KARACHI: Careem, the Dubai-based ride-hailing company, will suspend its operations in Pakistan starting July 18, ending nearly a decade of service in the country, its chief executive said on Wednesday.
Economy
Pakistan seals $1bn ADB-backed loan with Gulf banks in market return
By Staff Reporter
KARACHI: Pakistan on Wednesday signed a $1 billion financing deal with the Asian Development Bank (ADB), marking a pivotal step in its fiscal overhaul and heralding its return to international commercial markets after a nearly two-and-a-half-year absence.
May trade deficit narrows m/m but widens y/y
ISLAMABAD: The trade deficit shrank in May from the previous month as exports surged, though it widened compared to the same month a year earlier, data from the Pakistan Bureau of Statistics showed on Wednesday.
Manufacturing growth masks broader decline in fiscal 2025
ISLAMABAD: Pakistan’s large-scale manufacturing sector grew 2.29% in April from a year earlier, but the uptick couldn’t reverse a 1.52% contraction over the first 10 months of fiscal 2025, highlighting persistent economic strain.
SECP secures first insider trading conviction against bank executive
ISLAMABAD: Pakistan’s securities regulator has secured the country’s first-ever conviction against a bank executive for insider trading, a move that could strengthen trust in its capital markets and signal tougher oversight ahead.
Pakistan’s IT exports dip after 19 months of growth, but yearly figures remain strong
KARACHI: Pakistan’s IT exports slipped 1% year-on-year to $329 million in May 2025, snapping a 19-month streak of consecutive growth, industry data showed on Tuesday.
Parliamentary committees reject solar tax proposal
ISLAMABAD: Pakistani lawmakers on Tuesday struck down the government’s plan to slap an 18% sales tax on solar panel imports, arguing it would stifle renewable energy growth and heap more pressure on businesses already squeezed by rising energy costs.
Pakistan plans rail upgrade to support Reko Diq mining project
ISLAMABAD: Prime Minister Shehbaz Sharif has ordered a sweeping upgrade to the country’s railway infrastructure, including an extension to the Reko Diq mining project in southwestern Balochistan, as the government moves to bolster transport capacity ahead of production at one of the world’s largest untapped copper and gold deposits.
Current account swings to deficit in May on trade gap
KARACHI: Pakistan’s current account posted a deficit of $103 million in May 2025, reversing a surplus of $47 million in the previous month, as a widening trade gap offset gains from robust remittances, the State Bank of Pakistan’s data showed on Tuesday.
Pakistan, US agree to speed up trade deal after virtual tariff talks
ISLAMABAD: Pakistan and the United States have agreed to accelerate trade deal talks, with the goal of finalizing it “at the earliest,” after a virtual meeting between Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick held to discuss US reciprocal tariffs on Pakistani exports.