Business

A recent UN report shows that global emissions, instead of reducing by 45 per cent by 2030, are set to increase by close to 11pc. The Sharm el-Sheikh Climate Change Conference (COP 27) brought together more than 45,000 participants to take action toward achieving climate goals agreed upon under the Paris Agreement and the Convention. A report by 55 vulnerable countries estimated …

Technically, Pakistan has not defaulted on its debt because it hasn’t missed — or even delayed — any payment to its creditors. Yet it certainly has fallen into ‘arrears’. For example, last week, the global International Air Transport Association complained that Pakistan was second among the top five markets that have restricted or stopped foreign airlines from repatriating their ticket sales revenues …

The overall business confidence in Pakistan fell to minus four per cent, according to a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) conducted during September-October 2022. The business confidence score was low — 17pc — in the previous survey of March-April as well, but it was still positive. The OICCI says the decline in business confidence …

ISLAMABAD: After the Supreme Court endorsed a settlement deal worth over $6.5 billion last week, the government on Sunday approved a payment of more than $900 million to the Chilean firm Antofagasta over six years to exit the Reko Diq project. The committee also green-lighted about $1.91bn shareholder financing by state-owned enterprises (SOEs) to take the gold and copper mining project forward. …

ISLAMABAD: For the cybersecurity of individual borrowers, the regulator has made it mandatory for digital nano lending companies to get their mobile apps certification from the Pakistan Telecommuni­cation Authority (PTA). Through draft regulations for Non-Banking Financial Companies, the Securities and Exchange Commission of Pakistan has also prohibited these companies from using coercive and unacceptable collection practices for recoveries. The draft …

LONDON: The United States is open to amending lucrative green subsidies that have drawn transatlantic anger for allegedly encouraging job losses in Europe, US climate envoy John Kerry said. In a BBC interview from London, broadcast on Saturday, Kerry also signalled unease over the UK government’s decision to permit the opening of a coal mine despite ambitions to slash carbon emissions. Several …

KARACHI: Banks’ lending to private sector nosedived as it fell 16 times during the first five months of 2022-23 as compared to the same period last year. Prevailing political instability, rising inflation and a record high interest rate is understood to have put the cork on the flow of liquidity towards the private sector. Lending to this sector — which …

LAHORE: Finance Minister Ishaq Dar on Saturday said that Pakistan is heading in the right direction and it will not default despite the opposition’s propaganda. “Pakistan will not default just because of the propaganda of the opposition (Pakistan Tehreek-i-Insaf). The country’s direction is right and it is not heading for default,” Mr Dar declared during his interaction with businessmen. PTI Chairman Imran …

ISLAMABAD: Pakistan’s exports to nine regional countries posted a negative growth of 1.32 per cent in the first four months of the current fiscal year from a year ago mainly driven by a drop in export proceeds to China, the latest data released by the State Bank of Pakistan showed. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, …

ISLAMABAD: While Twitter and Facebook have expressed their inability to establish offices in Pakistan in near future, the world’s largest search engine and video-sharing platform Google is set to open a liaison office in Pakistan. IT and Telecom Minister Syed Aminul Haque on Friday announced the global giant has already registered itself as a company in Pakistan. “A delegation of …