Category: bussines

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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Amid the 40-degree heat that paralysed the coastal city of Karachi in April, Saad Saleem blasted his air-conditioning with near-abandon. Electricity tariffs have surged, but the affluent entrepreneur has been unbothered since he spent $7,500 installing solar panels on his bungalow’s roof as part of a solar boom in Pakistan. Saleem bought his modules two years ago, as the International Monetary Fund (IMF) and economically beleaguered Pakistan were hammering out a preliminary bailout programme. Under the deal, Pakistan sharply raised power and gas tariffs to support struggling suppliers in the…

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The Employees’ Old-Age Benefits Institution (EOBI) has announced an increase in minimum pensions, with the new rates set to take effect from January 1, 2025. The decision was made during a meeting held on Monday, chaired by Federal Minister for Overseas Pakistanis Salik Hussain. The meeting included a briefing on EOBI’s performance over the past three quarters. According to the briefing, EOBI earned a total revenue of Rs116 billion in the financial year 2024–25, marking a 40% increase in income. It was revealed that the minimum pension has been raised…

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The State Bank of Pakistan (SBP) on Monday signalled potential risks to the country’s medium-term economic outlook, stemming from global trade disruptions and commodity price volatility following Washington’s reciprocal tariffs. In its State of Pakistan’s Economy, Half Year Report, the central bank outlined key risks to the medium-term economic outlook. It said these risks largely stem from global trade disruptions and related commodity price volatility in light of reciprocal tariffs, the changing geopolitical situation, adjustments in administered energy prices, the response of domestic aggregate demand to various fiscal measures, and…

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Investor nerves frayed on Monday as escalating strains with India sparked a sharp sell-off across the capital market, sending the benchmark index deep into the red. The benchmark KSE-100 index fell by 1,405.44 points, or 1.22%, to settle at 114,063.90 after touching an intraday high of 116,658.94 and a low of 113,867.80 during the session. Total traded volume stood at 190.2 million shares, while the value of shares traded reached Rs20.5 billion. At the previous close, the index had ended at 115,469.34. Topline Securities in its post-market report said that…

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ISLAMABAD:  Speaking at Harvard University in US on Monday, Finance Minister Muhammad Aurangzeb underscored Pakistan’s economic turnaround and invited investors to invest in key sectors in the country. “After inheriting an economy facing significant challenges — from contracting GDP to depleting reserves — we have stabilised the fundamentals, restored confidence, and reignited growth, ” Aurangzeb said at “Bridging Divides, Building Tomorrow: Pakistan’s Path to Inclusive Growth and Governance” conference at the varsity. The annual flagship event of the Pakistan Conference serves as a vital forum to advance collaborative solutions, promote global…

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