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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…
The US dollar declined in European trade on Monday against a basket of major rivals, on track for the sixth loss in a row, about to plumb four-month lows amid concerns about US growth due to Trump’s trade policies. The US economy added less jobs than expected in February, bolstering the odds of a Fed rate cut during the first half of the year, with traders now waiting for US inflation data this week to gather more clues. The Index The dollar index fell 0.35% today to 103.56, with a session-high at 104.03. On Friday, the…
The US dollar declined in European trade on Monday against a basket of major rivals, on track for the sixth loss in a row, about to plumb four-month lows amid concerns about US growth due to Trump’s trade policies. The US economy added less jobs than expected in February, bolstering the odds of a Fed rate cut during the first half of the year, with traders now waiting for US inflation data this week to gather more clues. The Index The dollar index fell 0.35% today to 103.56, with a session-high at 104.03. On Friday, the…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Manic Monday : U.S. stocks got slammed to start the new week, with the Dow closing down 890 points or roughly 2.1%, the S & P 500 down 2.7%, and the Nasdaq down 4%. That’s off the lows of the session. A sharp drop in bond yields did not help stocks Monday. Economic fears gripped Wall Street after President Donald Trump went on Fox News Sunday but didn’t rule out a…
Apple stock dropped more than 5% on Monday following a bearish Wall Street call and an overall market rout. But Jim Cramer warns investors against buying the dip, just yet. “I see no reason to buy it whatsoever. Let them take [the stock] down. I know a lot of shorts, and I know they’re just going to press their bet,” Jim said during Monday’s Morning Meeting. Apple shares are sliding after Citi analysts cut iPhone sales estimates for calendar year 2025 and 2026, citing artificial intelligence upgrade delays for virtual assistant Siri. Citi also dropped its positive catalyst watch on…
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…
President Donald Trump and other senior White House officials have spent the past several days bracing Americans for a potential economic slowdown that they say will then lead to stronger growth ahead.With fears brewing over the potential tariff impact, the labor market slowing and indicators pointed toward a possible negative growth in the first quarter, the president and his top lieutenants are projecting a mostly optimistic outlook tempered with warnings about near-term churning.”There is a period of transition, because what we’re doing is very big,” Trump said Sunday on the Fox News show “Sunday Morning Futures.” “We’re bringing wealth back…