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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…

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…

China has consolidated its energy security through a targeted strategy of diversifying imports, and US President Donald Trump’s embrace of fossil fuel production with a “drill, baby, drill” mentality could serve to lower global prices – potentially good news for China as the world’s largest importer of crude and natural gas – according to an influential energy expert in Beijing.Meanwhile, Beijing should take actions to address an uneven distribution of energy resources in the domestic market, advised Jin Zhijun, dean of the Institute of Energy at the prestigious Peking University and a deputy of China’s top legislature.“We have built a…

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…

KARACHI: British International Investment (BII), the UK’s development finance institution and impact investor, announced a $75 million finance facility with Habib Bank Limited. The new facility will support farmers and agribusinesses in Pakistan by providing increased access to essential finance and enhancing their resilience to climate change. The agriculture sector is vital for Pakistan’s economic growth, food security, and the livelihoods of many, contributing 24 per cent to the GDP and employing 37 per cent of the workforce, including being the largest employer of women. However, the sector faces numerous challenges such as limited access to finance, modern machinery, and…

LAHORE: The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) on Monday pointed out that Pakistan ranks 145th out of 146 countries on the Global Gender Gap Index, second only to Afghanistan, as the country continues to face significant challenges in achieving gender equality. The women’s economic participation can promote agricultural productivity, enterprise development at the micro, small and medium enterprise levels, as well as enhances business management and returns on investment. This was stated by FPCCI former president and BMP Chairman Mian Anjum Nisar, while talking to a reception hosted by the Businessmen Panel’s Women Wing…

KARACHI: Business community was largely dissatisfied with the State Bank of Pakistan’s (SBP) monetary policy decision to keep the interest rate unchanged, calling for reduction in it to single digits to stimulate economic activity and boost exports. Atif Ikram Sheikh President FPCCI said that the business, industry and trade community are disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation as the SBP did not change the policy rate on its Monday meeting. Currently, inflation as per government’s own statistics, stood at 1.5 percent in February 2024; but, the policy rate…

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb Monday highlighted that the consultative process for the upcoming federal budget had been deliberately advanced this year. Over 90% of the process has already been completed, with recommendations, proposals, and suggestions received from various stakeholders, including the insurance sector. The Finance Minister emphasized that a team of experts at the Federal Board of Revenue (FBR) is diligently reviewing each proposal submitted by different sectors, ensuring that the impact on the economy and revenue is thoroughly evaluated. This process aims to develop realistic and actionable policy interventions that will foster the…

More than half of the roughly 200,000 merchants on Alibaba.com were already using its AI applications on a weekly basis, company president Zhang Kuo told the South China Morning Post in an interview on Monday. Alibaba owns the Post.Introduced in early 2024, these AI tools are designed to assist sellers in marketing, product management, customer engagement and risk control – which form part of efforts to expand Alibaba’s cross-border e-commerce business.“I believe that by the end of this year, [the adoption rate] should be 100 per cent,” Zhang said. “In the end, when they feel that these parts are easier…

The ‘Mar-a-Lago Accord’ – a general idea to attack international trade imbalances by addressing “overvaluation” of the US dollar – is gaining attention among investors and policymakers. While the possibility of a grand deal between the US and its trading partners remains remote, few can ignore the possibility as the stakes are just too high.It is interesting to ask how Beijing may view such an accord, which to some extent resembles the 1985 Plaza Accord signed by the US, Japan, West Germany, the UK and France. China’s knee-jerk reaction would be “no”, as the 1985 accord had a very bad…