The European Central Bank held interest rates steady on Thursday as policymakers waited to see whether the eurozone would be hit by higher US tariffs threatened by President Donald Trump. The pause brought to an end a streak of consecutive cuts stretching back to September 2024 that has seen the ECB slash its benchmark deposit rate to 2 per cent. The swift reduction in borrowing costs for bu
Tobacco growers who failed to sign agreements with companies of their choice before cultivating the crop are now facing severe difficulties in selling their produce, officials from multinational and local firms, as well as concerned farmers, told Dawn on Thursday. As the curing and procurement process gains pace across the district, farmers are working round the clock but struggling to secure b
The rupee appreciated against the US dollar in both the interbank and open markets on Thursday, following a fresh crackdown on currency smuggling, according to currency dealers. Exchange companies reported a decline in dollar rates, reversing the earlier upward trend despite strong economic fundamentals. The greenback had been gaining despite record remittances during FY25, which ended on June
Ratings agency S&P Global raised Pakistan’s sovereign credit rating to ‘B-’ from ‘CCC+’ and placed it on a ‘stable’ outlook on Thursday, saying the country’s finances and reserves had been stabilised by International Monetary Fund (IMF) support. “The stable outlook reflects our expectations that continued economic recovery and government efforts to enhance revenue will stabilise fiscal and debt
Britain and India signed a free trade agreement on Thursday during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. The two countries concluded talks on the trade pact in May after three years of stop-start negotiations, with both sides hastening efforts to clinch a deal in the sh