RIYADH – Saudi oil giant Aramco reported a net profit of 97.54 billion Saudi Riyals in the first quarter of 2025, according to data released by the company on Sunday. The company’s Q1 2025 profit shows a 4.6% decrease compared to the same period last year. However, it marks a 16% increase when compared to […]
Business
Buffett backs Japanese trading firms, plans long-term hold
Warren Buffett has strongly supported Berkshire Hathaway’s investment in five major Japanese trading houses. The total investment reached $23.5 billion by the end of 2024. Buffett said Berkshire has no plans to sell the shares, even over the next 50 years. He praised the companies for treating Berkshire well and said their main role now […]
New ordinance aims to boost tax collection and curb evasion
The government has issued the Tax Laws (Amendment) Ordinance 2025 to improve tax recovery and stop revenue losses. It comes after a sharp drop in revenue targets. The ordinance changes key sections of the Income Tax Ordinance 2001 and the Federal Excise Act 2005. It allows Inland Revenue Officers to monitor production, supply, and inventory […]
Cement exports rise 29% as local demand stays low in Pakistan
Pakistan’s cement exports grew by nearly 29% to 7.4 million tons in the first ten months of the fiscal year. However, total cement dispatches stayed almost unchanged due to weak domestic demand. According to the All Pakistan Cement Manufacturers Association (APCMA), overall dispatches reached 37.336 million tons, slightly down by 0.32% from last year. Domestic […]
TikTok fined €530 million by EU for data privacy violations
TikTok has been hit with a €530 million ($600 million) fine by the EU’s Data Protection Commissioner (DPC). The penalty comes after the platform failed to meet EU standards in protecting user data. The DPC found that TikTok allowed personal data to be accessed by staff in China, which raised concerns about potential access by […]
Pakistan’s foreign reserves rise slightly to $15.25 billion: SBP
The State Bank of Pakistan (SBP) reported a $9 million increase in foreign exchange reserves, reaching $10.21 billion as of April 25. This small gain comes after a sharp drop of $367 million the previous week. Pakistan’s total liquid foreign reserves now stand at $15.25 billion. Of this, commercial banks hold $5.04 billion, while the […]
Dollar steady as markets await key U.S. jobs and economic data
The U.S. dollar held firm on Monday as traders paused ahead of crucial economic data due this week. At 143.57 yen and $1.1360 per euro, the greenback has found temporary support despite a tough month. So far in April, the dollar has fallen over 4% against both the euro and yen, shaken by trade tensions […]
IBM to invest $150 billion in U.S. to boost quantum computing
IBM has announced a $150 billion investment in the United States over the next five years, focusing heavily on quantum technology. The company aims to expand local manufacturing of quantum computers and mainframes to support critical applications. Over $30 billion of the investment will go toward quantum and mainframe production facilities. This move aligns with […]
SBP highlights Pakistan’s economic recovery at IMF meetings
Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, showcased Pakistan’s improving economic outlook during high-level meetings at the IMF-World Bank Spring Meetings. Ahmad shared Pakistan’s progress in stabilizing its economy, including controlled inflation, growing reserves, and structural reforms. He highlighted these advancements to senior executives from top financial institutions like JP Morgan, Standard […]
APTMA calls for urgent government action to end cargo blockade
The All Pakistan Textile Mills Association (APTMA) has urged the Prime Minister to step in and resolve the ongoing cargo blockade. Since April 19, 2025, over 25,000 export containers have been stuck on the roads in Sindh, unable to reach ports. Additionally, around 50,000 containers carrying imports and local goods are also stranded. APTMA Chairman […]