Category: bussines

SINGAPORE: Bitcoin surpassed the $120,000 mark for the first time on Monday, reaching a significant milestone for the world’s leading cryptocurrency as investors anticipate key policy developments for the industry this week. Beginning Monday, the US House of Representatives is set to discuss several bills aimed at establishing the long-awaited regulatory framework for the digital asset sector. Those demands have resonated with US President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry. Expectations of further tailwinds for the…

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APP International Monetary Fund (IMF) Resident Representative for Pakistan Mahir Binici praised the country’s “strong” performance under the Extended Fund Facility (EFF) and emphasised that structural reforms remain central to Pakistan’s economic sustainability. Binici delivered a comprehensive guest lecture at the Sustainable Development Policy Institute (SDPI) in which he shed light on the evolving economic landscape across the MENA region and Pakistan. He reaffirmed the Washington-based lender’s continued support for the country’s economic and climate reform agenda. Addressing economists, researchers and policy experts, Binici said that the growth across the…

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ISLAMABAD: Pakistan and Russia have signed an agreement to revive and upgrade the long-dormant Pakistan Steel Mills, marking a significant step in industrial cooperation between the two nations. The agreement was signed at the Pakistan Embassy in Moscow by Secretary Ministry of Industries and Production Saif Anjum and General Director of Industrial Engineering LLC from the Russian side Vadim Velichko, in the presence of Special Assistant to Prime Minister Haroon Akhtar Khan and Pakistan’s Ambassador to the Russian Federation Muhammad Khalid Jamali, stated a press release. In May this year,…

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Bitcoin surged to a record high on Friday, driven by strong institutional demand and supportive cryptocurrency policies under US President Donald Trump’s administration. The world’s largest digital asset climbed to an intraday peak of $116,781.10 during the Asian trading session, extending its year-to-date gains to over 24%. It was last quoted at $116,563.11. “Bitcoin’s new all-time high is being driven by relentless institutional accumulation — major players are scooping up supply and drying up liquidity on exchanges,” said Joshua Chu, co-chair of the Hong Kong Web3 Association. In March, Trump…

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The equity market rose on Friday as improved macroeconomic indicators and strong corporate result expectations continued to drive investor sentiment. “Improved macroeconomic indicators and better expectations relating to corporate results” are driving the momentum, said Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 134,920.76, gaining 1,138.42 points, or 0.85%, while touching a low of 134,130.40, reflecting an increase of 348.06 points, or 0.26% The rally follows fresh data from the State Bank of Pakistan (SBP),…

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US President Donald Trump said on Thursday the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners. In a letter released on his social media platform, Trump told Canadian Prime Minister Mark Carney the new rate would go into effect on August 1 and would go up if Canada retaliated. In a post on X late on Thursday, Carney said his government will continue to defend Canadian workers and businesses in…

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Pakistan is aiming for a valuation of at least $1 billion for its Roosevelt Hotel property in New York as Islamabad looks to sell a minority stake and find a partner for redevelopment, a senior government official said. Named after former US president Theodore Roosevelt, the century-old property in midtown Manhattan is seen as one of Pakistan’s most valuable foreign assets, which it acquired in 2000. Faced with mounting losses, the over 1,000 room hotel was shut in 2020, and has also operated briefly as a migrant shelter. As part…

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Investor optimism returned to the equity market on Thursday as strong macroeconomic indicators, robust remittance inflows and stronger-than-expected government debt auctions fuelled gains in the banking sector, reversing losses from the previous session. The equity market bounced back on Thursday, led by gains in the banking sector and strong macroeconomic indicators, as investors reacted positively to record-high remittances and upbeat results from the government’s latest debt auctions. “Overall improvement in macroeconomic indicators is rerating the market with rise in banks leading the index. This rally will mature to form a…

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The State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday that the central bank is preparing to launch a pilot for a digital currency and is in the final stages of preparing legislation to regulate virtual assets. This move comes as Islamabad ramped up efforts to modernise its financial system amid a rising global interest in blockchain-based payments, with central banks around the globe exploring the use of digital currencies. to drive virtual asset adoption By Reuters July 09, 2025 State Bank of Pakistan Governor Jameel Ahmad speaks at the Reuters…

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KARACHI: Workers’ remittances to Pakistan surged to an all-time high of $38.3 billion in fiscal year 2025, showing a robust 26.6% increase from $30.3 billion recorded in FY24, according to data released by the State Bank of Pakistan (SBP) on Wednesday. In June 2025, monthly inflows reached $3.4 billion, reflecting a 7.9% rise compared to the same month last year. year By Business Desk July 09, 2025 An employee of a bank counts US dollar notes. — Reuters KARACHI: Workers’ remittances to Pakistan surged to an all-time high of $38.3 billion…

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