Ratings agency S&P Global raised Pakistan’s sovereign credit rating to ‘B-’ from ‘CCC+’ and placed it on a ‘stable’ outlook on Thursday, saying the country’s finances and reserves had been stabilised by International Monetary Fund (IMF) support. “The stable outlook reflects our expectations that continued economic recovery and government efforts to enhance revenue will stabilise fiscal and debt
Britain and India signed a free trade agreement on Thursday during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. The two countries concluded talks on the trade pact in May after three years of stop-start negotiations, with both sides hastening efforts to clinch a deal in the sh
The Pakistan National Shipping Corporation (PNSC) signed a memorandum of understanding (MoU) with Chinese shipping giant, Shandong Xinxu Group, on Thursday in a move that is set to bring about a “major transformation” in the shipping sector. PNSC, headquartered in Karachi, is Pakistan’s premier national flag carrier, operating under the Ministry of Maritime Affairs. The Shandong Xinxu Group Cor
The stock market failed to sustain its record gains on Wednesday, retreating into the red as profit-taking and concerns over the delayed privatisation of state-owned enterprises (SOEs) weighed on investor sentiment. The KSE-100 index closed at 139,254.36, down 165.26 points or 0.12pc, after hitting an intraday high of 140,202.18 and a low of 139,105.05. The index remained range-bound throughout
CONSIDER two things carefully. First, the burden on compliant taxpayers is spiralling higher and higher every year, with a marked acceleration in the preceding three years. Second, dollar-buying by the State Bank is continuing with unchecked ferocity, leaving behind little for the rest and starving private markets. Both these phenomena are symptoms of a single problem: a state apparatus that ca