Federal Minister for Finance Dr Shamshad Akhtar on Tuesday reviewed the federal portfolio of projects funded by the Asian Development Bank and the World Bank. In her opening remarks at a meeting convened at the Ministry of Economic Affairs, the minister underscored the critical role those projects were playing in Pakistan’s socioeconomic development, offering access to job markets and fostering …

BEIJING: The Shanghai Stock Exchange (SSE) and the Dubai Financial Market (DFM) announced the signing of a Memorandum of Understanding (MoU) on Monday to strengthen cooperation and exchanges between the capital markets. The partnership facilitates the exchange of knowledge, expertise, and information between the SSE and the DFM and aims to enhance efficiency and transparency in both markets, said the …

BEIJING: China’s one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.45 percent Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.2 percent, according to the National Interbank Funding Center. Based on the quotes made by quoting banks by …

ISLAMABAD: A massive increase in gas prices drove the annual short-term inflation to above 40 per cent for the first time in over four months, official data showed. The inflation reading stood at 41.9pc for the week ending Nov 16, the Pakistan Bureau of Statistics (PBS) said, mainly because of over 1,100pc increase in gas charges compared to a year …

The federal government of Pakistan has formed the Industry Advisory Council (IAC), made up of 13 top industrial groups in Pakistan, to formulate the country’s industrial policy. “Excited to announce the formation of the Industry Advisory Council, comprising 13 top groups in Pakistan,” Dr Gohar Ejaz, Caretaker Federal Minister for Commerce & Industries, announced in a post on social media …

BEIJING: Chinese-brand passenger car sales surged 22.2 percent year on year in the first 10 months of this year to nearly 11.43 million units, industry data showed. The market share of such vehicles hit 55.3 percent in the period, 6.6 percentage points higher than the same period of 2022, according to the China Association of Automobile Manufacturers. In October alone, …

The Asian Development Bank (ADB) has approved $250 million in terms of loan for Pakistan to strengthen the power transmission system in the country that continues to undergo electricity shortages. The aid will “help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces,” an official statement issued by …

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva says Pakistan is close to clinching a deal this week on the second tranche of $710 million under its $3 billion Stand Arrangement. She said in an interview that Pakistan’s authorities are sticking to the program in a very difficult time and a deal is close.” I accept an agreement of …

Pakistan could not attain targets of the power sector’s circular debt and primary balance surplus, set by the IMF, citing sources. The International Monetary Fund (IMF) mission has expressed concern over failure in meeting the target of circular debt in power sector and primary balance surplus, sources said. The primary balance surplus remained Rs. 400 billion instead of 417 billion …

Afghanistan urged Pakistan on Tuesday to release thousands of containers of imports it said were stuck at Karachi port since Islamabad clamped down on transnational cargo. Pakistan authorities say they have lost millions of dollars in taxes because goods are being sent duty-free from its ports to land-locked Afghanistan, and then smuggled back across the border. Afghan authorities say Pakistan …

The International Monetary Fund (IMF) has demanded ‘do more’ from Pakistan over tax recovery. International lender has demanded more recovery of income tax from retailers and real estate sectors, while increasing income tax recovery on agriculture income, sources said. IMF has urged federal government and provinces to take joint efforts for taxes recovery. “A fixed tax on retailers can be …

Pakistan has agreed with the International Monetary Fund (IMF) to share the data of the tax evaders with the help of FBR, banks and NADRA, to improve the collection, citing well-placed sources in the finance ministry. The agreement was reportedly reached during policy review talks between the IMF officials and Pakistan to release a $700 million loan tranche under SBA. …

The Pakistan International Airlines (PIA) will be acquiring fuel-efficient and low-capacity six or more engines for its Airbus A320 aircraft fleet, reported a local media outlet. The national flag carrier has published an advertisement in this regard and interested parties have until November 13 to submit their offers to the PIA’s GM Contract Supply Management Department for leasing and procurement. …

Shell Pakistan on Wednesday said its parent company’s unit, Shell Petroleum Company, has signed a deal with Saudi-based Wafi Energy to sell domestic operations. Shell Petroleum Company, the international arm of Shell , said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals. In June, Shell Petroleum Company said it would exit Pakistan …

Think of a world without ginger. No more tasty fiery karahis, no more spicy curries, and no more refreshing ginger tea. Sounds dull, right? But it’s the same fear that took over the global ginger market in 2023 as uncertainties and shortages started impacting different regions. In this dynamic global landscape that we are going to talk about in a …

BEIJING: The vast majority of foreign-funded companies operating in China are satisfied with the country’s favorable business environment, according to a recent survey. Conducted by the China Council for the Promotion of International Trade (CCPIT) during the third quarter of the year, the survey shows that the business environment concerning tax payments, market access and disputes settlement in China is …

The 23rd Dragons of Asia and the first Dragons of Pakistan have wrapped up, and this year’s winners have been announced. The 2023 Dragons of Asia attracted the largest number of entries, buoyed greatly by participation by the Pakistani marketing industry, at the successful inaugural Dragons of Pakistan. 15 Category Dragons of Pakistan have been awarded, with Gold Dragon Winners …

Short-term inflation rose 29.65 per cent on a year-on-year basis in the week ending on Oct 27 despite a hefty cut in prices of petroleum products, according to official data released on Friday. Measured by the Sensitive Price Index (SPI), the rate decelerated below 30pc following a steady increase over five successive weeks. On a week-on-week basis, the SPI slightly …

BANGKOK: Chinese automaker Changan on Thursday signed a land purchase agreement with Thailand’s industrial estate developer WHA Group to build its new electric vehicle (EV) factory in the Southeast Asian country. The 40-hectare plant is located in Thailand’s eastern Rayong province, part of the country’s Eastern Economic Corridor (EEC), a special development zone. Scheduled to start operation in 2025 with …

The recent massive appreciation in the value of Pakistani currency against the US dollar will fizzle out amid financing gaps, Bloomberg quoted Goldman Sachs Group Inc. as saying on Thursday. The local currency staged a remarkable comeback from its record low earlier last month, becoming the world’s best-performing currency in September due to a crackdown launched by authorities against hoarders …

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by a substantial $220 million on a weekly basis, clocking in at $7.5 billion as of October 20, data released on Thursday showed. Total liquid foreign reserves held by the country stood at $12.6 billion. Net foreign reserves held by the commercial banks stood at $5.1 billion. The …

Dr Umar Saif, Pakistan’s caretaker federal minister for IT and Telecommunications, said on Wednesday that the country will hear “good news” regarding PayPal and stripe payment gateways in Pakistan in the coming weeks. Talking about the country’s budding freelancing community, Dr Saif, who was addressing the media alongside caretaker information minister Murtaza Solangi, said that there is no financial instrument …

HONG KONG: China’s Hong Kong Special Administrative Region (HKSAR) will reduce stamp duty on stock transfer as part of efforts to bolster the stock market, HKSAR Chief Executive John Lee said on Wednesday. The stamp duty will be cut from the current 0.13 percent to 0.1 percent of the consideration or value of each transaction payable by buyers and sellers, …

Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. “The US 10-year Treasury (yield) just crossed 5 per cent briefly yesterday, these are areas we haven’t seen. So yes, that is right there lurking in the …

BEIJING: China’s steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday. “Rising steel demand from domestic manufacturers and expanding steel exports were the main factors underpinning the output growth during the first three quarters of the year,” said Jiang …

Pakistan State Oil (PSO) on Sunday suspended fuel supply to Pakistan International Airlines (PIA) amid non-transfer of daily payment to ensure fuel supply. PIA agreed with PSO for a daily payment to continue fuel supply for essential routes earlier this month after the state-owned oil company suspended the supply over piling dues. Pakistan State Oil excused PIA from supplying fuel …

Amid a slump in the economy and hyperinflation, a large number of Pakistanis, particularly the younger population, are trying to move abroad in search of employment and scholarship opportunities. According to a media report, more than 450,000 Pakistanis have left for various countries during the first quarter of 2023. The outflow of Pakistanis can be witnessed by visiting passport offices and …

Ministries of IT & Telecom and Railways have reached an agreement on the laying of optic fiber cable over railway land and payment of fee on the use of the right of way (RoW), well-informed sources told local media. Sources stated that on the instructions of SIFC, the Ministry of IT and the Ministry of Railways held talks on the …

Pakistan’s three major auto manufacturers in the country have announced a temporary shutdown of production plants due to an ongoing shortage of essential raw materials. According to details, Honda Atlas Cars, Toyota Indus and Pak Suzuki Motor Company (PSMC) have announced shutting down their production activities for a limited period. “Due to the shortage of inventory levels, the management of …

Famous Pakistani TikTok star Nausheen Saeed aka Dolly has landed into legal trouble after Punjab Revenue Authority (PRA) froze her bank account due to her ‘unresolved tax obligations’. According to details, the authorities have frozen an account with a staggering default amount of Rs10.6 million Officials have also attached Rs.44 lakhs from her bank account to partially offset the outstanding …

Two major gas companies in Pakistan are gearing up to collect a staggering Rs. 697 billion from consumers during the current fiscal year 2023-24, with fixed gas meter rent likely to surge to Rs. 2,000 per month (previously Rs. 460/month) for non-protected customers as both entities aim to avoid last year’s staggering losses, well-informed sources told to media. Sources said …

The flight operations of Pakistan International Airlines (PIA) are likely to be suspended amid the financial crisis, citing well-placed sources. According to sources, the Pakistan State Oil (PSO) has halted the supply of fuel to the PIA again over non-payment of dues. The flight operations which are badly affected due to non-provision of fuel at Multan, Sukkur and Gilgit airports, …

A high-level meeting was held between caretaker Finance Minister Shamshad Akhtar and the International Monitory Fund (IMF) in Morocco. Both discussed global economic affairs and financial stability. Shamshad Akhter expressed Pakistan’s determination to implement the promises (with the IMF) for the economic prosperity of Pakistan. The parties also discussed financial cooperation at the global level. The Governor of the State …

KARACHI: The State Bank of Pakistan has not only surpassed its forward book target of $4.2 billion for end-September, as agreed upon with the IMF, but is also “very comfortably placed” to meet the other end-quarter targets, including net international reserves and net domestic assets, SBP Governor Jameel Ahmad has said. Mr Ahmad’s remarks came during a series of meetings …

MOSCOW: Mohammad Ali, Pakistan’s caretaker energy minister, said on Thursday that Islamabad was considering signing a long-term deal to buy between 0.7 million and 1 million tons (up to 20,000 bpd) of Russian oil per year, the TASS news agency reported. The South Asian nation has started snapping up crude oil that Moscow discounted after its exports were banned from …

The federal government has appointed Muhammad Ismail Qureshi as chairperson of the board of Sui Northern Gas Pipeline Limited (SNGPL). The development was shared by SNGPL in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “This is to inform that the Federal Government in exercise of its powers as envisaged in Section 15(2) of the State-Owned Enterprises (Governance …

NEW DELHI: India wants Saudi Arabia’s Aramco to participate in its planned 6.5 million metric tons (MMT) strategic petroleum reserve (SPR) programme as the South Asian nation wants to strengthen ties with its key oil supplier, according to a document. The two nations have been talking about Aramco’s participation in the SPR programme for years. The talks, however, gained traction …

After massive hikes in electricity tariffs, the government is now all set to raise gas rates for all categories excluding protected consumers, succumbing to pressure from the International Monetary Fund (IMF). The government is on the verge of announcing a massive increase in rates for non-protected domestic consumers by up to 173 percent, commercial 136 percent, export industry 86 percent, …

Inflow of overseas workers’ remittances clocked in at $2.2 billion in September 2023, 5.3% higher on a month-on-month basis when compared to $2.1 billion in August 2023, showed data released on Tuesday by the State Bank of Pakistan (SBP). On a yearly basis, however, the monthly inflow of remittances registered a decline of 11% as it stood at $2.5 billion …

The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the general public against investing in fraudulent investment schemes of Meilleuretech Services, a sole proprietorship concern. The SECP has noticed that the entity, owned by Zeeshan Munir, is prima facie accepting deposits from the public illegally by offering various illegal “advertisement watching packages” and promising unrealistic daily …