Category: bussines

The State Bank of Pakistan (SBP) has announced receiving the second tranche of funding from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) programme. In an official statement on Wednesday, the central bank stated that Pakistan has received Special Drawing Rights (SDR) 760 million, equivalent to $1.023 billion, as part of the second instalment under the ongoing EFF agreement. The SBP added that the disbursed amount will be recorded in the country’s foreign exchange reserves for the week ending May 16. SBP’s post on social media platform…

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BEIJING: China and the United States cut sweeping tariffs on each others’ goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains. In a deal that emerged from pivotal talks at the weekend in Geneva, Washington and Beijing agreed to drastically lower skyhigh tariffs. US President Donald Trump said Washington now had the blueprint for a “very, very strong” trade deal with China that would see Beijing’s economy “open up” to US businesses, in an interview broadcast…

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Days after Iran and US negotiators concluded a fourth round of nuclear talks in Oman, Washington imposed sanctions on a shipping network it says has sent millions of barrels of Iranian oil to China, the State Department said on Tuesday. The sale of the oil helped fund Iranian weapons and attacks by the Houthi group on shipping in the Red Sea, the US Navy and Israel, it said. The network facilitated the shipment of oil worth billions of dollars to China on behalf of Iran’s Armed Forces General Staff and…

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Investor confidence soared on Tuesday as Pakistan’s equity market extended its blistering rally, lifted by a combination of renewed calm following the Pakistan-India ceasefire, a substantial funding boost from the International Monetary Fund (IMF), and anticipated income tax relief in the upcoming federal budget. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 120,067.12 points, up 2,769.39 points, or 2.36%, from the previous close of 117,297.73. The 100 Index had previously hit a high of 120,796 on April 4. “Early trade is showing the continuation…

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SHANGHAI: China’s top online shopping companies, Alibaba and JD.com, are quickly expanding into instant retail — where deliveries arrive within 30 to 60 minutes. However, this push for speed is coming at a high price, as they offer big discounts to attract customers and compete for market share. Investors will be dissecting the strategy when JD.com reports its quarterly earnings on Tuesday and Alibaba on Thursday, as finding new avenues for growth has proven challenging for China’s largest online retailers. Their market penetration is already high and prices for goods…

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Finance Minister Mohammad Aurangzeb said Monday that Pakistan’s existing fiscal space is sufficient to absorb the recent military conflict with India, and a fresh economic review would not be necessary. “The recent military escalation with arch-rival India won’t have a large fiscal impact on Pakistan and can be managed within the current fiscal space, with no need for a new economic assessment,” Auragzeb said in an interview with Reuters. “Trade talks with the United States, which had played a key role mediating a ceasefire between the two countries, would likely have…

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Defence Minister Khawaja Asif said on Monday that the government was weighing a joint venture for The Roosevelt Hotel in New York, aiming to secure long-term financial returns from the Pakistan International Airlines-owned property. “While selling the 19-storey property may offer short-term gains or help repay some debt, a joint venture would preserve the asset and generate sustained value,” he argued during the question hour at the National Assembly. Asif highlighted that the hotel’s prime location, with two entrances and central positioning, made it a unique piece of real estate,…

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The Pakistan Stock Exchange (PSX) witnessed a strong surge on Monday as easing tensions between Pakistan and India spurred investor optimism, pushing the benchmark KSE-100 index up by over 9%. The benchmark KSE-100 index surged to 117,104.11 points after a surge of 9,928 points during intra-day trade — the highest day-on-day increase in points on an intra-day basis — up from the previous close of 107,174.63 points. The positive momentum was driven by two major developments: the ceasefire agreement between Pakistan and India, and the International Monetary Fund’s (IMF) approval…

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KARACHI: In April 2025, Pakistan saw an inflow of $3.2 billion in workers’ remittances, according to the latest figures published by the State Bank of Pakistan (SBP) on Friday. While inflows rose 13.1% compared to the $2.81 billion received in April last year, they were down 22% from March, when remittances stood at $4.1 billion. During the first ten months of the current fiscal year (Jul-Apr FY25), total remittances rose 31% to $31.2 billion, up from $23.9 billion in the same period last year. Remittances are a key source of…

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Investor sentiment saw a turnaround on Friday, with the stock market clawing back yesterday’s losses, as a lack of fresh escalation on the geopolitical front offered much-needed relief. “After falling sharply by 6% yesterday due to drone attacks, Pakistani stocks have recovered and are up 2% in the first 30 minutes of trading on Friday,” said Topline Securities CEO Mohammad Sohail. “So far, there has been no news of any major escalation helping in restoring confidence,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday…

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