KARACHI: The global economic outlook turned gloomy soon after Russian forces marched into Ukraine. The financial sanctions have rocked Russia’s economy and threaten to fuel further worldwide inflation. The prices of natural gas, oil, and other staples have jumped in the international markets. At the same time, it has rattled global supply chains that are … Read more
KARACHI: Earnings of the KSE-100 Index increased significantly, displaying a jump in quarterly profit of 19.9 per cent. However, almost all listed companies involved in manufacturing, assembling and production activities have complained of the supply chain challenges, which would take a toll on the demand and profitability. According to industry sources, the freight for spot … Read more
COLOMBO – Tourist arrivals in Sri Lanka surpassed 90,000 in February, seeing a 14-per cent increase from the previous month, official figures from the Tourism Ministry showed here. According to the ministry, 93,582 tourists arrived in February, leading to 175,909 tourists arriving in the country this year. Russia continued to be the leading source market … Read more
ISLAMABAD: Pakistan has seen a rise in home-based entrepreneurs and when the pandemic spread, more females joined in. Some took to enterprise to support their household income, some to give a chance to their passion and some to turn their passion into an asset. Zaira Rizvi, the founder of Happiness Bazaar, started this project from … Read more
BEIJING: China has called for strengthening global cooperation in coordinating macro policies, as part of efforts to propel common development, according to the Ministry of Finance. “Major developed countries should adopt responsible macroeconomic policies and appropriately control the spillover effects,” Finance Minister Liu Kun said when attending the meeting of G20 finance ministers and central … Read more
The outbreak of Covid-19 pandemic and the restrictions imposed by the governments on the movement of the people and goods compelled the companies to shift towards innovative solutions by adopting high-tech business practices. Similarly, the Pakistan government also took several initiatives to shift towards the fast growing digitalisation by promoting e-commerce, teleconferencing, remote working, paperless … Read more
KARACHI: The global trade in liquefied natural gas (LNG) increased 6 per cent to 380 million tonnes during 2021, as many countries rebounded from the Covid-19 pandemic, according to the Shell’s latest annual LNG Outlook. The rising LNG demand, combined with supply constraints, caused gas and LNG prices to remain volatile throughout the year. The … Read more
KARACHI: The annual consumption for automotive tyres in Pakistan is around 14 million and half of the demand is met through smuggling, said Hussain Kuli Khan, chief executive officer of Ghandhara Tyre and Rubber Company Limited (formerly known as General Tyres). He said around 15 per cent demand is met by domestic production, while the … Read more
GENEVA – Six African countries have been chosen to establish their own mRNA vaccine production, the World Health Organization said Friday, with the continent largely shut out of access to Covid jabs. Egypt, Kenya, Nigeria, Senegal, South Africa and Tunisia were selected as the first recipients of technology from the WHO’s global mRNA vaccine hub, in a … Read more
With two Academy Award bellwethers either postponed (as was the case with the Critics Choice Awards) or diminished (the Golden Globes happened in January but were tweeted, not televised), nominations for this year’s Oscars arrived on Tuesday honouring the movie industry’s finest from the past 12 months during which Covid-weary audiences slowly headed back into … Read more
ISLAMABAD: The Executive Board of the International Monetary Fund (IMF) has approved around $1 billion tranche for Pakistan after concluding the 2021 Article IV consultation and the sixth review of the arrangement under the Extended Fund Facility. The review allows the authorities to draw the equivalent of SDR 750 million (around $1 billion), bringing the … Read more
KARACHI: Despite improvement in business activities after complete lockdown, Pakistanis remain pessimistic about the fate of the country’s economy with a continuous hike in inflation, high key policy rates, and burgeoning import bill and twin deficits. At the start of 2022, the world was optimistic that the development of pioneering vaccines would restrict the global … Read more
KARACHI: The Pakistan equity market is witnessing a rising trend of foreign investment, as the country’s economy is returning to normalcy after some relief from the Covid-19 pandemic. “The local market is expected to attract net inflow of $150 to $200 million in 2022, as the country make progress with the International Monetary Fund (IMF), … Read more
LUSAKA – Zambia on Monday received a fresh batch of COVID-19 vaccines donated by the Chinese government. The 400,000 doses of vaccines were received by Li Jie, the Chinese Ambassador to Zambia and Sylvia Masebo, Zambia’s Health Minister, during a ceremony held at the Kenneth Kaunda International Airport in Lusaka, the country’s capital. Addressing the … Read more
A youngster named Aayansh Kumar used his mother’s phone to order the furniture from Walmart, according to the media. Almost everything has been made available online since the COVID-19 pandemic hit the planet. Being tech-savvy is essential these days, and even young children are aware of how to use a smartphone. And here we have … Read more
GENEVA: The Davos summit will be held in person for the first time during the Covid-19 pandemic, from May 22 to 26, the World Economic Forum announced on Friday. The annual gathering of the world’s political, economic and business elite traditionally takes place in January against the idyllic snowy backdrop of the Swiss ski resort of … Read more
MADRID: The Spanish government is increasingly under fire over its use of the European Union’s massive economic recovery funds, with critics blasting the distribution of aid as too slow and arbitrary. Spain is due to receive 140 billion euros ($160 billion) from the fund by 2026, half of it in grants, making it the programme’s … Read more
GENEVA: The World Health Organization has warned that the Covid-19 pandemic is far from over, as France, Germany and Brazil posted new records of infections in the past 24 hours. The highly transmissible Omicron strain has spread unabated around the world, pushing some governments to impose fresh measures while speeding up the rollout of vaccine … Read more
WASHINGTON: With US inflation high and the Federal Reserve expected to hike interest rates within months, President Joe Biden said on Friday he had faith in the central bank’s ability to manage price increases while ensuring that businesses keep hiring. “I want to be clear: I’m confident the Federal Reserve will act to achieve their … Read more
BEIJING: China’s economy expanded at its fastest pace for 10 years in 2021, according to an AFP poll of analysts, but its strong recovery from the Covid-19 pandemic is threatened by Omicron and a property sector slowdown. The eight per cent growth would be well above the government’s target of more than six per cent, and comes on … Read more
LONDON, Jan. 11 (Xinhua) — The true number of deaths from the COVID-19 pandemic in the United States is probably being undercounted — many deaths are not counted because they happen months after infection, according to an insurance company CEO. “The deaths that are being reported as covid deaths greatly understate the actual death losses … Read more
BEIJING: The Regional Comprehensive Economic Partnership (RCEP) agreement, the world’s largest free trade agreement, entered into force on Saturday, injecting vitality into multilateralism and free trade amid the Covid-19 pandemic and global economic recovery. After the agreement takes effect, more than 90 per cent of merchandise trade among members that have approved the agreement will … Read more
Gross domestic product (GDP), which measures the total output of goods and services in an economy, has flaws when used to gauge the well-being of a nation’s residents. For example, to the question of whether people in the United States are better-off in 2021 than they were before the Covid-19 pandemic, the answer would be … Read more
Just like the whole world, Pakistan’s economy also showed signs of recovery from the Covid-19 pandemic in 2021 but rising twin deficits and inflationary pressures eroded the gains and made the life of a common man miserable. Unlike 2020, in which lukewarm economic activity was witnessed, the year 2021 remained better for the economy. The … Read more
PHNOM PENH, Jan. 6 (Xinhua) — Cambodia will provide millions of face masks and a number of medical supplies and equipment to Myanmar to help it fight the COVID-19 pandemic, a health official said on Thursday. The assistance includes 3 million face masks, 200,000 N95 masks, 100,000 goggles, 30,000 sets of personal protective equipment, 30,000 … Read more
WASHINGTON: Hiring in the United States surged in December, with private companies adding 807,000 workers, particularly in the service sector, payroll services firm ADP reported on Wednesday. It was a big upswing from the 505,000 gain in November and nearly double the increase economists had been expecting, but the fast-spreading Omicron variant of Covid-19 could hit … Read more
SEOUL: North Korean leader Kim Jong Un put the economy front and centre of an agenda-setting speech at the end of a key ruling party meeting, state media reported on Saturday, with no mention of the United States. Instead of the policy positions on diplomacy for which Kim’s New Year statements have been closely watched in … Read more
HANOI: Vietnam reported economic growth of just 2.58 per cent on Wednesday, beating a 30-year low set last year, as the pandemic continues to take a toll. The communist state has long been a success story among the Asian economies, posting a growth of 7 per cent in 2019. But shutdowns caused by the coronavirus have … Read more
