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KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said that inflation has come down due to the government’s strict economic policies. However, he said, the masses have yet to benefit from the reduction in inflation, for which some steps are necessary. The authorities need to make serious efforts to reduce poverty so that the distressed people can receive some relief. He said that a two-percent reduction in interest rates is necessary to improve the…

ROME: Global food commodity prices rose in February, driven by higher sugar, dairy, and vegetable oil prices, the Food and Agriculture Organization (FAO) of the United Nations said on Friday. The FAO Food Price Index, which tracks monthly changes in international prices of globally traded food commodities, averaged 127.1 points last month, up 1.6% from January and 8.2% from February 2024. The jump was largely driven by sugar prices, which shot up 6.6% month-on-month, pushed higher by concerns over tighter global supplies for the 2024/25 season, partly because of unfavourable weather conditions in Brazil. Dairy prices increased 4% from January,…

ISLAMABAD: The rising costs of construction materials, coupled with high taxation, have slowed construction activity in the country, pushing investors toward foreign markets, besides shrinking large-scale employment opportunities. This was stated by S M Nabeel, Chairman North, Association of Builders and Developers (ABAD), while talking to Business Recorder. To address these challenges, the government should optimize the supply chain for construction materials and tackle issues related to high input costs and market inefficiencies. Encouraging new market entrants and fostering competition through policy adjustments will contribute to cost stabilization, making construction more affordable for developers and consumers alike, he added. He…

In a welcome move, Hong Kong’s leading banks will get a big liquidity boost in yuan to help corporate clients who need loans in the currency. The new trade financing facility will be worth 100 billion yuan (US$13.8 billion) and is expected to become a more stable and inexpensive yuan-denominated source of funding for businesses.The measure, to be administered by the Hong Kong Monetary Authority (HKMA), will further cement the city’s leading role as an offshore yuan trading centre. The expanded liquidity means banks and their clients can extend trade settlements for up to six months rather than the hitherto…

As China’s political elite gather for the country’s annual legislative sessions this week, we examine the broader forces likely to influence policies and decision-making for the coming year. In the seventh part of the series, Mandy Zuo looks at which sectors of China’s economy are likely to drive growth in the coming years, and which former stalwarts have lost their place at the top of the hierarchy.When news of President Xi Jinping’s symposium with China’s top business leaders broke last month, speculation was rife over who would be invited.The guest list would offer clues as to which industries were considered…

Laura KuenssbergPresenter, Sunday with Laura Kuenssberg•@bbclaurakBBC”Trump may be the best thing to happen to Starmer,” says a diplomat, suggesting the brash property tycoon busy upending the world order might be just what the strait-laced prime minister – who’s been dragging in the polls – needs.One of Labour’s business backers calls it “the PM’s finest hour” – a Remainer leader putting Britain at the heart of international action as Trump rattles the Western world’s cage. Sir Keir Starmer has certainly been incredibly visible – in the White House, leading a European summit at Lancaster House last weekend, hugging Zelensky, plotting a…

When Kung Fu Panda clawed its way to box office glory in 2008, it sent shock waves through China. Nationalists were bitter that a smash hit banking on Chinese culture was made by Americans, and calls for a government ban ensued.However, the success of DreamWorks’ film in China also lit a fire under China’s film industry.Sure, there were missteps, including a 2011 knock-off film called Legend that failed to win over audiences like the rotund and punchy panda named Po. But the years of intense effort and industrialisation that followed have not only paid off, they have given China bragging…

COLOMBO: IMF chief Kristalina Georgieva pledged to support Sri Lanka’s economic recovery, praising the cash-strapped nation’s “remarkable turnaround” during online talks with its president. The International Monetary Fund Managing director promised unspecified help to the South Asian nation during a virtual meeting with President Anura Kumara Dissanayake, his office said Saturday. “The economy has stabilised and is now performing well,” Georgieva said during her overnight meeting with Dissanayake, according to a video clip shared by the Sri Lankan presidency. “This is so important for people, especially for poor people. We see a remarkable turnaround from the days when it was…

KARACHI: Pakistan’s government is negotiating a 1.25 trillion Pakistani rupee ($4.47 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said. Plugging unresolved debt across the sector is a top priority under an ongoing $7 billion International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis. “The loan will be repaid over a period of 5 to 7 years,” Power Minister, Awais Leghari told Reuters, adding that the term sheets are yet to be signed. Pakistan’s government, the largest shareholder or owner of most…

BEIJING: China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products on Saturday, retaliating against levies Ottawa introduced in October and opening a new front in a trade war largely driven by U.S. President Donald Trump’s tariff threats. The levies, announced by the commerce ministry and scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made electric vehicles and steel and aluminium products just over four months ago. By excluding canola, which is also known as rapeseed, and was one of Canada’s top exports to the world’s No.1…