Category: bussines

HONG KONG: Despite prevailing trade tensions, the United States is the biggest recipient of China’s lending activities globally as revealed in a study tracking Beijing’s credit activities and found it is increasingly lending to higher-income countries over developing countries. The report, published on Tuesday by AidData, a research lab at US university William & Mary, said China’s lending and grant giving totalled $2.2 trillion across 200 countries in every region of the world from 2000 to 2023. China has long been seen as a creditor to developing countries through its Belt and…

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US Treasury Secretary Scott Bessent said in a Sunday broadcast that Washington and Beijing may seal a rare earths deal by Thanksgiving. Bessent’s comments follow a framework agreement announced last month in which Washington agreed not to impose 100% tariffs on Chinese imports, and China would hold off on an export licensing regime for crucial rare earth minerals and magnets. “I am confident that post our meeting in Korea between the two leaders, President Trump, President Xi (Jinping), that China will honour their agreements,” Bessent told Fox News’s “Sunday Morning…

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The federal government on Saturday left the petrol price unchanged at Rs265.45 per litre for the next fifteen days, taking effect from November 16, after recommendations made by the Oil and Gas Regulatory Authority (Ogra). “The government has revised the prices of the petroleum products following input from the Ogra and the relevant ministries,” a Finance Division notification said on Saturday. The government, however, raised the per-litre rates of high-speed diesel (HSD) by Rs6 from Rs278.44 to Rs284.44. On November 1, the government raised petrol by Rs2.43 per litre and…

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Pakistan’s dollar bonds are set to build on their Asia-leading gains as credit-rating upgrades, improving reform momentum, and plans to re-enter global debt markets bolster investor confidence, Bloomberg reported. The government intends to issue yuan-denominated bonds later this year and to return to the Eurobond market in 2026 for the first time in nearly five years, a key milestone for a country that came close to default two years ago. The move could spur further gains in debt, according to Goldman Sachs Asset Management and UBS Asset Management. These planned issuances highlight…

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The International Monetary Fund (IMF) has scheduled an Executive Board meeting for December 8 to approve the disbursement of $1.2 billion to Pakistan under two concurrent programmes, with funds expected to land on December 9. The tranche comprises $1 billion under the $7 billion Extended Fund Facility (EFF) and $200 million under the $1.4 billion Resilience and Sustainability Fund (RSF). The release follows a Staff-Level Agreement (SLA) reached on October 14 covering the EFF’s second review and the RSF’s first review. Upon approval, total disbursements under the two arrangements will…

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Saudi Arabia is expected to host a US-Saudi investment summit in Washington on 19 November during Crown Prince Mohammed bin Salman’s visit, according to a source familiar with the planning. The crown prince will be in Washington to meet with President Donald Trump at the White House on November 18, a White House official said last week. The summit will be held on the sidelines of bin Salman’s visit and will not be a part of his official schedule, the source said, declining to be identified because the event is…

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WASHINGTON: The United States is close to reaching a deal with India that would strengthen economic and security ties between the two countries, boost US energy exports, and promote investment in key US sectors, President Donald Trump said on Monday. “We’re getting a fair deal, just a fair trade deal,” Trump told reporters in the Oval Office at the swearing-in of his envoy to India, Sergio Gor. “We’re making a deal with India, much different deal than we had in the past.” Trump repeated his optimism that a deal was…

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ISLAMABAD: The State Bank of Pakistan (SBP) said on Friday that Pakistan received remittances worth $3.4 billion in October 2025, marking an increase of 12% year-on-year and 7% month-on-month. In a statement, the central bank said that the cumulative inflow during July-October FY26 reached $13 billion, up 9.3% from $11.9 billion recorded in the same period last year. Remittances in October were mainly sourced from Saudi Arabia ($820.9 million), the United Arab Emirates ($697.7 million), the United Kingdom ($487.7 million), and the United States ($290 million), the SBP added. Prime…

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NEW YORK: Tesla shareholders on Thursday overwhelmingly endorsed a massive pay package for CEO Elon Musk that could reach $1 trillion. The pay package – crafted to ensure Musk’s continued service to Tesla as the company pursues breakthrough technology on artificial intelligence and robotics – won more than 75% support from shareholders, a Tesla official said at the company’s annual meeting. “I’d like to just give a heartfelt thanks to everyone who supported the shareholder votes,” a euphoric Musk told the gathering. “I super-appreciate it.” Cheers of “Elon” broke out…

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