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Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say
InternationalIndian refiners pay for Iran oil in yuan via ICICI Bank, sources sayBy Reuters -Apr 17, 2026Indian refiners are settling payments for rare cargoes of Iranian oil purchased under a temporary U.S. sanctions waiver using Chinese yuan through Mumbai-based ICICI Bank, four sources with knowledge of the matter said. Last month, Washington unveiled 30-day waivers on U.S. sanctions for the purchase of Russian and Iranian oil at sea in an attempt to ease prices that were driven up by the U...
UAE President, Sheikh Hamad conduct inspection of Fujairah port, review operations
[Editor's Note: Follow the Khaleej Times live blog for the latest regional developments with the US-Israel-Iran ceasefire now in effect.] UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, on Friday. Sheikh Mohamed and Sheikh Hamad also conducted an inspection of Fujairah Port, where they reviewed operations and the measures in place to ensure business continuity at the highest levels of operation...
Fed's Daly Says Too Early to Tell If War Will Create Long-Term Shock
Federal Reserve Bank of San Francisco President Mary Daly says it is too early to know whether the war in Iran will create a long-term economic shock during remarks at UC Berkeley. (Source: Bloomberg)
Iran Says Hormuz ‘Fully Open’ as Markets React, Fragile Ceasefires Hold
Rabat – Tensions in the Middle East are still high despite a series of ceasefire announcements and the reopening of one of the world’s most important shipping routes, the Strait of Hormuz. Iran’s foreign minister said the strait is now “completely open” to commercial vessels for the duration of the current ceasefire. The announcement follows weeks of disruption after Iran restricted access to the narrow waterway during its war with the US and Israel. Shortly after the statement, US Presi...
Fed's Daly Says Economy Solid, Consumers Still Spending
Federal Reserve Bank of San Francisco President Mary Daly says the war in Iran and the resulting oil price shock have made the path of Fed policy uncertain during remarks at UC Berkeley. (Source: Bloomberg)
SC, FBR to streamline data sharing
Chief Justice of Pakistan Yahya Afridi has emphasised that the resolution of tax disputes is essential for strengthening public confidence and improving governance. The top judge made the remarks as he chaired a consultative meeting aimed at improving the performance and harmonisation of tax litigation in the Supreme Court and across the country's judicial system, an official statement said. The meeting, convened by the National Judicial (Policy-Making) Committee, was attended by Justice M...
Power tariff may rise by 26 paisa per unit
Electricity consumers may face an increase of 26 paisa per unit under the monthly fuel adjustment mechanism for March. The Central Power Purchasing Agency (CPPA) has submitted a request to the National Electric Power Regulatory Authority (Nepra) seeking approval for the price hike. Nepra is scheduled to hear the petition on April 28. According to CPPA data, a total of 8.939 billion units of electricity were generated in March, out of which 8.644 billion units were supplied to distribution comp...
Govt mops up Rs180b via petroleum levy in 6 weeks
The federal government has collected more than Rs180 billion from the public under the Petroleum Development Levy (PDL) over the past one and a half months, amid heightened regional tensions, it has been revealed. According to sources in the Ministry of Finance, the collection of the levy on petroleum products in Pakistan has increased extraordinarily. They said that during the recent escalation and conflict between the United States and Iran, the government collected over Rs180 billion in the...
JSW, Raheja among four bidders in race to acquire BMC’s prime Worli plot
The race for one of Mumbai’s most coveted land parcels intensified on Friday as four major developers vied for the Century Mill plot. The project marks a major victory for the BMC following a Supreme Court battle that restored its ownership of the Worli site.
Pakistan gets access to Russian seafood market
Pakistan has tapped a $300 million Russian seafood market with approval of 16 local processing plants for export of their products. Russian seafood imports are estimated at around $3 billion and now Pakistan can make inroads into this vast market. At present, Pakistan's overall seafood exports stand close to $500 million per annum, which may double after entering the Russian market. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry on Friday announced a major breakthroug...
Govt raises $500m at 7% interest
Pakistan on Friday raised a $500 million debt at 7% interest rate by floating Eurobonds and has separately requested the Bank of China to give an extension in submitting an application for its permission to float $250 million Panda bonds in Chinese markets next month. Pakistan raised $500 million as a private placement through Standard Chartered Bank, and there was no competitive bidding, said finance ministry officials. Taking advantage of its new positioning on the global map, Islamabad vent...
With 4,000-point jump, PSX nears 174k mark
Stocks rallied sharply on Friday, with the benchmark KSE-100 index surging nearly 4,030 points to close at around 173,940, as strong institutional buying and improved geopolitical sentiment fueled broad-based gains at the Pakistan Stock Exchange (PSX). At the close of trading, the KSE-100 posted a strong increase of 4,027.06 points, or 2.37%, and settled at 173,939.01. Arif Habib Limited (AHL) noted that Pakistan's stock market continued its upward momentum during the week, with the benchm...
SPI inflation hits 75-week high
Pakistan's weekly inflation surged to a 75-week high, with the Sensitive Price Indicator (SPI) rising 12.16% year-on-year (YoY) for the week ended April 16, 2026, signalling intense price pressure despite a temporary week-on-week (WoW) decline, according to data released by the Pakistan Bureau of Statistics (PBS) and estimates from Topline Research. The latest reading marks the highest annual increase in over a year, underscoring that underlying inflationary momentum remains strong even as...
Pakistani-flagged tanker exits Gulf with UAE crude
Pakistani-flagged tanker Shalamar has exited the Gulf via the Strait of Hormuz carrying crude loaded from the United Arab Emirates, shipping data from Kpler and LSEG showed. The Aframax tanker exited the waterway on Thursday laden with about 440,000 barrels of Abu Dhabi's Das Blend crude loaded earlier this week, Kpler data showed. The vessel is heading to the port of Karachi to discharge its cargo on April 19. The Shalamar was one of two Pakistani tankers that entered the strait on Sunday...
Aurangzeb secures $3b Saudi deposit extension
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a series of high-level meetings on the fourth day of the IMF-World Bank Spring Meetings in Washington, securing a $3 billion deposit extension from Saudi Arabia and discussing Pakistan's return to international capital markets, according to an official statement issued on Friday. The minister met Chinese Finance Minister Lan Fo'an and thanked him for China's unwavering support. He briefed his counterpart on Pak...
Imports down, exports down, prices up: India feels the heat of war
Imports down exports down prices up India feels the heat of war
Fact check: Youth unemployment in Wales and fake Kuwait base photo
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US Mineral Stockpile to Be Open to All Traders, Ex-Im Bank Says
A $12 billion critical minerals stockpile project being developed by the US Export-Import Bank will be open to all trading companies, rather than just those named as suppliers when the initiative was launched in February.
Roark Said to Pick Banks for Dunkin’ Owner’s $2 Billion US IPO
Roark Capital has picked banks to work on a US initial public offering of Inspire Brands, the owner of fast-food chains Dunkin’, Arby’s and Jimmy John’s, according to people familiar with the matter.
CPEC Phase II gains momentum
Chinese Consul General Yang Yundong has said that key discussions between Pakistan and China regarding CPEC Phase II, water storage technology, and new energy projects have entered their final stages. He expressed strong support for Pakistan's diplomatic role, stating that China backs Pakistan's mediation efforts between Iran and the United States, and acknowledged Pakistan's active role in promoting stability during ongoing tensions in the Middle East. He made these remarks while...