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As governments across China roll out new measures to boost employment and entrepreneurship on the back of an AI-driven tech boom, many young people, worried that weak demand and a sluggish economy make starting a business too risky, remain drawn to stable government jobs.Seven central government ministries, including the Ministry of Human Resources and Social Security and the Ministry of Education, issued a joint guideline late last month urging local governments to promote employment through entrepreneurship.The initiative targets groups with high unemployment rates, including recent university graduates, migrant workers and retired military personnel.The guideline calls for the rapid development of…

The International Monetary Fund (IMF) in the late hours of Friday termed Pakistan’s implementation of its $7 billion Extended Fund Facility (EFF) as “strong” but analysts noted that a staff-level agreement (SLA) had not been signed after talks with the Fund’s review mission. The statement comes hours after Pakistan and the IMF concluded the first biannual review of the $7 billion loan programme on a positive note, without imposing additional revenue measures. Instead, the government committed to maintaining fiscal targets through expenditure controls, particularly the development programme. In an end-of-mission statement, mission chief Nathan Porter said: “Programme implementation has been…

The Special Investment Facilitation Council (SIFC) endorsed the government’s deregulation policy for pharmaceutical sector announced in February 2024, stating that the sector was undergoing a transformative shift with the deregulation of non-essential medicines. The move allowed “market competition and fair market pricing for drugs not listed on the National Essential Medicines List (NEML),” according to a recent social media post of the SIFC. “Driven by the SIFC, this initiative ensures a stable medicine supply while fueling industry’s growth and expansion. By streamlining regulations, improving business conditions, and offering seamless facilitation to manufacturers and exporters. SIFC is helping Pakistan position as…

Halfway up a 37-storey tower overlooking Hong Kong’s Victoria Harbour, within walking distance from the People’s Liberation Army barracks and the classy Hong Kong Club, sits an unassuming office of a fund manager with an outsize role in the global financial markets.The spartan office, with two tiny flags of China and Hong Kong providing the only splashes of warmth in a grey, cold ambience, belongs to SAFE Investment Company, the custodian of a third of China’s US$3.227 trillion foreign exchange reserves, according to official records.Established a month before Hong Kong’s formal return to China’s sovereignty in 1997, the unit was…

KARACHI: The domestic gold prices for 10-gram and one-tola reached an unprecedented high of Rs269,204 and Rs314,000 on Friday, increasing by Rs4,030 and Rs4,700 day-on-day. In the international market, the spot gold hit an all-time high of $3,004.86, before easing 0.1pc to $2,986.26 on profit-taking. All Pakistan Sarafa Gem and Jewellers Association (APSGJA) President Qasim Shikarpuri stated that several factors have contributed to the rise in global gold prices. The main reasons include the imposition of US tariffs on various countries, retaliatory duties by Canada and China, the ongoing Ukraine-Russia war, and the lack of resolution in the Israel-Gaza conflict.…

ISLAMABAD: Amid a 3.3 per cent decline in electricity consumption in February over the last year, the public sector power distribution companies (Discos) have sought only 30 paise per unit negative fuel price adjustment (FCA) despite 84pc supplies coming from cheaper domestic sources. If approved, the ex-Wapda Distribution Companies (Disco) would have to refund about Rs2 billion to consumers in April. The decline in fuel cost is mainly because of substantially higher costs allowed by the National Electric Power Regulatory Authority (Nepra) through a 20pc increase in base tariff effective July 1, 2024. About 84pc of the total power supply…

LAHORE: While awaiting international funding for the ML-1 main line, originally part of CPEC, for nearly a decade, the Minister for Railways has said the government may use own resources for the project in case no one partners with them. “When we talk about ML-1, our hearts have become numb listening this project again and again. Therefore, the Prime Minister has decided to construct ML-1 project. And if no one partners us for this project, we will make it with our own money,” newly appointed Minister for Railways Hanif Abbasi said while talking to the media at Lahore railway station…

KARACHI: The rising demand due to higher debt servicing and repatriation of profits by foreign investors built pressure on the local currency, which saw the US dollar breaching the Rs280 and Rs281 thresholds in the interbank and open markets. On Friday, the greenback traded at Rs280.35 and Rs281.86 in the interbank and open markets, gaining 25 and 24 paise, respectively. Currency experts identified several factors behind the rupee’s weakening, but they observed that it was a controlled depreciation. The exchange rate has been stable for more than a year, hovering around Rs278 with slight fluctuations, and produced highly positive results…

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has floated a concept paper to introduce an alternative dispute resolution (ADR) mechanism for Islamic finance contracts to promote out-of-court settlement, including mediation, arbitration, and neutral evaluation. The concept paper has been finalised under the Strategic Action Plan 2024-26 to develop Islamic finance in the non-bank financial sector. The primary objective is to propose a specialised ADR mechanism that aligns with Shariah principles and rules, providing a Shariah-compliant, efficient, and effective means of resolving disputes, thereby enhancing stakeholder confidence in the Islamic finance sector. The SECP has said that Islamic finance…

KARACHI: Optimism about a successful IMF review kept investors bullish, helping the benchmark index consolidate overnight gains above 115,500 on selective value-hunting despite a dismal volume on Friday. The benchmark KSE 100 index added 441.93 points or 0.38pc to settle at 115,536 in the weekend session. Ali Najib, Head of Sales at Insight Securities, noted that sustaining gains above the psychological level of 115,500 will likely unleash further upside in the coming week. Investors opted to strengthen their positions before the IMF review’s conclusion, where the street expects the country to sail through it smoothly. According to media reports, the…