KARACHI: Pakistan’s long-dated dollar bonds rallied for a second day on Friday, hitting fresh three-year highs, after S&P Global upgraded the country’s sovereign credit rating to ‘B-’ with a stable outlook, citing the International Monetary Fund’s support in stabilising its strained finances.
Economy
Senate panel told Pakistan lost Rs2.25 trln to fake invoice tax fraud in two years
ISLAMABAD: Pakistan on Thursday reported more than Rs2.2 trillion in tax evasion through fake and flying invoices over the past two fiscal years, exposing deep flaws in its tax enforcement system and a significant loss of public revenue.
JLL steps down from Roosevelt hotel privatisation role over conflict of interest
ISLAMABAD: Jones Lang LaSalle Inc., the global real estate advisory firm tasked with guiding the privatisation of New York’s Roosevelt Hotel, has stepped down from its role, citing a potential conflict of interest, Pakistan’s Privatisation Commission said on Thursday.
BERLIN, GERMANY - APRIL 5: BYD electric cars stand at a BYD dealership on April 5, 2024 in Berlin, Germany. BYD, which stands for Build Your Dreams, is a Chinese manufacturer that went from making solar panels to electric cars. The company is seeking to gain a foothold in the German auto market and has opened over two dozen dealerships nationwide. (Footage by Sean Gallup/Getty Images)
China’s BYD to launch Pakistan-assembled EVs by mid-2026 as demand for hybrids surges
KARACHI: Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026, aiming to capitalize on the growing demand for electric and plug-in hybrid vehicles in the region, Reuters reported said on Wednesday.
S&P upgrades Pakistan’s credit rating to ‘B-’ on IMF-backed stability
KARACHI: Ratings agency S&P Global raised Pakistan’s sovereign credit rating to ‘B-’ from ‘CCC+’ and assigned a stable outlook on Thursday, signaling growing confidence in the country’s financial stability bolstered by International Monetary Fund support.
Market expects rate cut as SBP meeting nears
KARACHI: Most market participants expect the State Bank of Pakistan (SBP) to lower interest rates at its upcoming meeting, a poll showed, as inflation is projected to remain low and the external account shows stability.
Pakistan and Afghanistan ink trade pact to slash tariffs
ISLAMABAD: Pakistan and Afghanistan signed a landmark trade deal on Wednesday, agreeing to an Early Harvest Programme (EHP) that slashes tariffs on eight agricultural items for one year and lays the groundwork for a broader preferential trade agreement (PTA).
Pakistan cracks down on sugar hoarding to tame runaway prices
ISLAMABAD: The government has launched a nationwide crackdown on sugar hoarding and profiteering as retail prices of the commodity have soared to unprecedented levels, sparking widespread public outcry and intensifying criticism from opposition parties.
ADB lifts Pakistan growth outlook as Asia grapples with tariff woes
ISLAMABAD: The Asian Development Bank (ADB) has raised its GDP growth forecast for Pakistan in fiscal year 2025 to 2.7%, citing a stronger-than-anticipated performance in the industrial and services sectors, even as it lowered economic projections for developing Asia and the Pacific due to higher US tariffs and global trade uncertainty.
Sindh farmers sue over 45 percent tax, launch wheat boycott
KARACHI: The Sindh Chamber of Agriculture (SCA) will challenge a 45% agricultural income tax in court, branding it “unconstitutional” and “unethical,” while calling on farmers to boycott wheat planting for the 2025-26 season, Dawn newspaper reported on Wednesday.