Global News

[ad_1] The Pakistani rupee fell by Rs1.52 against the US dollar during interbank trade on Tuesday, extending its losses from the previous week. The greenback was changing hands in the interbank market at a record Rs298.65 at around 1pm. In the open market, the dollar was changing hands for Rs306. The local currency closed at Rs297.13 yesterday, rising by Rs1.35 from the last week’s close of Rs295.78, according to data shared by the Exchange Companies Association of Pakistan (ECAP). Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.   [ad_2] Source link https://worldnews2023.com/business/pkr-slumps-to-record-low-against-us-dollar-such-tv/?feed_id=319436&_unique_id=66ff5b8f54c6b

[ad_1] KARACHI: Bangladesh Deputy High Commissioner SM Mahbubul Alam has stressed the need for enhancing trade and investment cooperation with Pakistan. Speaking to businessmen during his visit to the Karachi Chamber of Commerce and Industry (KCCI), the envoy invited the KCCI to send a business delegation to Bangladesh to explore trade and investment opportunities as the country offered all the required facilities and infrastructure along with special incentives for foreign investors. “The pending free trade agreement (FTA) with Bangladesh needs to be concluded without loss of time,” Union of Small and Medium Enterprises (UNISAME) President Zulfikar Thaver said while talking to The Express Tribune. It would benefit both countries which had vast potential of increasing import and export, he said, adding that increased collaboration, partnership and joint ventures could boost economic growth of both countries. The envoy told the gathering that around 100 Special Economic Zone...

[ad_1] KARACHI: As the ominous looking clouds that signify increasing economic challenges for Pakistan continue to gather, there is a desperate need to control the burgeoning crisis. The government introduced a supplementary bill in February 2023 to increase sales tax on certain goods and services as well as income tax on certain capital investments. As economic conditions worsen and the government finds itself deeper in the abyss, the consumers and investors will likely face an increasing burden of taxes. These challenges suggest that Pakistan needs rethinking, if not resetting, in terms of adopting new trade strategies and ideas to escape the vicious trap involving the recurring balance of payments crisis. One important factor that leads to the recurring balance of payments crisis is the large trade deficit, calculated as the value of imports less the value of exports. According to the Pakistan Bureau of Statistics, imports exceeded exports by $48.4 billion in FY22. Expor...

[ad_1] An American Airlines 777 is loaded with cargo at Philadelphia International Airport. Leslie Josephs/CNBC Airlines' cargo revenue is slumping. That's a sign of good news for travel recovery. Delta , United and American this month each reported year-over-year declines of about 40% in their second-quarter cargo revenue. For the first half of 2023, Delta's cargo business generated $381 million, down from $561 million in the first half of 2022, while American's cargo unit brought in $420 million compared with $692 million in the first six months of last year. United brought in $760 million from cargo so far this year, down from $1.2 billion a year earlier. Zoom In Icon Arrows pointing outwards Meanwhile, airlines are reporting record revenue , if not earnings , thanks to the rebound in travel demand. That means the business impact of cargo, which once helped prop up airlines' revenue during the Covid pandemic travel plunge, has faded. Cargo revenue at Unite...

[ad_1] A customs officer takes a sample from part of the cocaine seized for the largest single seizure of cocaine in Bavaria to date, which is examined using a test tube. Picture Alliance | Getty Images Cocaine production is at its highest level on record, with demand rebounding post-pandemic and new trafficking hubs emerging, a report from the United Nations Office on Drugs and Crime found. The U.N.'s Global Report on Cocaine 2023 says new hubs for trafficking in the multibillion dollar industry have emerged in West and Central Africa in the last two years. New improvements and innovations in cultivation of the coca bush and conversion from coca plant to cocaine have also helped production boom — rising by 35% between 2021 and 2022 to record levels. related investing news "The Covid-19 pandemic had a disruptive effect on drug markets. With international travel severely curtailed, producers struggled to get their product to market. Night clubs and bars were shut as offici...

[ad_1] An American Airlines 777 is loaded with cargo at Philadelphia International Airport. Leslie Josephs/CNBC Airlines' cargo revenue is slumping. That's a sign of good news for travel recovery. Delta , United and American this month each reported year-over-year declines of about 40% in their second-quarter cargo revenue. For the first half of 2023, Delta's cargo business generated $381 million, down from $561 million in the first half of 2022, while American's cargo unit brought in $420 million compared with $692 million in the first six months of last year. United brought in $760 million from cargo so far this year, down from $1.2 billion a year earlier. Zoom In Icon Arrows pointing outwards Meanwhile, airlines are reporting record revenue , if not earnings , thanks to the rebound in travel demand. That means the business impact of cargo, which once helped prop up airlines' revenue during the Covid pandemic travel plunge, has faded. Cargo revenue at Unite...