers’ remittances are expected to reach $20.2 billion by December 2026, despite global economic uncertainties.

He added that exports and remittances remain the country’s primary sources of foreign exchange, while government measures are expected to support export growth during fiscal year 2027.

Ahmad also said imports are projected to increase in the current fiscal year, but external inflows are expected to remain strong.

He noted that Pakistan has continued to build its foreign exchange reserves despite meeting all external payment obligations and faces $21.5 billion in external debt repayments during fiscal year 2027.

Petrol up Rs20.81, diesel Rs55.36 per liter in six days

July 24, 2026 by Newsdesk

ISLAMABAD: Petrol and diesel prices have risen sharply since Pakistan adopted a daily petroleum pricing mechanism, with petrol increasing by Rs20.81 per liter and high-speed diesel by Rs55.36 per liter over the past six days.

The daily pricing system came into effect after the federal cabinet on July 17 authorized the Oil and Gas Regulatory Authority (OGRA) to revise petroleum prices each day in line with fluctuations in international oil markets.

Under the new mechanism, petrol was increased by Rs5.44 per liter and diesel by Rs31.05 per liter effective July 18. On July 21, petrol prices were reduced by 35 paisas, while diesel rose by Rs5.71 per liter.

Subsequent revisions saw petrol increase by Rs4.93 and diesel by Rs7.15 for July 22, followed by hikes of Rs6.39 for petrol and Rs7.83 for diesel for July 23. For July 24, petrol prices increased by Rs4.40 per liter, while diesel was raised by Rs3.62 per liter.

The government says the new daily pricing mechanism allows OGRA to adjust petroleum prices based on international market trends, replacing the previous periodic review system.

US targets Pakistan, 60 other nations with new import tariffs

July 24, 2026 by Newsdesk

WASHINGTON: The United States has imposed new tariffs ranging from 10% to 12.5% on imports from more than 60 trading partners, including Pakistan, citing their failure to effectively prevent the import and trade of goods produced through forced labor.

The new tariffs took effect on July 24, with imports from Pakistan and several other countries subject to a 10% tariff, according to the U.S. administration.

The move marks the latest effort by President Donald Trump to revive his global tariff agenda. Earlier, in February 2026, the U.S. Supreme Court struck down the implementation of additional tariffs ranging from 10% to 50% that had been imposed under Trump’s earlier trade policy.

The latest measures have been introduced under Section 301 of the U.S. Trade Act, with US officials saying the affected countries have failed to adequately enforce laws prohibiting imports made with forced labor.

Countries facing the 10% tariff include Pakistan, India, Bangladesh, the United Kingdom, Canada, Cambodia, Indonesia, Jordan, Malaysia, Mexico, Sri Lanka, Argentina, Ecuador, El Salvador, Guatemala, Honduras, and Trinidad and Tobago, while imports from another 38 countries will be subject to a 12.5% tariff.

The US administration said the new duties do not apply to imports such as crude oil, natural gas, certain agricultural commodities, and fertilizers. Products already covered under Section 232 national security tariffs, including steel, aluminum, automobiles, and copper, are also exempt.

Several US trading partners, including Australia and Brazil, criticized the decision as unfair and said they would seek its reversal, while Norway rejected the allegations, calling the tariffs unjustified.

Brent crude surges above $100 a barrel amid Middle East tensions

July 23, 2026 by Newsdesk

LONDON: Global oil prices climbed above $100 a barrel for the first time since May as escalating tensions in the Middle East fueled concerns over potential disruptions to global energy supplies.

Brent crude, the international benchmark, rose more than 6% in Thursday trading, surpassing the psychologically significant $100-a-barrel mark.

Investors increased buying amid fears that a wider regional conflict could threaten the flow of oil through key shipping routes.

The price rally comes as attacks on commercial shipping in the Red Sea continue, with Yemen’s Houthi movement reportedly targeting Saudi oil tankers and other commercial vessels.

The Red Sea and the Bab el-Mandeb Strait are among the world’s busiest maritime corridors for oil and cargo shipments linking Asia, Europe and the Middle East.

US President Donald Trump blamed both the Houthis and Iran for the attacks, saying Washington holds Tehran responsible for supporting the group. He warned that the United States could respond with significant military action if attacks on international shipping continue.

Energy analysts say sustained oil prices above $100 a barrel could drive up global fuel, electricity and transportation costs, adding to inflationary pressures and slowing economic growth.