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The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy.

At 11:40 am (local time), the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100, the Dawn newspaper reported. The benchmark KSE-100 index was down 2,053 points At 12 pm.

As per the PSX rules, if the index goes five per cent above or below its last close and stays there for five minutes, trading in all securities is halted for a short period.Raza Jafri, the Intermarket Securities` head of equities blamed "massive taxes" as the reason behind the drop.&nbsp;

"The market has reacted very negatively because it will severely hurt corporate profitability," he told Dawn.

The Pakistan Prime Minister today said that his government plans to impose a 10 per cent super tax on large-scale industries, and that "tough decisions" have been taken to protect the country`s economy.He announced the imposition of a super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries.

"A 1 per cent tax has been imposed on people earning over PKR 150 million, 2 per cent on those earning over PKR 200 million, 3per cent on those earning over PKR 250 million and 4 per cent on those earning over PKR 300 million," he said.

He termed this measure as "tough decisions" in line with the federal budget for the next fiscal year 2022-23."I want to brief the people about those decisions and the actual [economic] situation of the country," Shehbaz was quoted as saying by Geo News.

"Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them," he said.&nbsp;

"Our second motive is to protect the country from going bankrupt," he added.

Explaining the motives of his government for the super tax, he laid stress on the need to stabilise the economy of Pakistan.&nbsp;

"These aren`t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets," he emphasised.

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The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy.

The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy. At 11:40 am (local time), the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100, the Dawn newspaper reported. The benchmark KSE-100 index was down 2,053 points At 12 pm. As per the PSX rules, if the index goes five per cent above or below its last close and stays there for five minutes, trading in all securities is halted for a short period.Raza Jafri, the Intermarket Securities` head of equities blamed "massive taxes" as the reason behind the drop. "The market has reacted very negatively because it will severely hurt corporate profitability," he told Dawn. The Pakistan Prime Minister today said that his government plans to impose a 10 per cent super tax on large-scale industries, and that "tough decisions" have been taken to protect the country`s economy.He announced the imposition of a super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries. "A 1 per cent tax has been imposed on people earning over PKR 150 million, 2 per cent on those earning over PKR 200 million, 3per cent on those earning over PKR 250 million and 4 per cent on those earning over PKR 300 million," he said. He termed this measure as "tough decisions" in line with the federal budget for the next fiscal year 2022-23."I want to brief the people about those decisions and the actual [economic] situation of the country," Shehbaz was quoted as saying by Geo News. "Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them," he said. "Our second motive is to protect the country from going bankrupt," he added. Explaining the motives of his government for the super tax, he laid stress on the need to stabilise the economy of Pakistan. "These aren`t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets," he emphasised. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Pakistan Stock Exchange plunges after govt announces 'super tax' on industries

Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession".

"The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult."

<a href="https://www.wionews.com/world/us-recession-is-certainly-a-possibility-federal-reserve-chair-powell-490854">Also Read |&nbsp;US recession is 'certainly a possibility': Federal Reserve Chair Powell&nbsp;</a>

The IMF also slashed the US growth forecast to 2.9 per cent for 2022 and 1.7 per cent in 2023. The US has been battling the highest inflation in decades even as the Fed last week announced a historic increase in its benchmark lending rate.

Watch:&nbsp;US to have a gasoline tax holiday | Will US plunge into a recession?

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Georgieva said Trump-era tariffs should be lifted which President Biden had said he was considering removing.

"Especially at a time when inflation is high and supply chains are strained... we can see clear benefits in rolling back the tariffs that were introduced over the last 5 years," Georgieva said.

Meanwhile, US stocks ended strongly on Friday with Dow Jones Industrial Average surging 2.7 per cent to end at 31,500.68 and the Nasdaq Composite Index jumped 3.3 per cent to 11,607.62. The S&amp;P rose 3.1 per cent to 3,911.74.

(With inputs from Agencies)

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Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession". "The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult.

Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession". "The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult." Also Read | US recession is 'certainly a possibility': Federal Reserve Chair Powell The IMF also slashed the US growth forecast to 2.9 per cent for 2022 and 1.7 per cent in 2023. The US has been battling the highest inflation in decades even as the Fed last week announced a historic increase in its benchmark lending rate. Watch: US to have a gasoline tax holiday | Will US plunge into a recession? Georgieva said Trump-era tariffs should be lifted which President Biden had said he was considering removing. "Especially at a time when inflation is high and supply chains are strained... we can see clear benefits in rolling back the tariffs that were introduced over the last 5 years," Georgieva said. Meanwhile, US stocks ended strongly on Friday with Dow Jones Industrial Average surging 2.7 per cent to end at 31,500.68 and the Nasdaq Composite Index jumped 3.3 per cent to 11,607.62. The S&P rose 3.1 per cent to 3,911.74. (With inputs from Agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US faces 'narrowing path' to avoid recession: IMF; growth forecast slashed

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&amp;P Global, an American publicly traded corporation, &nbsp;reflecting a fall in demand growth.&nbsp;

Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services.

The survey by S&amp;P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020.&nbsp;

“Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&amp;P Global economist Chris Williamson said in a statement, as reported by Bloomberg.

Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions.

Also Read:&nbsp;<a href="https://www.wionews.com/world/mass-graves-being-prepared-for-earthquake-victims-in-afghanistan-491083">Mass graves being prepared for earthquake victims in Afghanistan</a>

The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said.

The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further.

Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates.

(with inputs from agencies) 
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Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth.

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth. Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services. The survey by S&P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020. “Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&P Global economist Chris Williamson said in a statement, as reported by Bloomberg. Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions. Also Read: Mass graves being prepared for earthquake victims in Afghanistan The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said. The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further. Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Eurozone economy at a 16-month low in June due to Ukraine war and pandemic disruptions: Report

Netflix has decided to lay off around 4% of the workforce. It lay off 300 employees amid a cost-cutting drive. The layoff has mostly affected the employees in the US.

Netflix lays off 300 employees amid a cost-cutting drive

A Tata Nexon electric vehicle has caught fire in what the company says is the first instance of such an incident. The exact cause of the fire is unknown for now.

Tata Nexon electric vehicle catches fire, the exact cause of the fire is unknown

Amid economic woes, Lebanon's traditional pottery has witnessed a sharp drop. Traditional pottery can be traced back to the Phoenicians.

Lebanon's economic woes: Pottery sees sharp drop in demand

Worldwide recession fears are impacting all the major sectors in the world. Commodities including metals and mineral sector is also seeing developments including geopolitical ones.

Global commodities market: Growth in mineral, mining sector

Around 40,000 rail staff are demanding a 7% pay rise. Amid the ongoing rail strike, only 20% of the train services are running. RMT union said that talks are underway but further strikes are possible.

UK rail strike: Only 20% of the train services are running

Automobile giant Toyota recalled its first mass-produced EVs less than 2 months after the launch. The risk of wheels coming loose is said to be the reason behind the recall.

Toyota recalls its first mass-produced EVs less than 2 months after the launch

Driven by high fuel prices and staffing issues for the airlines, Qantas will cut domestic capacity. However, the debt cut remained below pre-pandemic levels.

Qantas to cut domestic capacity: High fuel prices, staffing issues for airlines

Britons are facing economic crises nowadays. They are not just battling the high cost of living but also facing the problem of ballooning short loans and depositing the paper notes before more durable plastic notes come into use.

UK 'Buy now, pay later' debt trap

As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments. But is it becoming a debt trap? Yes, UK-based research suggests it might be.&nbsp;

In a report by The Guardian, research has been published which states that almost a third of shoppers who use BNPL credit are struggling with the repayments. They said that paying back the loans has become "unmanageable" with the constant rise in the cost of living in the country.&nbsp;

As per the research, consumers are spending more through BNPL as shoppers who use this form of credit now pay off an average of 4.8 purchases. It is almost double the 2.6 purchases in February. The report mentions that the average BNPL user’s outstanding balance currently stands at £254.&nbsp;

As per the report, Barclays Bank and the debt charity StepChange have said this was "concerning". They said 30 per cent of Britons have used BNPL to buy goods. Out of the total, 31 per cent, which is almost a third, are saying that the lending had got them into problem debt.&nbsp;

The research also highlighted the retailers' side as the BNPL offer, which is a form of lending for them, is expected to account for almost a quarter of their sales by the end of this year.&nbsp;

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As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments.

As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments. But is it becoming a debt trap? Yes, UK-based research suggests it might be. In a report by The Guardian, research has been published which states that almost a third of shoppers who use BNPL credit are struggling with the repayments. They said that paying back the loans has become "unmanageable" with the constant rise in the cost of living in the country. As per the research, consumers are spending more through BNPL as shoppers who use this form of credit now pay off an average of 4.8 purchases. It is almost double the 2.6 purchases in February. The report mentions that the average BNPL user’s outstanding balance currently stands at £254. As per the report, Barclays Bank and the debt charity StepChange have said this was "concerning". They said 30 per cent of Britons have used BNPL to buy goods. Out of the total, 31 per cent, which is almost a third, are saying that the lending had got them into problem debt. The research also highlighted the retailers' side as the BNPL offer, which is a form of lending for them, is expected to account for almost a quarter of their sales by the end of this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Is 'buy now, pay later' becoming debt trap? A third of UK users say repayments are 'unmanageable'

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015.&nbsp;

Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation.

Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike.&nbsp;

Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike. On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015. Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation. Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike. Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

Philippine currency peso drops to lowest level in more than 16 years

In United States, inflation is rocking American consumers at levels not experienced in over 40 years. From the weekly groceries to filling up the gas tank, rising prices have hit up Americans.

US inflation hits 40-year-high, Americans worry about price hikes

South Korean won fell below the psychological threshold of 1,300 per US dollar for the first time in 13 years amid global economic recession worries.

South Korean won falls the most for first time in 13 years

Electric vehicle sales could reach 33% globally by 2028 and 54% by 2035, as demand accelerates in most major markets. As per reports, EVs accounted for 8% of global sales last year.

Electric Vehicles could take 33% of global sales by 2028

Brazil's antitrust watchdog will fine Citibank, Societe Generale for exchange rate manipulation. Citibank has committed to pay $13.78 million and Societe will pay $1.07 million in fines.

Brazil's antitrust watchdog fines Citibank, Societe Generale

Volkswagen is set to cut working hours and wages in Brazil's Sao Bernardo do Campo factory as it grapples with a lack of auto parts and electronic components to assemble its vehicles.

Volkswagen to cut working hours, wages in Brazil as auto parts shortage deepens

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow.

The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent.

“It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg.

Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy.&nbsp;

In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow. The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent. “It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg. Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy. In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

South Korean currency Won drops to 13-year low

In what could be the biggest order in the history of aviation, India's Air India owned by Tata Group is planning to give a massive order of 300 planes as per recent reports.

Report: Air India considers buying 300 planes

Germany faces certain recession if faltering Russian gas supplies stop completely, an industry body warned. Italy said, it would consider offering financial backing to help companies refill gas storage to avoid a deeper crisis in winter.

Russian gas crisis deepens: Europeans activate first stage of gas crisis plans

Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf. Now, the iconic European double-decker is gaining a new lease on life.

A380 makes comeback despite high oil prices

The US administration is searching for ways to save Americans from high-fuel prices. President Joe Biden has said that he is considering announcing a federal holiday which would save 5 cents per liter in fuel cost.

US to have a gasoline tax holiday | Will US plunge into a recession?