News

Over 50% industrial units shut down

Eminent business leaders have expressed grave concern about the closure of over 50% factories in every industrial zone of the country and cautioned that if the government did not take measures on a war-footing, it may turn out to be a disaster for the economy. They have pleaded for the immediate abolition of the two-tier system of taxes-cum-levies as it takes a heavy toll on the formal industri

Reserves rise to $9.11b on dollar buying

Pakistan’s foreign exchange reserves, held by the State Bank of Pakistan (SBP), increased $16 million and stood at $9.11 billion in the week ended May 31, 2024, as the central bank apparently continued to follow its policy of absorbing surplus supply of the greenback from the domestic market. Despite the improvement, the country’s capacity to pay for goods and services’ imports remained low wit

China urges US to abide by market principles

China urges the United States to earnestly abide by market principles and international trade rules, and create a sound environment for fair competition among enterprises from all countries, a Chinese foreign ministry spokesperson said on Thursday. Spokesperson Mao Ning made the remarks at a daily news briefing when answering a query on reports that US President Joe Biden said China provides su

Fintech raises $5m for business expansion

Elevate, a fintech based in London and Dubai, has secured financing of $5 million to further expand its footprint in South Asia. It has raised a total of $10 million in equity and debt from investors including Y Combinator, Goodwater, Global Founders Capital and VSQ. Since the launch earlier this year, over 50,000 freelancers and remote workers from Pakistan have signed up. Having received a

PIA bidder proposes reinvestment of proceeds

In an attempt to expand footprint into new sectors of the economy including aviation and corporate farming, renowned businessman Arif Habib has proposed that the government should reinvest the proceeds from the privatisation of Pakistan International Airlines (PIA) back into the national carrier, as the state will continue to hold a 49% stake. Arif Habib Corporation is part of one of the six co