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GEO BUSINESS NEWS

IMF chief expects lukewarm growth in medium term, urges reforms
Thu, 17 Oct 2024 23:27:00 +0500

IMF Managing Director Kristalina Georgieva departs after delivering a curtain raiser speech on the outlook for the global economy and policy priorities ahead of the 2024 Annual Meetings of the IMF and the World Bank Group in Washington, DC, October 17, 2024. — AFP"Rising protectionism,...

Pakistan's successful engagement with IMF improves macroeconomic conditions: SBP
Thu, 17 Oct 2024 14:53:57 +0500

In this picture, the State Bank of Pakistan building in Karachi can be seen. — SBP/website

Pakistan’s macroeconomic conditions improved during the fiscal year 2023-24 due to a host of reasons, including successful engagement with the International Monetary Fund .

In its...

What has Pakistan gained after becoming SCO member?
Thu, 17 Oct 2024 13:17:00 +0500

Leaders of the Shanghai Cooperation Organisation member states posing for picture in Islamabad on October 16, 2024. —Facebook/ @pml.n.official

ISLAMABAD: The Shanghai Cooperation Organisation was established on June 15, 2001. It originally emerged from the “Shanghai Five”...

eTurbo Motors launches Pakistan's 'fastest' electric motorcycles
Thu, 17 Oct 2024 12:07:52 +0500

An undated image of eTurbo's e-bike. — APP

KARACHI: eTurbo Motors has launched the country’s fastest and most economical electric motorcycles, The News reported, setting a new benchmark in Pakistan’s electric vehicle industry.

Sindh senior minister Sharjeel Inam Memon...

Bogus firm dodges Rs14bn in taxes through fake transactions
Thu, 17 Oct 2024 11:36:00 +0500

A policeman walks past the Federal Board of Revenue office building in Islamabad, on August 29, 2018. — ReutersFTO finds glaring case of organised tax fraud.Fake transactions worth Rs84 billion made.Rs14bn in taxes evaded within just few months.

ISLAMABAD: A glaring...

Neem Paymenow, shariah-compliant earned wage access solution, launched in Pakistan
Wed, 16 Oct 2024 15:03:03 +0500

A representational image showing a woman using a smartphone. — Neem

Neem, an embedded finance platform that helps digital businesses seamlessly embed financial services, has launched Neem Paymenow — a shariah-compliant earned wage access solution designed...

PSX surpasses 86,200 points on positive SCO summit vibes
Wed, 16 Oct 2024 11:40:00 +0500

Traders react to a news report on the floor of the Pakistan Stock Exchange. —Reuters/FileEarnings season rally continues at Pakistan Stock Exchange.Buying spree barrels ahead driven by robust results' forecasts.Analysts say market weighed progress on judicial reforms draft.

Govt keeps petrol price unchanged, hikes diesel by Rs5 per litre
Wed, 16 Oct 2024 00:07:00 +0500

A worker holds a fuel nozzle to fills fuel in a car, after the government announced the increase of petrol and diesel prices, at petrol station in Karachi on September 16, 2023. — Reuters

KARACHI: The federal government on Tuesday kept the price of petrol unchanged, while...

Boeing drafting notices to axe thousands of jobs as crisis deepens
Tue, 15 Oct 2024 13:14:58 +0500

Boeing worker Riley Nelson holds a sign at a picket line near the entrance to a Boeing production facility in Renton, Washington, US on October 11, 2024. — Reuters

Thousands of Boeing employees are set to receive layoff notices within weeks as a senior United States official flew to...

FBR extends deadline to file income tax returns, again
Mon, 14 Oct 2024 23:57:00 +0500

A representational image showing the FBR logo. — FBR website/FileFBR extends deadline for filing income tax returns for second time.Deadline extended in view of requests from various trade bodies.Earlier, the FBR had extended the deadline till October 14.

ISLAMABAD: The Federal...

What are key challenges hindering Chinese companies' operations in Pakistan?
Mon, 14 Oct 2024 12:35:00 +0500

A Chinese employee inspects a circuit board on the controller production line at a factory in Wuhan, Hubei province, China on August 16, 2021. —ReutersCCCPK develops 'Business Climate Index of Chinese Companies'.Security issue identified as main obstacle to corporate growth.Survey reveals...

FBR: Income tax return filing deadline ends today
Mon, 14 Oct 2024 09:31:00 +0500

The logo of FBR is placed in the board's headquarters in Islamabad. — FBR websiteDate was extended after requests made by general public, traders.Move was intended to encourage under-filers against tax evasion.FBR to go against tax evaders with restrictions targeting non-filers.

IMF terms Pakistan's capacity to repay external debt as fragile
Sun, 13 Oct 2024 12:48:00 +0500

A man walks past the International Monetary Fund logo at its headquarters in Washington, US, May 10, 2018. — ReutersPakistan's ability to repay debts depends on certain factors: IMF.IMF says Pakistan needs to repay external debt of $18.8bn this year.Global lender sponsored programme fully...

Is Saudi food chain AlBaik coming to Pakistan?
Sat, 12 Oct 2024 21:19:00 +0500

In this undated photo, salesmen are dealing with customers at an outlet of Al Baik Food System Company. — AlBaik website/File

AlBaik Food System Company — a popular Saudi food chain — is expected to make its debut in Pakistan as a memorandum of understanding ...

With 8% increase, digital payments share rises to 84% in FY2024
Sat, 12 Oct 2024 13:50:00 +0500

A person pays using their cell phone with the instant electronic payment mode known as PIX, at a store in Rio de Janeiro, Brazil April 1, 2024. — ReutersInternet banking users witness 25% increase, says State Bank.With 62% boost, 1,346m transactions recorded valuing Rs70 tr.Customers make...

Petrol, diesel prices 'likely' to go up in upcoming fortnightly review
Sat, 12 Oct 2024 13:29:00 +0500

A fuel station worker holds a petrol nozzle at a petrol pump. — ReutersHSD price expected to increase by more than Rs10 per litreInsiders in oil sector say rise in HSD demand unexpected.Average daily sale of HSD jumped to 24,000 litres: sources

KARACHI: The price...

Boeing announces laying off 17,000 employees as it records $5bn losses in third quarter
Sat, 12 Oct 2024 12:30:00 +0500

A strike sign hangs from a post near a Boeing sign as Boeing factory workers and supporters gather on a picket line during the third day of a strike near the entrance to a Boeing production facility in Renton, Washington, US September 15, 2024. — Reuters

Global aerospace company Boeing...

Pakistan fails to match regional peers in living standards: IMF
Sat, 12 Oct 2024 09:23:00 +0500

Representational image of a girl balances herself while walking on an abandoned railway track in a slum area in Karachi, Pakistan July 10, 2023. — ReutersPakistan's peers achieved more than twice its GDP per capita rate.Global lender evaluates Pakistan’s performance over last 10...

Sindh CM denies reports of IMF reservations over NFC award, 18th Amendment
Fri, 11 Oct 2024 19:50:00 +0500

Sindh Chief Minister Syed Murad Ali Shah in this undated photo. — APP/File

Some ministries being devolved under 18th Amendment: Sindh CM.Suggests surplus electricity should be utilised for industrial units.Sindh govt to launch new power policy soon, says chief minister.

Pakistan's economic outlook hinges on IMF programme, external financing: World Bank
Fri, 11 Oct 2024 12:51:00 +0500

A view of the World Bank's building. — Reuters/FileWorld Bank report projects GDP growth rate of 2.8% for Pakistan.Business confidence likely to improve after credit rating upgrades.Pakistan’s lack of trade openness harming exports, it says in report.

ISLAMABAD: In its...

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