Category: bussines

WASHINGTON: United States President Donald Trump’s move to slap 25% tariffs on Canada and Mexico is set to affect supply chains for a wide array of products from industries preparing for jacked-up costs. Trump invoked emergency economic powers in imposing tariffs on Canada, Mexico and China, arguing they had failed to stem the flow of illegal immigrants and drugs into the US. Chinese goods faced an added 10% tariff under the latest announcement. Meanwhile, Washington’s imports from both its neighbours covered nearly $900 billion in goods as of 2023 as…

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India’s Finance Minister Nirmala Sitharaman on Saturday announced plans to cut personal income tax rares during the annual budget reveal in a bid to bolster middle-class spending power. This move comes as the world’s fifth-largest economy grapples with its slowest growth in four years, impacted by weak urban demand and faltering private investment. Additionally, high food inflation has further strained disposable incomes. The 2025-26 budget aims to implement “transformative reforms in taxation,” benefitting the poor, youth, farmers, and women. The government said people earning up to ₹1.28 million ($14,800) per year…

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WASHINGTON: US President Donald Trump has announced that his administration plans to impose tariffs on oil and gas imports starting around 18 February, with a potential reduction in the levy on some Canadian crude. The US imports some 4 million barrels per day of oil from Canada, roughly 70% of which is processed by refiners in the US Midwest. A tariff on oil imports could lead to lower production of fuel at those facilities and drive up costs for consumers, analysts and companies have warned. Trump did not name a…

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WASHINGTON: President Donald Trump will impose tariffs on Saturday targeting Canada, Mexico, and China—three of the biggest trading partners of the United States—raising fresh concerns about the impact on global trade, the White House has announced. Trump has reiterated his plans for 25 per cent tariffs on neighbours Canada and Mexico, saying they have failed to crack down on illegal migrants crossing the US border and the flow of fentanyl. He also threatened a 10 per cent duty for Chinese goods on the same day, similarly over the drug. “The…

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The federal government on Friday increased the price of petrol by Re1 to Rs257.13 per litre for the next 15 days. According to a notification issued by Ministry of Finance, the price of high-speed diesel (HSD) has been increased by Rs7 to Rs267.95 per litre. “The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” read the notification. Products Existing Prices New Prices Increase/Decrease High Speed Diesel (HSD) 260.95 267.95 +7.00 MS (Petrol)  256.13…

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The capital market stayed the winning course on Friday as investors are pinning hopes on the index heavyweights to deliver robust corporate earnings, amid expectations that the central bank was poised to lower the policy rate to near single digits soon. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained a solid 1049.32 points, or 0.93%, to close at 114,255.72, after hitting an intraday high of 115,106.99, reflecting sustained investor confidence, while the lowest level of the session was recorded at 113,692.87. “Stocks were bullish, led by scrips across the…

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EU Special Representative for Human Rights (EUSR) Ambassador Olof Skoog emphasised the need for progress on a range of issues in Pakistan, including human rights, to benefit from GSP+ status amid the ongoing review under the GSP+ trade policy. According to an EU handout, the top European Union envoy made these remarks during a week-long visit to Pakistan. The EU delegation arrived with the goal of engaging Pakistan in resolving key labour and human rights issues. During his visit, Ambassador Skoog held meetings with federal and provincial government ministers, military…

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The Federal Board of Revenue has temporarily halted procurement of 1,010 new vehicles in order to conduct an assessment of the proposal via a government authority following objections raised by the Senate Standing Committee on Finance and Revenue. In a statement on Thursday, FBR Chairman Rashid Langrial announced that the proposal would be presented before the Public Procurement Regulatory Authority (PPRA) for analysis prior to purchasing vehicles in a bid to gain the confidence of the Senate body. Last week, the Senate Standing Committee on Finance had ordered the FBR…

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The stock market staged a recovery on Thursday, reversing a three-day slump as investors capitalised on discounted valuations. Unlike previous sessions dominated by bearish sentiment, the session saw renewed optimism and buying momentum. The rally marked a shift in market dynamics, contrasting the correction that had previously eroded investor confidence. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed 1,051.88 points, or 0.94%, reaching an intraday high of 112,539.24. The index touched a low of 111,805.66, marking a gain of 318.3 points, or 0.29%, from the previous session’s close. Ahfaz…

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WASHINGTON: The US Federal Reserve has decided to keep its key interest rate steady, marking its first policy meeting since President Donald Trump’s return to office while defying his calls for further rate cuts. Policymakers voted unanimously to keep the Fed’s benchmark lending rate at between 4.25 percent and 4.50 percent, the Fed announced in a statement. The decision marked a pause following three consecutive rate reductions which lowered the Fed’s key lending rate by a full percentage point. “The unemployment rate has “stabilised at a low level in recent…

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