Author: admin

KARACHI: Cotton prices have shown overall stability, while trading activity remained limited. New York cotton futures also recorded an improvement in prices. Indications suggest that the EFS (Export Finance Scheme) matter may be postponed until the budget. Frustrated with the government, the PCGA (Pakistan Cotton Ginners Association) has reportedly sent a letter to the Chief Justice of the Supreme Court after approaching the Army Chief, seeking judicial intervention in the matter. Meanwhile, the import bill is rising due to rising imports of cotton, cotton yarn, and textiles, as highlighted by Shahid Rasheed Butt, former President of the Islamabad Chamber of…

Opting for consensus rather than contention, Prime Minister Shehbaz Sharif and PPP leader Bilawal Bhutto-Zardari agreed to go forward with the controversial Cholistan canal only if the provinces agreed. Previously, the military-backed Green Pakistan Initiative (GPI) had become a political flashpoint, with protests escalating across Sindh. Critics have warned that the canal projects threaten ecological stability, violate interprovincial water agreements, and risk displacing communities, all without sufficient consultation or safeguards. It is not only the farmers and the people who are affected; it affects all living creatures associated. “This is not a people-centred initiative. It’s a for-profit scheme for cash…

Economics 101 indicates that a country with a savings rate below its investment will find it difficult to achieve sustained growth. It also states that a country with a low financial literacy rate, high inflation and high cash in circulation (cash printed but not in any bank account) will have a very low national savings rate. Pakistan fits this diagnosis perfectly. Firstly, the official savings rate (savings in banks as a percentage of GDP) stood at 14 per cent. Secondly, although inflation has eased in the recent past, rates provided by banks for savings products were well below the inflation…

Once a rising economic power in South Asia, Pakistan now finds itself at the bottom of the regional ladder. Fifty years ago, the average Pakistani had a higher income than his South Asian peers. Today, he earns about half as much. What went wrong, and what must be done to turn things around? The roots of Pakistan’s economic troubles go back decades. A booming population and poor economic management have combined to sap the country’s ability to save and invest. Compared to its neighbours — India, Bangladesh, and Sri Lanka — Pakistan’s living standards, healthcare, and education have all fallen…

India’s recent suspension of the Indus Water Treaty marks a grave turning point in regional politics and underscores a critical imperative for Pakistan: to resolve its internal political squabbles with utmost urgency. At a time when external pressures threaten to compromise access to shared water resources, domestic discord, such as the infighting over the Cholistan canal project, only deepened Pakistan’s vulnerability. The nation can ill afford to be divided over water policy when the very lifeline of its people is at stake as a matter of national survival. It’s a welcome relief that, following the meeting between Prime Minister Shehbaz…

WASHINGTON: Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump’s tariff assault and on just how much pain it will bring to the world economy. Most headed home with more questions than answers. Many participants in the International Monetary Fund (IMF) and World Bank Spring Meetings had a sense that Trump’s administration was still conflicted in its demands from trading partners hit with his sweeping tariffs. During the whirlwind week, many finance and trade ministers sought to meet US Treasury Secretary Scott Bessent and other…

• Retired public servants re-employed must choose either pension or salary• Condition applies to both contract, regular re-employment after age 60• Move aims to curb rising pension costs under IMF requirements• Govt pension bill estimated at over Rs1tr in current fiscal year ISLAMABAD: The federal government has formally notified that retired public servants rejoining government service, whether on a contract or regular basis, will now have to choose between drawing a salary or receiving their pension and may no longer claim both simultaneously. “It has been decided that henceforth, in an event where a pensioner of the federal government after…

PARIS (AP) — A man suspected of killing a Muslim worshipper in a French mosque has turned himself in to police in Italy, authorities said Monday.French police began searching for the suspect after the attack Friday in the former mining town of La Grande Combe in southern France. The assailant recorded the attack on his phone, and security camera footage showed him shouting insults at God, local media said.The French interior minister’s office said Monday that the suspect had surrendered to police in Italy, without elaborating.Local prosecutor Abdelkrim Grini said Sunday that investigators are taking into account “the possibility that…

Defence spending is on the rise in East Asia as China’s military build-up raises concerns among its neighbours, according to a report by a Swedish think tank.In its annual report on world military expenditure published on Monday, the Stockholm International Peace Research Institute (SIPRI) said total world military expenditure reached US$2.72 trillion in 2024, an increase of 9.4 per cent from 2023, the 10th consecutive year of increases and the steepest year-on-year rise since at least the end of the Cold War.The report said the world’s top five military spenders – the United States, China, Russia, Germany, and India –…

Pakistan’s pharma sector is increasingly deploying artificial intelligence (AI) and advanced technologies to improve drug development processes and detect drug reactions, it was learnt. From startup-led telemedicine platforms to large-scale industry events focused on AI integration, the sector is gearing up for a tech-driven future. Industry leaders Haroon Qasim, who is also a former Chairman of the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), highlighted a transformative shift. “AI and digital technologies are steadily transforming Pakistan’s pharmaceutical sector across multiple fronts—from drug development to patient engagement, the applications are growing,” he told Business Recorder. Pakistan Pharma Summit 2024: experts gather with aim…