Business News
-
Fitch maintains Pakistan’s rating at ‘CCC’, sees political volatility
.
[ad_1] The headquarters of Fitch Ratings Ltd. stands in the Canary Wharf business and shopping district in London, UK. — AFP Fitch Ratings Wednesday affirmed Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’, but also warned of political volatility after the February 8, 2024, general elections take place. In a statement, the rating company…
-
Fitch affirms Pakistan’s rating at ‘CCC’ with stable outlook | The Express Tribune
.
[ad_1] In its recent assessment, US-based credit rating agency Fitch Ratings has chosen to affirm Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. Despite some improvements and a successful review of its Stand-by Arrangement (SBA) with the International Monetary Fund (IMF), Pakistan continues to grapple with high external funding risks and faces challenges in…
-
Amazon continues to sell clothes hook spy cameras after US lawsuit: report
.
[ad_1] The regular-looking plastic ‘spy’ hook is campaigned as a perfect fit for the living room in a house that can record video for 90 minutes and the battery lasts up to 2 hours. — Amazon Amazon is selling spy cameras disguised as laundry hangers, despite being sued over the devices by a woman in…
-
FBR resists restructuring efforts | The Express Tribune
.
[ad_1] ISLAMABAD: The interim government’s attempt to restructure the tax machinery again has encountered a stumbling block after the Federal Board of Revenue (FBR) took a position that tax policy formulation cannot be transferred to any other department without new legislation. Sources informed The Express Tribune that the FBR has sought guidelines from the Ministry…
-
Major brand to end Israel’s national football team’s sponsorship
.
[ad_1] An Israeli national football team’s t-shirt with Puma’s logo on it. — Puma Puma will end its sponsorship of Israel’s national football team in 2024, a change that is unrelated to pro-Palestine consumer boycott efforts as per the company’s spokeswoman. Puma has long faced boycott requests because of its brand partnership with the Israel…
-
Saudi Arabia’s oil giant Aramco to invest in Pakistani company
.
[ad_1] A view of the Saudi Aramco oil facility. — AFP/File ISLAMABAD: In a major development, Saudi Arabia’s oil giant Aramco on Tuesday signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO), making its first entry into Pakistan’s fuels retail market. According to a joint statement issued by…
-
Hasbro lays off 1,100 workers amid difficult business climate
.
[ad_1] An image of Hasbro’s prominent toy collection. — Hasbro Hasbro, the world’s largest toymaker, is laying off 1,100 workers, after 800 layoffs were announced earlier this year, citing a difficult business climate that has been sluggish to recover, as per CEO Chris Cocks. That equates to around 20% of the company’s global workforce. “The…
-
SBP holds policy rate at 22%
.
[ad_1] The State Bank of Pakistan. — Wikimedia Commons/File The State Bank of Pakistan, in line with wide market consensus, maintained the key policy rate at 22%, opting for a wait-and-see approach as it assesses the effectiveness of earlier monetary policy tightening in reducing inflation. In a statement, the Monetary Policy Committee (MPC) said that…
-
Saudi Aramco to buy 40% stake in major Pakistani oil company | The Express Tribune
.
[ad_1] KARACHI: Saudi Arabia’s Aramco Tuesday signed an agreement to acquire a 40% equity stake in a Pakistani gas and oil company, said a statement from the Saudi company. Aramco Executive Vice President of Products & Customers Yasser Mufti, Chief Executive Officer of Lahore-based Gas & Oil Pakistan Ltd. (GO) Khalid Riaz signed the agreement.…
-
SBP holds key rate at 22% for fourth straight meeting | The Express Tribune
.
[ad_1] KARACHI: In line with market expectations, Pakistan’s central bank on Tuesday left its key policy rate unchanged at a record high of 22% ahead of the International Monetary Fund (IMF) board’s potential approval for the release of the next loan tranche of $700 million to the country in January 2024. This was the fourth…
