Category: bussines

Indian Prime Minister Narendra Modi’s push to slash consumption taxes on everyday goods could deliver billions of dollars in annual relief and boost demand in an economy bracing for painful US tariffs, experts say. US President Donald Trump has threatened to double import duties on India from 25% to 50% to punish New Delhi for buying oil from Russia, saying the purchases help Moscow fund its invasion of Ukraine. The prospective measure has clouded the outlook for the world’s fifth-largest economy, with Indian exporters warning of plunging orders and severe…

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Finance Minister Muhammad Aurangzeb on Saturday said that the government was committed to create an enabling environment for digital investment to attain economic growth and social prosperity. Speaking at an event in Islamabad, the finance czar emphasised the importance of collaboration among the public and private sectors as well as academic institutions to accelerate digital transformation. He assured that government would provide all possible support, besides providing an enabling environment and ecosystem to accelerate the promotion of digital and virtual assets to harmonise the local economy with best international practices.…

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India will approach its future trade ties with the US with a “very open mind,” Trade Minister Piyush Goyal said Friday, days ahead of steep new US tariffs on Indian imports. India-US trade talks collapsed over India, the world’s fifth-largest economy, resisting opening its vast agricultural and dairy sectors. Bilateral trade between the two countries is worth over $190 billion. Indian exports face US duties of up to 50% – among the highest imposed by Washington – after President Donald Trump announced extra tariffs as a punishment for New Delhi’s…

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ISLAMABAD: The 11th National Finance Commission (NFC) has been notified by President Asif Ali Zardari to resolve financial matters between the federation and the provinces. The commission, consisting of nine members, was announced through a notification issued by the Finance Division on Friday, which also dissolved the 10th NFC formed in July 2020. According to the notification, the Federal Minister for Finance will chair the commission, while the finance ministers of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan will serve as ex-officio members. Each province has also nominated one expert, raising…

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The Asian Development Bank (ADB) will extend a $410 million financing package for the development of Pakistan’s Reko Diq gold-copper mine — one of the world’s largest untapped deposits — to be operated by Barrick Gold, two sources told Reuters on Thursday. Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to US companies. The loans and a financing guarantee will support the development…

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The Asian Development Bank (ADB) will extend a $410 million financing package for the development of Pakistan’s Reko Diq gold-copper mine — one of the world’s largest untapped deposits — to be operated by Barrick Gold, two sources told Reuters on Thursday. Islamabad hopes the project will serve as a springboard to draw more foreign interest to its mineral sector, particularly to exploit rare earth deposits. Pakistan has already attracted interest from the Trump administration and offered future concessions to US companies. The loans and a financing guarantee will support the development…

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The bourse shed momentum Thursday as earnings season wound down and investors sought to consolidate record gains. “The market is experiencing some profit taking at the end of an incredible rally,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “The result season is almost at an end and the much needed correction is happening,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 149,235.26 points, down 1,355.74 points, or -0.9%, from the previous close of 150,591.00. During the session, the index climbed to an intraday high of…

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The bourse touched fresh highs on Monday, with investor sentiment boosted by strong corporate results, improving macroecconomic indicators, and expectations of favourable inflation numbers. “Stability, liquidity, good corporate results, upgrading of Pakistan’s ratings and expectations of tame inflation numbers are all contributing towards market making new highs,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 148,196.42 points, up 1,704.79 points, or 1.16%, from the previous close of 146,491.63. During the session, the index climbed to an intraday high of 148,395.71,…

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President Luiz Inacio Lula da Silva said on Saturday that he hopes Donald Trump can come and get to know the real Brazil, as the South American powerhouse reels from Washington’s 50% tariffs. In a video taken while he planted grapes — one of the tariff-hit goods — Brazil’s leftist leader addressed Trump. “I hope you can visit someday so we can talk and you can get to know the true Brazil, the Brazil of people who love samba, carnival, soccer, the United States, China, Russia, Uruguay, and Venezuela. We…

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United States negotiators cancelled a scheduled visit to New Delhi from August 25 to 29, delaying progress on a proposed bilateral trade agreement, NDTV reported on Saturday. The Indian media, citing sources, reported that the visit for a round of negotiations on the proposed bilateral trade agreement would most likely be rescheduled, adding that both sides were in contact, but a new timetable for talks was yet to be finalised. This development came after US President Donald Trump imposed 25% tariffs on India in July and threatened to “substantially” increase…

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