India’s August retail inflation stays below 4% for second consecutive month | The Express Tribune
NEW DELHI: India’s August retail inflation remained below the central bank’s target of 4% for the second consecutive month, but vegetable prices continued to soar, dampening hopes of a dovish stance in the next monetary policy meeting. Annual retail inflation was at 3.65% in August, higher than the revised 3.60% in July and economists’ forecast of 3.5%. India’s […]
IMF board to review Pakistan’s $7b loan on September 25 after key conditions met | The Express Tribune
ISLAMABAD: The International Monetary Fund (IMF) has confirmed that its Executive Board will meet on September 25 to discuss the approval of Pakistan’s $7 billion Extended Fund Facility (EFF). The loan is crucial for stabilising Pakistan’s economy, which has been grappling with rising inflation and dwindling reserves. IMF spokesperson Julie Kozack announced the meeting during […]
State Bank of Pakistan slashes policy rate by 200 BPS amid falling inflation | The Express Tribune
The State Bank of Pakistan (SBP) reduced its policy rate by 200 basis points to 17.5% on Thursday, as headline and core inflation saw a sharper-than-expected decline over the last two months. The rate cut will be effective from September 13, 2024. The Monetary Policy Committee (MPC) of the SBP attributed this decision to falling […]
Big Drop Expected in Petrol Prices | The Express Tribune
A reduction in the prices of petroleum products is expected by the end of this week, owing to the drop in global oil prices. If confirmed, this would mark the third consecutive bi-weekly drop in prices of petroleum products. Petrol is expected to become cheaper by Rs12 per litre while the price of diesel is also […]
Turkmenistan to access Gwadar Port under CPEC | The Express Tribune
ISLAMABAD: Turkmenistan is set to become the first Central Asian country to access the Gwadar Port under China Pakistan Economic Corridor (CPEC) as both countries are about to ink an agreement in this regard. Pakistan and Turkmenistan are already venturing various joint projects, including TAPI pipeline, railway track and fibre connectivity to connect two regions […]
Ministers object to creation of more authorities | The Express Tribune
ISLAMABAD: Finance Minister Muhammad Aurangzeb and Planning Minister Ahsan Iqbal raised objections to the formation of a National Digital Commission and the Pakistan Digital Authority, instead called for using the current available infrastructure and taking advantage of innovation in the scientific field. The ministers along with Minister of State for Information Technology (IT) Shaza Fatima […]
NEPRA fines KE Rs1m for safety lapse | The Express Tribune
ISLAMABAD: The country’s power regulator has slapped a fine of Rs10 million on K-Electric (KE)the power utility that supplies electricity to Karachifor “lack of safety measures/culture” which resulted in the death of a person within its service territory during FY 2022-23. The National Electric Power Regulatory Authority (NEPRA) directed KE to pay the fine in […]
Afghanistan to begin work on TAPI gas pipeline | The Express Tribune
KABUL: Afghanistan said on Wednesday work would begin on a $10 billion gas pipeline traversing South Asia as officials joined dignitaries in neighbouring Turkmenistan to celebrate its completion on that side of the border. Progress on the TAPI pipeline – running through Turkmenistan, Afghanistan, Pakistan, and India – has been repeatedly delayed because of security […]
Visa targets ten-fold increase in digital payment acceptance across Pakistan | The Express Tribune
KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters. The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances […]
India to introduce up to 30% tariffs on Chinese, Vietnamese steel imports | The Express Tribune
India will impose tariffs of between 12% and 30% on some steel products imported from China and Vietnam in a bid to safeguard and boost local industry, an Indian finance ministry order showed. Welded stainless steel pipes and tubes exported by China, the world’s largest producer of steel, and Vietnam, will be taxed for the […]