Alibaba Cloud announces steep price cut | The Express Tribune

HONG KONG: China’s Alibaba Cloud on Thursday said it will slash prices of some of its products by as much as 55%, its most severe price cut to date, amid intensifying competition to attract heavy users, particularly artificial intelligence (AI) software developers. This would be the second time the cloud arm of Chinese e-commerce leader […]

Paramount Global to cut 800 jobs despite Super Bowl success

Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. —Reuters Paramount Global, the owner of broadcast and cable TV networks, revealed on Tuesday its decision to lay off hundreds of employees, aiming to streamline operations and boost revenue, CNN reported. This move comes […]

Indonesia c bank: No room to cut rates | The Express Tribune

PADALARANG: Indonesia’s central bank has room to lower interest rates this year to lift economic growth, but is waiting for the rupiah to strengthen against the dollar, Governor Perry Warjiyo said on Saturday. “If we rush while the global condition is in disequilibrium, the rupiah could weaken and inflation goes out of control,” he told […]

Several Karachi areas to see cut in power due to maintenance works today

An image showing a power breakdown in Karachi on January 10, 2021. — AFP Karachiites will experience power outages in multiple areas on Tuesday (today) as the metropolis’ primary electricity supplier K-Electric (KE) would undertake maintenance activity at multiple grids in the country’s economic hub. In a statement, KE announced that power shutdown is required from 9am […]

7% policy rate cut projected for CY24 | The Express Tribune

KARACHI: Pakistan’s central bank is expected to cut its benchmark policy rate – cost of lending to commercial banks – by seven percentage points during the next calendar year to 15%, which will revive the lifeline of affordable financing for industries that heavily rely on bank borrowing. Such industries mainly include textile, cement, steel and […]

Bike dealers demand price cut as sales slump | The Express Tribune

KARACHI: Sales of motorcycles have slumped 80% because of high inflation, prompting dealers to appeal to bike assemblers and auto parts’ vendors to slash prices while keeping in view the declining purchasing power of customers. “We are looking for motorcycle buyers as sales of all bikes have slid. Recently, the US dollar has fallen significantly […]

Govt to cut spending to reduce deficit | The Express Tribune

ISLAMABAD: The interim federal government has decided to reduce spending on a massive scale in order to show a surplus of Rs600 billion on behalf of the provinces during the current fiscal year and to meet the International Monetary Fund’s (IMF) condition of reducing the financial deficit of the Centre. It has also been agreed […]

Report projects up to Rs41 cut in oil prices | The Express Tribune

KARACHI: The government is expected to make a massive reduction of up to Rs41 per litre in petroleum product prices for the second fortnight of October as a sharp drop in the global oil market and a significant recovery of Pakistani rupee have made imports cheaper. The projection, if comes true, will slow down inflation […]

Pakistan keen to cut a ‘new’ IMF deal | The Express Tribune

ISLAMABAD: Amid a stalemate on securing a bailout from the International Monetary Fund (IMF), Prime Minister Shehbaz Sharif has informed fund’s Managing Director Kristalina Georgieva about Pakistan’s intention to secure a new bailout. Moreover, Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha on Wednesday criticised IMF mission chief Nathan Porter’s comment on […]

Govt to pass on petrol price cut benefit to people

Prime Minister Shehbaz Sharif chairs a meeting of the federal cabinet on May 19, 2023. — PID The federal government on Friday decided to pass on the benefit of recent reduction in the prices of petroleum products to the masses in the form of decreased transport fares and prices of essential items. The decision was […]

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