The State Bank of Pakistan’s (SBP) foreign exchange reserves plunged by over half a billion dollars in less than a month. On Thursday, the central bank announced that its forex holdings recorded an outflow of $252 million to $11.166 billion during the week that ended on Feb 7. However, the SBP reserves witnessed a steep decline of $559m from $11.725bn on Jan 10, mainly due to external
Pakistan and Turkiye discussed on Thursday the need to revamp their preferential trade agreement with a view to addressing existing challenges and unlocking the business potential between the two countries. The understanding was reached at a meeting between Commerce Minister Jam Kamal Khan and his Turkish counterpart, Prof Dr Omer Bolat. According to an official announcement, the two ministe
US President Donald Trump announced plans Thursday for sweeping “reciprocal tariffs” hitting both allies and competitors, in a dramatic escalation of an international trade war that economists warn could fuel inflation at home. Speaking in the Oval Office, Trump said he had decided to impose the reciprocal duties, telling reporters that US allies were often “worse than our enemies” on trade iss
Nissan and Honda ended merger talks to forge a $60 billion car company on Thursday, pitching Nissan deeper into uncertainty and highlighting the pressure on legacy automakers from Chinese rivals upending the industry. The talks between Honda, Japan’s second-largest automaker, and Nissan, its third, were announced in December but were soon strained by disagreements, including over the balanc
Startling revelations continued to unfold on Thursday before a Senate panel that confirmed more than Rs110 billion of fraud and money laundering in the garb of solar imports by more than 80 companies, some of which were found to be dummy entities. The sub-committee of the Senate Standing Committee on Finance, led by Senator Mohsin Aziz, vowed to continue its investigation into the scandal and h