Business

The ministry clashed with the privatization of SOEs The fate of 40 state-owned enterprises (SOEs) that are considered strategic and important by their respective ministries but not accepted as such by Deputy Prime Minister Ishaq Dar has yet to be decided after Finance Minister Muhammad Aurangzeb chaired a cabinet committee meeting on Monday. The Cabinet Committee on State-Owned Enterprises (CCoSOEs) …

Fuel prices are expected to drop significantly in May Ex-depot petrol rates may drop by Rs13.40 per litre, and high-speed diesel (HSD) by Rs8.19 per liter for the next two weeks from May 16, according to estimates. Petrol premium is expected to be around $10.30 per barrel, and $6.50 per barrel on HSD, while the exchange rate adjustment is expected …

Foreign investment jumps by 84% Foreign portfolio investors are gradually returning to Pakistan’s debt and equity markets after a prolonged absence, marking a significant shift in market sentiment. Short-term external investment has surged by 84%, surging to a 30-month high, now standing at Rs501.30 billion. According to a weekly update from the State Bank of Pakistan (SBP), overall investment hit …

Passenger car sales plummet 29% In the 2024 financial year (from July to April), passenger car sales saw a sharp decline to 62,962 units, marking a staggering 29% decline. This decline is due to various factors including high interest rates, soaring inflation and declining purchasing power, as reported by the Pakistan Automotive Manufacturers Association (PAMA). PAMA data also revealed a …

The minister charts the course for export growth Federal Commerce Minister Jam Kamal Khan reiterated the government’s commitment to facilitate diversification of trade, industry and exports on Monday. He stated that measures are being devised to promote both local and export-oriented industries. Speaking at a media briefing at the Trade Development Authority of Pakistan (TDAP), the commerce minister emphasized the …

Apple Store workers in Maryland voted to authorize a strike Apple Store workers in Towson, Maryland, the first of the tech giant’s retail workers to unionize, made history again by voting late Saturday in favor of strike authorization. The International Association of Machine and Aerospace Workers Organized Retail Workers (IAM CORE), the union that represents the workers, said in a …

Gen Z is getting hit harder by inflation Gen Z is in a financial ditch. A new study from credit reporting agency TransUnion finds those in their early 20s earn less, have more debt and see higher delinquency rates than Millennials their age. The findings underscore the credit usage of Gen Zers ages 22 to 24. Millennials who fell into …

Jim Simons, the billionaire hedge fund founder, has died at the age of 86 Jim Simons, the billionaire investor, mathematician and philanthropist, died Friday in New York City, according to his foundation, the Simons Foundation. Simons is 86 years old. Simons, founder of hedge fund Renaissance Technologies, helped pioneer quantitative investing, a market strategy that relies on mathematical and statistical …

The iconic Porsche 911 will become a hybrid Porsche is set to unveil one of the biggest changes to its signature model. The hybrid Porsche 911, with its gas engine assisted by at least one battery-powered electric motor, will be officially revealed in an online event on May 28. The move is a major step in the evolution of one …

Making IMF loans a game changer The government is preparing to negotiate a new Extended Fund Facility (EFF) loan from the International Monetary Fund (IMF) and aims to reach staff-level agreement in the next two to three months. The IMF insists that the primary responsibility for selecting, designing and implementing policies lies with borrowing from member countries, not the IMF …