Category: bussines

Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a US military base in Qatar in retaliation for US attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Brent crude futures LCOc1 were down $4.90, or 6.3%, at $72.19 a barrel by 2:13pm ET (1813 GMT). US West Texas Intermediate crude (WTI) CLc1 eased $4.60, or 6.2%, to $69.23. Global benchmark Brent had kicked off the week with nearly 6%…

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Federal Minister for Petroleum Ali Pervaiz Malik on Monday confirmed that the government was mulling alternative routes for oil imports if the Israel-Israel conflict lead to closure of the Strait of Hormuz. His statement came after Iran initiated moves to block the strait in response to the US strikes on nuclear sites which increased tensions in the Middle East. Speaking to Geo News, Malik said that the government was reviewing the situation of petroleum products daily amid the evolving regional situation. Rejecting reports of fuel rationing, he assured that the country…

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ISLAMABAD: The FY2025–26 budget strikes a balance between relief and reform, Finance Minister Muhammad Aurangzeb said Monday, highlighting measures to ease public burden, support industry, boost revenue, and ensure fair taxation for long-term, export-driven growth. While concluding the debate on the general discussion of the budget, the minister announced several tax and relief measures that were incorporated into the budget following suggestions from the finance committees of both the National Assembly and the Senate. He said the government was committed to economic stability amid regional uncertainty. Aurangzeb said the government…

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A new generation of collectors is expected to boost the global art market, which is not immune to the current geopolitical and economic pressures. The world’s leading contemporary art fair, Art Basel, saw some significant deals last week. One such deal was made by London’s Annely Juda Fine Art gallery, which sold a David Hockney work for between $13 and $17 million without revealing the precise amount. The David Zwirner gallery sold a sculpture by Ruth Asawa for $9.5 million and a Gerhard Richter painting for $6.8 million. An Art…

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Investor confidence evaporated on Monday as escalating conflict between Iran and the United States caused a steep surge in global oil prices, triggering selling pressure. “Markets are stressed due to the ongoing conflict between Iran and Israel. This has caused oil to spike more than 25% from its lows, creating inflationary fears,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “This is leading to people readjusting to the risk in the market,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index reached an intraday high of 118,798.51, falling 1,224.72…

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Iran’s top security body — Supreme National Security Council — must make the final decision on whether to close the Strait of Hormuz, Iranian TV said on Sunday, after parliament reportedly backed the measure in response to US strikes on several of Tehran’s nuclear sites. Iran has in the past threatened to close the strait but has never followed through on the move, which would restrict trade and impact global oil prices. Below are details about the strait: What is the Strait of Hormuz? The strait lies between Oman and…

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Amid escalating tensions between Iran and Israel, the Oil and Gas Regulatory Authority (Ogra) has instructed oil marketing companies (OMCs) to maintain a minimum of 20-day fuel reserves. The oil regulatory body has formally instructed companies to ensure compliance with the fuel reserve requirement and has also ordered the immediate import of 140 million litres of petrol, Ogra’s spokesperson said in a statement issued on Saturday. “All OMCs have been instructed to maintain the mandatory 20-day fuel reserves as required under their licencing terms,” the spokesperson said. The spokesperson clarified…

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WASHINGTON: US President Donald Trump has once again criticised the Federal Reserve for keeping interest rates high. In a fresh outburst, he suggested that he might rethink removing Fed Chair Jerome Powell — a move he has threatened several times before but never carried out. “I don’t know why the Board doesn’t override (Powell),” Trump wrote in a lengthy post on Truth Social criticising Fed policy. “Maybe, just maybe, I’ll have to change my mind about firing him? But regardless, his Term ends shortly.” Trump added: “I fully understand that…

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The government has signed term sheets with 18 commercial banks for a Rs1.275 trillion Islamic financing facility to help reduce mounting power sector debt, Power Minister Awais Leghari said on Friday. The government, which owns or controls much of the power infrastructure, is grappling with ballooning “circular debt”, unpaid bills and subsidies, that has choked the sector and weighed on the economy. The liquidity crunch has disrupted supply, discouraged investment and added to fiscal pressure, making it a key focus under Pakistan’s $7 billion IMF programme. Finding funds to plug…

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The Senate Standing Committee on Finance and Revenue on Thursday rejected the federal government’s proposals in the Finance Bill 2025–26 to impose a carbon levy on petroleum products and a tax on small cars. The proposals were originally announced by Finance Minister Muhammad Aurangzeb during his budget speech on June 10. Under the proposed amendments to the Ordinance of 1961 — already incorporated into the draft Finance Bill 2025–26 — the government had aimed to phase in a carbon levy of Rs5 per litre on petrol and diesel over two…

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