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Business

SBP increases interest rate by 150 basis points to 12.25pc

KARACHI -UNS – The State Bank of Pakistan (SBP) increased the key interest rate by 150 basis points to a record high at 12.25 percent to slow down increasing inflationary pressure. First, the government of Pakistan has reached a staff-level agreement with the International Monetary Fund for 39-month long Extended …

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USD hits Rs147, external debts shoot to record at $106 billion

The value of the US dollar against the rupee touched another all-time high for the second consecutive day, reaching approximately Rs147 after gaining Rs5.60 against the rupee in the open market with speculation rife in the forex market that the rupee may slide further. Experts believe that the sudden devaluation …

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Pakistan, IMF discuss $8billion bailout package

ISLAMABAD -UNS – The dialogues between Pakistan and a delegation from International Monetary Fund (IMF) have officially commenced in Islamabad to discuss $8billion bailout package on Monday. Sources said that Pakistan had offered extra Rs600 billion tax target to IMF officials during meeting which was attended by Federal Board of …

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Race on to be world’s first trillionaire

THE world’s first trillionaire will exist by 2040 having made their whopping fortune in space, it has been predicted in the foreign media. Numerous experts believe space mining – drilling asteroids for metals – as well as colonising other planets, will most likely create the globe’s wealthiest person ever as …

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CM KPK inaugurates Dargai industrial economic zone

MALAKAND: Khyber Pakhtunkhwa (KP) Chief Minister Mahmood Khan on Sunday Dargai industrial economic zone during his visit to Malakand district. CM Khan said that the government has set focus on the promotion of petroleum and industrial sectors. The inauguration event was attended by a large number of people and high-level …

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German car makers to invest 60 billion euros in electric cars,automation: VDA

FRANKFURT (Reuters) – Germany’s car industry is to invest nearly 60 billion euros ($68 billion) over the next three years on electric cars and automated driving, the head of the VDA car industry association said ahead of the Geneva motor show. “We will invest over 40 billion euros in electric …

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Shares of JF-17 plane-maker’s sister company in China surged

BEIJING-UNS – Shares of Chinese JF-17 fighter jet maker Chengdu Aircraft Corporation’s (CAC) sister company Sichuan Chengfei Integration Technology (CAC-SCIT) surged after a former Pakistani officer tweeted that JF-17 fighter jet was used by the Pakistan Air Force (PAF) to shoot down Indian fighter jet in a dogfight, according to …

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Saudi gas export plans shine new light on efforts to isolate Iran

By James M. Dorsey Saudi plans to become a major gas exporter within a decade raise questions about what the real goal of the kingdom’s policy, and by extension that of the United States, is towards Iran. Officially both Saudi Arabia and the US, which last year withdrew from the …

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