Business News
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Pakistan to receive $3bn from World Bank for power sector’s infrastructure development
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[ad_1] An image of World Bank headquarter. — AFP/File ISLAMABAD: Pakistan will receive over $3 billion from World Bank for the development of infrastructure in the power sector, the government announced Monday. According to an official statement in this regard, the World Bank is assisting in energy efficiency and conservation programmes, apart from helping provinces in…
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Pakistan likely to secure over $4bn bailout package amid Saudi crown prince’s visit: sources
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[ad_1] Prime Minister Shahbaz Sharif and Saudi Crown Prince Mohammed Bin Salman at the Royal Palace.— APP/ File ISLAMABAD: Saudi Arabia’s Crown Prince Muhammad bin Salman (MBS) will undertake Pakistan’s visit at the end of the current month during which Islamabad hopes to secure over $4 billion bailout package from Riyadh, claimed diplomatic sources Monday.…
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Meta planning massive layoffs: report
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[ad_1] A representational image. — AFP/File SAN FRANCISCO: Facebook-parent Meta will become the latest tech firm to scale back its workforce, with plans to lay off thousands of employees this week, US media reported Sunday. The Wall Street Journal, citing people familiar with the matter, reported that the layoffs could impact “many thousands” of Meta…
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Govt mulls royalty holiday for E&P firms | The Express Tribune
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[ad_1] ISLAMABAD: As Pakistan finds it hard to make pricey liquefied natural gas (LNG) imports, the government is mulling over offering a four-year royalty holiday on offshore drilling to exploration and production (E&P) companies, with high hopes that the incentive will give a significant push to gas production. At present, oil and gas exploration companies…
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Dewan Farooque Motors to assemble Kia vehicles | The Express Tribune
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[ad_1] KARACHI: Dewan Farooque Motors has entered into a technology licence agreement (TLA) with South Korea’s automaker Kia Corporation for the production and assembly of its vehicles in Pakistan, the company announced in a notification sent to the Pakistan Stock Exchange on Monday. With the TLA, Dewan Farooque Motors will set up an auto assembly…
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Mega IT Park project launched | The Express Tribune
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[ad_1] KARACHI: Federal Ministry of Information Technology and Telecommunication (MOITT) Syed Aminul Haque on Monday laid the foundation stone of Pakistan’s largest Information Technology (IT) Park project in Karachi. The IT Park project aims to become a gateway for innovation in Pakistan and hopes to be complete by 2026, costing approximately Rs42 billion. During the…
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Gold price settles at Rs151,800 per tola in Pakistan
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[ad_1] A representational image of gold bangles. — AFP/File KARACHI: Gold price rose by Rs600 per tola in Pakistan despite the appreciation of the Pakistan rupee against the US dollar and a decline in international prices. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold rose…
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COP27: world stage for impactful climate change? | The Express Tribune
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[ad_1] ISLAMABAD: “The world is still falling short of the Paris climate objectives, with no credible pathway to 1.5°C,” noted the United Nations Environment Programme (UNEP) in its recent Emissions Gap Report, published on October 27, 2022. According to the flagship report, the nationally determined contributions (NDCs) or pledges taken by countries since last year…
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Climate change: time is running out | The Express Tribune
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[ad_1] ISLAMABAD: The recent flash floods, with global warming and the resultant climate change holding primary responsibility, affected 33 million Pakistanis and is estimated to run losses of over $30 billion. Unfortunately, by using the alibi that we emit less than 1% of greenhouse gases (GHG) we are attempting to externalise the issue, claiming that…
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Dar’s dilemma: challenges on external front persist | The Express Tribune
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[ad_1] KARACHI: Ishaq Dar’s re-entry at the helm of economic and financial decision-making was expected to result in not only a strong recovery of Pakistani rupee, but also a reduction in the exchange rate volatility. Several pundits expected the rupee-dollar exchange rate to fall below 200 and ultimately reduce currency market speculation that often leads…
