Pakistan’s trade deficit with the Middle East increased 3.86 per cent to $5.514 billion in the first five months of 2024-25 from $5.309bn due to the rise in petroleum imports. According to data compiled by the State Bank of Pakistan, the widening trade gap would concern policymakers mainly because of the rising arrival of petroleum products from the region. Petroleum consumption has risen in
The private sector borrowed a record Rs1.9 trillion from banks during the first half of FY25, registering a surge of 265 per cent from the same period last fiscal year. The latest data released by the State Bank of Pakistan (SBP) on Monday indicated that banks have been extending advances to the private sector despite existing risks posed by sluggish economic growth and political uncertainty.
The US Defence Department said on Monday it has added Chinese tech giants including gaming and social media leader Tencent Holdings and battery maker CATL to a list of firms it says work with China’s military. The list also included chip maker Changxin Memory Technologies, Quectel Wireless, drone maker Autel Robotics, and China’s largest shipping company COSCO Shipping Holdings, according to a
US Treasury Secretary Janet Yellen raised concerns on Monday to Beijing about “malicious cyber activity” by Chinese state-sponsored actors, days after her department reported such a breach. The incident, which the US Treasury Department disclosed last week, happened in December and resulted in access to some of its workstations and unclassified documents. In a virtual meeting with Chinese Vi
The Economic Coordination Committee (ECC) of the cabinet decided on Monday to immediately ban ozone-depleting insulation and foaming materials — polyol blended with hydrochlorofluorocarbons (HCFCs) — due to climate concerns. The committee also approved supplementary grants totalling Rs10 billion. The meeting of the ECC, presided over by Finance Minister Muhammad Aurangzeb, also repeated i