Latest news with #economicrevival
Arab News
a day ago
- Business
- Arab News
Pakistan stocks hit record high as army chief backs economy — analysts
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high on Monday, buoyed by investor confidence following assurances of economic support to business leaders from the country's powerful military, analysts said. The benchmark KSE-100 index gained 1,202.03 points, or 0.87 percent, to close at a record 139,419.61, up from the previous close of 138,217.58. The rally followed a widely reported meeting between business leaders and army chief Field Marshal Asim Munir on Sunday, during which he reportedly pledged the military's backing for Pakistan's economic revival. The delegation included representatives of the All Pakistan Textile Mills Association, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Lahore Chamber of Commerce and Industry (LCCI). The army has not confirmed the meeting, but it was reported by nearly all major Pakistani media outlets. Investors also reacted positively to the government's Senate gains and expectations of strong upcoming corporate earnings. 'Stocks closed at a new all-time high after business leaders' meetup with Field Marshal Asim Munir assured military's support for economic progress,' said Ahsan Mehanti, CEO of Arif Habib Commodities. Pakistan's ruling coalition, led by Prime Minister Shehbaz Sharif, also achieved a significant political victory by securing a two-thirds majority in the Senate, following the Khyber-Pakhtunkhwa assembly elections, which Mehanti said had also helped the market. Market heavyweight stocks including Engro Corporation (ENGROH), Habib Bank Limited (HBL), Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC) collectively contributed 1,142 points to the index. According to a market note from Topline Securities, the bullish momentum was driven by renewed investor confidence. 'This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead,' the brokerage house said. Trading volume remained strong, with 627 million shares changing hands and total turnover reaching Rs34.6 billion. First Dawood Properties Limited (FDPL) led the volume chart with 44 million shares traded.
South China Morning Post
3 days ago
- Business
- South China Morning Post
Chinese rust-belt city Hegang gambles on new airport, Russian trade to fuel revival
A new airport project in Hegang, a rust-belt city near China's northeastern border with Russia, marks a high-stakes effort at economic revival in a place better known for its cheap housing – where homes once sold for as little as 20,000 yuan (US$2,790), analysts said. Advertisement The initiative is part of a broader effort to revive the city's economy after years of stagnant growth, industrial decline and a shrinking population. Hegang's local population has dropped from about 1.1 million in the 2010s to 850,000 today, while its GDP decreased from 40.92 billion yuan (US$5.7 billion) in 2022 to 38.02 billion in 2024, according to official data. Earlier this month, Hegang announced via its official WeChat account that construction on Luobei Airport would begin soon. The airport – backed by an estimated investment of 1.2 billion yuan – is scheduled to open in 2027. Once completed, it is expected to accommodate 450,000 passengers and 1,600 tonnes of cargo annually, with a 2,500-metre runway and a 5,008-square-metre terminal, the local government said on July 1. 'Hegang's airport is emblematic of how many small and mid-sized cities are trying to seek breakthroughs through the country's new round of infrastructure,' said David Wong, a lecturer at Hang Seng University in Hong Kong, who has researched the link between air transport and regional inequality. Advertisement He added that the new airport could bring practical benefits, as areas with inadequate air links face enormous challenges in catching up with better-connected urban regions.
The Independent
16-07-2025
- Business
- The Independent
Yulia Svyrydenko: Ukraine's new prime minister who masterminded key Trump deal
President Volodymyr Zelensky has named Yulia Svyrydenko as Ukraine 's new prime minister in the latest reshuffle of his cabinet. Ms Svyrydenko, 39, has been serving as first deputy prime minister and economic development and trade minister since November 2021. She had been appointed to lead the revival of Ukraine's struggling economy only months before Russia invaded in February 2022 and made her task more difficult. Mr Zelensky met with Ms Svyrydenko on Monday and discussed the 'implementation of agreements with European and American partners regarding support for Ukraine reached during the recent Ukraine Recovery Conference'. If her nomination is approved by parliament, which appears likely, Ms Svyrydenko will replace Denys Shmyhal, who is poised to take over as the war-torn country's defence minister. Mr Zelensky is reshuffling his cabinet at a time when Ukraine is seeking to revive its cash-strapped economy and boost its arms industry. Ms Svyrydenko came to global attention earlier this year when she brokered a minerals deal with the US, fulfilling a crucial demand that the Donald Trump administration had set to help Kyiv negotiate with Russia. The deal helped repair damaged ties between Mr Zelensky and the Trump administration. She underlined that Kyiv needed the US as a strategic partner in the war and worked with the Trump administration to get the deal done. She led a Ukrainian delegation to Washington where she signed the deal, called the United States-Ukraine Reinvestment Fund, on 30 April with treasury secretary Scott Bessent. The deal gives the US preferential access to Ukraine's critical minerals and other natural resources. It also establishes a reconstruction investment fund to which Ukraine is expected to contribute 50 per cent of all future profits from natural resources. Initial versions of the deal presented by Mr Trump 's negotiators required Ukraine to pay back the aid the US had given it over the course of the war. The eventual deal, according to Mr Shmyhal, made no such demand. 'Another milestone on the path to launching the United States-Ukraine Reconstruction Investment Fund: Ukraine has completed all necessary procedures on schedule," Ms Svyrydenko said after the deal was signed. The deal helped thaw relations between Mr Trump and Mr Zelensky which had collapsed after they engaged in a shouting match at the White House where US vice president JD Vance also joined in. The agreement, which sought to balance Washington's demands with Kyiv's control over its natural resources, especially rare earths, and infrastructure, was hailed as a win for Ukraine. 'This agreement is a win-win and it is written in friendly language. It is about investments, investments and investments," Taras Kachka, Ukraine's deputy minister for economic development, trade and agriculture, said at the time. Ms Svyrydenko also led the 4th Ukraine Recovery Conference that concluded in Rome last week, securing agreements on economic and development projects worth at least €11bn. After meeting with Mr Zelensky on Monday, Ms Svyrydenko said she would pursue deregulation, cut back bureaucracy, protect businesses and reduce non-critical expenditure to achieve the "full concentration of state resources" for defence and post-war recovery. 'The state apparatus has no right to waste the resources and potential of our country," she said. "Ukraine deserves to be among the strongest economies in Europe."
The Independent
15-07-2025
- Business
- The Independent
Yulia Svyrydenko: Zelensky names architect of Trump minerals deal as new Ukraine PM
President Volodymyr Zelensky has named Yulia Svyrydenko as Ukraine 's new prime minister in the latest reshuffle of his cabinet. Ms Svyrydenko, 39, has been serving as first deputy prime minister and economic development and trade minister since November 2021. She had been appointed to lead the revival of Ukraine's struggling economy only months before Russia invaded in February 2022 and made her task more difficult. Mr Zelensky met with Ms Svyrydenko on Monday and discussed the 'implementation of agreements with European and American partners regarding support for Ukraine reached during the recent Ukraine Recovery Conference'. If her nomination is approved by parliament, which appears likely, Ms Svyrydenko will replace Denys Shmyhal, who is poised to take over as the war-torn country's defence minister. Mr Zelensky is reshuffling his cabinet at a time when Ukraine is seeking to revive its cash-strapped economy and boost its arms industry. Ms Svyrydenko came to global attention earlier this year when she brokered a minerals deal with the US, fulfilling a crucial demand that the Donald Trump administration had set to help Kyiv negotiate with Russia. The deal helped repair damaged ties between Mr Zelensky and the Trump administration. She underlined that Kyiv needed the US as a strategic partner in the war and worked with the Trump administration to get the deal done. She led a Ukrainian delegation to Washington where she signed the deal, called the United States-Ukraine Reinvestment Fund, on 30 April with treasury secretary Scott Bessent. The deal gives the US preferential access to Ukraine's critical minerals and other natural resources. It also establishes a reconstruction investment fund to which Ukraine is expected to contribute 50 per cent of all future profits from natural resources. Initial versions of the deal presented by Mr Trump 's negotiators required Ukraine to pay back the aid the US had given it over the course of the war. The eventual deal, according to Mr Shmyhal, made no such demand. 'Another milestone on the path to launching the United States-Ukraine Reconstruction Investment Fund: Ukraine has completed all necessary procedures on schedule," Ms Svyrydenko said after the deal was signed. The deal helped thaw relations between Mr Trump and Mr Zelensky which had collapsed after they engaged in a shouting match at the White House where US vice president JD Vance also joined in. The agreement, which sought to balance Washington's demands with Kyiv's control over its natural resources, especially rare earths, and infrastructure, was hailed as a win for Ukraine. 'This agreement is a win-win and it is written in friendly language. It is about investments, investments and investments," Taras Kachka, Ukraine's deputy minister for economic development, trade and agriculture, said at the time. After the 4th Ukraine Recovery Conference in Rome last week saw Kyiv strike agreements worth €11bn for economic and infrastructure development, Ms Svyrydenko said she would pursue deregulation, cut bureaucracy, protect businesses, and reduce non-critical expenditure to achieve the "full concentration of state resources" for defence and post-war recovery. "The state apparatus has no right to waste the resources and potential of our country," she wrote on social media. "Ukraine deserves to be among the strongest economies in Europe.'
LBCI
14-07-2025
- Business
- LBCI
Lebanese President receives Housing Bank delegation, vows support for boosting loan capacity
Lebanese President Joseph Aoun met with the Chairman and General Manager of the Housing Bank, Antoine Habib, accompanied by members of the Bank's Board of Directors, including representatives from major Lebanese banks and the public sector. Habib opened the meeting by highlighting a significant rise in housing loan applications following Aoun's election and the formation of the new government. He contrasted this surge with the stagnation seen during the presidential vacuum, noting that "many Lebanese expatriates are now seriously considering returning home—not just to visit, but to settle permanently." He emphasized the bank's evolving mission to support Lebanese abroad in owning property in their homeland, stating, "Our new strategic plans aim to make the Housing Bank a natural gateway for the diaspora to reconnect with Lebanon through homeownership." President Aoun reaffirmed the bank's essential role in reviving the economy by enabling more Lebanese families to access housing, which in turn supports the engineering and construction sectors. He also pledged to advocate for financial support during his upcoming visits to Bahrain and Algeria, underlining the importance of restoring Lebanon's international economic ties. Aoun urged Habib and his team to continue expanding the bank's capacity and outreach, promising governmental backing to help meet the growing demand for housing solutions across the country.
