The International Monetary Fund (IMF) has urged for strengthening institutions to curb corruption and money laundering. The government has assured the IMF of ending political interference in the NAB and other anti-graft institutions. “A report will be published for improvement in the anti-corruption framework with the cabinet’s approval,” according to a document. The IMF has been assured that the anti-corruption …

Banks are seeking a fixed 16.6 percent yearly interest rate for postponing payments on their Rs. 281 billion loans to Pakistan International Airlines for five years. Finance Minister Dr Shamshad Akhtar has refused this demand and instead offered approximately 10 percent on the full loan amount based on the banks’ actual borrowing costs, reported Express Tribune. Due to this, banks …

GUANGZHOU: A total of 1,078 new foreign-funded manufacturing enterprises were set up in south China’s Guangdong Province in 2023, marking a year-on-year increase of 29.9 percent, local authorities said on Tuesday. The actual utilization of foreign capital in Guangdong’s manufacturing industry reached 49.22 billion yuan (about 6.92 billion U.S. dollars) last year, up 11.7 percent year on year, said Zhang …

Pakistan needs external financing of $71.88 billion in the next three years, as per the International Monetary Fund (IMF). The global lender on Monday identified the high external financing risks facing Pakistan. It said that in the event of a shortfall or slowdown in external funding, the government will have to rely on expensive domestic borrowing. It has said that …

In a bid to navigate potential shortfalls in the annual tax target, the caretaker government has devised a contingency plan, contemplating a mini-budget with strategic tax measures. The government expects to earn over Rs 18 billion per month from these measures. The contingency plan includes imposing an additional tax of Rs 5 per kg on sugar, raising the GST rate …

TOKYO: Japan’s core consumer prices rose 3.1 pct in 2023 from the previous year, marking the fastest growth in 41 years, the government has said in a report. The core consumer price index (CPI) for the year, excluding fresh food prices because of their volatility, came in at 105.2 against the 2020 base of 100, with its pace of increase …

The International Monetary Fund (IMF) has released a report, analyzing Pakistan’s economic situation, painting a picture of mixed progress with promising improvements alongside persistent challenges. Positives: Growth on Track since July 2023: Pakistan’s economic growth rate is projected to remain steady at 2% for the current fiscal year. This stability signifies progress compared to the tumultuous economic rollercoaster the country …

BEIJING: Sales of pickup trucks in China rose 10.3 percent year on year in December last year as the country’s consumption promotion policies led to stronger demand, industry data showed. A total of 48,000 pickup trucks were sold in China last month, up 5 percent compared with that of November 2023, according to the China Passenger Car Association. The country’s …

Pakistan and Dubai have inked more than $3 billion investment pact in diverse fields including cooperation in railways, economic zones and infrastructure development. The agreement was signed at the World Economic Forum in Davos by Minister of Communication, Railways and Maritime Affairs Shahid Ashraf Tarar and Chairman of Ports, Customs and Free Zone Corporation (PCFC) Sultan Ahmed bin Sulayem. According …

NANNING: South China’s Guangxi Zhuang Autonomous Region reported robust foreign trade growth last year, local authorities said Monday. Guangxi’s total imports and exports in 2023 hit 693.65 billion yuan (about 97.51 billion U.S. dollars), up 7.3 percent year on year. Exports rose 1.5 percent year on year to 363.95 billion yuan, and imports increased 14.6 percent to 329.7 billion yuan, …

Buyers of automobiles have clearly entered what appears to be a protracted hibernation. The pie was cut in half in only one year after overall sales of passenger cars, light commercial vehicles (LCVs), and SUVs fell by 53% in the first half of the fiscal year (Jul-Dec). This also reflects the current situation of Pakistani households, where their ability to …

In a positive betterment for farmers in South Waziristan, the establishment of an agricultural park by the Pakistan Army has eased the challenges faced by pine nuts cultivators. According to reports, the cultivation of pine nuts, a special natural gift during the dry winter season, is a significant boon for South Waziristan. Pine nuts, rich in food nutrients, is a …

The prices of chicken and eggs on Saturday reached a whopping hike. The price of chicken reached Rs600 per kg. The price of eggs has reached Rs 400 per dozen. The citizens had appealed to the interim Punjab chief minister to control the chicken mafia and ensure that the basic commodities of life would be available at reasonable prices.

The Securities and Exchange Commission of Pakistan (SECP) has issued a draft of proposed amendments to the Non-Banking Finance Companies (Establishment & Regulations) Rules, 2003, to solicit public comments. Through these amendments, SECP aims to provide a more conducive regulatory framework for the non-banking finance sector. The proposed changes are based on a comprehensive review of the regulation, considering the …

The International Monetary Fund (IMF) executive board is likely to approve the first review of Pakistan’s $ 3 billion stand-by arrangement (SBA) today (Thursday). The current IMF program of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining un-disbursed. The Fund released $1.2 billion first tranche in July. With the approval …

Pakistan has begun preparations for the budget 2024-2. As per details, the Ministry of Trade and Commerce has sought proposals from the government and private sectors for the budget 2024-25. Federal Board of Revenue (FBR), Ministry of Industries and Production, National Tariff Commission, DRAP, Engineering Development Board, FPCCI, Pakistan Business Council, Pakistan Stock Exchange, and various chambers of commerce have …

The third edition of Future Fest will take place on January 26-28 at Expo Center, Lahore. As Pakistan’s largest tech event, Future Fest will host 100,000+ attendees, 300 speakers, and international guests, bridging the global perspective to the top 50 industries of Pakistan during this crucial economic period. Future Fest is supported by the world’s leading companies, including Hashoo Group, …

The caretaker government is borrowing money like crazy and creating massive debt without taking care of the existing debt burden on the country. Quoting the latest government borrowing data from the State Bank of Pakistan, CEO of Alpha Beta Core Securities, Khurram Schehzad said that the state borrowing from local banks in the last six months reached a new high. …

SHANGHAI: The balance of loans in Shanghai, including all currencies, rose 6.1 percent year on year to 11.07 trillion yuan (about 1.56 trillion U.S. dollars) at the end of November, official data showed. Of the total, the balance of loans in Chinese yuan went up 7.9 percent year on year to 10.48 trillion yuan, according to the People’s Bank of …

Pakistan’s enduring relationship with the International Monetary Fund (IMF) since 1958 has woven a tapestry of financial challenges, strategic manoeuvres, and global assistance, shaping the nation’s economic trajectory over the decades. Recent data reveals a nuanced picture of Pakistan’s ongoing IMF engagement, holding substantial implications for economic stability. Ranking fifth in outstanding debt with the IMF, standing at $7.4 billion, …

The Federal Board of Revenue (FBR) has decided to give two to four basic salaries as special bonuses to the officers of grades one to 20 as they helped in collecting taxes in excess of the target set for the second quarter of the current fiscal year 2023-24 (October to December 2023). According to a document, the FBR asked all …

The restructuring of the Federal Board of Revenue (FBR) is on the agenda of the Government, to improve its governance, efficiency, and effectiveness, said a statement. According to the statement issued by the media wing of the Ministry of Finance, certain proposals have been prepared in line with international best practices to rationalize and streamline the functions of the FBR, …

BEIJING: China’s central bank vowed to provide strong and effective support for steady economic growth and high-quality development this year at a work conference in Beijing on Thursday and Friday. Work will be done to deepen supply-side structural reform in the financial sector, expand high-level opening up in an orderly manner, and strengthen countercyclical and cross-cycle adjustments, according to a …

National Electric Power Regulation Authority (NEPRA) on Thursday jacked up the tariff by Rs 4.12 per unit for its consumers. The NEPRA issued a notification, increasing the power tariff by Rs 4.12 per unit in the account fuel adjustment charges for the month of November 2023. Meanwhile, the consumers have to pay additional charges in the month of January 2024, …

CHICAGO: General Motors Co. said Wednesday it sold 2.6 million vehicles in the United States in 2023, up 14 percent from 2022 sales and in line with industry estimates. This marked the U.S. automaker’s best annual performance since 2019, when it sold 2.9 million vehicles in the United States. GM reported sales increase in every brand in 2023. To be …

BEIJING: China’s state-owned assets regulator published a list on Wednesday of mega-projects that were completed or started construction in 2023 by the country’s central state-owned enterprises. Among the projects that exemplified super engineering are the launch of Shenzhou-17 manned spaceship, the operation of China’s new-generation “artificial sun” HL-3 in the high-confinement mode under a plasma current of 1 million amperes, …

The federal government has suspended the temporary licenses granted to car manufacturers following the expiration of relief measures provided on an interim basis for failing to localize vehicle components and spare parts, well-informed sources said. Sources said that three major companies shared business plans with the Ministry of Industries and Production in an attempt to address this issue. Sources added …

The Federal Board of Revenue has crossed the IMF’s tax target in first six months of the current fiscal year. “The International Monetary Fund (IMF) had set Rs 4.425 trillion revenue collection target for six months while Rs 4.44 trillion tax has been collected in the period,” sources said. The target was 35% above in comparison to last six months of …

The Lahore High Court (LHC) has repeatedly ordered to cut the electricity connection of the industries causing environmental pollution and now IHC Justice Shahid Karim directed WAPDA to take immediate action against the industries in the light of the commission’s report. Justice Shahid Karim heard the application for smog remediation wherein various departments submitted reports. The LHC directed the WASA …

Stocks were surging for the second consecutive day as the benchmark KSE-100 Index climbed over 1.32 per cent during early trading on Thursday, meaning that the market may end the year on a high note after two weeks of massive losses. At 9:54am, the KSE-100 was recorded at 61,669.20 after a gain of 805.58 points, or 1.32 per cent, against …

Directorate General of Customs Valuation, Karachi has revised customs values on the import of Cashew Nuts/Kaju from Vietnam. The directorate issued a new valuation ruling (1836 of 2023) on Friday for an accurate assessment of duties and taxes on the import of Cashew Nuts. Earlier, the Customs values of Cashew Nuts were determined under Section 25A of the Customs Act, …

BEIJING: China’s annual growth in value-added industrial output is likely to exceed 4.3 percent this year as industrial production maintained a recovery trend, according to the Ministry of Industry and Information Technology (MIIT). The ministry said at a national work conference on industrial development and informatization Thursday that the output of the manufacturing sector, with its share in China’s GDP …

SHENZHEN: The number of electronic sports (e-sports) users in China reached 488 million in 2023, up 0.1 percent compared to the previous year, according to an industry report released in south China’s Shenzhen on Wednesday. The actual revenue of the e-sports industry reached 26.35 billion yuan (around 3.71 billion U.S. dollars) in 2023, down 1.31 percent year on year, as …

The World Bank (WB) has approved $350 million in financing for the implementation of institutional reforms in Pakistan. The World Bank’s Board of Executive Directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) Operation, which aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth. Najy Benhassine, the World Bank …

Pakistan’s current account posted a surplus of $9 million in November 2023, said the data from the State Bank of Pakistan (SBP). According to SBP data, the Current Account Deficit (CAD) was recorded at $775 million in July 2023 however, the CAD improved significantly over time and posted a surplus of $9 million in November 2023. The SBP data indicates …

BEIJING: China’s top market regulator on Monday rolled out measures to stabilize the prices and guarantee the quality of daily necessities with New Year’s Day and the Spring Festival holidays approaching. Supervision of food, industrial products, life services, and medical goods will be strengthened to meet people’s daily needs during the holidays, the State Administration for Market Regulation said. Specifically, …

HAIKOU: At the ongoing 26th China (Hainan) International Winter Trade Fair for Tropical Agricultural Products held in Haikou, capital of south China’s island province Hainan, a diverse array of products including durian from Thailand, coffee from Rwanda and rice from Cambodia has drawn the attention of visitors. Enterprises from over 20 countries and approximately 60 representatives from international organizations are …

The International Monetary Fund (IMF) wants Pakistan to reduce the number of tax slabs for salaried and business-class workers from 7 to 4 and more than double tax collection from business individuals and salaried individuals. The proposal was made by the lender’s technical mission that finished its two-week study of Pakistan’s tax policies last week. The mission also proposed raising …

BEIJING: China’s value-added industrial output, an important economic indicator, went up 6.6 percent year on year in November, data from the National Bureau of Statistics (NBS) showed Friday. The growth accelerated from the 4.6-percent rise registered in October, according to the NBS. On a monthly basis, industrial output edged up 0.87 percent in November. Most sectors logged faster industrial output …

TIANJIN: German carmaker Volkswagen Group has announced that Volkswagen (China) Technology Co., Ltd., the group’s Chinese company and its largest research and development center outside its German headquarters, will launch an electric vehicle platform for the entry-level market in three years and develop pure electric models tailored for Chinese customers. The move highlights the determination of Europe’s largest car company …