Business News
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China unveils $1.4tr local debt package but no direct stimulus
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[ad_1] A building housing the PricewaterhouseCoopers (PWC) branch office stands behind a Chinese national flag in Beijing January 24, 2014. — Reuters BEIJING: China unveiled a 10 trillion yuan ($1.40 trillion) debt package on Friday to ease local government financing strains and stabilise flagging economic growth, as it faces fresh pressure from the re-election of…
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Govt announces Rs26 per unit relief for extra winter power usage
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[ad_1] A general view of the high voltage lines during a nationwide power outage in Rawalpindi on January 23, 2023. — AFP The federal government on Friday unveiled the “Bijli Sahulat Package” for three months — December 2024 to February 2025 — aiming to manage winter electricity demand and stimulate economic growth, delivering a major…
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Rate cut rally resumes to push PSX above 93,000 mark in day trading
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[ad_1] Brokers at the PSX look at the electronic board in this undated image. — Reuters Stocks surged to a record intraday high above the 93,000-point mark on Friday, as a multi-session rally, spurred by the recent policy rate cut is back on track after an expected technical correction amid growing optimism for a further…
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October remittances jump 24% year-on-year to $3.05bn
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[ad_1] A money dealer counts US dollars at currency exchange. — AFP/File Overseas workers’ remittances swelled 23.9% to $3.1 billion in October 2024 from $2.46 billion recorded in the same month last year, data released by the State Bank of Pakistan (SBP) showed on Friday. Remittances were up 6.7% from $2.86 billion in September 2024 month-on-month.…
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Bank of England cuts interest rate as inflation slows
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[ad_1] A pedestrian crosses the streets in front of The Bank of England illuminated by a ray of sunlight, in central London, on February 12, 2024. — AFP The Bank of England on Thursday said it was cutting its key interest further after UK inflation hit a three-year low and signaled more reductions, easing pressure…
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PTI claims govt unable to meet IMF targets amid ‘mini-budget’ talk
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[ad_1] PTI leader and Opposition Leader in the National Assembly Omar Ayub Khan. — APP/File PESHAWAR: Pakistan Tehreek-e-Insaf (PTI) politician Omar Ayub on Thursday accused the government of failing to meet the goals set by the International Monetary Fund (IMF) amid reports suggesting that a “mini-budget” is on the cards, which, if introduced, could add…
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SBP: Banks to remain closed on Nov 9
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[ad_1] An undated image of a State Bank of Pakistan building. — SBP Website/File KARACHI: The State Bank of Pakistan (SBP) has announced that all the banks will remain shut on November 9 owing to the birth anniversary of Dr Allama Mohammad Iqbal also known as the Iqbal Day, the central bank said in a…
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Firm dollar keeps peers on back foot ahead of BOE, Fed decisions
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[ad_1] A representational image showing a person counting US dollar notes. — AFP/File TOKYO: The dollar hovered off a four-month high on Thursday as the market continued to digest Republican Donald Trump’s win in the US presidential election, while investors eyed several central bank decisions that will be topped off by the Federal Reserve. The…
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Nepra cuts September’s power tariff by Rs1.28 under FCA
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[ad_1] The National Electric Power Regulatory Authority (Nepra) headquarters can be seen. — Facebook/NEPRA/file The National Electric Power Regulatory Authority (NEPRA) has given go-ahead to a Rs1.28 per unit reduction in electricity prices for September 2024 under the Fuel Charges Adjustment (FCA), a notification said on Wednesday. This decision, effective in November’s billing cycle, provides…
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FinMin aims for ‘Single B’ credit rating, warns of economic strain from population boom
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[ad_1] Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb addresses the 8th Edition of The Future Summit, discussing Pakistan’s economic prospects and future financial strategies on Wednesday. — APP Pakistan’s rapidly increasing population has already exploded as an economic “time bomb,” Finance Minister Muhammad Aurangzeb cautioned on Wednesday, as he pledged bold reforms —…
