Category: Business

Amazon.com Inc has invested around 45 billion rupees ($634.20 million) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest growing markets. Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately […]

ISLAMABAD: The Asian Develop­ment Bank (ADB) on Monday announced that it has approved a $75 million loan for a project in the education sector of Sindh. In a statement issued here, the Manila-based lending agency said the project was aimed at improving the quality, accessibility, and gender responsiveness of the secondary education system and infrastructure in Sindh. […]

Top finance moguls and political leaders are set to attend a Davos-style Saudi investment summit starting on Tuesday, in contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from 30 countries, including American officials and heads of global banks and major sovereign wealth funds, will […]

ISLAMABAD: Projecting core inflation at 12.4 per cent, fiscal deficit at 7.4pc and higher debt levels despite better revenues in FY20, the International Monetary Fund (IMF) on Monday began discussions with Pakistan authorities over its first quarterly review of the $6 billion 39-month economic programme. Informed sources said the visiting IMF mission had preliminary discussions […]

Saudi Aramco aims to announce the start of its initial public offering (IPO) on November 3, three people with direct knowledge of the matter told, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, […]

The interior ministry has constituted a FATF (Financial Action Task Force) cell to ensure effective and timely implementation on the FATF action plan. According to a notification issued on Monday, four officers associated with the National Counter Terrorism Authority (Nacta) have been inducted into the cell. Nacta Director General Munir Masood, Director Dur-e-Maqnoon, Deputy Director […]

ISLAMABAD: A staff mission of the International Monetary Fund (IMF) has arrived in Islamabad to conduct the first quarterly review of Pakistan’s performance under its $6bn Extended Fund Facility (EFF) finalised in May this year. The successful completion of the first review would enable Islamabad to draw about $453 million from the Fund in first […]

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city’s Financial Secretary said. “The blow to our economy is comprehensive,” Paul Chan said in a blog post on Sunday, adding that a […]

Unemployment and sluggish economic growth are fuelling social tension and popular protests in several Arab countries, the International Monetary Fund said on Monday. The unrest is in turn contributing to slower growth in the Middle East and North Africa (Mena) region, alongside global trade tensions, oil price volatility and a disorderly Brexit process, the IMF […]

EU member states on Monday agreed to postpone Britain’s divorce from the bloc for up to three months until January 31, with possible off-ramps beforehand. “The EU27 has agreed that it will accept the UK’s request for a Brexit flextension until 31 January 2020,” the president of the European Council Donald Tusk tweeted. EU member […]