Business

ISLAMABAD: The caretaker government is rapidly advancing plans to restructure the country’s revenue machinery, with an ordinance aimed at reducing reliance on human discretion and enhancing the stagnant tax-to-GDP ratio likely to be promulgated within the next fortnight. Informed sources said the caretaker government and other key stakeholders, except the revenue staff, were determined about the restructuring and reorganisation of the federal …

Ants truly are extraordinary creatures, with behaviour that is particularly remarkable in adversity. When faced with floods, they don’t falter; they float. Forming rafts with their bodies, they expertly navigate waters that would otherwise drown them. This ingenuity offers a valuable lesson in resourcefulness for Pakistan’s policymakers as they steer through the country’s tough economic landscape. The Pakistani economy is …

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar has said that the country’s economic growth will rebound by 2-2.5 per cent in the current fiscal year. The economic recovery process has boosted business confidence and market sentiments while a bullish trend has been prevailing in the Pakistan Stock Exchange (PSX) for the last five months, she said. In a virtual address …

ISLAMABAD: A modest increase in foreign direct investment (FDI) flows in 2024 appears possible, as projections for inflation and borrowing costs in major markets indicate a stabilisation of financing conditions for international investment deals, says the Investment Trends Monitor. Published by the UN Conference on Trade and Development (UNCTAD), the monitor, however, says significant risks persist, including geopolitical risks, high …

KARACHI: Tensions with Iran and pre-poll uncertainties kept investors unsettled throughout the outgoing week despite the influx of positive economic news as a result the benchmark KSE 100-share index came under intense selling pressure and settled well below 64,000 level. After suffering losses for four consecutive sessions due to simmering border tensions with Tehran over tit-for-tat strikes on the terrorist hideouts on …

PARIS: While the explosion of debt is throwing a shadow over global economic growth, experts warn that sub-Saharan Africa, where several countries are already in default, is experiencing its worst-ever crisis. The rise in interest rates and over-indebtedness is already crimping the ability of countries to finance their development, as a number of African leaders emphasised at appearances at the …

BUDAPEST: Hungary’s finance minister on Saturday warned against complacency despite a sharp fall in the European Union’s highest inflation rate, saying any new supply shock to the global economy could reignite price growth. The comments by Finance Minister Mihaly Varga underscored a policy rift within Prime Minister Viktor Orban’s government, with the economy minister repeatedly calling for looser fiscal rules …

KARACHI: The amount of outstanding auto loans declined for the 18th consecutive month to Rs251 billion at the end of December 2023 from Rs257bn at the end of November, while it was Rs337bn during December 2022, depicting a drop of 2.3per cent month-on-month and 25.5pc year-on-year. The total drop in the last 18 months stood at a whooping Rs117bn as …

ISLAMABAD: Short-term inflation continued its upward trajectory for the second consecutive week, rising 44.64 per cent year-on-year in the week ending Jan 18, according to official data released on Friday, showing a steep increase since May 2023. The persistent rise in inflation, observed in the first two weeks of January this year, indicates no signs of deceleration in the near …

ISLAMABAD: The National Electric Regula­tory Authority (Nepra) on Friday granted a non-exclusive distribution licence and a supplier-of-last-resort (SoLR) licence to K-Electric Ltd (KEL) both for 20 years, valid until Jan 18, 2044. The non-exclusive distribution licence to KEL means that smaller private power distribution companies with a licence from Nepra would be allowed into the power distribution and sale business, …