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Moody’s downgrades Britain debt outlook to negative

LONDON: Credit ratings agency Moody’s has downgraded the outlook for Britain’s debt, citing mounting policy challenges amid the Brexit debate. The agency cut the outlook to negative from stable but kept the debt at the investment grade Aa2. The ratings

IMF approves another 3-year loan package for Pakistan

WASHINGTON: The International Monetary Fund (IMF) has approved another three-year loan package for Pakistan of $6 billion. The IMF earlier in July had made an upfront payment of $991 million on completion of all prior actions committed by Pakistan before

Pakistan has acted upon FATF’s assigned targets: Asad Umar

ISLAMABAD: Former Finance Minister Asad Umar said that Pakistan has acted upon targets assigned by Financial Action Task Force (FATF). While chairing the meeting of the National Assembly Standing Committee for Finance, Asad Umar said that FATF’s evaluation of Pakistan

Pakistan and IMF delegation to hold meeting today

ISLAMABAD: Pakistan and the delegation of the International Monetary Fund (IMF) are scheduled to hold a meeting today over the amount collected in non-tax revenue. During the meeting, the IMF will be briefed on Pakistan’s privatization program and the amount

Pakistani startups to exhibit products at SFF: FM

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi has said that six Pakistani startups would introduce their products at the Singapore Fintech Festival (SFF). Shah Mehmood Qureshi posted a tweet that he was proud of the startups being initiated at Singapore Fintech

ECC approves plan to raise Rs136 bn financial facility

ISLAMABAD: Economic Coordination Committee of the federal cabinet has approved a proposal of Ministry of Energy to raise finance facilities of Rs136.45 billion and Rs30 billion for adjustment of existing finance facilities of Power Holding Limited. Meeting of the ECC

Pension welfare reduces interest rate by 2.28pc

ISLAMABAD: The interest rate on pension welfare has been reduced by 2.28 percent to 12.48 percent. The move came after the interest rate was reduced by the National Savings Scheme. According to details, the interest rate has been reduced by

Pakistan-Bulgaria hold 4th round of Bilateral Political Consultation

ISLAMABAD: The 4th round of Bilateral Political consultation held between Pakistan and Bulgaria to enhance further cooperation in bilateral trade. The Foreign Office stated that Additional Secretary (Europe) Dr. Aman Rashid and Ambassador Christo Stefanov Polendakov, Director-General Bilateral Relations of

FDI, tax base increased due to economic policies: minister

ISLAMABAD: Minister for Economic Affairs Hammad Azhar has said current account and fiscal deficits have decreased, while foreign direct investment and tax base of the country have increased due to prudent economic policies of the government. Addressing a news conference,

Bullish trend at PSX – Index gains 35,277 points

KARACHI: Pakistan Stock Exchange (PSX) observed a bullish trend as the benchmark KSE-100 index gained 35277.46 points. On Monday, the total turnover was 207,782,700 as compared to 157,118,951 on the last working day with Fauji Cement having the highest turnover

NA Speaker stresses rationalisation of fertilizer prices

ISLAMABAD: Considering fertilizer prices and availability as central to Pakistan’s food security and farmer’s productivity, Speaker National Assembly Asad Qaisar has take notice of availability and pricing trend of different fertilizer products particularly DAP and urea. The national speaker was

Malaysian company to invest in Pakistan’s energy sector

KUALA LUMPUR: Malaysian Oil and Gas company ‘Petronas’ expressed interest regarding investment in the energy sector of Pakistan. Sources said that the CEO of the company met foreign minister of Pakistan, Shah Mehmood Qureshi in Kuala Lumpur. In the meeting,

Saudi oil giant Aramco heads for record-setting market debut

RIYADH: Saudi Arabia announced on Sunday the stock market debut of energy giant Aramco in what could be the world’s biggest IPO. After years of delay, Aramco said it plans to sell an unspecified number of shares on the Riyadh

Fiat Chrysler, Peugeot expected to sign merger deal

MILAN: Fiat Chrysler and Peugeot owner aim to sign a final merger agreement as early as the beginning of next month. The automakers said earlier this week they planned to join forces in a 50-50 merger to make the world’s

China, US hold constructive call on trade mini-deal

BEIJING: Senior Chinese and US officials again sent positive signals on Friday about their efforts to formalise the partial trade bargain announced last month, with President Donald Trump saying he may meet with Chinese counterpart Xi Jinping in the state

Trade deficit decreased by 35% during July-Oct of FY 2020

ISLAMABAD: Pakistan’s trade deficit narrowed by around 35 percent in the first four months (July to October) of the current fiscal year, a report by the Ministry of Commerce revealed.  Trade deficit fell from $11.7 billion recorded from July-October of Fiscal

FBR reports Rs163 bn shortfall in four month’s revenue

ISLAMABAD: The Federal Board of Revenue (FBR) faced a shortfall in revenue of Rs163.5 billion (July-October) first quarter of the current fiscal year as the provisional revenue collection accumulated to Rs1,283.5 billion against a desired target of Rs1,447 billion. FBR

Google to acquire Fitbit for $2.1bn

The move will give US tech giant Google an entry into the wearable technology space with Fitbit’s more than 28 million active global users. WASHINGTON: Google has agreed to buy Fitbit for $2.1 billion. This move will give US tech

Petrol price increased by one rupee for November

ISLAMABAD: The federal government on Thursday announced a Re1 increase in the price of petrol for the month of November. The price of petrol was increased from Rs113.24 to Rs114.24 per litre, as recommended by the Oil and Gas Regulatory

OGRA recommends one rupee hike in petrol price

ISLAMABAD: The prices of petrol and high-speed diesel are likely to rise in November 2019 due to fluctuations in global crude oil prices. The Oil and Gas Regulatory Authority (OGRA) recommended the government on Wednesday to increase prices of petrol

ECC directs release of 650,000 tonnes wheat to three provinces

ISLAMABAD: Economic Coordination Committee (ECC) of the federal cabinet has given a go-ahead for release of 650,000 tonnes of wheat from Pakistan Agricultural Storage and Services Corporation (PASSCO) stocks to the provincial governments of Khyber Pakhtunkhwa, Sindh and Balochistan to

ADB approves $75m loan for education project in Sindh

ISLAMABAD: Asian Development Bank (ADB) has approved $75 million loan for a project that will help improve the quality, accessibility, and gender responsiveness of the secondary education system and infrastructure in the province of Sindh. According to a statement, Pakistan

IMF arrives in Pakistan to revive economic progress

ISLAMABAD: A delegation of the International Monetary fund (IMF) has arrived in the federal capital for two weeks. The IMF delegation is expected to review Pakistan’s performance under its $6 billion Extended Fund Facility (EFF) finalised in May this year.

Traders announce two-day strike against massive taxes

KARACHI: Traders announced to hold two-day shutter down strike on 29th and 30th of October against massive tax imposition by the federal government. Sources said that the decision was taken in the meeting of the Markazi Tanzeem-e-Tajiran. While addressing the

OGDCL to begin drilling for shale gas in Sindh

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) is set to begin drilling for the exploration of shale gas and oil deposits in Sindh in December. The report confirmed the presence of 10,159 trillion cubic feet (TCF) Shale gas and

US budget deficit soars to almost $1 tn, highest since 2012

WASHINGTON: America’s budget deficit soared to nearly $1 trillion in the 2019 fiscal year as government borrowing swelled, the US Treasury announced Friday. The fourth straight year of broadening budget gaps underscored a new tolerance for yawning fiscal imbalances in

IMF review mission to visit Pakistan as scheduled

ISLAMABAD: An International Monetary Fund (IMF)’s delegation will reach Pakistan on Sunday to probe economical plans made under the extended loan programme. The IMF mission would begin commence its visit from October 28 which would be headed by Ernesto Ramirez

FBR bars tax officials from personal interaction

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that the tax officials would be barred from personal interaction with businessmen. Also read: World Bank President to visit Pakistan on Oct 31 The Chairman FBR posted on a

Minister discusses economic cooperation with Japanese envoy

ISLAMABAD: Ambassador of Japan Kuninori Matsuda called on the Federal Minister for Economic Affairs Hammad Azhar on Friday and discussed a range of matters relating to bilateral economic cooperation, trade, investment and transfer of technology. Secretary Economic Affairs Division Noor

We reversed damage which prior govt did: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said the government has reversed the damage done since the last five years within its first year. In his tweet, Hammad Azhar posted, “During PMLN’s 5 years, Pakistan’s ease of doing business