Category: bussines

ISLAMABAD: The federal government has merged the Ministry of Aviation with the Ministry of Defence, abolishing the status of one more ministry under its rightsizing plan to reduce state expenditures. The defence ministry has issued a letter regarding the merger to notify the development to all ministries and divisions after completing the implementation of statutory regulatory orders (SROs) given by the Cabinet Division on February 4. The letter, sent to all provincial chief secretaries including top officials of the Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB), stated that the…

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In a relief to cash-strapped consumers, the National Electric Power Regulatory Authority (NEPRA) has approved a reduction in electricity tariffs for ex-Wapda distribution companies (DISCOs) and K-Electric (KE) under the fuel cost adjustment (FCA) mechanism. For December 2024, Discos’ tariffs have been lowered by Rs1.2283 per unit, while K-Electric consumers will see a Rs1.23 per unit reduction for November 2024. These adjustments will be reflected in electricity bills for February 2025, bringing some relief to inflation-stricken consumers grappling with skyrocketing power tariffs. Unaffordable tariffs have stirred social unrest and shuttered…

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ISLAMABAD: Prime Minister Shehbaz Sharif has reiterated government’s sustain the reform momentum in his meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. PM Shehbaz, who met Georgieva on the sidelines of the World Governments Summit (WGS) 2025 in Dubai, took up issues relating to  Pakistan’s ongoing IMF programme and the macroeconomic stability achieved through the government’s comprehensive reform agenda. A three-member IMF mission is also in the country to conduct a Governance and Corruption Diagnostic Assessment under the country’s 2024 Extended Fund Facility (EFF) programme. They have already met Chief…

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The stock market built on the previous session’s momentum on Tuesday, driven by renewed investor confidence amid projections of strong corporate earnings and easing inflationary pressures. Investors aggressively capitalised on attractive stock valuations following recent corrections, sparking a broad-based rally. A sharp resurgence in energy stocks signalled the return of value buyers, while mounting expectations of another interest rate cut by the State Bank of Pakistan (SBP) further fuelled bullish sentiment, reinforcing market momentum. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 1,632.42 points, or 1.47%, to close…

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US President Donald Trump said Sunday he had told the Treasury to stop producing penny coins, presenting it as an effort to cut down on government spending. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote on his Truth Social platform. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” he added.…

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Tesla CEO Elon Musk has launched a $97.4 billion bid to take over the nonprofit governing OpenAI, the Wall Street Journal reported on Monday. The development comes months after the billionaire sued the artificial intelligence startup to block it from transitioning to a for-profit firm. Musk’s bid could ratchet up longstanding tensions between himself and OpenAI CEO Sam Altman over the future of the startup at the heart of a boom in generative AI technology. The two are already embroiled in an ongoing lawsuit. Musk criticised a massive, $500 billion OpenAI-led project…

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DUBAI: Prime Minister Shehbaz Sharif on Monday said Pakistan achieved macroeconomic stability in the last one year with the help of the International Monetary Fund programme (IMF). Speaking to Pakistani business leaders and investors, he said the macro level foundation of the Pakistani economy had gradually improved in the previous year as the inflation was at 2.4% in the month of January and bank’s policy rate was at 12%. The exports had improved as compared to last year and the foreign remittances touched the level of three billion dollars which…

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Drawing strength from economic reforms and a crackdown on illegal channels such as hundi and hawala, remittances sent home by overseas workers soared 25.2% to $3 billion in January 2025, up from $2.397 billion in the same period a year ago. The surge is attributable to economic recovery, bolstered by the International Monetary Fund (IMF) bailout, stable rupee, incentives for banks and exchange companies, and the growing trend of skilled Pakistani workers emigrating. Cumulatively, for the seven months (July-January) of fiscal year 2024-25 (7MFY25) remittances sent home by Pakistani diaspora,…

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Buying sentiment returned to the capital market as it witnessed a robust recovery on Monday following weeks of selling pressure. Market analysts attributed Monday’s surge to attractive valuations and resurgent investor confidence following recent corrections. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 1,055.03 points, or 0.96%, to close at 111,377.96. The index touched an intraday high of 111,622.72, while the session’s lowest level stood at 109,948.57, reflecting renewed investor confidence following recent corrections. Sana Tawfik, Head of Research at Arif Habib Limited, explained the shift in sentiment,…

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The United States will move to impose 25% tariffs on steel and aluminum imports this week, President Donald Trump said Sunday, the latest in a slew of trade levies he has announced. Trump told reporters aboard Air Force One that the tariffs, which he will announce on Monday, will apply to “any steel coming into the United States,” adding this will also affect aluminum. Trump imposed similar tariffs during his 2017-2021 presidency to protect US industries, which he believed faced unfair competition from Asian and European countries. Canada — which…

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