ZURICH: Switzerland’s financial regulator wants to discuss the ability to claw back bonuses from bankers as part of stronger powers following the fall of Credit Suisse and sale to UBS. “The question is on the table and must be discussed now,” FINMA Chairwoman Marlene Amstad told newspaper Schweiz am Wochenende, when asked about the … Read more
ISLAMABAD: The federal government’s expenditure surged to Rs4.83 trillion in five months due to an unmanageable interest cost and a slight opening of the public purse for other spending, raising questions about claims of achieving fiscal consolidation. Finance Ministry sources revealed that the tight control maintained over expenditures until October was slightly relaxed last … Read more
KARACHI: IT consultants and experts are urging a strategic exploration of new and non-traditional markets, particularly Gulf Cooperation Council (GCC) countries. The goal is to attract foreign direct investments (FDI) and boost exports in the Information Technology (IT) and IT-enabled services sector. Several leading companies have already established their presence in these markets by … Read more
LAHORE: Pakistan’s agriculture sector had been in the limelight throughout calendar year 2023 but it did not make any significant improvement despite some supportive measures and relief packages announced by the government. Battling with the aftermath of massive flooding in the monsoon of 2022, the agriculture sector, called the backbone of rural economy, somehow … Read more
Pakistan International Airlines (PIA) has urgently appealed to the government for financial assistance, seeking relaxation from the State Bank of Pakistan (SBP) to arrange a loan of Rs15 billion from commercial banks. Facing operational challenges and potential risks of suspension, the Civil Aviation Authority (CAA) has already granted a Rs5 billion facility to keep … Read more
Oil prices are set to end 2023 about 10% lower after two years of gains as geopolitical concerns, production cuts and central bank measures to rein in inflation triggered wild fluctuations in prices. On Friday, oil climbed after falling 3% the previous day as more shipping firms prepared to transit the Red Sea route. … Read more
Portal to serve as one-window operation for customers to register their complaints against banks, MFBs and DFIs State Bank of Pakistan (SBP) building. — AFP/File In a move aimed at facilitating the customers via an expedited redressal of complaints, the State Bank of Pakistan (SBP) Friday launched its “Sunwai” customer service portal and mobile … Read more
ISLAMABAD: The Gilgit-Baltistan Council has embarked on an extensive overhaul within its organisational structure, focusing on cost reduction and operational efficiency. The initiative has seen the repatriation of 45 officers and staff members, previously on deputation from diverse departments, back to their original offices. Simultaneously, the council has taken the bold step of abolishing … Read more
ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) while accepting the request of power division has increased the price of electricity by Rs 1.72 per unit for the electricity consumers of K-Electric (KE). NEPRA approved the government’s request to increase the price of electricity for the power consumers of KE by Rs 1.72 per … Read more
ISLAMABAD: The Caretaker Minister for National Food Security and Research, Dr. Kausar Abdullah Malik, affirmed Pakistan’s substantial wheat supply, indicating the country’s readiness to export key food items like wheat and rice. He stated that there would be no need to import wheat as sufficient stock will be available following the bumper crop in … Read more