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Workers on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024. Francesca Volpi | Bloomberg | Getty ImagesThe chief executive of Ferrari on Thursday said the company was prepared for potential U.S. tariffs on European automakers.”We are ready with some countermeasures,” Ferrari CEO Benedetto Vigna told CNBC’s Robert Frank at CONVERGE LIVE in Singapore on Thursday, without providing specifics on the plan.”You wait for the official number to be published,” he said, referring to U.S. President Donald Trump’s threat of tariffs “in the neighborhood of 25%” on global carmakers.”We are watching what’s going…

LAHORE: The Pakistan’s textile industry is set for a major transformation as PRGMEA’s Carbon-Neutral Export Model has presented a plan to triple exports while achieving net-zero emissions. Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), in a press release, stated that with global brands committed to sustainability under the Paris Agreement, Pakistan has a unique opportunity to become the world’s leading supplier of eco-friendly textiles and garments. By adopting a carbon-neutral approach, the country can align with global trade trends, attract more international buyers, and strengthen its position in the competitive global market. The proposed Carbon-Neutral Export Model, finalized by…

Chinese lawmakers have urged the authorities to take the lead in eliminating job market discrimination that targets those over the age of 35.In recent years, hidden discrimination in China’s job market – such as age caps on recruitment, bias against married but childless women, and discrimination against graduates from non-elite universities – has been increasingly brought out into the open, adding to the anxieties of middle-aged jobseekers.National People’s Congress (NPC) deputy Zheng Gongcheng said many universities and government departments impose an age limit of 35 when hiring PhD graduates, which violated fair employment principles and forced young people onto an…

KARACHI: Zubair Tufail, President of the representative body of traders and industrialists, United Business Group (UBG), has demanded a reduction of Rs20 per litre in the prices of diesel and petrol. Zubair Tufail stated that the price of petrol has significantly decreased in the international market and has fallen below $66 per barrel. In this situation, the government should provide complete relief to the public and reduce petroleum prices by at least Rs20 per litre. He further said that industries are playing multiple roles in supporting the economy, such as creating employment opportunities, hiring workers, bringing in foreign exchange, and…

PESHAWAR: Khyber Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur has said the province’s financial position has improved since he assumed office a year ago, with a surplus of Rs150 billion. During a late night cabinet meeting here, the chief minister said his government faced serious financial issues during early days and had funds just to cover 15 days of employee salaries, but the situation was different now as it increased revenue without imposing any new taxes, according to an official statement from the Chief Minister’s Secretariat. The meeting was attended by cabinet members, chief secretary, additional chief secretary, senior member…

PESHAWAR: The Khyber Pakhtunkhwa and federal governments have agreed on a framework to resolve the development funds related issues of the province and its merged tribal districts, said adviser to the chief minister on finance Muzzammil Aslam on Wednesday. Addressing a news conference here, Mr Aslam said the chief minister raised the issues related to the merged tribal districts, including delay in the release of the Accelerated Implementation Programme funds, in the meeting with federal planning and development minister Ahsan Iqbal. “We [centre and KP] have agreed on a framework to resolve the issues, with the province sharing information with…

DUBAI: Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world’s largest crypto exchange and the United Arab Emirates. The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin — a type of cryptocurrency pegged to a fiat currency such as the dollar. A Binance spokesperson declined to comment on “the agreed governance rights” or the size of MGX’s stake, or on which…

ISLAMABAD: Experts have urged the government not to overburden the formal industry and salaried class, which could lead to increased tax evasion. Addressing the launch of a report titled, Pakistan’s Tobacco Tax Policy Boosts Illicit Trade, Sakib Sherani, former principal adviser to the Ministry of Finance, said that a more balanced, well-enforced tax regime is needed to ensure sustainable revenue generation while minimising market distortions and public health risks. Mr Sherani said tax policy failure fuels Rs300 billion in revenue loss in the tobacco sector alone. The report was co-authored by Sakib Sherani and launched by ACT Alliance Pakistan on…

ISLAMABAD: With system losses stubborn at a record 16.16 per cent, the Oil and Gas Regulatory Authority (Ogra) on Wednesday notified almost half a per cent increase in the price of Regasified Liquefied Natural Gas (RLNG) for sale to consumers by the two Sui gas companies for the current month. This is on top of about 2pc increase in RLNG sale price last month. Karachi-based Sui Southern Gas Company Ltd (SSGCL) serves consumers in Sindh and Balochistan, and Ogra approved an increase in its system losses from 13 to 16.16pc. On the other hand, Lahore-based Sui Northern Gas Pipeline Ltd…

ISLAMABAD: The prices of all petroleum products are estimated to fall by up to Rs14 per litre for the next fortnight, ending March 31, owing to fluctuation in the international market and import premiums. This relief is, however, subject to unchanged tax rates. An official said there were considerations on the part of the government to absorb a part of the price cushion to increase petroleum levy or impose carbon tax for securing cheaper additional $1bn financing from the International Monetary Fund (IMF) for climate adaptation and mitigation. Based on existing tax rates, the informed sources said the ex-depot price…