The European Central Bank (ECB) has fined US financial giant Goldman Sachs € 6.63 million euros ($7.2 million) for misreporting its capital needs, it said on Monday. Goldman Sachs Bank Europe was found to have “breached credit risk reporting rules” in 2019, 2020 and 2021, the ECB said in a statement. “For eight consecutive quarters, the bank reported lower risk-weighted assets for credit ris
Honda Atlas Cars Ltd (HACL) on Monday announced that it was preparing to resume its production thanks to a slight improvement in the accessibility of trade finance facility for the supply chain with a hope to increase the same gradually. In a stock filing, the company did not give an exact date for resuming the production activities. An official in HACL told Dawn that it was not clear yet wh
Pakistan on Monday signed a debt relief agreement with the Republic of Korea (RoK) for the deferment of repayment of about $20 million loan under the G-20 Debt Service Suspension Agreement (DSSI) offered to poor nations to sustain economic challenges in the aftermath of Covid-19 pandemic. The agreement was signed by Secretary of Economic Affairs Dr Kazim Niaz and Ambassador of Korea to Pak
Large-scale manufacturing (LSM) shrank 25 per cent in March over the same month last year, the highest monthly decline since the Covid-19 pandemic, showed data released by the Pakistan Bureau of Statistics on Monday. The big industry production contracted for the seventh consecutive month of the current fiscal year mainly contributed to a slowdown in the production of export-based textile and c
The high-growth industries in Pakistan lack industry-specific action plans that set a long-term growth vision to match with the Fourth Industrial Revolution (4IR) aimed at consolidating plans for innovation, technology adoption, and skills development of employees, said a new study published by Asian Development Bank on Monday. “The Industry Transformation Maps (ITMs) developed by Singapore tha