Category: bussines

A bid by two Chinese firms to obtain licences to export donkey meat from Pakistan has come to light, a day after authorities raided an illegal slaughterhouse in the capital, seizing around 1,000kg of meat and rescuing 50 live animals. Two companies have submitted applications for both slaughterhouse operations and export clearance, marking the first formal attempt to develop a legal supply chain for donkey meat and bones from Pakistan to China, according to sources. Officials at the Ministry of National Food Security & Research say the applications are currently…

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ISLAMABAD: The federal government plans to offer over 100,000 electric bikes and more than 300,000 electric loaders to the public through subsidised financing and easy loan schemes, it was revealed on Friday. Presiding over a high-level meeting today, Prime Minister Shehbaz Sharif said that promoting the use of electric vehicles (EVs) would reduce Pakistan’s dependency on imported fuel, conserve billions in foreign exchange, help protect the environment, and support local industry. He directed the preparation of a comprehensive action plan to make electric vehicles affordable and accessible to ordinary citizens…

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Pakistan recorded a full-year current account surplus of $2.1 billion in fiscal year 2024–25, reversing a $2.07 billion deficit from FY24, marking its first annual surplus in 14 years, the State Bank of Pakistan confirmed on Friday In a statement on X, the central bank said: “Current account balance recorded a surplus of $2.1 billion during FY25 compared to a deficit of $2.1 billion during FY24.” Meanwhile, the country’s current account registered a surplus of $328 million in June 2025, against a deficit of $84 million last month and a deficit…

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ISLAMABAD: Finance Minister Muhammad Aurangzeb is making proactive efforts to secure a trade agreement with the United States ahead of the August deadline, Bloomberg reported on Saturday. Aurangzeb is engaged in negotiations in Washington, seeking discussions on several American demands laid out in a detailed list previously provided to a Pakistani delegation, according to the report. These demands include fulfilling preconditions for a trade deal, and reducing both tariff and non-tariff trade barriers. The Ministry of Finance had last week said that the trade negotiations have made encouraging progress. Pakistan…

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WASHINGTON: US President Donald Trump on Friday signed into law a bill establishing a regulatory framework for dollar-pegged cryptocurrencies, or stablecoins — a major step towards integrating digital assets into everyday financial transactions. Known as the GENIUS Act, the legislation had already cleared the Senate and was passed in the House of Representatives by a 308-122 vote, gaining support from most Republicans and nearly half of Democratic lawmakers. The new law marks a significant victory for cryptocurrency advocates, who have long pushed for clear regulations to help legitimise an industry…

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ISLAMABAD: Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry on Saturday announced plans to set up a modern Aquaculture Park at Karachi’s Korangi Fish Harbour, with an estimated cost of Rs3 billion. The minister announced while chairing a high-level meeting on the development of the blue economy, attended by Chairman Gwadar Port Authority (GPA) Noorul Haq Baloch, representatives from Korangi Fish Harbour Authority (KoFHAH), the Marine Fisheries Department (MFD), and the Balochistan Chamber of Commerce and Industry, said a press release. The estimated annual production of the 120-acre aquaculture…

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The federal cabinet has approved a 15% increase in Employees’ Old-Age Benefits Institution (EOBI) pensions, effective January 1, 2025. The cabinet’s decision was based on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development. This increase will be funded from the institution’s own resources. The meeting of the federal cabinet was held here under the chairmanship of Prime Minister Shehbaz Sharif. The prime minister directed the formation of a cabinet committee to introduce institutional reforms in EOBI. The committee will also deliberate on proposals to extend old-age…

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KARACHI: A growing number of Pakistanis are abandoning the national grid in favour of solar energy, fuelling a rooftop panel boom and alarming a government already burdened by billions of dollars in power sector debt. This quiet energy shift has moved beyond affluent suburbs, taking root in middle- and lower-income communities where households seek relief from soaring electricity bills and frequent outages. In one narrow alley of Karachi, neighbours battling the punishing summer heat crowd into Fareeda Saleem’s modest home — drawn by something rare in their lives: uninterrupted electricity.…

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The stock market rallied to near record peak on Wednesday as investor enthusiasm over robust earnings and reform-driven optimism was tempered by late-session profit-taking, despite upbeat signals from Islamabad’s engagement with Moody’s for a potential ratings upgrade. “Stocks trading at new all-time high in the earnings season rally at PSX as investors weigh strong financial results and eye likely Moody’s upgrade on strong economic recovery,” said Arif Habib Commodities Managing Director and CEO Ahsan Mehanti. “Finance minister affirmation over deliberations on resolve with industrials over FBR powers, sharing with Moody’s…

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US President Donald Trump announced on Tuesday that a 19% tariff would be imposed on goods from Indonesia as part of a new trade agreement with the Southeast Asian nation, adding that further deals were in the pipeline. He also offered fresh details on upcoming tariffs targeting pharmaceuticals. Trump, who has consistently pushed for more favourable trade terms and a reduction in the US trade deficit, described the agreement with Indonesia — a relatively small US trading partner — as part of broader efforts to recalibrate Washington’s global trade relationships.…

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