Business

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, …

ISLAMABAD: The textile and clothing exports rebounded in December from the previous month’s downward trajectory, according to data issued by the Pakistan Bureau of Statistics (PBS) on Friday. The sector expanded by 3.33 per cent, with exports reaching $1.39 billion, up from $1.35bn in the same month the previous year. Textile and garment exports fell by more than 7pc year-on-year …

ISLAMABAD: Pakis­tan faced one of the worst economic crises in its history in 2023 with poverty, inflation and unemployment soaring, jeopardising millions of people’s rights to health, food and an adequate standard of living, according to a report by the Human Rights Watch. In its 740-page ‘World Report 2024’, made available on Friday, the HRW reviewed human rights practices in …

Shares at the Pakistan Stock Exchange (PSX) returned to trading in the green on Friday, gaining more than 600 points in early morning trade. According to the PSX website, the KSE-100 index struck 63,790.08 points at 10:42am, up 587.68 points or 0.93 per cent from the previous close of 63,202.40 points. A day earlier, border tensions with Iran had sustained …

LAHORE: Pakistan has so far produced 8.2 million bales of cotton as both Punjab and Sindh provinces have had almost equal output during 2023-24. The Pakistan Cotton Ginners Association (PCGA) on Thursday reported that the country produced 8.258m bales by Jan 15, which is 3.3m bales or 67 per cent more than the total yield of the previous crop year …

ISLAMABAD: Balochistan exporters have urged the federal government to devise a comprehensive plan to resume trade at the Chaman border stations with Afghanistan, which has been suspended for more than three months. The closure of border customs stations has significantly impacted exporters in Balochistan and Karachi. They are unable to fulfil export orders from Central Asian States, particularly Turkmenistan. The …