LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday hailed Prime Minister Imran Khan’s incentives package to promote the industrial sector. In a statement, FPCCI Management Committee Chairman Irfan Iqbal Sheikh and Muhammad Nadeem Qureshi said that the county’s economic progress was directly linked with the development of the industrial sector. … Read more
FRANKFURT: German unemployment dropped to pre-pandemic levels in February, two years after the coronavirus shuttered large parts of the economy, official figures published on Wednesday showed. The jobless rate stood at five per cent in February on a seasonally adjusted basis, according to the BA federal labour agency, the same level as in February 2020. … Read more
The Hub Power Company Limited’s (Hubco) profitability declined in the outgoing quarter, primarily due to lower share of profits from China Power Hub Generation Company (CPHGC) and the absence of debt servicing revenue from the Narowal Energy Limited. The management updated that the affected unit of CPHGC has returned to service from January 6, 2022. … Read more
Dubai has cemented its position as one of the top cities for expatriates due to its high-quality lifestyle and safe environment, a latest survey showed. Referring to the survey conducted by InterNations in which more than 12,000 members participated, Zoom Property Insights noted in a report that Dubai has emerged as a popular destination for … Read more
Pakistan’s economic hub, Karachi, is unable to host various sporting events, mainly due to the poor infrastructure in the city. When it comes to hosting Olympic sports, the first venue that pops up in mind is the National Coaching Centre (NCC), which was capable of hosting many games in the past but now it is … Read more
BEIRUT: Once the economy’s crown jewel, Lebanon’s banks are shutting branches and laying off employees in droves, resizing to the bleak reality of a crisis they are widely blamed for. Before the onset in 2019 of a financial collapse deemed one of the world’s worst since the 1850s by the World Bank, the small Mediterranean … Read more
WASHINGTON: After two weeks of talks, the IMF has said it has advanced efforts to secure an aid program to help Lebanon overcome its “unprecedented and complex” economic crisis, but more work is needed. The country will need fiscal reforms that ensure it can manage its debt load as well as measures to establish a … Read more
Islamabad: In a country like Pakistan, which is surrounded by internal and external conflicts, managing the economy is an uphill task. Strained relations with India and continuous turbulent situation in Afghanistan never allowed Pakistan to realise its true potential. In the last 74 years, the country’s economy is moving like a see-saw between military and … Read more
Atlas Battery Limited was incorporated as a public limited company on October 19, 1966. It is engaged in manufacturing and sale of automotive and motorcycle batteries and allied products. The company is a subsidiary of Shirazi Investments (Private) Limited, which holds 58.86 per cent of issued, subscribed and paid-up capital of the company as of … Read more
BEIJING: Facing an increasingly complicated external environment and more uncertainties, China is fully confident in and capable of maintaining sound, healthy and sustainable economic growth, said an official with the country’s top economic planner. China faces the triple pressures of demand contraction, supply shocks, and weakening expectations. But its economic resilience, massive potential, bright prospects, … Read more
HAVANA: Cuba on Saturday announced a new 10 per cent tax on retail food sales, as the country endures economic woes marked by rampant inflation. The levy taking effect on Monday will target self-employed people and small- and medium-sized companies in the retail food sector, said the decree published in the official government gazette. These … Read more
JAKARTA: Indonesia’s economy returned to growth last year as surging commodity prices helped drive a recovery from a coronavirus-triggered recession, data showed, though officials warned the outlook depended on how well the fast-spreading Omicron variant is managed. Southeast Asia’s biggest economy expanded 3.69 per cent on-year, the country’s statistics agency said, having contracted in 2020 … Read more
BEIJING: China’s capital market is expected to see sound development with more opportunities this year, experts said. “The opportunities outweigh the challenges for China’s capital market in 2022,” said Peng Wensheng, chief analyst of the China International Capital Corporation, in a recent interview with Xinhua. Peng added that the country’s innovation drive and policies to … Read more
Economic hooliganism is commonly perceived to have adverse effects on the country. Pakistan is not less than any other state, as here too, the ministers and their opponents always give statements substantiated with several research reports of their choice and official statistics. The latest figures released by the Ministry of Finance suggests the economic recovery … Read more
KARACHI: Pakistan needs viable and inexpensive electricity for socioeconomic development, but the situation is contrary, as the power regulatory authority on the dictation of the International Monetary Fund (IMF) has increased the tariff several times in the last few months, creating financial problems for the residential and industrial units alike. Pakistan Apparel Forum Chairman Javed … Read more
LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht said that Punjab is working with the federal government to increase revenue collections. The International Monetary Fund (IMF) representative for Pakistan, Esther Perez Ruiz called on Bakht at the Civil Secretariat on Thursday, where he said that the government will ensure implementation on the long-term reform for … Read more
MANAMA: Bahrain on Monday announced the creation of long-term visas for foreigners in an effort to “boost the economy”, following in the footsteps of some of its Gulf neighbours. With just over half of its 1.7 million population made up of foreigners, Bahrain is seen as a hub for professional expatriates, like much of the … Read more
KUALA LUMPUR – Malaysia will not shut down its economic and industrial activities even if new COVID-19 cases spike, Malaysian Minister of International Trade and Industry Mohamed Azmin Ali has said. Previous lockdowns had caused 826,000 people to lose jobs in the first three months of the total lockdown in 2020, Mohamed Azmin said following … Read more
NOUMOUTENE, Mali: Malian cotton farmers are set to produce a bumper crop this year, but Mahamadou Konate is worried, belying the smile he wears as he paces through his field. Economic and diplomatic sanctions recently imposed on the poor, conflict-torn Sahel state threaten one of its few economic motors: the cotton sector. Mali has traditionally … Read more
BEIJING: Eddy Chan has always felt lucky to have an “exciting career” which highlights both speed and stability, express delivery. “Even more lucky, I am honoured to participate in and witness the burgeoning express delivery industry in China,” said Eddy Chan, FedEx senior vice president and FedEx China president. “FedEx is committed to continuously strengthening … Read more
COLOMBO: Sri Lanka marked its independence day on Friday with an appeal to its diaspora to send money home to overcome the island’s worsening economic crisis and a pledge to protect foreign investments. President Gotabaya Rajapaksa urged millions of Sri Lankans abroad to invest their savings in their home country, which is facing its worst … Read more
PARIS: The announcements by TotalEnergies and Chevron have swelled the ranks of foreign firms that have quit Myanmar after the February military coup. As the civilian death toll from the military crackdown has surpassed 1,500 people, activists have ratcheted up pressure on foreign firms. Investors piled into the country after the military relaxed its iron … Read more
LAHORE: Speakers at a seminar have stressed the need of devising a strategy for facing the challenges of economic warfare, a statement said on Friday. “Trade embargoes, economic sanctions, tariff discrimination, freezing of capital assets, suspension of aid and prohibition of investment are some of the common tools of economic warfare,” they said while speaking … Read more
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has expressed concerns on the difference in the retail and wholesale prices of pulses in the country. Tarin, while presiding over the meeting of the National Price Monitoring Committee (NPMC), on Wednesday directed the Ministry of NFS&R to investigate and take appropriate action against the exploiters … Read more
BRUSSELS: Economic growth in the eurozone slowed sharply in January, a key survey showed on Monday, as new coronavirus restrictions hit consumer spending, raising a new obstacle for the region’s recovery. In its closely watched monthly survey, IHS Markit said the deceleration, which brought growth to an 11-month low, was completely attributable to the services … Read more
BEIJING: China’s GDP has expanded at 8.1 per cent in 2021, growing the fastest in nearly a decade and landing well above the government’s annual target of achieving a growth rate above 6 per cent. The robust expansion, which beats the market expectation and eclipses most of other major economies in two-year terms, spells out … Read more
JOHANNESBURG: The World Bank has approved a $750-million (660-million-euro) loan to support South Africa’s Covid response and to bolster the economic recovery from the pandemic, the Treasury said on Friday. In a statement, the Treasury said the loan aims at “protecting the poor and vulnerable from the adverse socioeconomic impacts of the pandemic and supporting … 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
