KARACHI: Lotte Chemical Corp. has sold a roughly 75 percent stake in its Pakistani purified terephthalic acid (PTA) subsidiary to Dubai-based PTA Global Holding Ltd. for $68.94 million, the latest step in Seoul’s government-backed push to restructure loss-making petrochemical assets amid chronic oversupply and weak demand.
Economy
IMF board set to approve $1.2 billion disbursement for Pakistan on Dec. 8
KARACHI: The International Monetary Fund (IMF) is poised to approve an immediate $1.2 billion disbursement to Pakistan in the second week of next month, providing a fresh influx of cash to the cash-strapped South Asian economy amid efforts to tackle entrenched governance weaknesses and recover from devastating floods.
Afghanistan orders businesses to stop using Pakistan transit routes in three months
ISLAMABAD: Afghanistan’s deputy prime minister for economic affairs asked traders to ditch Pakistan as a transit route for imports and exports within three months, signaling a deepening rift between the neighbours amid escalating security tensions.
Auto sales jump 32 percent as economy stabilises, but used imports cloud outlook
KARACHI: Pakistan’s auto industry posted robust growth in October, with passenger vehicle sales jumping 32% from a year earlier amid lower interest rates and improving consumer confidence, though a surge in used-car imports is raising alarms about the sector’s long-term viability.
Pakistan seeks IMF sign-off on incentives in first National Industrial Policy
ISLAMABAD: The government has submitted its first National Industrial Policy to the federal cabinet for approval, laying out a series of obstacles to industrial expansion and offering reforms aimed at rejuvenating the manufacturing sector.
Pakistan approves inclusion of local investor in PIA bid, pushes airport privatisation
ISLAMABAD: The Board of the Privatisation Commission on Friday approved the inclusion of a local investment firm in a bidding consortium for Pakistan International Airlines and recommended placing the management of the country’s three main international airports under private control, moving ahead with a long-stalled effort to shrink the state’s role in the economy.
Pakistan posts rare fiscal surplus in first quarter, aided by SBP profits
ISLAMABAD: Pakistan recorded a fiscal surplus of 1.6% of gross domestic product in the first quarter of the current fiscal year, supported by record profits at the State Bank of Pakistan, a 30% jump in petroleum levy collections and robust provincial cash balances, the Ministry of Finance said Friday.
ECC approves Rs 660 billion guarantees to back circular debt cleanup
ISLAMABAD: The Economic Coordination Committee of the cabinet on Friday approved a plan to settle inter-corporate circular debt, rationalise tariffs for six nuclear plants and wind down Power Holding Ltd., a shell entity set up to park legacy liabilities.
October remittances rise 12 percent year-on-year to $3.4 billion
KARACHI: Remittances from overseas workers into Pakistan rose to $3.4 billion in October, up nearly 12% from a year earlier, central bank data showed on Friday, as inflows from key markets including Saudi Arabia and the United Arab Emirates helped bolster the country’s external accounts.
Google, Pakistan open first Chromebook assembly line in push for local tech manufacturing
ISLAMABAD: Deputy Prime Minister Ishaq Dar on Tuesday inaugurated Pakistan’s first assembly line for Google Chromebooks, describing the move as a “historic milestone” in the nation’s push toward digital transformation and broader economic growth.