Category: bussines

BEIJING: US President Donald Trump brushed off global market panic on Wednesday after China and the European Union announced retaliatory tariffs, telling Americans to stay “cool” despite his spiraling trade war. Trump dug in after superpower rival Beijing slapped massive 84% levies on US goods, just hours after his latest salvo of tariffs took effect on dozens of trading partners around the world. “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” Trump posted on his Truth Social platform following…

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ISLAMABAD: The Asian Development Bank (ADB) on Wednesday issued its outlook for Asian countries and said that it expected Pakistan’s gross domestic product (GDP) is expected to grow by 2.5% in fiscal year 2025 in light of key ongoing reforms. In its Asian Development Outlook (ADO) for April 2025, the lender said that the country’s economy was showing signs of stability and recovery with growth in FY25 — ending June 30, 2026 — as the effects of tight macroeconomic policies and progress in economic reforms take effect. The growth outlook, it…

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Investor unease returned to the stock market on Wednesday as global market jitters dragged the KSE-100 Index sharply lower, wiping out the momentum from Tuesday’s rebound. The Pakistan Stock Exchange’s (PSX) benchmark index plunged over 2,000 points in early trading on Wednesday, dipping to an early session low of 112,891.48, reflecting a drop of 2,640.95 points, or 2.29%. The index hit an intraday high of 115,092.12, still 440.31 points, or -0.38%, below the previous close of 115,532.43. AAH Soomro, an independent investment and economic analyst, attributed the sell-off to broader…

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US President Donald Trump’s punishing tariffs on dozens of economies came in force Wednesday, including over 100% in levies against Chinese goods, dramatically ramping up a devastating global trade war. Following the imposition of sweeping 10% tariffs have rocked the global economy since coming into force over the weekend, rates on imports to the United States from exporters like the European Union or Japan rose further at 12.01 am (0401 GMT) Wednesday. China — Washington’s top economic rival but also a major trading partner — is the hardest hit, with…

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WASHINGTON: President Trump’s trade representative has defended the administration’s tariff policy during a Senate hearing, saying the economic pain felt by businesses is a necessary step to help bring manufacturing jobs back to the United States. During a sometimes tense US Senate Finance Committee hearing, Greer said higher across-the-board tariff rates on 57 trading partners – from the European Union to China and Brazil – would take effect at 12:01 a.m. on Wednesday, just days after a 10% tariff was imposed on all other countries. “The president has been clear, again,…

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In what could be a key turning point in the privatisation effort, the Pakistan International Airlines (PIA), the national flag carrier, has posted a remarkable financial recovery, according to Khawaja Asif, Minister for Defence. “The airline earned an operating profit of Rs9.3 billion in the fiscal year 2024,” he revealed in a statement, highlighting the airline’s return to profitability, with a net profit of Rs26.2 billion for the first time in 21 years. The airline’s operating margin was over 12%, which puts it on par with some of the best…

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After Beijing vowed a “fight to the end” on levies, the White House confirmed on Tuesday that additional US tariffs on Chinese imports are set to reach 104% on Wednesday. US President Donald Trump had vowed a further 50% tariff on goods from China if Beijing did not retract upcoming retaliation — and the White House confirmed that Trump will proceed with this action, taking the overall added duties this year to 104%. US President Donald Trump believes that China has to make a deal with the United States concerning…

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Billionaires in the US were among the hardest hit, with Meta Platforms Inc’s Mark Zuckerberg and Amazon.com Inc’s Jeff Bezos leading the way. Carlos Slim, Mexico’s richest man, was among a small group of billionaires outside the US who escaped the tariffs’ impact. The Mexican Bolsa rose 0.5% after the country was excluded from the White House’s list of reciprocal tariff targets, pushing Slim’s net worth up by about 4% to $85.5 billion. — Reporter The Middle East was the only region where those on Bloomberg’s wealth index eked out…

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The bourse rebounded sharply on Tuesday, staging a strong recovery from the previous day’s record plunge, as investor sentiment improved in response to stabilising global markets. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index jumped by 1,782.81 points, or 1.55%, to reach an intraday high of 116,692.29. The index had touched a low of 115,706.47 during the session. “Markets are recovering on the back of [a] recovery in global markets. The tariff played havoc, and the knee-jerk reaction has ended,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “The markets…

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NEW YORK: Global stocks plunged and oil prices slid on Monday as US President Donald Trump doubled down on his tariff plans, rattling investors and deepening concerns over a possible global recession with major markets from Hong Kong to Frankfurt plunging as much as 13% in their worst single-day drops in decades. Stock markets and oil prices slumped further on a black Monday for markets as US President Donald Trump stood firm over his tariffs despite recession fears. Trading floors across the globe experienced waves of further selling after last…

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