Category: bussines

Finance Minister Muhammad Aurangzeb on Saturday said Pakistan was eyeing an economic boost through its high-potential sectors, drawing inspiration from Singapore’s export-driven model, and also hinted at easing the tax burden on the salaried class. “The IT and mineral sectors would be game changers for Pakistan’s economy, with Prime Minister Shehbaz Sharif leading efforts to deliver results soon,” Aurangzeb said, speaking to the business community at the Lahore Chamber of Commerce and Industry (LCCI). The finance minister said only nickel had become a major export driver for Singapore with $22…

Read More

The Wall Street Journal has said Binance executives called on US Treasury officials in March to discuss relaxing government regulation on the company and looking into a potential business partnership with President Donald Trump’s cryptocurrency venture, World Liberty Financial. The WSJ article, which cited sources involved with the discussions, on Friday said executives of the biggest cryptocurrency exchange in the world urged the Treasury authorities to remove a US monitor that was monitoring the company’s adherence to anti-money-laundering laws. Binance has also been in talks to list a new dollar-pegged…

Read More

BUENOS AIRES: A $20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund  was sealed by Argentina on Friday and, in a major policy move ahead of the deal, dismantled key parts of its years-long currency controls and loosened its grip on the peso. By next Tuesday, the IMF will disburse $12 billion, while another $2 billion will become available by June. The deal is expected to help Argentina “catalyse additional official multilateral and bilateral support, and a timely re-access to international capital markets,” the IMF said. “Key…

Read More

Renewed concerns over global economic headwinds weighed heavily on investor sentiment Friday, dragging the capital market lower and snapping the momentum built by Thursday’s powerful rally. “The Pakistan equity market has exhibited significant volatility in recent trading sessions, characterised by sharp fluctuations, including today’s decline. This turbulence is largely attributed to anxieties surrounding global trade dynamics,” said Amreen Soorani, Head of Research at Al Meezan Investment. “While the 90-day pause on US tariffs offers a temporary reprieve, market participants remain vigilant. The trajectory of the IMF program, developments around the…

Read More

WASHINGTON: A senior US Federal Reserve official has said President Donald Trump’s tariff measures are pushing up the risk of higher inflation and weighing on the outlook for jobs and economic growth. The US president’s stop-start tariff rollout has shaken global markets and dented consumer confidence, although it has not yet translated into higher prices for consumers. “Relative to earlier this year… it appears as though we have seen a marked increase in the upside risks around inflation along with elevated downside risks to the outlook for employment and growth,” Kansas…

Read More

The World Bank’s private investment arm, the International Finance Corporation (IFC), will inject $300 million worth of financing into Pakistan’s Reko Diq copper-gold mining project, as per a disclosure from the lender. Located in the Chagai District of Balochistan province, the mine is considered one of the world’s largest underdeveloped copper-gold areas and its development is expected to have a significant impact on Pakistan’s struggling economy. Barrick Gold owns a 50% stake in the Reko Diq mine, and the governments of Pakistan and Balochistan own the other 50%. The mine’s…

Read More

The National Electric Power Regulatory Authority (Nepra) has given the go-ahead to a government plan to slash electricity rates by Rs1.71 per unit, driven by a reduction in the Petroleum Development Levy (PDL). The price decrease will be applicable nationwide, excluding lifeline consumers, from April to June 2025. Following a consensus with the International Monetary Fund (IMF), Prime Minister Shehbaz Sharif earlier this month announced a reduction in power tariffs for domestic and industrial consumers by Rs7.41 and Rs7.69 per unit, respectively. The decision has been forwarded to the federal…

Read More

Aqeel Karim Dhedhi, the chairman of the AKD Group, a large conglomerate, on Wednesday said that Pakistan has not been as severely affected by international tariffs imposed by the United States as other nations. The tariff plan proposed by US President Donald Trump targets goods from almost every country and includes levies of at least 10%. Wall Street has been rocked by the decision that has been criticised by experts. The experts stated that it may increase costs and possibly lead to a global recession. Trump has often cited unfair…

Read More

BEIJING: US President Donald Trump has escalated his trade war with China, raising import tariffs on Chinese goods to 125%, even as duties on other countries were temporarily suspended. The escalation came just hours after Beijing unveiled reciprocal measures in response to an earlier round of US tariff increases. AFP looks at how the escalating trade war between the world’s two biggest economies is playing out — and what impact it might have: What actions has Trump taken so far? Trump said Wednesday that the US would raise tariffs on Chinese…

Read More

OpenAI filed a countersuit on Wednesday against Tesla CEO Elon Musk, accusing him of a consistent pattern of harassment, seeking to prevent the tech billionaire from engaging in any “further unlawful and unfair action” amid ongoing litigation regarding the future structure of the company that played a pivotal role in the AI revolution. Musk, who co-founded OpenAI in 2015 alongside CEO Sam Altman but departed before its rise, has recently launched his own AI venture, xAI. Tensions escalated as Musk attempts to block OpenAI’s shift to a for-profit model, which…

Read More