News in Brief
Pakistan to raise taxes in final attempt to secure IMF loan
AFP – Pakistan has changed its budget for the financial year starting on July 1, Finance Minister Ishaq Dar said on Saturday.
“Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review,” he told parliament.
For the fiscal year starting next month, Pakistan will raise a further 215 billion rupees ($752 million) in new tax and cut 85 billion rupees in spending, as well as a number of other measures to shrink the fiscal deficit, he said.
Bitcoin hits more than one-year high
REUTERS – Bitcoin, the world’s largest cryptocurrency, hit a more than one-year high, capping a week of gains helped in part by BlackRock’s plans to create a bitcoin exchange-traded fund (ETF) despite heightened U.S. regulatory scrutiny on the digital asset sector.
BlackRock, the world’s biggest asset manager, filed last week to launch iShares Bitcoin Trust, an ETF that would have Coinbase Custody as its custodian as well as offer institutional investors exposure to the cryptocurrency.
Chip maker Micron to invest 2.7b for plant in India
CNBC – Computer storage chip maker Micron will set up its semiconductor assembly and test plant in Gujarat entailing a total investment of $2.75 billion, the company said.
The assembly and testing factory will help build a semiconductor ecosystem that promotes supply chain diversification.