The commitments of nearly $10bn for flood recovery at the donors’ conference in Geneva on Monday must boost sentiments about the future of the country’s teetering economy. The bulk of the money — $8.7bn — is promised by multilateral agencies, and will be available over the next three years. However, it remains unclear if the multilateral assistance will be in the form of loans or one-time aid/g
Getting the design of a digital pound right is a bigger priority than a rapid launch, Britain’s Financial Services Minister Andrew Griffith said on Tuesday. China has pushed ahead with piloting a digital yuan and the European Central Bank is studying a digital euro, piling pressure on Britain to do the same and keep abreast of advances in financial technology. The finance ministry is due to
A consortium led by India’s Adani Group has completed the purchase of Israel’s Haifa port for four billion shekels ($1.15bn), the Jewish state’s finance ministry said on Tuesday. The sale of one of Israel’s main seaports has taken five years and marks the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labour strikes. Israel has been selling its st
Diamond Industries Ltd said on Tuesday it’s suspended manufacturing operations until further notice because of adverse economic conditions and non-availability of imported raw materials. The maker of foam, foam products and chemical binders used in textile, leather and wood industries said it’ll resume production once raw material becomes available. The government has made it difficult for indu
Questioning a demand by the Pakistan International Airlines Corporation (PIAC) for an annual financial support of $40 million for continuing its flight operations, the federal government informed the Supreme Court on Tuesday that it had provided the national flag carrier Rs114 billion since 2018. Through its counsel Raja Salman Akram, PIA had sought the $40m financial support, as well as court’