Business & Finance Archives - Page 3 of 18

WB approves $375.9m loan for Pakistan’s power grid modernization

July 10, 2026 by Newsdesk

ISLAMABAD: The World Bank has approved a $375.9 million loan for Pakistan to support the first phase of a 10-year energy program aimed at modernizing the country’s electricity transmission network and improving power supply reliability.

According to the World Bank, the financing will be used to upgrade the national power grid, helping reduce electricity outages, strengthen transmission infrastructure, and improve the overall efficiency of the power system.

The project is expected to enable the integration of an additional 640 megawatts of wind power into the national grid, supporting Pakistan’s transition to renewable energy. The upgraded transmission network is also expected to lower electricity delivery costs and improve service for residential, commercial, and industrial consumers.

The World Bank said the program will make Pakistan’s power system more resilient to climate change while supporting the government’s ongoing power sector reforms.

The project is projected to reduce carbon emissions by approximately 832,000 metric tons annually through greater use of clean energy and a more efficient transmission system.

The initiative is part of broader efforts to strengthen Pakistan’s energy infrastructure, improve grid stability, and increase the share of renewable energy in the country’s electricity mix.

Mufti Taqi Usmani issues fatwa against cryptocurrency transactions

July 9, 2026 by Newsdesk

KARACHI: Mufti Muhammad Taqi Usmani, president of Wifaq ul Madaris Al-Arabia Pakistan and Darul Uloom Karachi, has issued a religious ruling declaring that the use of cryptocurrency for purchases is not permissible under Islamic law.

According to the fatwa, Mufti Usmani said that based on the research and opinions of experts available so far, cryptocurrency does not qualify as “mal” (property or wealth) in Islamic jurisprudence but is merely a record of virtual numbers in an account.

He said purchasing goods through cryptocurrency is not permissible, whether using USDT or any other crypto token.

The authenticity of the fatwa was confirmed by Mufti Usmani’s son, Hassan Usmani, who said the ruling circulating publicly was indeed issued by his father.

Pakistan’s economy shows signs of improvement, Finance Minister says

July 8, 2026 by Newsdesk

ISLAMABAD: Finance Minister Muhammad Aurangzeb said Wednesday that the country’s key economic indicators have improved under the new fiscal year’s budget, citing lower inflation, stronger foreign exchange reserves and increased investor confidence.

Aurangzeb made the remarks during a meeting with a delegation from S&P Global Ratings, where the two sides discussed Pakistan’s economic outlook, sovereign credit profile and the government’s reform agenda.

The finance minister said economic reforms and fiscal policies had led to continued improvements in Pakistan’s economic performance. He added that a lower fiscal deficit, a record primary budget surplus and improved debt management had strengthened the country’s fiscal sustainability.

According to a statement, the S&P delegation acknowledged the government’s commitment to economic reforms, fiscal discipline, debt sustainability and macroeconomic stability.

Officials also briefed the delegation on ongoing reforms in taxation, the energy sector, state-owned enterprises, privatization, governance and public financial management, saying the measures were aimed at strengthening the economy and improving international investor confidence.

Oil prices fluctuate as Brent trades at $71 a barrel

July 6, 2026 by Newsdesk

LONDON: Global oil prices fluctuated Monday, with Brent crude trading at about $71 per barrel and US West Texas Intermediate (WTI) crude hovering near $68 per barrel, according to market data.

UAE Murban crude was trading at approximately $66 per barrel.

Asian stock markets posted mixed results during the trading session, with gains in some markets offset by losses in others as investors assessed global economic and market conditions.

Meanwhile, Pakistan’s stock market rallied sharply on strong investor sentiment. The benchmark KSE-100 gained 2,082 points to close at 187,454, extending recent gains in the market.

Gold, silver prices soar in Pakistan as global bullion rally continues

July 3, 2026 by Newsdesk

KARACHI: Gold and silver prices surged sharply in Pakistan on Friday, driven by a strong rally in international bullion markets that pushed domestic precious metal prices to record highs.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold jumped Rs12,200 per tola to Rs440,936.

The price of 10 grams of gold rose by Rs10,459 to Rs378,031.

In the international bullion market, gold gained $122 per ounce to close at a record $4,185 per ounce, fueling the sharp increase in Pakistan’s local market.

Silver prices also climbed significantly. The price of one tola of silver increased by Rs319 to Rs6,764.

Bullion dealers attributed the latest rally to ongoing global economic uncertainty, which has prompted investors to seek safe-haven assets such as gold.

Gold has traditionally been viewed as a hedge against inflation, geopolitical tensions and economic instability, with investors often turning to the precious metal during periods of heightened market uncertainty.

Pakistan revised its gold pricing mechanism last year, under which domestic gold prices are calculated using the international market rate plus a $20-per-ounce premium.

SpaceX market value plunges by $400 billion in one day

June 25, 2026 by Newsdesk

NEW YORK: SpaceX suffered a historic market setback as its valuation plunged by an estimated $400 billion in a single day, amid a broad sell-off in technology stocks driven by rising bond yields, interest rate concerns and investor unease over heavy spending on artificial intelligence.

According to market reports, shares of Elon Musk’s aerospace and technology company came under significant pressure as investors moved away from high-growth technology stocks.

SpaceX shares initially fell about 3% during trading before closing down 16.4% at $154.60. The sharp decline wiped out roughly $400 billion in market value, marking one of the largest single-day valuation losses ever recorded by a company.

The company’s stock has now fallen 31.5% from its record high reached following its $86 billion initial public offering on June 11.

As a result of the sell-off, SpaceX’s market capitalization dropped from a peak of nearly $3 trillion to approximately $2.03 trillion.

Market analysts attributed the decline to rising U.S. Treasury yields, which have increased expectations that the Federal Reserve could raise interest rates in the coming months to combat inflation. Higher borrowing costs typically weigh on technology companies whose valuations are tied to future growth expectations.

Investors have also expressed concerns about the substantial capital being directed toward artificial intelligence projects, prompting renewed scrutiny of technology sector valuations.

Despite the sharp losses, SpaceX shares recovered about 2.4% in later trading as some investors moved to buy the stock at lower prices. However, analysts said concerns over interest rates and AI-related spending continue to pressure the broader technology market.

Global oil prices extend decline as Brent Crude falls below $73 barrel

June 25, 2026 by Newsdesk

LONDON: Global oil prices continued to decline in the latest trading session, extending a downward trend driven by easing supply concerns and weaker demand expectations.

Brent crude, the international benchmark, fell to $72.91 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped to $69.63 per barrel. Abu Dhabi’s Murban crude also declined, trading at $66.35 per barrel.

Natural gas prices fell to $3.31 per million British thermal units (MMBtu), reflecting broader weakness across energy markets.

Economic analysts said Brent crude has now reached its lowest level since tensions between the United States and Iran escalated earlier this year.

Market observers attributed the decline to improving global supply conditions and concerns over slowing demand growth in major economies. Increased production levels and easing geopolitical fears have also helped reduce pressure on energy markets.

The latest price movements are being closely monitored by investors and policymakers as energy costs remain a key factor influencing inflation and global economic growth.

Global oil prices hit four-month low

June 24, 2026 by Newsdesk

ISLAMABAD: International crude oil prices have fallen to their lowest levels since late February, raising expectations of further cuts in petroleum prices in Pakistan.

Oil prices came under pressure following developments involving the United States and Iran, leading to a sharp decline in global benchmarks.

Brent crude dropped to $74 a barrel, its lowest level since Feb. 27. U.S. West Texas Intermediate crude fell to $70 a barrel, while Murban crude declined to $67 a barrel.

The decline in international prices is already being felt in Pakistan, where the government recently announced significant reductions in gasoline and high-speed diesel prices.

Energy analysts said the continued slide in crude prices in recent days has shifted attention to the next fuel price review, with expectations growing that authorities could consider additional cuts if the downward trend persists.

Market observers said sustained weakness in global oil prices could provide further relief to consumers and ease inflationary pressures in the country.

Gold prices in Pakistan fall by more than Rs10,000 per tola

June 23, 2026 by Newsdesk

KARACHI: Gold prices in Pakistan recorded a sharp decline on Tuesday, with the price of the precious metal falling by more than Rs10,000 per tola, according to the All Pakistan Gems and Jewellers Association.

The association said the price of 24-karat gold dropped by Rs10,400 per tola to Rs432,236.

The price of 10 grams of gold also declined, falling by Rs9,360 to Rs368,985.

The decline mirrored losses in international markets, where gold prices fell by $104 to $4,098 per ounce.

Gold prices in Pakistan are closely linked to movements in global markets and fluctuations in the value of the Pakistani rupee.

Pakistan launches first digital loan scheme for women entrepreneurs

June 23, 2026 by Newsdesk

KARACHI: Pakistan has introduced its first digital lending product aimed at supporting women entrepreneurs, with financing of up to Rs1.5 million approved under the “Khud Mukhtar Khatoon Program.”

The Securities and Exchange Commission of Pakistan (SECP) has approved the initiative, which targets women-led micro, small and medium enterprises (MSMEs).

Under the scheme, eligible businesswomen will be able to obtain asset financing ranging from Rs100,000 to Rs1.5 million based on the results of their credit assessments.

Officials said the program marks the country’s first digital loan product specifically designed for enterprises managed by women, with the aim of improving access to finance and promoting female entrepreneurship.

The initiative is expected to provide greater financial inclusion and support the growth of women-owned businesses across the country.