Category: bussines

WASHINGTON: US President Donald Trump paused tariffs on Mexico for one month after last-minute talks on Monday but there was no breakthrough yet in negotiations with Canada on an issue that has sparked fears of a global trade war. As world markets slumped, Trump and his Mexican counterpart Claudia Sheinbaum both announced the halt in the levies after she agreed to send 10,000 troops to the US-Mexico border following talks on Monday. Trump said on his Truth Social network that after the “very friendly conversation” he had “agreed to immediately…

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ISLAMABAD: Pakistan has signed an agreement with the Saudi Fund for Development (SFD) worth $1.2 billion, paving way for import of Saudi oil on deferred payment for one year. Prime Minister Shehbaz Sharif and SFD Chief Executive Officer Sultan Abdulrahman Al-Marshad witnessed the signing of two agreements worth $1.61 billion, further strengthening bilateral economic cooperation. The premier welcomed the signing of the Oil Import Financing Facility according to which Pakistan would receive oil on deferred payment for one year. “This project will strengthen Pakistan’s economic resilience by securing a stable…

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In line with Pakistan’s obligations under the International Monetary Fund (IMF) bailout programme, the Sindh Assembly on Monday reluctantly greenlit the much-contested Sindh Agricultural Income Tax Bill 2025, voicing criticism over the exclusion of provinces from negotiations with the lender. The law seen as part of Pakistan’s economic reforms under the IMF’s $7 billion agreement spanning 37 months, entails increased tax on agricultural incomes while underscoring the need to boost revenue collection and reduce recurrent deficit to complete the loan programme. A provincial cabinet meeting, chaired by Sindh Chief Minister…

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BRUSSELS: European Union’s (EU) leaders warned on Monday there would be no winners in a trade war with the United States and they would hit back if President Donald Trump enforced tariffs. French President Emmanuel Macron said the EU must show its power if President Trump acts on his threat to target the union with a volley of tariffs. “If we are attacked in terms of trade, Europe — as a true power — will have to stand up for itself,” Macron said. The leaders of the EU’s 27 nations…

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The stock market kicked off the week on a sluggish note, as escalating global market volatility and intensifying trade tensions dampened investor confidence, stifling momentum across key sectors. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index registered a 365.07 points gain (0.32%), reaching an intraday high of 114,620.79, but later retreated, touching a low of 112,893.65, reflecting a decline of 1,362.07 points, or -1.19%, from the previous session’s close of 114,255.72. Market analysts linked the decline to external pressures, with Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, saying:…

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KARACHI: Consumer price index (CPI) inflation eased significantly to 2.4% year-on-year in January 2025, down from 4.1% in December, fresh data revealed on Monday. It was a sharp decline from the staggering 28.3% recorded in January 2024, according to data released by the Pakistan Bureau of Statistics (PBS). This marks the lowest inflation in over two years, reflecting easing price pressures across both urban and rural areas. On a month-on-month basis, CPI inflation edged up slightly by 0.2% in January, compared to a 0.1% increase in the previous month and…

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ISLAMABAD: Power distribution companies have requested the National Electric Power Regulatory Authority (Nepra) to pass relief of over Rs52 billion to consumers under the quarterly adjustment mechanism. According to Nepra, electricity firms’ applications seeking a total reduction of Rs52.12 billion have been received for the second quarter adjustment of the current fiscal year. The requested adjustments include a Rs50.66 billion reduction in capacity charges and a Rs2.66 billion decrease in transmission and distribution losses. However, an increase of Rs2.69 billion has been sought under operations and maintenance costs. The adjustment…

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PALM BEACH: US President Donald Trump on Sunday said that Americans may feel economic “pain” from his tariffs on key trading partners, but argued it would be “worth the price” to secure US interests. On Saturday, Trump finally signed off on threatened 25% tariffs on neighboring Mexico and Canada — despite sharing a free trade pact — and hit China with a 10% tariff in addition to already enacted levies. The president had vowed since before his inauguration to take such action, claiming the countries were not doing enough to…

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NEW YORK: Global markets are set to face a jolt on Monday after US President Donald Trump launched a trade war as he enforced tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation. With Mexico and Canada — the US’s top two trading partners — vowing immediate retaliation and China saying it would take “counter measures”, the scene was set for a round of turbulence. Markets were dealt a blow last week as the emergence of China’s DeepSeek AI model hit tech stocks, and…

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United States President Donald Trump’s move to impose additional 10% tariffs on China as part of his promise to hit back at the Asian country for its alleged unfair trade practices and role in the country’s deadly fentanyl crisis is likely to have significant consequences. Beijing, while reacting to Washington’s decision, has firmly opposed the tariffs saying that it too would take “corresponding countermeasures to resolutely safeguard” its interests. With much at risk, its imperative to take a look at the trade relationship between the two economic giants who might be…

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