Business News
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Pakistan, IMF reach SLA on new $7bn loan deal
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[ad_1] The International Monetary Fund’s (IMF) logo. — AFP/File WASHINGTON: In a major development, Pakistan and the International Monetary Fund (IMF) reached a three-year, $7 billion aid package deal, giving much-needed respite to the cash-strapped country, the Washington-based institution said on Friday. The new program, which needs to be validated by the fund’s Executive Board,…
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Sino-Pak cooperation to unlock mining potential | The Express Tribune
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[ad_1] China and Pakistan will soon conduct research on the geochemical anomalies identified in previous surveys in Pakistan to reach the full potential, both academically and economically, revealed Dr Sajjad Ahmed, Director General of the Geological Survey of Pakistan. He was speaking at the International Conference of Cooperation between the Shanghai Cooperation Organisation (SCO) Countries…
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Bullish streak breaks as PSX drops 467 points amid confidence woes | The Express Tribune
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[ad_1] The Pakistan Stock Exchange (PSX) experienced a significant drop today, losing 467 points to stand at 79,524.98 during intra-day trading and marking a 0.59% decline from the previous day’s closing of 79,992.35 points. Yesterday, the PSX gained 150.80 points, a 0.19% increase, closing at 79,992.35 points compared to Wednesday’s closing of 79,841.56 points. However,…
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Finance czar hopeful of reaching deal with IMF this month
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[ad_1] Pakistani Finance Minister Muhammad Aurangzaib poses after taking oath in Islamabad, Pakistan March 11, 2024. — Reuters ISLAMABAD: Finance Minister Muhammad Aurangzeb on Thursday said Pakistan would reach a reach a staff-level-agreement with the International Monetary Fund (IMF) this month as the talks between Islamabad and the global lender on the new bailout programme…
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Most of wind, solar plants being built in China | The Express Tribune
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[ad_1] BEIJING: Almost two-thirds of big wind and solar plants under construction globally are in China, where surging renewable capacity has squeezed coal’s generation share to new lows, research released on Thursday showed. China is building 339 gigawatts (GW) of utility-scale wind and solar, or 64% of the global total, a report from US-based think…
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‘Govt committed to enhancing cotton industry’ | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Industries, Production, and National Food Security, Rana Tanveer Hussain, on Thursday reiterated the government’s commitment to promoting the cotton industry. He made this statement while addressing the meeting of the Pakistan Central Cotton Committee (PCCC)’s governing body, according to a news release. The minister stressed that Pakistan’s economy heavily relies…
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IEA sees slow growth in oil demand | The Express Tribune
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[ad_1] LONDON: Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems. Global demand in the second quarter rose by 710,000 bpd year on year in its lowest…
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Provinces ‘accede’ to IMF’s demand for tax on agri income
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[ad_1] Agriculture Department officials on a tractor spray pesticides to kill locusts as a farmer works in a field in Pipli Pahar village in Punjab in this picture taken on February 23, 2020. — AFP ISLAMABAD: As Pakistan looks to secure another International Monetary Fund (IMF) programme, provincial governments have accepted the lender’s demand seeking imposition…
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IMF proposes 45% tax on agriculture income | The Express Tribune
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[ad_1] ISLAMABAD: As Pakistan seeks a multibillion-dollar bailout from the International Monetary Fund (IMF) to stabilise its chronically ailing economy, the global lender has suggested imposition of a standard individual income tax rate of up to 45% on agriculture income – something that may end the disparity in income tax regime without the need to…
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Car sales reach 18-month high, surge 120% YoY | The Express Tribune
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[ad_1] KARACHI: According to a report released by Topline Research on Wednesday, Pakistan car sales, as reported by the Pakistan Automotive Manufacturers Association (PAMA), hit an 18-month high in June 2024, recording sales of 13,300 units. This marks a 21% increase month-on-month (MoM) and a 120% increase year-on-year (YoY). The MoM increase in car sales…
