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In a key development, Finance Minister Muhammad Aurangzeb discussed the country’s debt management and restructuring with Mohammed Yahya, the United Nations Resident Coordinator at the Finance Division on Tuesday. Yahya was accompanied by Abdullah Fadil, a UNICEF Representative. Afke Bootsman, Head of UN Resident Coordinator Office and Luay Shabaneh, UNFPA Representative were also present. According to the statement, the meeting provided a platform for discussions on key issues including debt management, debt restructuring, climate financing, sustainable development goals (SDGs), and Pakistan’s transition to green energy. During the meeting, Aurangzeb emphasized that Pakistan faces two major existential challenges: climate change and…

Rupee’s Performance Against US Dollar Since 16 Jan 2025 The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.04% in the inter-bank market on Tuesday. At close, the currency settled at 279.95, a gain of Re0.12 against the greenback. On Monday, the rupee had closed at 280.07. The last time the rupee closed below 280 against the US dollar was in January 2024. Internationally, the yen was investors’ safe harbour of choice on Tuesday and it traded near five-month highs as fears about a tariff-driven slowdown in US growth have rattled US stocks and the US dollar. The…

Zarrar Hasham Khan has been appointed as chairman of Pakistan Telecommunication Company Limited (PTCL), replacing Azfar Manzoor. The company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We have to inform you that Zarrar Hasham Khan has been appointed as chairman with effect from 2025-03-10 in place of Azfar Manzoor,” read the notice. Last year in September, Zarrar was appointed as Secretary Information Technology and Telecom Division. With over 20 years of experience in technology and telecommunications, Khan is a graduate of the Ghulam Ishaq Khan Institute and has furthered his education at prestigious…

Campaign posters hang outside of the polling station ahead of tomorrow’s general election on March 10, 2025 in Ilulissat, Greenland. Greenland will hold a general election on March 11 to elect the 31 members of its parliament, the Inatsisartut. Joe Raedle | Getty Images News | Getty ImagesGreenlanders are heading to the polls on Tuesday in a pivotal parliamentary election shaped by the perennial debate over independence from overseer Denmark — and by U.S. President Donald Trump’s ambitions to get hold of the island “one way or the other.”The majority of the Arctic island’s six main political parties support independence, and the…

The Pakistan Stock Exchange (PSX) saw a volatile session on Tuesday, as the benchmark KSE-100 Index swayed in both directions before closing the day marginally lower by 179 points. A topsy-turvy trading was observed throughout the trading session, with the KSE-100 hitting an intra-day high of 114,486.20 and an intra-day low of 113,610.31. At close, the KSE-100 settled at 114,177.65, a decrease of 178.69 points or 0.16%. “The KSE-100 witnessed a fierce tug-of-war between bulls and bears in today’s session. The market opened on a negative note, reacting sharply to the State Bank of Pakistan’s (SBP) decision to maintain the…

The euro rose in European trade on Monday against a basket of major rivals, maintaining gains for the second session against the dollar, and about to touch four-month highs after marking the best weekly performance in 16 years.    Following the European Central Bank’s latest policy meeting, the odds of a rate cut in April declined as traders now await more data and clues.   The Price   The EUR/USD pair rose 0.4% today to $1.0871, with a session-low at $1.0827.   The euro rose 0.45% on Friday against the dollar, marking the fourth profit in five days, and hitting…

ISLAMABAD: The government is immediately halting the use of methyl bromide for the fumigation of rice consignments in Pakistan, enabling the importing countries to carry out the procedure themselves in line with international standards. The decision came at a meeting held by the ministry of national food security and research on Monday to address the issue of interceptions in the export of Pakistani rice to Europe. The meeting, chaired by Secretary Waseem Ajmal Chaudhry, was attended by all stakeholders including the representatives of provinces, private companies and multinational corporations. The policy decision is expected to directly benefit Pakistani rice exporters…

ISLAMABAD: The Constitutional Bench of the Supreme Court was reconstituted on Monday to commence hearing on a set of challenges to the imposition of super tax on high earning individuals through Section 4C of the Income Tax Ordinance, 2001. The composition was changed after Justice Aminuddin Khan, who was heading the bench, noted that one of the bench members, Justice Aamer Farooq, had already given a decision on the matter when he was chief justice of the Islamabad High Court. The reconstituted bench will comprise Justice Jamal Khan Mandokhail, Justice Mohammad Ali Mazhar, Justice Syed Hasan Azhar Rizvi and Justice…

KARACHI: Most owners of big factories hailed the State Bank’s cautious approach to keep the interest rate unchanged at 12 per cent on Monday, but the bulk of the business community was up in arms against the central bank for not bringing down the policy rate by 500 basis points even though inflation was as low as 1.5pc last month. Abdul Aleem, Secretary General of the Overseas Investors Chambers of Commerce and Industry (OICCI), said: “I am satisfied that SBP made a very sound decision by not surrendering to pressure for rate cut. The economy needs sustainable steps to overcome…

LAHORE: Barely a few weeks after exporting half a million tonnes of sugar, the federal government on Monday decided to import raw sugar to “stabilise prices” in the country. According to an official statement, the import of raw sugar (Shakkar) would help bring down prices in the country and help increase future production, as it could be refined and converted into sugar locally. Interestingly, the export permission was granted after the industry promised to keep domestic prices between Rs145 and Rs150 per kilogram. However, prices have increased to over Rs180 per kg in the last 10 days. According to market…