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World heading to recession, warns IMF chief

WASHINGTON: International Monetary Fund (IMF) President Kristalina Georgieva warned on Tuesday that she expects a global recession this year due to the Coronavirus (Covid-19) outbreak. In a statement released by her office in Washington, the IMF chief said that since the breakout, 80 countries had sought help from the Fund …

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Hot money outflows climb to $1.3bn

KARACHI: Foreign investors have pulled out more than $1.388 billion from the country’s capital markets in the ongoing month with hot money outflows amounting to $1.28bn, the State Bank of Pakistan (SBP) data showed on Thursday. Coronavirus pandemic has instigated a widespread selloff from the emerging markets as investors have …

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Government team to meet exporters as coronavirus threatens businesses

ISLAMABAD: In the wake of the adverse impact of coronavirus prevention measures on industrial production and exports, the government’s top financial managers and leading exporters will be putting their heads together to find ways to resolve the host of challenges faced by businesses in Pakistan. Issues to be discussed include …

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State Bank of Pakistan waives digital transaction charges

KARACHI: In light of the coronavirus pandemic, the State Bank of Pakistan (SBP) on Wednesday waived all charges on fund transfers through online banking channels to avoid the use of cash. The move aims to minimise use of cash to contain the spread of virus amongst the bank staff and …

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Apple to close retail stores worldwide

NEW YORK: Apple Inc said late on Friday it will close all its retail stores, except those in Greater China, for the next two weeks to minimise the risk of coronavirus transmission. “We will be closing all of our retail stores outside of Greater China until March 27,” Apple CEO …

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ECC approves wheat support price at Rs1,400

ISLAMABAD: The government on Thursday announced that it would pass on the benefit of reduced international oil prices to consumers ‘in due course’ and as per mechanism already being followed by it. The announcement was made by Ministry of Finance after a meeting of the Economic Coordination Committee (ECC) of …

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Over $600m of ‘hot money’ leaves country in 12 days

KARACHI: Foreign inv­estors have pulled out almost one-sixth of their investments, usually referred to as hot money, in treasury bills (T-bills) during the last three weeks as they jump to safer bets to mitigate risks in the aftermath of coronavirus pandemic. Net outflows from the T-bills reached $606.54 million in …

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Dollar climbs Rs3.65 in interbank after six months of calm

KARACHI: The rupee witnessed pressure on Monday after a period of relative calm for the past six months, as it fell by Rs3.65 against the dollar to Rs157.9 in the interbank market. This represented a jump of 2.36 per cent as compared to dollar trading at Rs154.25 on Friday, according …

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Virus could cost world $2tr, fears UN

ROME: A key UN trade organisation is warning of looming recession in the world economy as countries respond to the novel coronavirus outbreak. Richard Kozul-Wright of the UN Conference on Trade and Development (UNCTAD) predicts a global hit to the world economy of between $1 trillion and $2tr this year, …

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