Business

Egypt and Greece on Sunday said a deal allowing Turkish hydrocarbon exploration in Libya’s Mediterranean waters was “illegal” as Athens said it would oppose it by all “legal means”. On Monday, Turkey said it had signed a memorandum of understanding on exploration for hydrocarbons in Libya’s seas with the authorities in Tripoli. “This agreement threatens stability and security in the …

ISLAMABAD : The recent floods starting in the month of August have exposed the fragility of Pakistan’s telecommunications infrastructure and the weaknesses of broader structural environment within which mobile networks operate, according to a report by Islamabad-based research house Tabadlab. The report, authored Naeha Rashid, Maira Sheikh and Alina Khan, argues that without immediate intervention, the industry is prone to collapse. “Such …

KARACHI: The stock market continued its upward trend in the outgoing week as China agreed to refinance a $2.24 billion loan while the government engaged in talks with China over the rolling over of its $2bn deposits. Arif Habib Ltd said the shrinking of the trade deficit by 21.4 per cent on an annual basis to $9.2bn helped the index …

ISLAMABAD: The Khyber Pakhtunkhwa government will approach the Supreme Court over non-payment of net hydel profit (NHP) and share of erstwhile Federally Adminis­tered Tribal Areas (Fata) from the federal budget. Addressing a press conference at Khyber Pakhtunkhwa House, KP Finance Minister Taimur Jhagra, along with Special Assistant on Information Barrister Muhammad Ali Saif, held the federal government responsible for withholding …

ISLAMABAD: The government was committed to placing the economy on a sustainable and inclusive growth path, Finance Minister Ishaq Dar told the World Bank’s country director on Saturday. The two met in Islamabad on Saturday, where Mr Dar briefed Najy Benhassine about the economic challenges facing Pakistan after floods and said the government was aware of these issues and “taking …

ISLAMABAD: The inflation, measured by the Sensitive Price Index (SPI), slightly rose 0.29 per cent week-on-week for the period ended on Oct 6 due to an increase in food prices, showed data released by the Pakistan Bureau of Statistics (PBS) on Friday. On a year-on-year basis, the SPI posted an increase of 29.44pc largely driven by food and the highest-ever …

KARACHI: The State Bank of Pakistan (SBP) on Friday revoked the in-principle and pilot operation approvals granted to TAG Innovation Pvt Ltd to operate as an Electronic Money Institution (EMI) with immediate effect as per the applicable laws. “The SBP has taken this decision to protect the interest of public at large after identifying violation of its regulatory requirements and …

KARACHI: The stock market witnessed a mixed trading session on Friday as investors chose to hold back during the opening hours. Arif Habib Ltd said the index initially dropped 168.46 points after Moody’s Investor Services lowered Pakistan’s sovereign credit rating by one notch. Inves­tors opted for booking profits after trading resumed in the green zone during the second half, leading …

ISLAMABAD: The federal government on Friday approved 12 major development projects at a cost of Rs600 billion amid a narrow fiscal space and the removal of subsidies on energy for common people. The Executive Committee of the National Economic Council (Ecnec) at its meeting, chaired by Finance Minister Ishaq Dar, approved these projects mostly related to the energy and communication …

The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with United States equipment, vastly expanding its reach in its bid to slow Beijing’s technological and military advances. The rules, some of which go into effect immediately, build on restrictions sent in letters earlier …