The UK’s inflation rate reached 9.1 percent in May, the highest level in 40 years. The Bank of England issued a warning in June that inflation may reach 11%. Higher interest rates encourage consumers to save more money. The Bank of England has made more interest rate increases seem likely as it works to get … Read more
Sindh government lifts ban on marketplaces closing early in advance of Eidul Adha. Markets and bazaars can stay open till 9 p.m. until July 10. Punjab’s chief minister says decision was made to assist general public and business community. The Sindh government on Sunday abolished the prohibitions against the province’s marketplaces closing early in advance … Read more
U.S. firms will reimburse travel fees for employees who must leave their home states for abortions. Amazon, Apple, Lyft, Microsoft, and JPMorgan Chase & Co revealed plans. Conde Nast CEO called decision “a catastrophic blow to reproductive rights”. A increasing number of large U.S. firms will reimburse travel fees for employees who must leave their … Read more
Small businesses have called government programme to decrease prices a “slap in the face.” Federation of Small Business says it is unrealistic to want businesses to “soak up expenditures”. Advertising campaign was suggested by David Buttress, the government’s new cost of living tsar. A new government initiative to push companies to lower their pricing to … Read more
AirBnB bans parties and activities permanently after brief ban during the pandemic. San Francisco-based company lifted a restriction on the number of guests allowed in residences. In the future, “traditional hospitality establishments” may be exempt from the global prohibition. Following a brief prohibition during the pandemic that was well-received by hosts, Airbnb has permanently outlawed … Read more
Japan’s core consumer inflation hit 2.1% for two straight months in May. The rise was due almost entirely to soaring energy prices, Governor Haruhiko Kuroda said. Core consumer inflation may stay around 2% for about a year. But is likely to slow to around 1% in the next fiscal year. The Bank of Japan BOJ … Read more
Chinese censors delete comment by top Communist Party official published in state media. Cai Qi said Beijing would “vigorously adopt Covid-19 pandemic control measures” for five years. Remark triggered an online backlash; Beijing Daily called it an “editing error”. Chinese censors deleted what seems to be a deceptive comment by a top Communist Party official … Read more
Committee on Oversight and Reform. previously this month asked NFL Commissioner Roger Goodell and Washington Redskins owner Brian Snyder to appear before the committee. It said the meeting would likewise “analyze the NFL’s treatment of claims of working environment wrongdoing, the NFL’s part in setting and authorizing norms across the League.” A source near Snyder … Read more
The travel industry has been pushing for an end to the policy, which they say has deterred bookings. The change comes into effect on Sunday. The CDC will re-evaluate the policy in 90 days and could reinstate the rule if new variants make officials believe it is necessary. The US will never again require air … Read more
In the first four months of this year, the Agricultural Development Bank of China, the government’s rural policy bank, disbursed around 20.5 billion yuan (about 3.1 billion US dollars) in loans to 160 rural counties across the country. According to the policy bank, loan issuance grew by around 4.6 billion yuan over the previous year. … Read more
Under the brand new automobile policy, all OEMs are required to provoke automobile exports to help expand the neighborhood enterprise. The automobile has been exported to the Oceania region. Oshan X7 is one of the country’s first automobiles to be launched thru a worldwide RHD most effective in advance in March 2022. Pakistan has exported … Read more
The US central bank can down the inflation by increasing interest rates without jeopardizing growth in the world’s largest economy, though it is a challenge, a top Federal Reserve official said Thursday. “I think we can achieve a soft landing,” New York Fed President John Williams shared opinion in an interview with Bloomberg. An influx … Read more
KARACHI: The price of gold in Pakistan gained Rs1,500/tola to reach the all-time high of Rs134,300/tola on Thursday amid the continuous depreciation in the rupee against the dollar. The local currency remained under pressure as the SBP’s foreign exchange reserves largely depleted due to debt repayments and government payments. The political instability in the country, … Read more
KARACHI: The deposits of the banking system have dropped over Rs1 trillion in January 2022 after declining from a record high of around Rs21 trillion in December 2021, according to the data released by the State Bank of Pakistan (SBP). The total deposits of the banking system fell to Rs19.95 trillion by the end of … Read more
The government has approved a textile policy to boost the capacity of the industry for sustainable growth in textile exports. Addressing a news conference in Islamabad on Wednesday, Adviser on Commerce Razak Dawood said the policy was approved by the federal cabinet at its meeting yesterday. He said one of the main objectives of the … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has expressed dismay over the continuous delay in the approval of the SME Policy, a statement said on Saturday. Unisame president Zulfikar Thaver said that perhaps the real reason is that the Economic Coordination Committee (ECC) does not have funds to implement the Small Medium Enterprises … Read more
KARACHI: The monetary policy announcement scheduled for next week may end the volatility in the rupee value. The State Bank of Pakistan (SBP) is scheduled to announce the monetary policy statement on December 14, 2021. The Monetary Policy Committee will take all the current economic indicators into consideration, while making the decision. One of the … Read more
ISLAMABAD: The Asian Development Bank (ADB) on Friday approved a $300 million policy-based loan to support financial, technical, and governance reforms to strengthen Pakistan’s energy sector and improve its financial sustainability. The financing is part of the second sub-programme of the ADB’s Energy Sector Reforms and Financial Sustainability Programme, which aims at improving the governance … Read more
ISLAMABAD: Mobile manufacturing in Pakistan is part of the government’s “Make in Pakistan” policy, which will boost domestic exports, a senior official said. “Our vision is to make Pakistan a hub of mobile phone manufacturing and export and the export of mobile phones will soon start that will earn foreign exchange for the country,” Adviser … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has expressed disappointment and surprise at the unnecessary delay in the approval of the SME Policy, a statement said. The SME sector is anxiously waiting for the policy and assurances are being given for the last couple of years that it is on the anvil and … Read more
PESHAWAR: The Khyber-Pakhtunkhwa Cabinet has approved the first-ever food security policy and plan for a period of 10 years with a huge financial allocation of Rs236 billion. KP Chief Minister Mahmood Khan will review the implementation status of the project on a monthly basis. The approval was accorded during a cabinet meeting held with Khyber-Pakhtunkhwa … Read more
KARACHI: A survey conducted by a research house revealed that the majority of the participants believe no change in key policy rate in the upcoming monetary policy announcement scheduled on September 20, 2021. Topline Research conducted a poll of key financial market participants on the expectations over the upcoming monetary policy announcement. At present, the … Read more
BEIJING: Beijing on Monday banned written exams for six- and seven-year-olds, as part of sweeping education reforms aimed at relieving pressure on pupils and parents in China’s hyper-competitive school system. China’s exam-oriented system previously required students to take exams from first grade onwards, culminating in the feared university entrance exam at age 18 known as … Read more
LAHORE: Though the Covid-19 pandemic has endangered the global economy and disrupted billions of lives around the world; however, Pakistan stays among the blessed countries due to the well-thought-out policies and timely corrective measures of the government, particularly in the construction and industrial sectors. The ambitious Central Business District (CBD) project at the Walton Airport … Read more
ISLAMABAD: The government has so far released Rs6.49 billion to execute seven ongoing and six new petroleum-related projects under the Public Sector Development Programme (PSDP 2021/22) aimed at accelerating oil and gas exploration activities and achieving self-sufficiency in the energy sector. According to the official data as of July 16, Rs6.49 billion has been authorised/disbursed … Read more
ISLAMABAD: The proposed Auto Industry Development and Export Policy (AIDEP) aims at expansion of the auto industry in Pakistan by increasing the production of cars, motorcycles, tractors, etc, a senior government official said on Thursday. Presiding over the meeting to review the draft Auto Industry Development and Export Policy 2021/26, Federal Minister for Finance and … Read more
US President Joe Biden has authorised up to $100 million from an emergency fund to meet the “unexpected urgent” refugee needs stemming from the situation in Afghanistan, including for Afghan special immigration visa applicants, Al Jazeera, quoted the White House, as saying, on Saturday. Biden also approved on Friday the release of $200 million in … Read more
KARACHI: The financial market participants are expecting no change in the key policy rate in the upcoming monetary policy statement, scheduled for July 27, 2021. In this regard, Topline Research conducted a poll of key financial market participants on the expectations over the monetary policy statement. A total of 62 participants took part in the … Read more
