Business News
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PSX drops by 850 points, rupee continues to slide | The Express Tribune
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[ad_1] KARACHI: The Pakistan stock market slumped on Tuesday along with record rupee depreciation, as domestic capital markets expect a further hike in the key policy rate by the central bank to control rising inflation. Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index dropped around 1.6%, or 850 points, to 46,625 points at about 2pm on…
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Severe shortage of sugar sparks ban on exports | The Express Tribune
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[ad_1] ISLAMABAD: The interim government, on Monday, directed for swift taken action to be taken to curb the smuggling of sugar after authorities revealed a stark reality: Pakistan’s sugar reserves have dwindled to a mere 2.3 million metric tonnes (MMT), insufficient to meet requirements before the onset of the next crushing season. This shortage has…
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Evergrande shares plunge 79% exposing China’s economic woes
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[ad_1] e (FILES) A woman leaves the China Evergrande Centre in Hong Kong on July 28, 2022. Shares in troubled Chinese property giant Evergrande plummeted more than 80 percent in Hong Kong on August 28, 2023 morning after the lifting of a 17-month trading suspension.—AFP China Evergrande Group’s shares plunged 79% on Monday after they…
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US, China at each other’s throats for lion’s share of over $100b AI chip market
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[ad_1] Illustration of a semiconductor chip and OpenAI’s generative artificial intelligence platform GPT-4 – Unsplash/file Tremendous progress in artificial intelligence (AI) is leading to significant revenue generation due to increased demands in semiconductor production, which is expected to exceed $100 billion by 2027, leading to exponential expansion of the industry. Semiconductors are essentially small chips with the…
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How to reduce people’s misery in energy sector | The Express Tribune
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[ad_1] ISLAMABAD: It does not require any elaboration that people are suffering from high inflation, especially in the energy sector. There are both supply and pricing issues. It is also known that heavy currency devaluation and international commodity crisis in the context of Ukraine conflict have, in large part, contributed to these problems. The problems…
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LCOY marks historic milestone | The Express Tribune
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[ad_1] ISLAMABAD: Against a backdrop of climate-induced hardships that continue to grip the country, Pakistan witnessed a historic moment in climate activism as it hosted its first-ever Local Conference of Youth (LCOY) from August 24-25 at National University of Science and Technology, Islamabad. Organised under the ambit of YOUNGO, the official youth constituency of the…
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Financial globalisation and currency speculation | The Express Tribune
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[ad_1] LAHORE: Gone are the days when there was stability in the movement of the rupee vis-a-vis the dollar. The rupee value used to be stable till the 1980s. Financial globalisation brought volatility in the movement of the rupee. Pakistan followed the managed exchange rate regime for a long period of time and used to…
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Commerce minister urges exporters to achieve $80b target | The Express Tribune
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[ad_1] LAHORE: Caretaker Minister for Commerce and Industries Dr Gohar Ejaz has urged exporters to shift their focus to value-added products to meet the $80 billion export target needed to run Pakistan. Addressing the All Pakistan Textile Mills Association (APTAMA) on Saturday, the minister said that the country needs new reforms and $80b within 90 days. “We will…
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Govt can reduce tax burden on people consuming up to 300 units: Miftah
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[ad_1] Former finance minister Miftah Ismail. — Radio Pakistan/File Former finance minister Miftah Ismail on Saturday claimed that the caretaker government could reduce the tax burden on domestic consumers using up to 300 units of electricity. Reacting to the countrywide protests against the inflated electricity bills, the former finance minister revealed that the incumbent government…
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Fed and ECB reaffirm 2% inflation goal | The Express Tribune
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[ad_1] JACKSON HOLE: Any thoughts that the 2% inflation goal long sought by the US Federal Reserve and the European Central Bank (ECB) might possibly be in for a tweaking were dashed on Friday by the chiefs of the two institutions. Gathering in Jackson Hole, Wyoming for the annual Federal Reserve Bank of Kansas City…
