CANBERRA – Australia on Wednesday reported more than 30,000 new coronavirus cases before international borders set to reopen to fully vaccinated tourists within weeks after almost two years. Nationally there were 70 deaths reported on Wednesday, including 24 in Queensland, 21 in Victoria, 20 in New South Wales, two in both Tasmania and South Australia, … Read more
Federal Information and Broadcasting Minister Chaudhry Fawad Hussain said on Saturday that water projects in Karachi and Faisalabad were discussed during Prime Minister (PM) Imran Khan’s meetings with Chinese investors. “The water supply project for Karachi (K-4), Hub Canal, and water treatment plant in Faisalabad came under discussion in the meetings,” he said in a … Read more
LAHORE: Carrefour has added a further Rs1 billion to its current investment of Rs9.5 billion in Pakistan with the inauguration of a new hypermarket in Gujranwala, a statement said. With the opening of its 10th store in Pakistan, Carrefour, owned and operated by UAE-based Majid Al Futtaim in Pakistan has expressed its great confidence in … Read more
LAHORE: Punjab Minister for Industries and Commerce Mian Aslam Iqbal has directed timely completion of development work in special economic zones, a statement said. Chairing a meeting on Thursday, he said, the target of 100 per cent colonisation of industrial estates would be achieved at all costs. Iqbal said that every plot in the industrial … Read more
MEXICO CITY: Economic growth in Latin America and the Caribbean will slow sharply this year amid uncertainty caused by the coronavirus pandemic, low investment and inflationary pressures, a UN body said Wednesday. The region’s gross domestic product (GDP) will grow by 2.1 per cent in 2022, compared with 6.2 per cent in 2021, the UN Economic … Read more
LHASA: Southwest China’s Tibet Autonomous Region plans to invest 601.5 billion yuan (around $94.3 billion) during its 14th Five-Year Plan period (2021/25), according to local authorities. The number sees a growth rate of 58 per cent, compared with that of the 13th Five-Year Plan (2016/20), the fifth session of the 11th People’s Congress of Tibet … Read more
ISLAMABAD: Fazal Rahim has been working on the Port Qasim Power Plant project for six years. The plant is part of the China-Pakistan Economic Corridor (CPEC) project. During his time at the plant, Rahim has witnessed growth on both professional and personal levels. “I was a fresh graduate when I started here, and now, six … Read more
KARACHI: The rate of profit on premium prize bonds having denominations of Rs25,000 and Rs40,000 has increased to 1.86 per cent from the existing 1.79 per cent, according to the Finance Division on Wednesday. The State Bank of Pakistan (SBP) has also issued a circular to inform the change of rate to all the presidents … Read more
ISLAMABAD: International telecommunication company Ericsson has invested more than Rs5.52 billion in Pakistan, Bol news reported on Sunday. Discussion regarding the investment was made during a meeting between officials of Ericsson and Federal Minister for IT Syed Aminul Haque on December 22. Read more: Ericsson Pakistan, ministry discuss digitalisation, skill development According to the details, … Read more
RIYADH: Saudi Arabia is expected to convert 22 airport operators into holding companies, as a privatisation process for them proceeds rapidly, Arab News quoted head of the General Authority of Civil Aviation Abdulaziz Al-Duailej, as saying. He emphasised that the privatisation involved “vigorous steps”, with two proposed projects, Taif and Abha airports progressing toward final … Read more
LAHORE: Prime Minister Imran Khan has said that the government is taking steps to provide a conducive environment for an increase in investment and expand business. Chairing a meeting regarding regional economic growth strategy for the Gujranwala division, he said the federal and provincial institutions were working for industrial progress in the country. After the … Read more
RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has said that transparency is the key to attracting investment in the kingdom’s mining sector, Arab News reported. Speaking at a post-budget forum in Riyadh, Alkhorayef said Saudi Arabia is committed to the environmental, social, and governance concepts in all sectors, including mining. He said mining is … Read more
BEIJING: The Chinese enterprises can expand their investment in date, palm tree planting and processing in Pakistan and cooperate with local enterprises, so as to jointly tap the international market. China can help Pakistan develop the modern logistics industry and establish modern cold storage systems and deep-processing production lines. These views were expressed by Cheng … Read more
Saudi Arabia’s smart city NEOM has hosted its first UK roadshow event in London to promote investment opportunities. It was attended by over 250 leaders from the country’s business, financial, environmental and political circles, Launched by Saudi’s ambassador to the UK, the Discover NEOM event included presentations, panels and an exhibition of NEOM in film … Read more
S&P Global Ratings has revised Bahrain’s outlook to ‘stable’ from ‘negative’ on the back of new fiscal reforms aimed at improving non-oil revenues and cutting state spending, Reuters quoted the ratings agency, as saying in a statement. Rated below investment grade, Bahrain was bailed out to avoid a credit crunch in 2018 with a $10 … Read more
RIYADH: US investment bank Moelis and Co plans to open an office in the Saudi capital Riyadh and will soon begin hiring staff in the kingdom, Bloomberg reported. The New York-based company sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle,” Vice Chairman Eric Cantor said in an interview. The boutique financial adviser, … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin held a meeting with a delegation of Citibank Pakistan during which different proposals were discussed for securing investment, commodity hedging for budget certainty and debt management. The Citibank delegation was led by its president and country officer for Pakistan Ahmed Bozai, a statement … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
RIYADH: Global institutions are lacking urgency when it comes to investing in green initiatives, Arab News quoted leading figures in the financial sector, as saying in a sobering assessment of the battle against climate change. Speaking at the Future Investment Initiative Forum in Riyadh, prominent players in Saudi’s Public Investment Fund (PIF), asset management firm … Read more
RIYADH: Saudi Aramco signed five initial deals as it plans to expand its focus on emerging sectors to drive private sector innovation and investment, Arab News quoted its statement, as saying, during the Future Investment Initiative. “The company is pursuing investment opportunities in projects that could potentially reduce Greenhouse Gas (GHG) emissions, following the recent announcement of … Read more
RIYADH: The newly-formed Saudi-Swiss Investment Forum, which will support investment in both countries, aims at hitting SR12 trillion ($3.2 billion) of financing by 2030, the Saudi Press Agency reported. The body, launched on October 25, 2021 in Riyadh, will also back Swiss companies who want to invest in the kingdom. Minister of Investment Khalid Al-Falih … Read more
RIYADH: The Saudi minister of investment will stress the kingdom’s position as a major global investment destination during his visit to the US, according to the Saudi Press Agency. Khalid Al-Falih will meet a group of the US officials on Wednesday to strengthen the existing strategic trade and investment partnership between the two countries, the agency … Read more
The global foreign direct investment flows were valued at $852 billion in the first half of 2021, Arab News quoted UN data, as saying. This reflected a partial-year growth of 78 per cent when compared to 2020. In the US, inflows were up by 90 per cent, driven by a surge in cross-border mergers and … Read more
ISLAMABAD: Foreign Minister Makhdoom Shah Mahmood Qureshi has called for revisiting the international policy frameworks governing trade, investment, finance, taxation and technology. In a video statement at the General Debate of the 15th Quadrennial United Nations Conference on Trade and Development (UNCTAD), the foreign minister drew attention towards the Covid-induced and exacerbated economic, social and … Read more
KARACHI: Pakistani startups raised over $305 million during the first nine months of 2021, which is 1.5 times higher than the last six years’ investments in startups combined. During the quarter ended September 30, 2021, the startups raised an all-time high of $177 million with August being the historic month, making 67 per cent of … Read more
KARACHI: The inflows of foreign direct investment (FDI) has declined 20.3 per cent during the first two months of the current fiscal year, according to the data released by the State Bank of Pakistan (SBP) on Friday. The FDI inflows declined to $203 million during July–August of the current fiscal year, compared with $254.8 million … Read more
ISLAMABAD: A meeting of the Privatisation Commission (PC) Board discussed the prequalification criteria of investors for the revival of Pakistan Steel Mills Corporation (PSMC), auction result of Services International Hotel (SIH) among others. Federal Minister for Privatisation Mohammedmian Soomro chaired the meeting. The revival of Pakistan Steel Mills is one of the important objectives of … Read more
ISLAMABAD: The Exim Bank would soon sign a new framework arrangement with Pakistan (2022/26) for enhancing the existing level of financing from $500 million to $1 billion. This was disclosed during a meeting of the high-level Korean delegation, led by Chong Hwa Lee, director general, Ministry of Economy and Finance, Republic of Korea and Minister … Read more
