Category: bussines

WASHINGTON: US Treasury Secretary Scott Bessent on Sunday defended President Donald Trump’s tumultuous tariff policy — which has put global markets on a roller coaster — as a way of creating “strategic uncertainty” that gives Washington the upper hand. Since returning to the presidency in January, Trump has slapped 10% tariffs on most US trading partners and a separate 145% levy on many products from China. Beijing has responded with 125% tariffs of its own on US goods. Dozens of countries face a 90-day deadline expiring in July to strike…

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US President Donald Trump claimed in an interview published Friday that tariff negotiations with China were ongoing, even as Beijing denied any discussions were taking place — the latest conflicting signals in an escalating trade war threatening global economic growth. Speaking to TIME magazine, Trump asserted that talks were underway and that Chinese President Xi Jinping had personally called him. He reiterated the claim to reporters while departing the White House for Rome to attend the funeral of Pope Francis. “China and the US are NOT having any consultation or negotiation…

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World Liberty Financial (WLF), the decentralised finance (DeFi) platform backed by US President Donald Trump, has partnered with the Pakistan Crypto Council (PCC) through a landmark Letter of Intent (LoI) aimed at advancing blockchain innovation, increasing stablecoin adoption, and deepening DeFi integration across Pakistan. The WLF delegation — including Zachary Folkman, Zachary Witkoff (son of Steve Witkoff, the United States Special Envoy to the Middle East), and Chase Herro—met with Pakistan’s leadership, including the Prime Minister, Chief of Army Staff, Deputy Prime Minister, Minister of Information, and Minister of Defence,…

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WASHINGTON: Pakistan has requested an additional 10 billion yuan ($1.4 billion) under its currency swap line with China, Finance Minister Muhammad Aurangzeb said Saturday, as the government pushes reforms and aims to end its reliance on the International Monetary Fund (IMF) for good. “The government is introducing reforms in areas such as rightsizing the public sector and overhauling the pension system,” Aurangzeb said, addressing a press conference after his week-long trip to the US to participate in the spring meetings of the IMF and the World Bank (WB). The finance…

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President Donald Trump’s administration is seeking to slash billions of dollars from programmes that support childcare, health research, education, and housing in its 2026 fiscal budget proposal, the New York Times reported on Friday. The plan would also target community development and housing assistance, and is currently being finalised by the White House’s Office of Management and Budget (OMB), according to the report, which cited preliminary documents. An OMB spokesperson said: “No final funding decisions have been made.” The White House is expected to release the budget as soon as…

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ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for ensuring transparency in the privatisation process of Pakistan International Airlines (PIA) and directed the concerned authorities to complete the process within the prescribed period. The development came a day after the federal government officially invited expressions of interest (EOIs) from potential investors for the privatisation of PIA, marking a major development in its bid to offload a controlling stake in the national flag carrier. According to the Privatisation Commission, the decision was made to sell between 51% and 100% of PIA…

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Stocks ended higher on Friday, recovering from early losses in a highly volatile session, as investor sentiment held steady amid ongoing geopolitical tensions and economic uncertainty. The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index rose by 449.53 points, or 0.39%, to settle at 115,469.34. Trading volume stood at 213.6 million shares, with a total market value of over Rs20 billion. Independent investment and economic analyst AAH Soomro said, “The fear is escalating as tensions between India and Pakistan have increased after attacks on Indian tourists. “Investors would shy away for…

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Items bearing the slogan “Trump 2028,” which is the year of the upcoming US presidential election and the year Donald Trump is constitutionally prohibited from running, are being sold on the US president’s internet store. Even though it would require changing the Constitution, the 78-year-old Republican has not ruled out serving a third term, despite the fact that recent opinion surveys have shown his support rating plummeting to all-time lows. Most political experts, including his own Attorney General, say that would be tough to pull off. Yet, a social media…

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China is considering exempting some US imports from its 125% tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet that Beijing is worried about the economic fallout from its trade war with Washington. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a source who spoke on condition of anonymity. Financial news magazine Caijing reported on Friday citing sources that Beijing was…

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ISLAMABAD: The government has formally launched the privatisation process of Pakistan International Airlines (PIA), inviting expressions of interest (EOIs) from local and international investors for a majority stake in the national carrier. According to the Privatisation Commission, the plan involves selling between 51% and 100% of PIA’s shares, along with transferring management control to the successful bidder. Interested investors have until June 3 to submit their EOIs. To encourage participation, the government has also announced a range of incentives. These include exemption from the 18% general sales tax (GST) on…

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