Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to “adopt a more streamlined and agile structure”, acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters. The memo did not mention the number of people affected by the layoff. Daraz declined to comment on the percentage or absolute number of employees imp
The State Bank of Pakistan (SBP) has eased up the repatriation of profits and dividends on foreign investments, as a result the outflow in January rose to $127 million. For over a year, the SBP has been under serious criticism in and outside the country for imposing restrictions on the outward remittance of profits on foreign investment, which fell sharply during FY23. The SBP data on Tuesda
KARACHI: Commercial banks posted an impressive 83 per cent earnings growth during 2023, with almost all banks recording their historic profits during the year, according to a research report on Tuesday. Unprecedented interest rates yielded higher profits for banks but overburdened the economy with costly borrowing by the government. “In CY23, the banking sector in the listed space witnessed
ISLAMABAD: Pakistan’s exports to European countries dipped year-on-year by 7.54 per cent in the first seven months of the current fiscal year, mainly due to reduced demand for Pakistani goods in western, southern and northern Europe. The export proceeds from these countries fell to $4.866 billion in July-January FY24, a drop from the $5.263bn recorded in the corresponding months of the previou
ISLAMABAD: Outgoing caretaker Minister for Power and Petroleum Muhammad Ali on Tuesday identified recent “painful” gas pricing reforms among the best achievements despite difficulties to the consumers and conceded inability to negotiate debt relief from foreign independent power producers (IPPs) chiefly from China during over six-month stint. Speaking to journalists before leaving the office, h