Business

The Securities and Exchange Commission of Pakistan (SECP) has granted approval for the launch of a peer-to-peer lending platform under the first cohort of its technology-driven initiative ‘Regulatory Sandbox’. The move is aimed at supporting and encouraging a financial technology revolution in the country, a press release said on Wednesday. “Peer-to-peer lending is an innovative, alternative digital platform that connects borrowers with …

The country’s current account witnessed a surplus for the fourth consecutive month in October, rising to $382 million or 1.6 per cent of the gross domestic product (GDP), data released by the State Bank of Pakistan (SBP) showed on Thursday. Compared to the same month last year, the surplus witnessed an increase of 423pc from $73m, while on a month-on-month basis it …

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet on Monday approved four major supplementary grants totalling Rs38 billion for security expenditures. It also approved Voluntary Separation Scheme (VSS) for the staff of Pakistan International Airlines (PIA). Presided over by Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh, the meeting was attended …

ISLAMABAD: After a gap of few years, Pakistan and Afghanistan has resumed formal talks on improving bilateral economic relations. An official announcement said that Adviser on Commerce to Prime Minister Razak Dawood left for a three-day talk on Monday. Soon after reaching Kabul, the adviser called on Speaker of Afghan Wolesi Jirga in Kabul and discussed strengthening of trade and …

ISLAMABAD: Prime Minister Imran Khan on Monday said that at a time when the global economy was being battered by the adverse effect of Covid-19 pandemic, Pakistan’s economy has been recovering at a pace rivaled by none in the region. Chairing a meeting to review the economic situation, PM Khan reiterated the government’s resolve to improve macroeconomic condition of the …

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Monday approved the transaction structure for the divestment of 96.6 per cent shares of Heavy Electrical Complex (HEC), and constituted a committee to improve upon the transaction structure for Pakistan Steel Mills (PSM). Chaired by Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh, the CCoP also instructed the Ministry …

ISLAMABAD: Turkish delegation on Monday expressed their interest for setting up industrial units in Pakistan to start production activities to meet the needs of the construction industry, a press release issued by the Islamabad Chamber of Commerce and Industry (ICCI) said on Monday. ICCI President Sardar Yasir Ilyas Khan briefed the visiting delegation about the potential business and investment opportunities …

Amid nascent positive economic signs in selective areas, a lag in the implementation of a few supportive initiatives by the government continues to create uncertainties among market players. On the positive side, large-scale manufacturing (LSM) has posted 4.8 per cent growth in the first quarter (July-September) of the current fiscal year. This is driven by textile, mineral and food sectors …

When an economy takes a downturn, private investors and bankers tend to avoid much of the business risks thus the government’s development spending serves as a stimulus for economic growth and creates jobs. The capital spending on social and physical infrastructure also provides the private sector with business opportunities. However, according to the latest reported update issued by the Ministry …

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is expected to approve on Monday (today) supplementary grants for security expenditures and give the go-ahead for ‘voluntary separation’ of about 3,500 employees of the Pakistan International Airlines (PIA). An ECC meeting has been called on Monday to take up a 10-point agenda, half of them are demands for grants for …