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Gains of leading businesses reach Rs. 1 trillion
Gains of leading businesses reach Rs. 1 trillion. It was reported that despite a slowing economy and the implementation of the super tax, the top-performing listed companies on the Pakistan Stock Exchange (PSX) reported total net profit growth of 22% to Rs 1 trillion in the fiscal year that ended on June 30, 2022.
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Saudi National Day
TANGENT wishes Saudi Arabia on its National day. Looking forward to regional cooperation and harmony. For more details visit Services.
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Rollover of a $3 billion deposit for a year is confirmed by the Saudi Development Fund: SBP
The Rollover of a $3 billion deposit for a year is confirmed by the Saudi Development Fund: SBP. It was reported that according to a tweet from the SBP, the deposit was made with the central bank as part of its foreign exchange reserves and was due to expire on December 5. The SBP stated…
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Remittances to Pakistan increased by $2.7 billion in August2022
It was reported that Remittances to Pakistan increased by $2.7 billion in August 2022. The amount of money sent home by Pakistanis living abroad increased to $2.7 billion in August despite a rise in inflation that has driven up living expenses globally in the post-Covid era. According to data released by the State Bank of…
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Russia Extends Nordstream Closure
Russia announced an indefinite closure of the Nordstream natural gas supply pipeline, which pumps gas into Germany. On 2nd September, Russia’s Gazprom said that natural gas supplies via the Nord Stream 1 pipeline would remain shut down after it was discovered that the main gas turbine at the Portovaya compressor station near St. Petersburg…
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Ukraine Reclaimed 1,000 Square Kilometers of Land
It was reported that Balakliia, a crucial eastern town, has been taken by soldiers, the President declares as the US secretary of state visits Kiev (War between Ukraine and Russia) Additionally, late on Thursday, according to Volodymyr Zelenskiy, published a video in which the Ukrainian military claimed to have captured the 27,000-person town of Balakliia…
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European Central Bank Raises Rates
The European Central Bank raised its key interest rates somewhat unexpectedly by 75 basis points to 0.75% from zero, and the refinancing rate to 1.25%. The ECB said that it will have further rate hikes to subdue inflation, especially in times of energy rationing and reconfiguration of economies. This is a mimicking of the US…
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Pakistan and the UAE decide to Step up their Economic Relations.
The United Arab Emirates and Pakistan have decided to speed up business exchanges between them. A number of bilateral matters of shared concern were also discussed at the meeting. They talked about working together in the economy, energy, and other sectors. The agreement was struck on Monday in Islamabad after a meeting between UAE economic…
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Pakistan Cement Sales Fall
Pakistan’s cement local dispatches for July and August fell 34% to 5.34 million tons (last: 8.24 million tons) in local dispatches. Exports experienced a 44% fall to touch 540,957 tons (last: 974,245 tons). The heavy monsoons, reduction in industry friendly GOP policies, rising energy costs were reported to have caused this fall. The price…
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Pakistan Condemns Killing in Occupied Kashmir
Pakistan vehemently denounced the extrajudicial execution of five innocent Kashmiris by Indian occupation forces in two different incidences over the past two days. Three were killed in Nagbal (Shopian) and two in Sopore.
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IMF Loan Renewal for Pakistan
The IMF board accepted an agreement to resurrect a sizable loan package for Pakistan, in the wake of the heavy monsoon floods that have created an economic crisis. IMF increased the total size of the package by $500 million, bringing it to around $6.5 billion, and will deliver US$1.1 billion initially to Pakistan. …
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IMF Reviews Pakistan EFF
The IMF Executive Board completed the the combined seventh and eighth assessments of the Extended Arrangement for Pakistan under the Extended Fund Facility (EFF). In accordance with the Board’s resolution, SDR 894 million (or about US$1.1 billion) may be disbursed immediately, increasing the total amount of purchases for budget support under the agreement to…
