RIYADH: China plans to ban companies from going public on foreign stock markets through entities with different interests. It will close a loophole that the country’s technology industry has long used to raise capital from foreign investors, according to Bloomberg. People familiar with the matter, who asked not to be identified while discussing private information, said … Read more
LONDON: Saudi Aramco’s award of $10 billion worth of contracts on its giant Jafurah project has finally fired the starting gun to develop what is thought to be the world’s biggest shale gas field outside the US, Arab News reported. Having battled with America’s shale oil producers for market share over the last decade, the kingdom is … Read more
LAHORE: Ambassador of Argentine Leopoldo Francisco Sahores called on Punjab Minister for Agriculture Syed Hussain Jahania Gardezi and discussed matters of mutual interests and cooperation in the field of agriculture, a statement said. Sahores said that Argentine’s companies were keen to invest in the field of agriculture and food products in Pakistan. Gardezi said that … Read more
KARACHI: Pakistani rupee edged down by 2 paisas against the dollar in early trade at the interbank foreign exchange market on Thursday. The dollar is being traded at Rs175.50 at the opening of the interbank market. The exchange rate was closed at Rs175.48 on Wednesday December 1, 2021. Read more: Rupee recovers 24 paisas against … Read more
KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 835.11 points, or 1.84 per cent, in the first hour of trading on Thursday. The bourse on Wednesday remained in the green territory after the adjustment of the MSCI-related outflows, and the market momentum was supported by the … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has expressed satisfaction over the stability in the sugar price in the market. Presiding over the National Price Monitoring Committee (NPMC) meeting, which reviewed the prices of daily commodities and essential food items in the country, Tarin commended the efforts of the governments … Read more
DUBAI: The UAE confirmed its first case of the Covid-19 Omicron variant on Wednesday, Khaleej Times reported. The Ministry of Health and Prevention (Mohap) said on Twitter that the variant was detected in an African woman who came from an unspecified African country. She was passing through an Arab country and had received two doses of a … Read more
KABUL: Afghanistan’s GDP could contract 20 per cent within a year, the UN predicted in a new report on Wednesday, saying that the withdrawal of international aid after the Taliban’s return to power is an “unprecedented fiscal shock”. For decades now Afghanistan’s economy has been undermined by war and drought. But it was propped up by … Read more
PARIS: The OECD lowered the world’s economic growth outlook for 2021 on Wednesday and called for a swifter rollout of Covid vaccines, fearing the emergence of “breeding grounds” for deadlier strains. The global economy is now expected to expand by 5.6 per cent this year, down from an earlier forecast of 5.7 per cent, the … Read more
KARACHI: The rupee made a recovery of 24 paisas against the dollar on improved sentiments regarding foreign inflows and falling international oil prices, dealers said on Wednesday. The exchange rate ended at Rs175.48 against the dollar from the previous day’s closing of Rs175.72 in the interbank foreign exchange market. The local currency recovered against the … Read more
KARACHI: The Federal Board of Revenue (FBR) on Wednesday extended the implementation of digital payment for the corporate sector for another month. In this regard, the apex tax body issued a Circular No 10 of 2021/22 to notify the extension in time for implementation of digital payment for corporate entities. It is the second time, … Read more
KARACHI: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has successfully retained its market standing as a leader in terms of microcredit and micro-savings during the third quarter of the financial year 2021, as per the latest report released by the Pakistan Microfinance Network. MicroWatch, a quarterly update on microfinance outreach in Pakistan, in … Read more
NADI, Fiji: Grass-skirted traditional dancers welcomed elated holidaymakers back to Fiji on Wednesday, as the South Pacific nation opened its borders to international travellers for the first time since the pandemic began. Fiji Airways flight FJ914 from Sydney touched down at Nadi Airport at 11.40am (2340 Tuesday GMT), ending 615 days of international isolation for the … Read more
SYDNEY: Pandemic-induced lockdowns caused Australia’s economy to shrink 1.9 per cent in the third quarter, a downturn that bucked the trend of a steady recovery in other wealthy nations. The Australian Bureau of Statistics on Wednesday reported the country’s second quarterly contraction since the pandemic began — and one of the largest contractions on record … Read more
DUBAI: Saudi Arabia confirmed on Wednesday its first case of the Covid-19 Omicron variant on a passenger coming from Africa, state news agency SPA reported. The passenger, along with those he was in contact with, has been isolated, SPA added. The spread of the latest strain comes as Saudi Arabia’s ban on direct travel from several countries ended, … Read more
TOKYO: Japan has asked airlines to stop taking new incoming flight bookings over concerns about the Omicron virus variant, the transport ministry said on Wednesday. The announcement came as authorities announced they had detected a second infection with the new strain in an arriving traveler, a day after confirming a first case. “We have asked … Read more
UNITED NATIONS: Ambassador Munir Akram on Tuesday said that he would work on the basis of “transparency, inclusivity and objectivity” in promoting the group’s interests and objectives after Pakistan was elected by acclamation, as chairman of the Group of 77 and China for 2022. “We are honoured to be elected as the chairman of the … Read more
KARACHI: Pakistan’s exports in November surpassed the target $2.6 billion set by the government for the month, an adviser to the Prime Minister tweeted on Wednesday. Adviser to the Prime Minister on Commerce and Trade Razak Dawood said that Pakistan’s exports during November reached the historic monthly high of $2.903 billion, up by 33 per … Read more
RIYADH: Saudi Arabia’s ban on direct travel from a number of countries came to an end on Wednesday, as the country continues to relax travel restrictions caused by the pandemic, Arab News reported. Travellers from six countries including India, Egypt, Pakistan, Indonesia, Brazil and Vietnam can now arrive in the Kingdom without having to spend 14 days … Read more
BEIJING: Pakistan is one of the most exciting technology ecosystems globally right now, attracting more capital at a faster pace than many other emerging markets. This was stated by Ben Harburg, managing partner of MSA Capital, while addressing a seminar titled “China-Pakistan: The Way Forward” hosted by the Center for China and Globalisation (CCG), a … Read more
ISLAMABAD: The government is making all-out efforts to reduce inflation, a senior government official said. Talking to a private news channel, Special Assistant to the Prime Minister on Youth Affairs Usman Dar said that inflation has become a global challenge due to the Covid-19 because it has fluctuated big economic powers of the world. Edible … Read more
KARACHI: The Federal Board of Revenue (FBR) plans to create a dedicated Customs Colectorate for the processing of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and other liquids, as well as solid bulk cargo imports. The Collectorate, namely, MCC Appraisement (Bulk) in Karachi, will deal with the cargo clearance of bulk petroleum products, edible … Read more
ISLAMABAD: Islamic finance is one of the most rapidly growing sectors of the global financial system, as it has emerged as an effective tool for financing development worldwide, including in non-Muslim countries, a senior government official said. Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin virtually addressed the 10th Islamic Finance Expo … Read more
LAHORE: The board of directors of the Punjab Industrial Estates Development and Management Company (PIEDMC) has approved the construction of new 132KV grid stations in Multan and Sundar Industrial Estate and the payment of bank guarantee and annual fee to the National Electric Power Regulatory Authority (Nepra) for the distribution licence in Vehari Industrial Estate, … Read more
KARACHI: Sindh Local Government Minister Syed Nasir Hussain Shah has issued directives to the Water Board managing director to provide uninterrupted water supply to industries in North Karachi Industrial Area and said that the promotion of industries and productive activities is the top priority of the PPP government so that maximum employment opportunities can be … Read more
DUBAI: A major hit to the peak December travel season because of the Omicron variant of the coronavirus would cause “significant traumas” in the global aviation business, Reuters quoted Emirates airline president Tim Clark, as saying on Tuesday. Clark said Emirates was working on the basis the newly discovered variant could be dealt with effectively by … Read more
RIYADH: Huobi Group, the operator of China’s largest crypto exchange, has chosen Singapore as its regional headquarters, while deciding on another location in Europe. Singapore has become the new base for the company after it recently shifted its focus outside its home city of Beijing, co-founder Du Jun told Bloomberg News. The company plans to set … Read more
CAIRO: PJP Investment Group has announced its partnership with Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years, Arab News quoted a statement, as saying. PJP, which specialises in food and beverages and is wholly-owned by Levant Capital, opened the first four new outlets in Riyadh on … Read more
