Category: bussines

Amid growing Chinese demand for hides and meat, Pakistan’s donkey population has risen by 109,000 over the past year to 6.047 million, up from 5.938 million, according to a Pakistan Bureau of Statistics (PBS) report. The PBS numbers also show significant increases in other livestock, including bovine and ovine animals. According to the document, the population of buffaloes in the country rose by nearly 1.38 million, reaching a total of 47.688 million. On the other hand, among smaller animals, sheep numbers went up by 388,000 to 33.119 million, while the…

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In a recent high-level meeting at the White House, Minister of State for Crypto and Blockchain and CEO of the Pakistan Crypto Council (PCC) Bilal Bin Saqib, met with Robert ‘Bo’ Hines, the executive director of US President Donald Trump’s Council on Digital Assets to discuss bitcoin collaboration between the two countries. The discussions between the focused on strategic approaches to digital assets and the exploration of avenues for integrating Bitcoin into broader financial frameworks, according to a press release. Trump-appointed Hines plays a crucial role in shaping national policies concerning…

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The State Bank of Pakistan (SBP) will observe a four-day closure from June 6 to 9, coinciding with Eid ul Adha public holidays, a spokesperson confirmed on Tuesday. Subsequently, all the banks, microfinance lenders and other financial institutions will also observe Eid holidays during the period. A day ago, the federal government announced four-day holidays for Eid ul Adha to be celebrated on June 7. A notification was issued by the Cabinet Division, stating that June 6, 7, 8 and 9 will be observed as public holidays on the occasion…

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KARACHI: The Asian Development Bank (ADB) has approved an $800 million financing package to help Pakistan strengthen fiscal sustainability and public financial management amid growing debt and reform challenges. The package comprises a $300 million policy-based loan and ADB’s first-ever policy-based guarantee of up to $500 million, intended to mobilise up to $1 billion from commercial lenders, the Manila-based institution announced on Tuesday. The funding falls under Subprogram 2 of the Improved Resource Mobilisation and Utilisation Reform Program, which backs comprehensive fiscal and governance reforms. These include overhauls in tax…

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Investor sentiment strengthened on Tuesday as equities rebounded to a record close ahead of next week’s federal budget, as market participants reacted to speculation over tax reforms, International Monetary Fund (IMF) negotiations, and development allocations. “Market is being driven by sentiments related to budget, rumours related to taxation on different sectors and market,” said Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, as investors priced in implications of fiscal constraints on growth and development spending. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at an all-time high of 120,450.87…

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The federal government plans to allocate Rs1 trillion for development spending in fiscal year 2025-26, well short of the Rs3 trillion requested by ministries, official documents show. The Finance Ministry initially set an indicative budget ceiling of Rs921 billion, which was later raised to Rs1 trillion. A significant portion of the proposed spending is expected to go to the Cabinet Division, which has been allocated Rs50.33 billion. The government also plans to allocate Rs1.10 billion to the Board of Investment to support efforts aimed at attracting new investments into the…

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President Asif Ali Zardari and Prime Minister Shehbaz Sharif held a meeting on Sunday in which the former urged the Pakistan Muslim League-Nawaz (PML-N)-led government to take practical and impactful steps to provide relief to the common man in the upcoming budget. He stated this while meeting the premier at Governor’s House Lahore to discuss the prevailing political and security situation of the country. During the meeting, the top leadership held wide-ranging discussions on national affairs, including the country’s political climate and security challenges. The participants also reviewed the outcomes…

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The federal government announced on Saturday a Re1 per litre increase in petrol prices for the upcoming fortnight as global oil markets continue to ease. The Finance Division issued a notification stating that the new petrol price will take effect from June 1. — Reporter However, the price of high-speed diesel (HSD) was kept unchanged at Rs254.64 per litre. Two weeks ago, the government kept the petrol price unchanged for the next fortnight at Rs252.63 per litre; however, it slashed the HSD price by Rs2 per litre. US crude futures…

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Banking frauds in India nearly tripled in FY2024–25, reaching a massive ₹360.14 billion, according to the Reserve Bank of India’s new report. The RBI’s annual report revealed a staggering 194% rise in the total value of reported bank frauds compared to the previous financial year, indicating a sharp deterioration in financial security protocols across sectors. The number of reported fraud cases during the year stood at 23,953. Private banks were responsible for the majority of these, registering 14,233 cases — representing 59.42% of all incidents. However, public sector banks bore…

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Banking frauds in India nearly tripled in FY2024–25, reaching a massive ₹360.14 billion, according to the Reserve Bank of India’s new report. The RBI’s annual report revealed a staggering 194% rise in the total value of reported bank frauds compared to the previous financial year, indicating a sharp deterioration in financial security protocols across sectors. The number of reported fraud cases during the year stood at 23,953. Private banks were responsible for the majority of these, registering 14,233 cases — representing 59.42% of all incidents. However, public sector banks bore…

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