Business News
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Pakistan inks $1.2 billion loan agreement with ADB
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[ad_1] An image of the headquarters of the Asian Development Bank (ADB). — ADB website/File The Asian Development Bank (ADB) Wednesday confirmed that it has inked a $1.2 billion loan agreement with Pakistan. The agreement, signed on December 15, provisions budget funding and initiatives focused on domestic resource mobilisation and also features six projects aimed…
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Auto financing slows down over high costs | The Express Tribune
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[ad_1] KARACHI: Auto financing continued to decline for the 17th consecutive month in November, falling 2.6% to Rs257 billion amid exorbitant cost of financing and significant increase in car prices over the past one and a half year. Auto financing had stood at Rs264 billion in October 2023 and Rs340 billion in November last year.…
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Pakistan, ADB ink $1.2b loan deals | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan and the Asian Development Bank (ADB) have signed six loan agreements worth $1.2 billion, with one-third of it to be disbursed as budget financing, reopening choked financing pipelines after reaching a deal with the International Monetary Fund (IMF). The loan agreements were signed by the Economic Affairs Division (EAD) and the local…
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Will 2024 be miracle year for China’s economy?
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[ad_1] An urban building block in China. — AFP/File After a lacklustre post-COVID recovery, Beijing is faced with a difficult decision for 2024 and beyond: increase debt or decrease growth. This has cast serious doubt on the basis of China’s decades of remarkable growth. It was anticipated that after China abandoned its harsh COVID regulations,…
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Bloodbath at PSX: Stocks nosedive by over 2,500 points as bourse enters ‘correction’ phase
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[ad_1] An investor at the Pakistan Stock Exchange in Karachi in this undated picture. — AFP/File KARACHI: The Pakistan Stock Exchange (PSX) took a hammering on Tuesday as the benchmark index fell over 2,000 points as the bourse entered the “correction” phase. The benchmark KSE-100 index underwent selling pressure from the word go, dipping to a…
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PSX nosedives by over 2,000 points | The Express Tribune
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[ad_1] KARACHI: The Pakistan stock market plunged by over 3.4% or over 2,200 points, slipping below 63,000 points during the late trading hours on Tuesday, as the drive for profit-taking turned into panic selling on uncertainty related to the forthcoming general elections. In the past two days, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index cumulatively…
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‘US investment terms beneficial’ | The Express Tribune
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[ad_1] KARACHI: A high official of the United States has emphasised that the US and Pakistan have a “very strong” relationship and they have entered a new chapter of cooperation and development. In an interview with The Express Tribune, US Principal Deputy Assistant Secretary and Deputy Assistant Secretary responsible for Pakistan, South and Central Asia,…
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$6.4b in loans received in 5 months | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan secured $6.4 billion in foreign loans during the first five months of the current fiscal year, which was equal to one-fourth of the revised annual requirement, amid hopes for a surge in disbursement in the coming weeks on the back of some “bullet borrowing”. The Economic Affairs Division (EAD) reported on Monday…
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Japan’s Nippon Steel to purchase US Steel Corp for $14.1 billion
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[ad_1] United States Steel Mon Valley Works Clairton Plant and Clairton Coke Works facility in Clairton Pennsylvania, Monday, September 11, 2023. — X/@thomasoneil Nippon Steel of Japan has agreed to purchase US Steel Corp for $14.1 billion, following the steelmaker’s rejection of an offer from its primary US rival, the firms announced on Monday. According…
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Pakistan records $9m current account surplus in Nov | The Express Tribune
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[ad_1] KARACHI: Pakistan’s balance of current account recorded a surplus of $9 million in November 2023 after remaining in deficit in the first four months (July-October) of the current fiscal year 2023-24, suggesting that the country’s capacity to make international payments has improved in recent times. State Bank of Pakistan (SBP) reported on Monday the…
