Business

Tonight will be mild with increasing clouds as a storm system approaches from the west. A few showers may develop after midnight, but no severe weather will occur. There is a brief chance of showers and a couple thunderstorms early Wednesday. The better chance will be to the east of DFW. Any showers that affect DFW will be gone by …

China’s economy grew last year at its slowest pace in four decades as it was hammered by Covid lockdowns and a property crisis but the forecast-beating reading raised hopes for a strong recovery as it reopens. Beijing’s rigid adherence to its zero-Covid strategy of strict containment that effectively shut the country off from the world hammered business activity last year and threw …

ISLAMABAD: As the dollar crisis deepens and strong reaction is beginning to appear from almost all sectors of the economy, Finance Minister Ishaq Dar on Monday reiterated that government will facilitate all exporters, including five previously zero-rated sectors, for the import of raw material, parts and accessories to meet their requirements. Mr Dar took to Twitter to announce that the …

Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-2022 U-turn in Covid policy still supported hopes of recovery in the country’s fuel demand this year. Brent crude futures had risen 16 cents, or 0.2 per cent, to $84.62 by 0414 GMT, recouping some of the 1pc loss of …

Shares at the Pakistan Stock Exchange (PSX) crashed on Tuesday, with analysts citing political uncertainty and delay in the completion of the International Monetary Fund’s (IMF) ninth review. The benchmark KSE-100 index lost 1378.54 points, or 3.47 per cent, to reach 38,342.21 points at 3:50pm. First National Equities Limited Director Amir Shehzad said the market was already under pressure because …

ISLAMABAD: The federal development spending fell drastically by 43.68 per cent to Rs151.42 billion in the first half year (July-December) of the current fiscal year from Rs268.87bn over the corresponding period last year to create a space for unbridled current expenditures. In absolute terms, the expenditures so far account for 20.82pc of the total revised allocation of Rs727bn, drastically short …

Barely two in five people believe their families will be better off in the future, according to a regular global survey that also identified growing levels of distrust in institutions among low-income households. The Edelman Trust Barometer, which for over two decades has polled the attitudes of thousands of people, found that economic pessimism was at its highest in some …

ISLAMABAD: Pakistan’s average productivity growth remained just 1.5 per cent from 2010 to 2020, significantly low to achieve the required GDP growth rate of around 7-8pc on a sustainable basis, a new study shows. The study — titled Sectoral Total Factor Productivity in Pakistan and conducted by the planning ministry and the think tank Pakistan Institute of Development Economics (PIDE) — says …

Shares at the Pakistan Stock Exchange (PSX) opened in the red on Monday, with the benchmark KSE-100 index falling below the 40,000 points mark. Analysts attributed the slump to political and economic uncertainty and an expected increase in the policy rate. The KSE-100 index lost 528.71 points, or 1.31 per cent, to reach 39,794.74 points at 1:48pm. Topline Securities CEO …

KARACHI: In a move to encourage exporters of software and IT&IT-enabled services to bring more dollars into the country, the State Bank of Pakistan (SBP) has allowed 35 per cent retention of their earnings outside the country. For meeting this objective, the SBP has amended the Foreign Exchange Regulations and advised the banks to mandatorily allow, till March 31, 2023, …