The central banks of Pakistan and China signed a memorandum of cooperation on yuan clearing in Pakistan, the Chinese central bank said in a statement on Wednesday, without giving more details. The arrangement could pave the way for an alternative payment option for Pakistan, boosting yuan usage for cross-border transactions among Chinese and Pakistani enterprises and financial institutions.
The government has barred autonomous, semi-autonomous and other public sector corporations and statutory entities from issuing any order relating to the terms and conditions of service of their staff that could have financial implications. In an order, the finance ministry asked the ministries and divisions to ensure that their attached and subordinate organisations don’t issue any such orders
Construction slowdown on account of political uncertainty, floods and costly building materials caused a 15.5 per cent and 21pc drop in cement sales during October and 4MFY23, respectively. Export shipments also remained affected due to the economic slowdown in world markets. Hassan Bakshi, former chairman Association of Builders and Developers (ABAD), said lingering political and economic u
The National Electric Power Regulatory Authority (Nepra) on Thursday issued new rules allowing new market players to have non-discriminatory access to existing transmission and distribution networks currently maintained mostly by the public sector entities and K-Electric and provide electricity to bulk consumers. The Open Access (Interconnection and Wheeling of Electric Power Regulations, 2022
The Bank of England on Thursday announced its biggest interest rate hike since 1989 to combat sky-high inflation that it warned was pushing Britain into a recession set to last until mid-2024. Following a regular meeting, the BoE said it was lifting borrowing costs by 0.75 percentage points to three per cent — the highest level since the 2008 global financial crisis — to cool UK inflation that