Month: April 2022

Tesla CEO Elon Musk offers to buy Twitter for $43bn

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Tesla CEO Elon Musk is offering to buy Twitter, saying the social media platform he has criticised for not living up to free speech principles needs to be transformed as a private company. Twitter Inc said in a regulatory filing on Thursday that Musk, currently the company’s biggest shareholder, has proposed buying the remaining shares of Twitter that he doesn’t already own at $54.20 per share, an offer worth more than $43 billion. Musk called that price his best and final offer, although he provided no details on financing. The…

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Oil rises on news EU may phase in a ban on Russian oil imports

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Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports. Brent futures were up $1.35, or 1.30 per cent, at $110.19 a barrel. US West Texas Intermediate futures were $1.24 or 1.18pc higher at $105.48 a barrel at 1:06 p.m. ET (1706 GMT). Both contracts were on track for their first weekly gain in April. For several weeks, prices have been the most volatile since…

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Shortage of fuel, technical faults: Power plants’ closure causing 7,140MW shortfall, PM told

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Non-availability of required volume of fuel to power houses coupled with technical faults owing to non-maintenance of some power plants are the main reasons for forced outages of 7,140 MWs across the country. Prime Minister Shehbaz Sharif was informed about these facts during a Power Division briefing here on Thursday on the power generation situation in the country at a high-powered meeting also attended by Miftah Ismail and Shahid Khaqan Abbasi and relevant top officials. The premier took cognisance of the incompetence and bad governance of the last regime in…

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Fewer options: IMF intends to work with new govt amid looming BoP crisis

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The International Monetary Fund (IMF) is willing to engage the new government and suggest roadmaps towards economic sustainability, and assist Pakistan in its efforts to head off a looming balance of payment (BoP) crisis, the Fund said on Thursday. “The IMF congratulates Mr Sharif on becoming Prime Minister and looks forward to working with his government and discussing policies that would support inclusive and sustainable growth,” said Esther Perez Ruiz, the IMF’s Resident Chief in Pakistan, while talking to The News. She said this while commenting on the possibility of…

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SBP’s reserves fall another $470mn, now stand at $10.85bn

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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $470 million on a weekly basis to reach a critical $10.85 billion, revealed central bank data on Thursday. This is the lowest reserve-level since June 2020. Total liquid foreign reserves held by the country stood at $17.03 billion as of April 8, said the SBP. The development means the rollover of a major syndicated loan facility from China has not yet happened. Meanwhile, net foreign reserves held by commercial banks stood at $6.18 billion, data showed. “During…

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