Category: bussines

ISLAMABAD: In an effort to capitalise on the Trump administration’s desire to increase trade with South Asia, Pakistan plans to make concessions to US corporations so that they invest in its mining industry as part of tariff negotiations with Washington, Federal Minister for Commerce Jam Kamal told Reuters. Because of a $3 billion trade surplus with the largest economy in the world, Pakistan may be subject to a 29% tariff on exports to the US, under the tariffs that Washington proposed in April on nations worldwide. After that, tariffs were suspended…

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Prime Minister Shehbaz Sharif on Thursday reaffirmed the resolve to expedite the process of institutional reforms on a priority basis. The prime minister made the remarks while meeting a delegation of the International Monetary Fund (IMF) led by Jihad Azour, which called on him in Islamabad. “Pakistan is heading towards economic growth, after attaining economic stability,” said the premier. During the meeting, the discussions focused on the implementation of the ongoing IMF programme in Pakistan. The two sides expressed satisfaction over the economic reforms undertaken by the government and their…

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The equity market came under pressure on Tuesday as market participants, wary of potential tax measures and fiscal tightening in the upcoming federal budget, opted to stay on the sidelines. “The market is now anticipating the new budget and the new policies or taxation that will be introduced. This is causing participants to adopt a wait-and-watch strategy in order to gain clarity before making any moves,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index fell to an intraday low of 118,527.09 points,…

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National Bank of Pakistan (NBP) has revamped its core banking system to deliver faster, smarter, and more secure digital services, with enhanced security and reduced downtime, according to a handout issued on Monday. The bank, in a statement, said that this strategic enhancement underscored NBP’s ongoing commitment to leveraging modern innovations to streamline operations and deliver superior customer experiences. “The upgraded platform introduces a suite of improvements, including accelerated transaction processing, significantly reduced system downtime, and greater operational efficiency across branches and digital channels,” the statement said. This modern infrastructure…

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The United States lost its last triple-A credit rating from a major agency Friday as Moody’s announced a downgrade, citing rising levels of government debt and dealing a blow to Donald Trump’s narrative of economic strength and prosperity. The downgrade to Aa1 from Aaa adds to the bad news for the US president, coming on the same day his flagship spending bill failed to pass a key vote in Congress due to opposition from several Republican fiscal hawks. Explaining its decision, the rating agency noted “the increase over more than…

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Prince William is set to attend the FA Cup final at Wembley Stadium this Saturday, just weeks after enduring a double dose of football heartbreak alongside his son, Prince George. The Prince of Wales, who serves as Patron of the Football Association, had high hopes for his beloved Aston Villa this season. But those dreams were dashed in April when Crystal Palace delivered a crushing 3-0 defeat to Villa in the FA Cup semi-finals. Adding to the disappointment, the loss came less than two weeks after William and George watched…

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Pakistan, an important economy in South Asia, is anticipated to see modest growth and economic stabilisation in 2025, following a phase of contraction, with its GDP expected to rise by 2.3%, according to a United Nations report. The report, titled ‘the UN World Economic Situation and Prospects 2025’, noted that declining inflation has allowed most of the South Asian region’s central banks to commence or continue monetary easing in 2025. Meanwhile, governments in Pakistan, Bangladesh and Sri Lanka are expected to continue fiscal consolidation and economic reforms under International Monetary…

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No relief for consumers for the next fortnight as the federal government on Thursday announced to keep petrol price unchanged at Rs252.63 per litre following the decision to transfer relief. The government, however, slashed the high speed diesel by Rs2 per litre, according to a notification issued by the finance division. New price of HSD now stands at Rs254.64 per litre. According to the notification, the price of kerosene has been cut by Rs5.04 to Rs164.65 per litre, while light diesel oil has been reduced from Rs155.33 to Rs150.65 per…

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In response to US President Donald Trump’s announcement to boost trade with Pakistan, Islamabad has proposed a zero-tariff bilateral trade agreement with the Washington, revealed government sources. “Pakistan is offering to enter into a bilateral agreement with zero tariffs on selected tariff lines, with mutual interests, to expand bilateral trade across multiple sectors,” said a high-level source when asked about the new policy offered to the US. The development comes after US President Trump brokered a ceasefire between Pakistan and India. In a follow-on post after the ceasefire, Trump lauded…

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The capital market witnessed a positive session on Thursday, climbing over 1% by midday, as bullish sentiment returned on improving economic indicators and easing regional tensions. “Refinery stocks are up today after news of a Rs34 billion compensation package for the sector. We’ve already been observing some momentum, particularly with talk of the IMF disbursement and the geopolitical ceasefire that followed,” said Sana Tawfik, Head of Research at Arif Habib Limited. “There’s also discussion of an increase in OMC margins, which has caused movement in that sector too. Yesterday, Barron’s…

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