ISLAMABAD: The World Bank on Wednesday announced that its board of directors had approved the long-awaited $350 million loan ‘2nd Resilient Institutions for Sustainable Economy (RISE-II) Operation’ to Pakistan to support key macroeconomic reforms in energy, taxation and business environment. The financing “aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth”, the Washington-based multilateral lender …

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday approved an additional across-the-board charge of Rs1.15 per unit for electricity consumers throughout the country, including K-Electric, and also concluded the process of imposing another Rs1.72 per unit on K-E consumers for the next three months — January to March 2024. Effectively, K-Electric consumers would have to pay a cumulative …

ISLAMABAD: The Pakistan Telecommunication Company Ltd (PTCL) said on Thursday it has signed a share purchase agreement with Telenor Pakistan to buy 100 per cent of its shares based on an enterprise value of Rs108 billion ($380 million). The deal, structured on a cash-free, debt-free basis, is subject to regulatory approvals and customary closing conditions, the PTCL said in a …

ISLAMABAD: The special court on Thursday accepted the Federal Investigation Agency’s plea seeking an in-camera trial of former prime minister Imran Khan and ex-foreign minister Shah Mahmood in the cipher case. It began the cipher trial afresh at the Adiala district jail after the pair were indicted for a second time yesterday, according to reporters allowed to attend the hearing. The cipher case pertains …

KARACHI: The Pakistan Stock Exchange (PSX) wrapped up the trading week on a historic note as the benchmark KSE-100 index soared to an unprecedented all-time high above 66,000 points. This record-setting close was fueled by the visit of Caretaker Prime Minister Anwaarul Haq Kakar, who marked the launch of a Rs30 billion Ijara Sukuk. The index witnessed an impressive increase …

KARACHI: Caretaker Prime Minister Anwaarul Haq Kakar on Friday commended the collective efforts of all stakeholders in steering the economy back on track. Speaking at the Pakistan Stock Exchange (PSX) during the first auction of the Government Ijarah Sukuk Bond, he acknowledged the regained investor confidence, attributing it to the successful standby agreement with the International Monetary Fund (IMF), the …

KARACHI: The benchmark index of the Pakistan Stock Exchange (PSX) continued its upward momentum on Thursday to cross the 64,000 milestone in yet another record high. According to the PSX website, the KSE-100 index gained 380.55 points at 10:20am to reach 64,298.27, up 0.6 per cent from the previous close of 63,917.72. The benchmark of representative shares, maintaining its bull …

BEIJING: The Chinese renminbi (RMB) is making steady progress in becoming a more widely used currency in the global economy, according to a report released by People’s Bank of China (PBOC). One of the most notable trends highlighted in the 2023 report on Chinese RMB internationalization is the increased use of the currency in trade and investment. In 2022, banks …

LAHORE: Acting Ambassador of Palestine Nader Al Turk has lauded China for showing its readiness to play a constructive role in easing tensions between Palestine and Israel and promoting peace talks. Addressing a webinar titled, “War Crimes Gaza: The impact, consequences, and international response & responsibility”, the envoy called out the “double standards” of the so-called civilised world and international organisations responsible …

BEIJING: Chinese President Xi Jinping on Wednesday announced eight major steps China will take to support high-quality Belt and Road cooperation. First, China will build a multidimensional Belt and Road connectivity network, Xi said in a keynote speech at the opening ceremony of the third Belt and Road Forum for International Cooperation (BRF). The country will speed up high-quality development of …