Business

U.S. oil boom delivers surprise for traders – and it’s costly

LONDON/NEW YORK - The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent WTCLc1-LCOc1 in just a month, as surging U.S production upends the market. Trading desks of oil major BP (BP.L) and merchants Vitol [VITOLV.UL], Gunvor [GGL.UL] and Trafigura [TRAFG.UL] have recorded losses in the...

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U.S. oil boom delivers surprise for traders – and it’s costly

LONDON/NEW YORK - The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent WTCLc1-LCOc1 in just a month, as surging U.S production upends the market. Trading desks of oil major BP (BP.L) and merchants Vitol [VITOLV.UL], Gunvor [GGL.UL] and Trafigura [TRAFG.UL] have recorded losses in the...

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China’s trade surplus with US swells in June

China's surplus with the United States hit a record last month, data showed Friday, adding to brewing tensions between the economic superpowers as they stand on the brink of an all-out trade war that Beijing warned would have a "negative impact" globally. The figures come after the two sides exchanged tit-for-tat tariffs on billions of dollars worth of goods and...

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Trump’s tariff threat causes oil prices to fall

TOKYO: Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after US President Donald Trump threatened to levy new trade tariffs on China. The spectre of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, as trade tensions between the world’s two biggest economies intensified. Brent...

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Hussain Lawai removed as PSX chairman

KARACHI: The securities and exchange commission of Pakistan (SECP) on Tuesday has removed Pakistan stock exchange chairman Hussain Lawai from post. According to a notification, SECP has directed the Pakistan Stock Exchange to remove Hussain Lawai from the chairmanship of the Exchange and appoint a new chairman of the Board. On Friday Lawai was arrested by the FIA in connection...

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KSE-100 sheds over 1,000 points to touch lowest level in 2018

KARACHI: The local bourse witnessed its lowest level in the current year after the benchmark KSE-100 index shed 1,010 points to touch 39,256 points. The accountability court's July 6 verdict that sentenced former prime minister Nawaz Sharif to eleven years in prison along with a fine of £8 million fine (Rs1.3 billion) in the Avenfield properties reference, has stirred investors....

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Pakistan’s next government to approach IMF bailout amid fears of BoP crisis

ISLAMABAD: Pakistan's next government, to be chosen in a July 25 election, faces growing fears of a balance of payments crisis with speculation it will have to seek its second IMF bailout in five years, analysts say. The central bank is running down its foreign reserves and devaluing the currency in a bid to bridge a yawning trade deficit, and...

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Petrol goes down to Rs95 per litre as govt reduces petroleum prices

ISLAMABAD: Caretaker Federal Minister for Energy Syed Ali Zafar announced to slash prices of petroleum products with effect from Sunday. In a statement released on Saturday, the minister said that the federal government has decided to reduce petroleum prices in order to provide relief to the general public. “Sales tax rates would be reduced from 17% to 12% for Motor...

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Pre- arranged tariffs raise fears of long US-China trade battle

BEIJING/WASHINGTON: The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others’ goods and giving no sign of willingness to start talks aimed at a reaching a truce. Duties on a range of Chinese goods imported into the United States took effect on...

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Avenfield verdict: PSX remains under pressure, closes flat after see-saw session

KARACHI: The Pakistan Stock Exchange (PSX) remains under pressure for the whole week and the trend on Friday was not different as the index at the close of first session lost 129 points to 40109 points. Bouncing back on a last minute, KSE-100 Index closed today at 40284.14 points as compared to 40238.81 yesterday with a positive change of 45.33...

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CJP orders way out to decrease petroleum prices, to ease public burden

ISLAMABAD: On Thursday, Chief Justice of Pakistan Mian Saqib Nisar ordered the relevant stake holders to find the way out so that the prices of petroleum prices decrease. Chief Justice was heading a three member bench hearing the recent surge in petroleum prices. Expressing concern at yet another Rs7.5 hike in the price of petroleum, Chief Justice Saqib Nisar asked...

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Pakistan, GCC agree to enhance trade ties

ISLAMABAD: Ambassador of Pakistan to the Kingdom of Saudi Arabia Khan Hasham Bin Saddique and Secretary General of the Gulf Cooperation Council (GCC) Abdul Latif Bin Rashid Al-Zayani have agreed to enhance the trade ties commensurate with their long-established strategic ties in the region. Both sides also agreed to undertake mutual efforts in the coming months to enhance Pakistan-GCC ties...

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Top U.S. automakers report higher vehicle sales in June

Top U.S. automakers reported an increase in June sales, as consumers continued to lap up sport utility vehicles in larger numbers amid rising tensions between the United States and its trade partners. The escalating tensions led to a fall here in U.S consumer confidence in June, and weighed on purchase plans for big-ticket items such as automobiles. No. 1 U.S....

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Export of Pakistani football rises by more than 10%

ISLAMABAD: Export of footballs from Pakistan during July-May (2017-18) has increased by 10.64 percent as compared to same month of the previous year. As many as 37.28 million numbers of manufactured footballs valuing US $153.018 million were sent abroad during the period under review compared to the export of 32.568 million football worth of $138.3 million during July-May (2016-17), latest...

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PSX remains bearish on Monday as KSE-100 Index losses 176.85 points

KARACHI: The Pakistan Stock Exchange remained bearish on Monday as KSE-100 Index closed today at 41734.05 points as compared to 41910.90 points on the last working day with a negative change of 176.85 points. The total turnover was 84,504,630 as compared to 166,083,620 on the last working day with Pakistan Elektron having the highest turnover of 8,787,500. Total 341 companies’...

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Increase in petrol prices was inevitable: Interim information minister

ISLAMABAD: Pakistan's interim information minister said  Ali Zafar said an increase in the prices of petroleum products was inevitable,  private news channel reported. Ali Zafar, the caretaker information minister, explained that the bitter decision to approve a hike in the petroleum prices had to be taken. According to the notification, the caretaker government has cited the worsening economic condition as...

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China lends $1billion to Pakistan to boost plummeting FX reserves: sources

ISLAMABAD: China has lent Pakistan $1 billion to boost the South Asian country’s plummeting foreign currency reserves, two sources in Pakistan’s finance ministry told Reuters, amid growing speculation of another International Monetary Fund bailout. The latest loan highlights Islamabad’s growing dependence on Chinese loans to buffer its foreign currency reserves, which plunged to $9.66 billion last week from $16.4 billion...

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