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Articles for tag: BJP, businesses, campaign, Campaign finance, funds, indian, Indian elections, Indian National Congress, leading, links, Modis, PM Modi, trust

March 14, 2024

News Desk

The Trust links leading Indian businesses to Modi’s campaign funds

NEW DELHI: Behind the doors of a small office in the heart of New Delhi is the seat of an electoral trust run by just two men who are the biggest known donors to India’s ruling Bharatiya Janata Party (BJP), according to a Reuters review of public records. The Prudent Electoral Trust has raised $272 million since its creation in 2013, funneling about 75 percent of that to Prime Minister Narendra Modi’s party. The trust’s donations to the BJP total 10 times the $20.6 million it gave to the opposition Congress party, records show. The previous Congress-led government introduced electoral

February 28, 2024

News Desk

Businesses are sounding the alarm over rising electricity prices

LAHORE: Different business groups have expressed concern over a recent hike in fuel adjustment price of electricity, which is Rs 7.05 per unit, calling it an unexpected increase by the National Electricity Regulatory Authority (NEPRA). This increase will cost the people of Pakistan Rs 70 billion, they said. They also said that apart from domestic consumers, the industrial sector, especially the export sector, would suffer huge foreign exchange losses. “Repeated hikes in electricity tariffs are hitting exports and local businesses alike. The government has hiked the electricity rates several times and most people have been sent bills of multiples of

February 19, 2024

News Desk

The first minority-owned stock exchange aims to empower black-owned businesses, economic equality

The driving force behind this initiative is to provide smaller companies with the advantages of public trading The Dow Jones Industrial Average is displayed on a screen after the close of trading at the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., December 17, 2021.—Reuters The inaugural minority-owned exchange, known as the Dream Exchange, is paving the way to make the stock market more inclusive, particularly for people of color who have historically faced limited access to capital, Scripps News mentionted. The driving force behind this initiative is to provide smaller companies, often overlooked in traditional markets, with

February 5, 2024

News Desk

Businesses see the IMF and SIFC as holding the key to a better future

KARACHI: Pakistan’s progress has long been hampered by political uncertainty, leaving the nation at a critical juncture. However, the upcoming general election has rekindled hope in the business community, anticipating an end to uncertainty and a path to economic revival, regardless of which party or parties form government after February 8. But they warn that a weak coalition or a hung parliament could further worsen the economy, without the necessary resolve to tackle pressing issues. Speaking to The Express Tribune, Ehsan Malik, CEO of the Pakistan Business Council, and Anjum Nisar, former president of the Karachi Chamber of Commerce and

January 10, 2024

News Desk

EU envoy urges businesses to take advantage of new GSP+

KARACHI: European Union (EU) Ambassador Raina Kionka has encouraged businessmen to diversify their exports to the EU to maximize the benefits of GSP Plus for Pakistan. The GSP Plus regime was recently extended for another four years, until 2027. Speaking during a meeting at the Karachi Chamber of Commerce and Industry (KCCI), Kionka highlighted the significant impact of GSP Plus on Pakistan’s economy. “The importance of GSP Plus to Pakistan’s economy extends beyond textile producers, benefiting all individuals working in textile factories through the reduction of the phenomenon. Over the past decade, GSP Plus has played a key role, proving

November 14, 2023

News Desk

IFC to cover financial risk for businesses

KARACHI: The International Finance Corporation (IFC) has signed a risk-sharing agreement with Standard Chartered Bank Pakistan, saying it will cover a 50% loss of funding in local currency equivalent to $200 million (over Rs 57 billion) to corporate clients, including industries based in exports and small businesses. IFC will underwrite risk on short-term trade and working capital-financed lending facilities for corporate clients based in Pakistan, Standard Chartered Bank said in a statement on Monday. “Standard Chartered and IFC aim to leverage their long-standing relationship with export-based industries to enable the generation of foreign exchange inflows, which remain critical to the

November 6, 2023

News Desk

Donald Trump to testify in New York fraud case that threatens businesses

Former U.S. President Donald Trump attends the Trump Organization’s political fraud trial in New York State Supreme Court in Manhattan, New York, U.S., October 25, 2023. —Reuters Former US President Donald Trump is set to testify in a fraud trial in New York, marking a critical moment in a case that could affect his business empire. That case revolves around alleged fraudulent accounting practices that inflated the value of Trump’s properties, including golf courses and apartment towers. New York state attorneys allege these practices secured him favorable financing terms and inflated his fortune by $2 billion. The state’s attorney general,

October 29, 2023

News Desk

6 Palestinian businesses you can support

As global protests intensify calls for a ceasefire amid Israel’s escalating offensive on Gaza, many are expressing solidarity by calling for boycotts, divestments and sanctions against Israel. The BDS movement is a Palestinian-led initiative to dismantle Israel’s international ties that provide cultural and economic support to the occupation of the Gaza Strip and the West Bank. In recent years, the rise of BDS momentum has been paralleled by active efforts to support Palestinian businesses, highlighting the various challenges faced by Palestinian entrepreneurs and business owners anywhere in the world, including in the West Bank, the Gaza Strip, and Israel itself.

October 29, 2023

News Desk

PIA commits to pay Rs 1.35 billion to PSO

Pakistan International Airlines (PIA) reaffirmed its commitment to Pakistan State Oil (PSO) by pledging to pay Rs 1.35 billion for fuel supplies, which enabled PSO to extend a credit facility of Rs 500 million to facilitate its ongoing operations PIA. Facing financial constraints and amid PIA’s default, PSO has taken a pragmatic step to ensure the national carrier continues its core business by increasing the line of credit for fuel procurement from Rs 15 billion to Rs 15.5 billion, they said sources. Sources familiar with the matter revealed to The Express Tribune that PIA had made timely payments to international

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