Category: bussines

BUENOS AIRES: A $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund  was sealed by Argentina on Friday and, in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso. By next Tuesday, the IMF will disburse $12 billion, while another $2 billion will become available by June. The deal is expected to help Argentina “catalyse additional official multilateral and bilateral support, and a timely re-access to international capital markets,” the IMF said. “Key…

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Renewed concerns over global economic headwinds weighed heavily on investor sentiment Friday, dragging the capital market lower and snapping the momentum built by Thursday’s powerful rally. “The Pakistan equity market has exhibited significant volatility in recent trading sessions, characterised by sharp fluctuations, including today’s decline. This turbulence is largely attributed to anxieties surrounding global trade dynamics,” said Amreen Soorani, Head of Research at Al Meezan Investment. “While the 90-day pause on US tariffs offers a temporary reprieve, market participants remain vigilant. The trajectory of the IMF program, developments around the…

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WASHINGTON: A senior US Federal Reserve official has said President Donald Trump’s tariff measures are pushing up the risk of higher inflation and weighing on the outlook for jobs and economic growth. The US president’s stop-start tariff rollout has shaken global markets and dented consumer confidence, although it has not yet translated into higher prices for consumers. “Relative to earlier this year… it appears as though we have seen a marked increase in the upside risks around inflation along with elevated downside risks to the outlook for employment and growth,” Kansas…

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The World Bank’s private investment arm, the International Finance Corporation (IFC), will inject $300 million worth of financing into Pakistan’s Reko Diq copper-gold mining project, as per a disclosure from the lender. Located in the Chagai District of Balochistan province, the mine is considered one of the world’s largest underdeveloped copper-gold areas and its development is expected to have a significant impact on Pakistan’s struggling economy. Barrick Gold owns a 50% stake in the Reko Diq mine, and the governments of Pakistan and Balochistan own the other 50%. The mine’s…

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The National Electric Power Regulatory Authority (Nepra) has given the go-ahead to a government plan to slash electricity rates by Rs1.71 per unit, driven by a reduction in the Petroleum Development Levy (PDL). The price decrease will be applicable nationwide, excluding lifeline consumers, from April to June 2025. Following a consensus with the International Monetary Fund (IMF), Prime Minister Shehbaz Sharif earlier this month announced a reduction in power tariffs for domestic and industrial consumers by Rs7.41 and Rs7.69 per unit, respectively. The decision has been forwarded to the federal…

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Aqeel Karim Dhedhi, the chairman of the AKD Group, a large conglomerate, on Wednesday said that Pakistan has not been as severely affected by international tariffs imposed by the United States as other nations. The tariff plan proposed by US President Donald Trump targets goods from almost every country and includes levies of at least 10%. Wall Street has been rocked by the decision that has been criticised by experts. The experts stated that it may increase costs and possibly lead to a global recession. Trump has often cited unfair…

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BEIJING: US President Donald Trump has escalated his trade war with China, raising import tariffs on Chinese goods to 125%, even as duties on other countries were temporarily suspended. The escalation came just hours after Beijing unveiled reciprocal measures in response to an earlier round of US tariff increases. AFP looks at how the escalating trade war between the world’s two biggest economies is playing out — and what impact it might have: What actions has Trump taken so far? Trump said Wednesday that the US would raise tariffs on Chinese…

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OpenAI filed a countersuit on Wednesday against Tesla CEO Elon Musk, accusing him of a consistent pattern of harassment, seeking to prevent the tech billionaire from engaging in any “further unlawful and unfair action” amid ongoing litigation regarding the future structure of the company that played a pivotal role in the AI revolution. Musk, who co-founded OpenAI in 2015 alongside CEO Sam Altman but departed before its rise, has recently launched his own AI venture, xAI. Tensions escalated as Musk attempts to block OpenAI’s shift to a for-profit model, which…

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The stock market rebounded sharply on Thursday as investor confidence surged following US President Donald Trump’s move to halt punitive tariffs on trade allies, easing global economic tensions. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index touched an intraday high of 117,484.16, up 3,331.01 points, or 2.92%, from the previous close of 114,153.15. The lowest level recorded was 116,452.12, still showing a gain of 2,298.97 points, or 2.01%.  

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US President Donald Trump on Wednesday said he would pause many of his new tariffs for 90 days, even as he raised them further on imports from China. Following days of global market turmoil, Wall Street stocks surged in reaction to Trump´s announcement. “I have authorised a 90-day PAUSE” on higher tariffs that took effect on Wednesday, Trump said on his Truth Social network, saying he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the United States. Only a flat…

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