Tuesday, June 25, 2024

Business

China assures Pakistan of support to stabilise financial situation | Maqvi News

In a major development, China — an all-weather friend — once again came to rescue cash-strapped Pakistan as the former’s Vice-Premier Zhang Guoqing on Friday underlined that Beijing would assist Islamabad in stabilising its financial situation.Guoqing made the remarks during a meeting with Foreign Minister Ishaq Dar on the sidelines of the First Nuclear Energy Summit in Brussels....

Pakistan to discuss Extended Fund Facility with IMF next month: finance minister | Maqvi News

Pakistan expressed strong interests in EFF with IMF: finance czar. Says United States has also been "very supportive" in the matter.Pakistan eyes $300m by selling Panda Bonds to Chinese investors.Pakistan will discuss an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) in Washington next month, Finance Minister Muhammad Aurangzeb said on Friday, as the country looks to...

Bitcoin to hit $90,000 by year-end, forecasts Bernstein | Maqvi News

Bernstein has upgraded Bitcoin’s year-end target price by a massive $10,000 to $90,000, which shows the cryptocurrency is well-positioned to outperform in the near term, ETHNews reported Friday.This substantial upward revision from a previous target of $80,000 is indicative of an upbeat bull cycle for Bitcoin, partly driven by a smaller-than-anticipated decrease in hash rate following the halving...

Banks to remain closed tomorrow on account of Pakistan Day | Maqvi News

The State Bank of Pakistan (SBP) on Friday announced bank holiday tomorrow (March 23) on account of Pakistan Day. "The State Bank of Pakistan will remain closed on March 23, 2024 (Saturday) being public holiday on the occasion of ‘Pakistan Day’ as declared by the Government of Pakistan," a notification of the holiday stated. As per the notification, banks across...

IMF wants 18% GST on top of PDL on petroleum products | Maqvi News

IMF advises Pakistan to increase revenue generation.Fund recently approved SLA on $3bn final review.Pakistan will apply for a long, large IMF programme.ISLAMABAD: The International Monetary Fund (IMF) has recommended applying the same rate of Federal Excise Duty (FED) on locally manufactured cigarettes regardless of whether the manufacturer is local or foreign and slapping Petroleum Development Levy (PDL) on...

Lululemon warns of slowing North America sales as spending falters | Maqvi News

By Reuters Published Mar 22, 2024 Lululemon Athletica forecast annual revenue and profit below expectations on Thursday as demand wanes for the apparel retailer's premium athleisure mainly in the North American region, sending its shares down nearly 11% in extended trading.In the U.S., excessive inventory levels at sporting retailers has resulted in lower orders for sportswear and apparel firms, with companies including...

Nike rises after sales beat on strength in US, China | Maqvi News

By Bloomberg Published Mar 22, 2024 Nike Inc. reported sales that were stronger than anticipated as the company ramps up a multiyear cost-cutting plan in the face of weaker demand for its sneakers and apparel.The world’s largest sportswear retailer reported revenue of $12.4 billion for the quarter ended Feb. 29, higher than analysts’ expected, bolstered by better-than-expected sales in North America and...

Turkey hikes policy rate by 500bps to 50% amid rising inflation | Maqvi News

In an unexpected move, Turkey's central bank Thursday raised interest rate by 500 basis points to 50%, citing a “deteriorating inflation outlook”.As per the statistics, Turkey’s annual inflation swelled to 67.07% in February from 64.86% in the previous month.In a statement, the central bank said: "Tight monetary stance will be maintained until a significant and sustained decline in...

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