Business

Cascading global crises have left 54 countries — home to more than half of the world’s poorest people — in dire need of debt relief, the Unied Nations said on Tuesday. In a new report, the United Nations Development Programme warned that dozens of developing nations were facing a rapidly deepening debt crisis and that “the risks of inaction are dire.” …

Finance Minister Ishaq Dar left for a visit to the United States on Tuesday, the finance ministry said. During his visit, the minister will attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. He is also expected to hold direct talks with their officials. A day earlier, Dar reaffirmed Pakistan’s commitment to complete the IMF programme with …

Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4 per cent in the June quarter in one of the steepest quarterly …

HOUSTON, Texas (KTRK) — A newlywed couple came home from their honeymoon over the weekend to find out they had been robbed. The thief was caught on security camera walking off with a box full of sentimental items they shipped back from their wedding in Sedona, Arizona. The joy and love on display for the couple in Arizona quickly turned into …

KARACHI: The State Bank of Pakistan (SBP) is all set to announce its new monetary policy today (Monday) after a meeting of Pakistan’s Monetary Policy Committee (MPC). The MPC session will be chaired by State Bank of Pakistan governor Jameel Ahmed. This will be first meeting of MPC with Jameel Ahmed in the chair. According to market experts, the policy …

LONDON: The Bank of England on Monday said it was launching a temporary facility aimed at easing liquidity pressures that arose after the UK government’s budget shocked markets. The BoE “announces additional measures to support market functioning”, said a statement, adding that the central bank was ready to increase the size of its UK government bond purchases under an emergency …

Finance Minister Ishaq Dar on Sunday said Pakistan will not seek debt restructuring from Paris Club creditor nations, as he seeks to restore market confidence after a credit rating downgrade. The new rating from Moody’s raised concerns that Pakistan could default on its foreign debt as the country contends with economic turmoil and a balance of payments crisis. “We have decided not …

The rupee continued to show recovery in the interbank market on Monday, extending its gains against the dollar by more than Rs2 in the early morning session. According to the Forex Association of Pakistan (FAP), the dollar was being traded at Rs217.70 around 12:30pm, with the rupee appreciating Rs2.22, or one per cent, against the last session’s close of Rs219.92. FAP Chairperson …

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 …