Tribune
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Weekly inflation surges 29.6% | The Express Tribune
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[ad_1] KARACHI: The weekly inflation, measured by the Sensitive Price Indicator (SPI), surged 29.65% in the week ended October 26, 2023 compared to the corresponding week of last year, driven primarily by higher prices of energy and food items. Pakistan Bureau of Statistics (PBS) reported that the largest contribution to the weekly inflation came from…
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Forex reserves fall by $220m to $7.5b | The Express Tribune
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[ad_1] KARACHI: Pakistan’s foreign exchange reserves fell by $220 million on a weekly basis, with the total now standing at $7.494.2 billion. Reserves dropped by 2.8% as of October 20, data released on Thursday by the State Bank of Pakistan (SBP). According to data released by the central bank on Thursday, its foreign currency reserves…
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‘Freelancers can generate $10b in tech exports’ | The Express Tribune
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[ad_1] KARACHI: In a bid to transform Pakistan into a thriving tech export hub, the Caretaker Federal IT and Telecommunication Minister, Dr Umar Saif, is spearheading an ambitious plan aimed at generating $10 billion in annual tech exports. The strategy hinges on enabling one million freelancers to earn $30 each daily, with the government providing…
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MoU inked to set up EV stations | The Express Tribune
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[ad_1] BEIJING: Pakistan’s Senate Chairman Muhammad Sadiq Sanjrani, along with a delegation, witnessed the signing of a landmark memorandum of understanding (MoU) in Beijing. The MoU, inked on October 25 between TGOOD, a leading Chinese company, and the REC Group of Pakistan, aims to promote environmentally friendly electric vehicles (EVs) in Pakistan. Speaking on the…
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Ban on profit outflow lifted as reserves rise | The Express Tribune
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[ad_1] KARACHI: Pakistan has lifted an unannounced ban on foreign companies freely sending their earned profits to their headquarters abroad, following increased supplies of US dollars in the domestic economy, sending a strong message to global investors to resume initiating new investment projects in the country. The State Bank of Pakistan (SBP)’s latest data shows…
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PM to raise trade discrepancy issue | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s tax chief has requested the country’s prime minister to address the issue of an approximately $4 billion trade discrepancy with China. The incomplete provision of trade data has been causing losses in terms of revenue and precious foreign exchange. Chairman of the Federal Board of Revenue (FBR), Malik Amjad Zubair Tiwana, briefed…
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Handicraft brand aims to increase presence in China | The Express Tribune
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[ad_1] BEIJING: A China-based Pakistani handicraft enterprise has said that it has formed many partnerships as people enjoy using its products and the company foresees an increase in the number of physical stores in China. The brand, specialising in premium handmade scarves and carpets from Pakistan, India and Iran, boasts nine offline storesin major Chinese…
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PIA debt restructuring talks begin | The Express Tribune
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[ad_1] ISLAMABAD: In a significant development, the government and representatives of commercial banks have initiated discussions to prepare a plan for the debt restructuring of Pakistan International Airlines (PIA) with the aim of keeping the struggling airline operational for another six months with a limited number of flights. The 12-member committee consists of an equal…
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Pak Suzuki announces brief closure of plants | The Express Tribune
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[ad_1] KARACHI: Pak Suzuki Motor Company (PSMC) has announced temporary shutdown of its automobile and motorbike plants, citing shortage of inventory. “Due to shortage of inventory level, the management of the company has decided to shut down automobile plant from October 30 to November 3 and motorcycle plant from November 1 to November 3,” the…
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‘Hundi-Hawala being used to import used cars’ | The Express Tribune
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[ad_1] LAHORE: The prevalence of illegal money transfer methods, such as Hundi and Hawala, is taking a toll on Pakistan’s local auto industry, with importers increasingly resorting to these channels for bringing in used cars. Warning of the implications, former General Manager at HinoPak Motors Limited, Zafar Ali said this issue has far-reaching economic consequences,…
