Business News
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SBP penalises five commercial banks | The Express Tribune
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[ad_1] KARACHI: Pakistan’s central bank has slapped a penalty of Rs57.8 million on five commercial banks for violating rules and regulations during the quarter ended December 31, 2021. Citing the nature of the offence by the banks, the central bank said that they committed “violation of regulatory instructions pertaining to general banking operations.” The State…
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Climate change poses critical challenge | The Express Tribune
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[ad_1] KARACHI: Foreign investors in Pakistan have acknowledged that climate change is a major threat to the country’s economy. “Climate change is a major problem and Pakistan has to take steps to mitigate it similar to the developed countries,” remarked Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood in a video message…
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NPMC worried over high flour prices in Quetta | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has advised the Ministry of Industries and Production to expedite the process of building strategic reserves of sugar to keep prices stable. He asked the ministry to draw up a pattern of demand and supply of different varieties and brands of edible oil and take…
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Lack of consensus delays $700m loan | The Express Tribune
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[ad_1] ISLAMABAD: Fissures between the centre and provinces over a uniform sales tax system and property valuation rates across the country have delayed the approval of two foreign loans worth at least $700 million amid the federating units’ reluctance to accept the centre’s position. The World Bank has indicated that it will give a minimum…
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European Union plans boost for chip sector | The Express Tribune
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[ad_1] BRUSSELS: The European Commission will ease funding rules for innovative semiconductor plants under plans announced on Tuesday as the European Union looks to boost its chip industry and cut its dependence on US and Asian supply. The Commission’s action comes as a global chip shortage and supply chain bottlenecks have created havoc for car…
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Mini-budget a threat to digital revolution | The Express Tribune
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[ad_1] ISLAMABAD: Tax revisions for telecom sector in the mini-budget have vexed the stakeholders, who urge the government to ensure consistency in policies to achieve the vision of ‘Digital Pakistan’. Referring to the changes in taxes over the past seven months, Jazz CEO Aamir Ibrahim told The Express Tribune that unpredictable and abrupt changes in…
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IMF loan supports stability: Ruiz | The Express Tribune
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[ad_1] LAHORE: The purpose of the IMF loan programme is to promote macroeconomic stability in Pakistan and fiscal and monetary policies should support the same vision, remarked International Monetary Fund (IMF) Country Representative for Pakistan Esther Perez Ruiz. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, she underlined that the aim…
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EU auto sales to rise as chip crunch to ease: industry
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[ad_1] — AFP/File PARIS: European car sales are expected to rise again in 2022 as the microchip shortage that has put the brakes on the sector will ease, an industry group said Tuesday. Passenger car registrations in the 27-nation EU are forecast to grow by 7.9% to 10.5 million units, according to the European Automobile…
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Market watch: Stocks stage decent rally on corporate results | The Express Tribune
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[ad_1] KARACHI: Buying interest re-emerged at the Pakistan Stock Exchange on Tuesday as investor sentiment was primarily driven by strong corporate result announcements in power and cement sectors. The benchmark KSE-100 index, despite remaining volatile throughout the day, managed to stage a decent rally in second half of the session. On the flip side, rising…
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Oil slips from seven-year high ahead of more US-Iran talks | The Express Tribune
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[ad_1] LONDON: Oil slipped to around $91 a barrel on Tuesday ahead of the resumption of indirect talks between the United States and Iran, which could revive an international nuclear agreement and allow more oil exports from the OPEC producer. A deal could return more than 1 million barrels per day (bpd) of Iranian oil,…
