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ISLAMABAD: Work on the Mass Transit Master Plan 2030 is set to commence, with the Asian Development Bank (ADB) providing technical assistance in its preparation. The plan aims to expand Islamabad’s transport network, including the extension of the Bus Rapid Transit (BRT) system, the introduction of rail cars, and increased investment in transport infrastructure. This was discussed during a Zoom meeting between Capital Development Authority (CDA) Chairman Muhammad Ali Randhawa and an ADB delegation on Wednesday. The meeting was attended by Member Planning Dr Khalid Hafeez, DG Resources Shakeel Ahmed, and other senior CDA officials. During the briefing, the CDA…
NEW DELHI: ArcelorMittal’s India joint venture has sued New Delhi for rejecting imports of a steelmaking raw material, saying it was incorrectly imposing import curbs retroactively, escalating its fight over a policy change that is hurting its business, documents show. India’s government imposed curbs on imports of low-ash metallurgical coke, or met coke, starting in January, with country-specific quotas to help domestic suppliers. That has spooked big players like ArcelorMittal Nippon Steel India which are concerned about quality issues with local met coke. ArcelorMittal Nippon has already warned New Delhi privately that it may have to severely curtail steelmaking and…
ISLAMABAD: Global rating agency Moody’s has said that Pakistan’s macroeconomic situation has improved with banking outlook upgraded from stable to positive, and the country’s economy is set to register a three percent growth. The global rating agency, in a statement, said “We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.” Moody’s said “The positive outlook on the sector also mirrors the Government of Pakistan’s (Caa2 positive) positive outlook, with Pakistani banks having significant exposure to the…
The Bank of Canada cut overnight interest rates by 25 basis points to 2.75%, the lowest since July 2022. It’s the seventh interest rate cut in the current BOC monetary easing cycle, as inflation remained near the bank’s 2% target. Current inflation rates hover around 1.9%, and it comes amid uncertainty in the market and economic disruptions as US President Donald Trump imposes tariffs on steel and aluminum, which went into effect on Wednesday. Trump repeatedly imposed 25% tariffs on Canada and Mexico and delayed them amid ongoing negotiations with both governments. The Bank of Canada…
LONDON — President Donald Trump’s trade tariffs are a major concern among U.S. and international business leaders, with industry titans warning of trouble ahead.Speaking at CNBC’s CONVERGE LIVE in Singapore, Bridgewater founder Ray Dalio warned of “fighting” between countries over the duties.”Tariffs are going to cause fighting between countries … I’m not necessarily talking about military. But think about U.S., Canada, Mexico, China … There will be fighting, and that will have consequences,” he said, speaking to CNBC’s Sara Eisen on Wednesday.Trump’s 25% tariffs on aluminum and steel imports took effect Wednesday, with the EU, Australia and Canada among the…
Chinese agricultural scientists are developing new strains of protein-rich corn that can serve as a substitute for soybeans in animal feed, a potential game-changer for China’s drive to reduce its reliance on overseas grain.Beijing sees the growing dependence on foreign agricultural products as a threat to the nation’s food security, as well as a potential issue of contention amid an intensifying trade war with the United States.Developing higher-protein corn to replace soybeans in animal feed is seen as a potential solution, and researchers at China’s Huazhong Agricultural University have already developed several promising varieties, according to the university’s president.Given China’s…
Daniel ThomasBusiness reporter, BBC NewsGetty ImagesAlmost 80% of smartphones sold in the US are made in China Deena Ghazarian had only been in business for a year when the trade policies of President Donald Trump’s first term of office sent her company into a tailspin.It was 2019 and her California-based firm, Austere, had just agreed to supply several big US retailers with its high-end audio and video accessories that are largely manufactured in China.Then Trump imposed sweeping tariffs on China, and overnight Deena found herself paying a 25% surcharge on every cable and component she imported – up from zero…
The Canadian dollar rose against most major rivals today following the Bank of Canada’s interest rate decision. The Bank of Canada cut overnight interest rates by 25 basis points to 2.75%, the lowest since July 2022. It’s the seventh interest rate cut in the current BOC monetary easing cycle, as inflation remained near the bank’s 2% target. Current inflation rates hover around 1.9%, and it comes amid uncertainty in the market and economic disruptions as US President Donald Trump imposes tariffs on steel and aluminum, which went into effect on Wednesday. Trump repeatedly imposed 25% tariffs…
Salesforce should be able to continue to grow despite the impact of tariffs and a possible recession. The news Bank of America said in a note Wednesday that Salesforce is one of the stocks it would recommend in any environment due to the likelihood of seeing “growing revenue contribution from tangible AI product cycles.” According to analysts, software groups are historically more resilient in the quarters leading up to a recession. They said it tends to take two to three quarters into a recession before the industry experiences a slowdown in revenue and billings. The reason, BofA wrote, is that information…
Bitcoin rose on Wednesday away from four-month lows while settling above $80,000 on positive sentiment after more purchases by major corporations. Now markets await mainline US inflation data for February, expected to provide fresh clues on the odds of a Fed rate cut in upcoming months. Prices Bitcoin rose 0.95% at Bitstamp today to $83,733, with a session-low at $81,268. On Monday, bitcoin rose 5.5%, the first profit in six days away from a four-month trough at $76,600. Crypto Market Value The market value of cryptocurrencies rose by $30 billion today to $2.795 trillion. …