ISLAMABAD: The foreign exchange reserves of Pakistan have increased by 4 million U.S. dollars, the State Bank of Pakistan said on Thursday. The total liquid foreign exchange reserves held by the bank stood at over 8 billion dollars as of March 22, the central bank said in a statement. Net foreign reserves held by commercial banks stand at around 5.4 …

Secretary General of the Pakistan Automotive Manufacturers Association (PAMA), Abdul Waheed Khan has urged the government to support the local auto industry amid rising concerns over a significant increase in used car imports, which are negatively impacting the struggling automobile sector. According to import data, the influx of used vehicles has soared to 25,098 units, marking a staggering 641% increase …

The govt has announced major adjustments to various National Savings Schemes. The latest changes bring good news for investors, as the rates of return on several schemes have been uplifted. According to the official statement, the rate of return on Behbood Certificates has been increased by 24 basis points, now standing at an attractive 15.60%. Similarly, investors in Special Savings …

BEIJING: China’s crude oil output posted steady growth in the first two months of this year, official data showed. The output totaled 35.11 million tonnes in the January-February period, rising 2.9 percent year on year, according to the National Bureau of Statistics (NBS). China’s crude oil imports saw rapid growth during the period, NBS data showed.

The government unveiled the compulsory tax registration scheme for retailers and wholesalers doing business in six cities of Pakistan on Friday. This move also marks the first test case of the ruling party’s political will to expand the narrow tax base. The Federal Board of Revenue (FBR) issued the statutory regulatory order to implement the new scheme from April 1, …

The federal government is considering a proposal to impose a General Sales Tax (GST) on petroleum or increase the current rate of levy further to meet IMF demand to restore 18% GST on petrol, sources familiar with the situation claimed. It is proposed to increase the levy on petroleum from Rs60 to Rs100 per liter in the budget of the …

Prime Minister Shehbaz Sharif has asked friendly countries that Pakistan needs the injection of critical investment in different projects, instead of loans that add to its debt burden, to rejuvenate the faltering economy. Addressing members of the cabinet at a meeting last week, the premier appreciated the Special Investment Facilitation Council (SIFC), observing that the forum was playing an effective …

Pakistan’s National Transmission and Dispatch Company Limited (NTDC) has secured 2553 acres of land in Muzaffargarh district for the development of a 600 MW solar power project. This initiative, facilitated by the Special Investment Facilitation Council (SIFC), marks a pivotal moment for both domestic and foreign investors eagerly awaiting investment opportunities in the renewable energy sector. With the support of …

BEIJING: China has started revising the industry catalog of sectors encouraging foreign investment, the country’s top economic planner said on Wednesday. During the revision process, the National Development and Reform Commission will engage in extensive communication with foreign chambers of commerce and enterprises through field investigations and seminars, said Hua Zhong, an official of the commission. The revision will maintain …

In the first eight months of the current financial year, rice exports in the country have recorded a growth of 85.83% on an annual basis. The country received $2.517 billion in foreign exchange from rice exports between July 2023 and February 2024, which is 85.83% more than the $1.354 billion received during the same period in the previous fiscal year, …

Pakistan’s final round of talks with the International Monetary Fund (IMF) on an economic review commenced today, following a one-day extension granted yesterday in the negotiations. Sources in the Finance Ministry said that these discussions are poised to particularly focus on a letter of intent and the finalization of the draft Memorandum of Economic and Financial Policies. According to statements …

State Bank of Pakistan (SBP) Governor Jameel Ahmed has shed light on Pakistan’s external debt situation and the government’s plans to manage its financial obligations. In a recent conversation with economic analysts, Governor Jameel Ahmed said discussions are underway to reschedule external debt amounting to $2 billion within the next two weeks. Furthermore, he revealed that the government has devised …

European stock markets steadied at the open Tuesday before a US Federal Reserve meeting and after the Bank of Japan hiked interest rates for the first time since 2007. London’s FTSE 100 was flat at 7,725.29 points while the Paris CAC 40 was also little changed at 8,150.60 points. Frankfurt’s DAX was down less than 0.1 percent at 17,922.01 points. …

Uber opens new tab has agreed to pay A$271.8 million ($178 million) to settle a lawsuit brought by Australian taxi operators and drivers, who say they lost income when the ride-hailing company moved into the country, a law firm said on Monday. The settlement is Australia’s fifth-largest, Maurice Blackburn Lawyers said in a statement. The class action suit was filed …

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has decided to maintain the policy rate at 22% for the next two months, in its meeting held on Monday. The committee meeting, chaired by the SBP governor, noted that despite the sharp decline in February, inflation remained at an elevated level, adding that the inflation outlook is …

BEIJING: China’s value-added industrial output, an important economic indicator, went up 7 percent during the January-February period of 2024, data from the National Bureau of Statistics (NBS) showed Monday. The growth accelerated 0.2 percentage points from December 2023, according to the NBS. On a monthly basis, industrial output edged up 0.56 percent in February from the previous month. The industrial …

On the culmination of negotiations between Pakistan and the International Monetary Fund (IMF), both parties anticipate significant progress under the $3 billion Standby arrangement (SLA). The draft of the Memorandum of Economic and Financial Policies is slated for finalization. Sources optimist about the expected staff-level agreement SLA for the $1.1 billion installment on the last day of discussions. Following the …

Industrialists view the appointment of an experienced banker like Federal Finance and Revenue Minister Muhammad Aurangzeb as a revolutionary step that could soon alleviate the country’s economic woes. They urged the country’s top leadership to allow such technocrats to work independently without interference or hurdles. In the past, technocrats in the cabinet were not given the autonomy to address challenges …

The talks between Pakistan and the International Monetary Fund (IMF) to secure the final tranche of $1.1 billion under a standby arrangement have reported some significant progress. The two sides are expected to reach a staff-level agreement early next week. Sources from the Finance Ministry have revealed that Pakistan has also committed to timely increases in electricity and gas tariffs, …

SYDNEY: Alibaba launched a two-day e-commerce event AliExpo 2024 in Sydney on Friday to help inspire reading about opportunities in China and Southeast Asia and provide attendees with relevant information. Over 100 exhibitors from China, Australia, New Zealand and other countries and regions join in the expo. More than 20 speakers from Alibaba Group’s affiliates and Australian and New Zealand …

Sending a big blow to veganism, a top nutrition expert revealed that meat is quite essential to preventing anxiety and depression. Harvard-trained nutritional and metabolic psychiatrist Dr. Georgia Ede investigates the connection between food and both physical and mental well-being. Even with the recent boost in the popularity of vegan diets, she claims that giving up meat could be harmful …

The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.35% WoW during the week ended March 14, 2024, while the SPI rose 32.89% YoY compared to the corresponding period from last year. During the week, out of 51 items, prices of 18 (35.29 percent) items increased, 10 (19.61 percent) items decreased and 23 (45.10 percent) items remained …

The Pakistan Railways has unveiled the longest freight train in its history, marking a significant stride in the country’s rail transportation sector. Stretching to 2,500 feet, this freight train comprises 50 bogies, heralding a new era of efficiency and capacity in cargo transportation. Powered by the formidable GEU 40 super engine, the longest and heaviest freight train in the department’s …

The second round of talks between Pakistan and the International Monetary Fund (IMF) for the final tranche under the loan programme is set to take place today, with discussions focusing on crucial economic reforms, including the privatization of state-owned enterprises. During today’s meeting, officials of various institutions, including the Ministry of Finance and FBR, are scheduled to brief the visiting …

SHANGHAI: China’s export container shipping price index jumped 20.9 percent month on month in February, data from the Shanghai Shipping Exchange shows. The average China Containerized Freight Index (CCFI) stood at 1,440.74 last month, according to the shipping exchange. The sub-reading for the West Coast America service recorded the largest increase, with a month-on-month growth of 33.8 percent, followed by …

Federal Finance Minister Muhammad Aurangzeb in conversation with the media person said that Pakistan wants biggest and longest-running program from the International Monitory Fund (IMF), in the country’s history. Muhammad Aurangzeb said that Pakistan will try to take a big program according to the quota and vows economic discipline in the IMF program. “The improvement of the economy is the …

Gas and electricity companies in Pakistan have decided not to implement unannounced load shedding to ensure uninterrupted supply during the holy month of Ramazan. The decision comes as part of a load management plan prepared by these companies to facilitate the public during this sacred time. According to the plan, electricity will be provided continuously during critical periods such as …

The Internatio­nal Monetary Fund (IMF) has ignored the ‘managed exchange rate’ in Pakistan, providing space for policymakers to stabilise the economy, sources in the financial sector with close contacts in the Ministry of Finance said. For over two and a half months, the exchange rate has remained almost stable around Rs280, despite the poor performance of the economy and State …

A convoy of NLC vehicles successfully made its way to Russia, carrying a consignment of Kinnow. Departing from Sargodha, 16 vehicles embarked on a journey spanning 6,000 kilometers. Upon reaching their destination, 14 vehicles arrived in Derbent, while 2 made their way to Grozny. NLC vehicles traversed through three countries to enter Russia, marking a significant feat in regional trade …

The International Monetary Fund (IMF) is ready to send its mission to Islamabad for the second economic review after the formation of PM Shehbaz Sharif’s cabinet. The IMF Director of Communications said that the focus currently is on completing the ongoing Stand-By Program, which is ending in April 2024, a mission for the second review of the Stand-By Program will …

BEIJING: China’s total imports and exports of goods expanded 8.7 percent year on year in yuan terms in the first two months of 2024, official data showed Thursday. From January to February, the country’s foreign trade in goods stood at 6.61 trillion yuan (about 930.96 billion U.S. dollars), according to the General Administration of Customs (GAC). Exports grew 10.3 percent …

A 12-member high-level delegation of Saudi Arabia arrived at Karachi Airport to pace up the matter of immigration clearance for Hajj pilgrims in Karachi instead of Jeddah. Federal Secretary for Religious Affairs and the Director of Hajj (Karachi) welcomed the ‘Road to Makkah’ Project delegation at Karachi Airport. Saudi authorities will review to include Karachi Airport under. During Hajj, the …

To fulfil another important condition set by the International Monetary Fund (IMF), the government has decided to roll out a new voluntary pension scheme, slated to commence from July 1. Sources within the government revealed that the introduction of the voluntary pension scheme aims to alleviate the burden of huge government pensions and streamline the pension system. Any new human …

BEIJING: China will strive to modernize the industrial system and develop new quality productive forces at a faster pace, according to a government work report submitted Tuesday to the national legislature for deliberation. The report listed a series of tasks in this respect, including industrial and supply chain improvement and upgrade, and the cultivation of emerging industries and future-oriented industries …

The International Monetary Fund (IMF) has recommended the government of Pakistan to implement 18 per cent General Sales Tax (GST) on food, medicine, petroleum products, and stationery. According to details, the IMF experts have recommended the newly-elected government of Pakistan to end sales tax relaxation in its report dispatched to Islamabad. The IMF team visited Pakistan in December 2023, and …

GUANGZHOU: U.S. energy giant ExxonMobil plans to invest 10 billion yuan (about 1.4 billion U.S. dollars) in its Huizhou ethylene project in south China’s Guangdong Province this year. Addressing the Guangdong Provincial High-quality Development Conference in Shenzhen recently, Jean-Marc Taton, chairman of ExxonMobil China, said ExxonMobil has already invested over 30 billion yuan in the first phase of its Huizhou …

Pakistan needs a clear strategy for employing tobacco taxation as a tool to protect public health and boost revenue and absence of a clear strategy resulted in a loss of Rs 567 billion in the past seven years. Indus Broadcasting Corporation (IBC) has exposed the staggering loss to national exchequer in a policy paper titled Rethinking Tobacco Taxation in Pakistan: …

The Ministry of Finance has released its monthly Economic Update Outlook Report, outlining key priorities and challenges for the nation’s financial future. One of the central pillars of the report is the caretaker government’s proactive stance in formulating a comprehensive roadmap for the incoming administration. With the country poised for elections, this roadmap aims to guide the newly elected government …

BEIJING: China intensified its crackdown on tax-related offenses to mitigate tax revenue losses in 2023, according to government agencies. Last year, relevant authorities examined a total of 174,000 businesses suspected of tax fraud, said a recent statement made by eight departments, including the State Taxation Administration and the Ministry of Public Security. In particular, approximately 16.6 billion yuan (about 2.3 …

GUANGZHOU: The majority of 183 companies studied are optimistic about the growth of the Chinese market, according to a report released by the American Chamber of Commerce in South China (AmCham South China) on Tuesday. Of these companies, 76 percent plan to reinvest in China in 2024. For those who have plans for reinvestment in China in 2024, 45 percent …