Category: bussines

A cryptocurrency tied to US President Donald Trump’s company, World Liberty Financial, has been chosen by an Abu Dhabi investment firm for a $2 billion deal with Binance, the world’s biggest crypto exchange, one of the project’s co-founders said. It’s part of a growing list of crypto ventures linked to the Trump family, including a “meme coin” launched in January which have raised concerns over ethics and conflicts of interest. World Liberty, which aims to allow people to access financial services without intermediaries like banks, said in March it would launch…

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GENEVA: Federal Minister for Climate Change Dr Musadik Malik on Thursday made a strong appeal to the international community to scale up support for developing nations striving to transition to a green economy, warning that global climate goals risk falling short without inclusive action. He was speaking at a high-level conference in Geneva, organised by the UN Capital Development Fund (UNCDF) on the sidelines of the Basel, Rotterdam and Stockholm Conventions (COPs). Talking at a ministerial panel discussion, Dr Malik stressed that global green standards must be inclusive and equitable,…

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Prime Minister Shehbaz Sharif on Wednesday gave the go-ahead to a revamped 10-year electricity procurement policy, cutting planned power purchases nearly in half, from 14,000MW to about 7,000MW, the power minister said. The move is aimed at cutting the country’s reliance on costly, long-term contracts and fostering market-driven solutions. The prime minister chaired a high-level meeting to review the Integrated Generation Capacity Expansion Plan (IGCEP) 2024–2034, reaffirming the government’s commitment to reducing electricity prices and implementing sustainable reforms in the energy sector, a Prime Minister’s Office news release said. “After…

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ISLAMABAD: The federal government has slashed petrol and high-speed diesel (HSD) prices by Rs2 per litre for the next fortnight, it notified on Wednesday, as international oil markets are currently spiralling down on US tariff concerns. Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand, while concern over mounting supply also weighed. Brent crude futures were down 77 cents, or 1.2%, at $63.48 a barrel by 1305…

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Investor confidence was rocked on Wednesday as the stock market tumbled sharply, worried by warnings from Islamabad about a possible Indian military incursion within the next 36 hours, an escalation that triggered widespread selling across the bourse. “The market is reacting to the statement by the ministers that the next 24 to 36 hours could see nefarious actions from India,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “This is causing people to flee to safety and exit the equities for the time being.” Topline Securities CEO Mohammad Sohail echoed…

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OpenAI has launched a new update to ChatGPT that integrates shopping features into the widely-used AI tool, allowing users to receive tailored product suggestions, view prices and reviews, and link directly to online stores, BBC News reported. The initiative is set to challenge dominant market players like Google and Amazon, both of which have substantial stakes in the e-commerce and product discovery arenas. According to OpenAI, the new tool is designed to make it “faster to find, compare, and buy products,” and all recommendations will be generated independently, not through paid promotion.…

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WASHINGTON: Following automakers persistent demands, US President Donald Trump on Tuesday will soften the blow of his auto tariffs through an executive order mixing credits with relief from other levies on parts and materials. The changes to Trump’s 25% vehicle tariffs will provide auto companies with credits for up to 15% of the value of vehicles assembled domestically. These could be applied against the value of imported parts, allowing time to bring supply chains back home, a senior administration official said. A Commerce official said this would work out to…

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KARACHI: After a sharp early decline, stocks recovered on Tuesday, driven by optimism over an upcoming decision by the International Monetary Fund (IMF), as investors shrugged off regional tensions, betting on economic stability and fundamentals. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged by 808 points, or 0.71%, to settle at 114,872.18 amid sustained investor interest and higher volumes. The market rallied throughout the session, hitting an intraday high of 115,040.58, just shy of its record levels, while the day’s low stood at 112,935.56. Trading activity remained strong, with…

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The State Bank of Pakistan (SBP) has announced a bank holiday on May 1, 2024 (Wednesday) on account of Labour Day. A brief notification issued by the central bank stated that May 1 has been notified as public holiday by the government of Pakistan. “The State Bank of Pakistan will remain closed on May 01, 2025 (Thursday) being a public holiday on the occasion of Labour Day, as declared by the Government of Pakistan,” read the notification. Besides all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will also…

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WASHINGTON/ISLAMABAD:  The International Monetary Fund’s (IMF) Executive Board will be convening on May 9 to discuss the $1.3 billion staff-level agreement with Pakistan under its ongoing 37-month bailout programme. The meeting, as per the statement issued by the IMF, will cater to Pakistan’s Extended Fund Facility (EFF), request for the modification of performance criteria, and request for an arrangement under the Resilience and Sustainability Facility (RSF). The Washington-based lender and Islamabad reached an SLA and agreed on the first review of the $7 loan facility in March. The SLA, a 28-month deal, would…

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