The World Bank (WB) has approved a grant worth $280 million to Pakistan in order to fund the establishment of 10 more air quality monitoring stations in Lahore. Adviser to Prime Minister on Climate Change Malik Amin Aslam has said that the money would be forwarded to the Environment Protection Department (EPD) Punjab to carry out the task.
The price of 24 karat gold jumped by Rs. 200 and was traded at Rs. 87,000 per tola as compared to the last closing at Rs. 86,800, Karachi Sarafa Association reported on Friday. In international market the price of per ounce gold soared by $ 02 and was traded at $ 1502 as compared to the last closing at $ 1500.
Uber, the worldwide ride-sharing app has announced that it may not become profitable this year as operating expenses are expected to increase sharply. It will list its shares on the New York stock exchange, valuing the company at around $100 billion. They are expected to raise around $10 billion during this offering.
The Baluchistan government is set to present its budget for the 2019-20 fiscal year in the provincial assembly today. Finance Minister Mir Zahoor Ahmed Buledi will present the province’s budget. Sources said the total outlay of the budget is expected to be around Rs. 390 billion with Rs. 60 billion deficit.
The Federal Board of Revenue (FBR) has initiated a crackdown against undeclared property holders less than a day after the Pakistan Tehreek-e-Insaf (PTI) government’s tax amnesty scheme expired. The FBR has provisionally attached 14 ‘benami properties’ worth billions of rupees that it suspects are owned by people close to Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP).
Chinese company Huawei made more than $100 billion in revenues despite a US campaign against the company and it's security threats. Net profits for the company jumped 25% from 2017 and global revenue surged 19.5% in 2018, which is the fastest pace of growth in two years. The growth was supported by strong smartphones sales in China.
The exchange rate in the Inter-bank market closed at Rs146.52 for one US dollar today (Friday) against Wednesday’s close of Rs141.40. Chief Spokesman of the State Bank of Pakistan (SBP) said that the movement is with regards to the change in the demand and supply conditions of the foreign exchange market and that it would help correct market imbalances.
Finance Minister Asad Umar reaffirms that the government is close to closing a deal with the IMF on a bailout package, however the growing revenue shortfall reported by the FBR should be a cause for concern. According to updated reports by the FBR, it is headed towards a near record breaking revenue shortfall of Rs450bn.
The agreement signed by the Pakistan with the International Monetary Fund (IMF) requires Pakistan to have a high tax environment, an increase in electricity tariff, and to privatise at least seven small state-run entities in the short run. Such conditions suggest that the IMF is working towards a reduction in the foreign debt of the country.
The US economy has grown much faster than expected during the first quarter of 2019. This happened due to an increase in exports and corporations building up their stocks. The economy grew at an annualized rate of 3.2%. Analysts have argued that the increase in growth is only due to one-off factors and is unlikely to be sustained.