The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has raised alarm over the rampant misuse of used car import schemes —originally intended for overseas Pakistanis — which now fuel a Rs 200 billion black market and threaten the survival of Pakistan’s auto parts industry. Introduced under the Gift, Transfer of Residence, and Baggage schemes, these provisions were m
The International Monetary Fund on Friday urged Asia to lower non-tariff barriers and integrate regional trade to reduce its vulnerability to U.S. tariffs and global financial shocks. Trade has been central to Asia’s economic growth with China serving as the supply chain hub for goods production across the globe, which makes it vulnerable to the hit from U.S.-China trade tensions and President
Gold prices eased on Friday and were on track for their first weekly drop in 10, weighed down a stronger dollar and as market participants squared positions ahead of a key U.S. inflation report due later in the day. Spot gold was down 0.2% at $4,118.68 per ounce, as of 0315 GMT. Bullion has fallen 3% so far this week, heading for its biggest weekly percentage drop since mid-May. U.S. gold fu
Asia may see its resilience to U.S. tariffs challenged if a rally in the dollar and a rebound in low interest rates lead to tighter financial conditions, a senior International Monetary Fund official told Reuters. If the US Federal Reserve continues to cut interest rates, a subsequent dollar decline could allow Asian central banks to loosen monetary policy and support their economies without wo
Oil prices dipped in early trade on Friday, trimming part of the previous day’s surge but remaining on track for a weekly gain, as fresh U.S. sanctions on Russia’s two biggest oil companies over the war in Ukraine fuelled supply concerns. Brent crude futures fell 54 cents, or 0.8%, to $65.45 at 0200 GMT. U.S. West Texas Intermediate crude futures were down 51 cents, or 0.8%, at $61.28. Bo