NASA Ready for Second Artemis Lunar Attempt
CAPE CANAVERAL, Fla. Ground crews at Kennedy Space Center prepared on Saturday for a second attempt to launch a rocket. It’s NASA’s towering next-generation lunar rocket. The debut flight was hoping to have remedied engineering problems. It thwarted the initial countdown five days earlier. The 32-story-high Space Launch System (SLS) rocket and its Orion capsule […]
Sri Lanka Deal with IMF for $2.9 Billion Loan
Sri Lanka has reached a staff-level agreement with the International Monetary Fund for a $2.9 billion loan. It would be a key step for the crisis-hit country to unlock more funds and restructure its debt. The Fund’s Extended Facility agreement will support Sri Lanka’s programs to restore macroeconomic stability and debt sustainability. The IMF added […]
Toyota to Invest $5.6 Billion in US and Japanese EV Battery Production
Toyota Motor Corp. has pledged to invest up to 730 billion yen. In other words, it’s about $5.6 billion, to boost electric car battery production in Japan and the US as consumer demand for cleaner transportation takes off globally. Battery production is expected to begin between 2024 and 2026, the world’s largest automaker said in […]
IMF Expects the US Economy to Experience High Inflation for at Least Another Year or Two
The International Monetary Fund (IMF) expects the U.S. economy to experience high inflation. It would be for at least another year or two. “I would be careful when looking at a data point for the United States,” warned the IMF’s first deputy managing director, Gita Gopinath. IMF on the US Economy and Global Inflation The […]
PKR Gains Almost Rs3 Against the Dollar in the Interbank Market
The PKR showed a strong recovery against the dollar in the interbank market on Tuesday, gaining Rs2.92 at 9:54 am. According to the Forex Association of Pakistan (FAP), the local currency was trading at Rs219 per dollar at the time after appreciating 1.31 percent. The rupee’s recovery comes after the International Monetary Fund’s (IMF) Executive […]
India Works to Avoid Rice Panic with a Brake on Exports
India has a possible crackdown on broken rice exports. It shows the world’s top carrier trying to thread the needle to cool domestic inflation without causing a global panic. The government is discussing restrictions on broken rice exports. The exports account for under 20% of the country’s overseas shipments. While such a move has the […]
Gas Prices in Asia Rise After the Maintenance of Russia Pipeline Sending Europe to a Record
Prices for Asian liquefied natural gas extended gains. Russia’s announcement of maintenance on a key pipeline to Europe will further restrict global supplies. Producers offered spot loads of LNG for the winter above $60 per million British thermal units on Monday, traders said. The japan-Korea Marker spot benchmark index fell 1.3% to $55.277 per million […]
The Rise of Saudi Arabia and This Time it’s Not Just About Oil
The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just one month for cash, without him having to advertise. This is Saudi Arabia, the world’s largest oil exporter. It’s no surprise that the housing market is red hot as revenues from a surge in energy prices flow through the economy. But […]
How Digitalization Can Close the External Financing Gap
The digital revolution is transforming Pakistan’s economy. The Digital revolution has become a major source of income from abroad. In the last fiscal year, total exports of digital services stood at $2.6 billion. It has shown an average growth of 40% over the past four years. Growth in the digital ecosystem is still in its […]
Pakistan Included in the UK New Trade Scheme
ISLAMABAD: The United Kingdom (UK) has launched a “Developing Countries Trade Scheme” (DCTS). The implementation of which in early 2023 will provide simpler tariff reductions and terms of trade to 65 countries, including Pakistan. The DCTS replaces the UK’s Generalized System of Preferences (GSP). GSP is a preferential trading system that provides tariff eliminations and […]