KARACHI: Sindh Minister for Industries, Commerce and Cooperative Department Jam Ikramullah Dharejo slammed skyrocketing external debt and rising inflation during the period of Pakistan Tehreek-i-Insaf (PTI)-led government which also made the lives of people miserable. He expressed concerns over a significant surge in the volume of foreign loans to Pakistan. He lambasted that foreign loans … Read more
ISLAMABAD: Prime Minister Imran Khan has said that Pakistan’s macroeconomic indicators are stable and expressed confidence that by the end of the fiscal year, the economy will grow at a higher rate, compared with the previous year. He expressed these views, while chairing a meeting of the Macro Economic Advisory Group. Imran Khan said the … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to incentivise the local auto industry in the upcoming auto policy to ensure production of high-tech parts/components locally, a statement said. LCCI president Mian Nauman Kabir said that the localisation in the auto sector was limited to the manufacturing of steel metal, … Read more
KARACHI: The bearer prize bonds of high denomination will expire by the end of the current month but unregistered securities worth billions of rupees are still in circulation. The government has decided to withdraw the bearer bonds with denominations of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 and set a deadline of December 31, 2021 to exchange … Read more
KARACHI: Mastercard has announced a strategic partnership with LMK Resources Pakistan (Private) Limited (LMKR) to oversee the deployment of the country’s first open-loop transit payment solution, a statement said The collaboration will enable commuters to top-up and pay their transit fares simply by using their debit and credit cards or digital wallets, eliminating the need … Read more
SAN FRANCISCO: Facebook-parent Meta on Wednesday said it derailed an anti-Covid vaccine campaign that harassed medical workers, journalists and elected officials, in a signal of the ongoing pressure from pandemic-tied misinformation. The social media giant took down accounts in France and Italy that were linked to a conspiracy movement called “V_V”, which inundated pro-vaccine posts … Read more
WASHINGTON: The threat of a US federal government shutdown loomed larger on Wednesday as the lawmakers failed to reach a budget agreement with just two days to go before the funding runs out. Congress has until Friday night to come up with a new budget to avoid a sudden stoppage of most so-called non-essential federal government … Read more
ISLAMABAD: The government plans to increase e-commerce trade volume up to $9 billion in the next two years by June 2023, an official said. There are already conflicting figures in Pakistan’s e-commerce trade; however, with the current trade of $4.5 billion, “we can take it up to $9 billion,” Special Assistant to the Prime Minister … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to control inflation by keeping a check on profiteering and hoarding by the big investors, a statement said on Tuesday. Unisame president Zufikar Thaver said that the Unisame is badly affected by the snowball effect of inflation and invited the attention of … Read more
KARACHI: The All Pakistan CNG Association (APCNGA) has rejected the decision of the Sui Southern Gas Company (SSGC) to close compressed natural gas (CNG) filling stations for two-and-a-half months from December 1 to February 15, a statement said. Closing of CNG filling stations in Sindh is unjustified, which will not be accepted, Group leader of APCNGA … Read more
RIYADH: The Saudi Electricity Company is transferring its ownership of its subsidiary, Saudi Power Procurement Company, to the government, Arab News quoted the company, as saying on a bourse filing. SPPC is responsible for tendering renewable and conventional energy projects to meet the growth in the kingdom’s power demand. It also manages commercial agreements for the procurement … Read more
JOHANNESBURG: International sport in southern Africa effectively ground to a halt on Saturday as a result of travel bans caused by the new Omicron coronavirus variant. The Joburg Open golf tournament, part of the new DP World Tour, was the only major event played – and that was severely curtailed. A cricket series between South Africa and … Read more
FRANKFURT: Germany’s new government has pledged to spend big on the economy, climate change and social security, but without raising taxes or taking on more debt, leaving many asking where the money is going to come from. “We have decided that this will be a decade of investments,” future chancellor Olaf Scholz said on Wednesday as … Read more
PARIS: Whether it is the heating bill, pump prices or making the weekly run to the supermarket, consumers are having to dig deeper and deeper into family budgets. Inflation is complicating the recovery of individual consumers from the pandemic and putting the recovery of the global economy at risk. What does the data say? Inflation figures … Read more
MADRID: Spain’s fragmented parliament passed the government’s 2022 budget on Thursday, boosting the stability of Socialist Prime Minister Pedro Sanchez’s minority coalition government. Lawmakers voted 188-158 in favour of the budget, which includes a record 240 billion euros ($340 billion) in spending next year, as the government seeks to spur activity in an economy badly hit … Read more
ISLAMABAD: The government is focusing on the completion of the privatisation programme in the stipulated time, an official said. Chairing a meeting of the Privatisation Board, Federal Minister for Privatisation Muhamamdmian Soomro said that the issues regarding the privatisation of the state-owned entities were being jointly resolved by various departments and divisions. The board recommended … 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: Saudi Arabia is preparing 160 privatisation deals and intends to announce more of these operations next year, Arab News quoted Saudi Finance Minister Mohammed Al-Jadaan, as saying. Speaking at the Financial Stability Conference, Al-Jadaan said while the Al-Jadaan will not be fully privatiSed as a service provider, parts of it, such as radiology, could be. He … Read more
SINGAPORE: A coordinated release from government oil reserves led by the US may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, Reuters quoted analysts at Goldman Sach, as saying. “On our pricing model, such a release would be worth less than $2/bbl, … Read more
KARACHI: The Korangi Association of Trade and Industry (Kati) has expressed concern over the strike call by a petroleum dealer, a statement said. Kati president Salman Aslam said that non-supply of petrol would affect the supply of finished products in the local and export goods, which could harm the industrialists and the economy. The price … Read more
MADRID: Spain’s leftist Prime Minister Pedro Sanchez started the year with a bullish economic outlook. Months later, he faces protests, strikes and an emboldened opposition as the recovery from the pandemic slump trails other European nations. Gone is the optimism shown earlier this year when Sanchez forecast a strong comeback in 2021 for the Eurozone’s fourth-largest … Read more
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has said that it fully supports general industries’ resistance against the suspension of gas supplies, as it would not only affect their own production but would also have a severe impact on the export-oriented industries, as well because both were linked with each other and it … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has criticised the decision of the government to suspend gas supply to non-export industries. FPCCI president Mian Nasser Hyatt Maggo expressed concern and disappointment on the government’s decision to suspend gas supply to non-export-oriented industries; which will result in the losses of billions of … Read more
ISLAMABAD: The Fertiliser Review Committee has asked the provincial governments to take strict action against hoarders and those engaged in black marketing of fertilisers. Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar, who chaired the meeting, expressed concern over the hoarding of an essential commodity for farmers and asked the provincial governments to take … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday clarified news reports related to average inflation forecasts. The SBP said that in some sections of the media, SBP’s average inflation forecast of 7-9 per cent in FY22 is being interpreted as the ‘inflation target’ and being compared to the inflation targets of other countries. This … Read more
ISLAMABAD: The profiteers are fleecing the public in Sindh with the support of the Pakistan Peoples’ Party (PPP) government, which failed to ensure good governance, despite being in power there for the last 13 years, an official said. Reacting to PPP Chairman Bilawal Bhutto Zardari’s speech, Minister of State for Information and Broadcasting Farrukh Habib … Read more
WASHINGTON: The International Monetary Fund (IMF) has announced it has renewed a two-year credit line for Mexico for $50 billion. The Mexican economy remains exposed to risks, including from the impact of the Covid-19, and the flexible credit line (FCL) will provide insurance against those risks and bolster market confidence, the International Monetary Fund said in … Read more
