Business
SBP offers interest-free financing for e-bikes, rickshaws: Here’s who qualifies | The Express Tribune
The State Bank of Pakistan launched an interest-free financing scheme for the purchase of electric bikes, rickshaws and loaders as part of efforts to boost energy efficiency and green technologies in the automotive sector.
Under the initiative, the federal government will provide a capital subsidy of up to Rs50,000 for two-wheelers and Rs200,000 for three-wheelers.
Banks will extend both conventional and Islamic financing facilities, capped at Rs200,000 for e-bikes and Rs880,000 for rickshaws or loaders. The maximum loan tenor will be two years for bikes and three years for rickshaws or loaders.
“The Federal Government has introduced a ‘Cost Sharing Scheme for Electric Bikes and Rickshaws/Loaders’ with a view to promote energy efficiency and transition to green technologies in the automotive sector,” the central bank circular read.
Read More: Women on wheels: Sindh distributes scooties under ‘Pink Scheme’
The scheme will cover financing for around 116,000 e-bikes and 3,170 e-rickshaws/loaders during FY2025-26 in two phases. In the first phase, 40,000 e-bikes and 1,000 e-rickshaw/loaders will be distributed. The second phase will include the remaining 76,000 e-bikes and 2,171 rickshaws/loaders.
To ensure inclusivity, 25% of e-bikes are reserved for women. Another 10% quota is allocated for those using e-bikes for courier or delivery services, while 30% of rickshaws/loaders are earmarked for fleet operators. Eligibility for fleet operators will be determined by a Steering Committee.
All Pakistani citizens, including those in Gilgit-Baltistan and Azad Jammu and Kashmir, can apply for e-bikes. Fleet operators may apply for rickshaws and loaders. Borrowers must make a minimum 20% equity contribution, though the subsidy may fully cover this portion. Any amount beyond the subsidy will be paid upfront by the borrower.
The bank pricing has been fixed at six-month KIBOR plus 2.75%, but the end-user rate will remain at 0% as the government covers the full mark-up subsidy. The Engineering Development Board has shortlisted manufacturers and models. Original Equipment Manufacturers will be responsible for timely delivery and after-sales service under the scheme.
Rs100b okayed for e-bikes, rickshaws
Last month, the government approved the first phase of a Rs100 billion scheme to provide electric bikes and rickshaws at a subsidised cost by collecting Rs122 billion from owners of conventional cars, aimed at increasing the number of environment-friendly vehicles to one-third.
The Economic Coordination Committee (ECC) of the cabinet approved the first phase of the plan, which was designed to ensure the provision of 116,000 electric bikes and 3,170 rickshaws by offering up to Rs200,000 in interest-free loans and equity.
Chaired virtually by Finance Minister Muhammad Aurangzeb, the ECC also cleared a Rs30 billion subsidy to settle dues under the foreign remittances initiative from a backlog of Rs59 billion.
Also Read: High achievers from public colleges awarded e-bikes
A finance ministry statement said the ECC had approved a summary submitted by the Ministry of Industries and Production regarding the implementation of the subsidy scheme to promote the adoption of electric bikes and rickshaws.
Under the plan, about 116,000 electric bikes and 3,170 electric rickshaws and loaders would be introduced in two phases. In the initial phase, expected to be launched by the prime minister, 40,000 electric bikes and 1,000 electric rickshaws and loaders would be rolled out.
The government also approved the distribution of 219 free-of-cost electric bikes to the two top position holders in federal colleges across four disciplines. The maximum cost of the bike was capped at Rs250,000 under the scheme. The finance ministry said a budgetary provision of Rs9 billion had already been made for the current fiscal year to finance the initiative.
As part of new IMF loan conditions, the government had imposed a 1–3% levy on car owners in the budget, estimated to raise Rs122 billion from conventional fuel-based vehicle users.
Also Read: Govt to offer electric bikes on two-year instalments
Of this amount, Rs100 billion would be allocated to subsidies for promoting environment-friendly vehicles. The goal was to ensure that at least 30% of vehicles sold annually would be based on clean energy by 2030.
The scheme provided Rs50,000 in equity and Rs200,000 in interest-free loans for electric bikes. For three-wheeler rickshaws, the equity component was Rs200,000 and the interest-free loan Rs180,000. Every citizen between 18 and 65 years of age was made eligible for the scheme, with a 25% quota reserved for women.
Subsidised bikes and rickshaws were to be distributed according to provincial population, with Balochistan allocated an additional 10% quota adjusted against Punjab and Sindh.
The ECC also approved Rs30 billion in subsidies to clear the backlog of the foreign remittances initiative. The finance ministry said Rs30 billion would be released this quarter through a technical supplementary grant, with the remaining funds to be considered from savings in upcoming quarters.
Sindh distributes scooties under ‘Pink Scheme’
Earlier, Sindh also announced free electric scooters for women under the “Pink Scooters Program”. Pakistan Peoples Party Chairman Bilawal Bhutto Zardari handed over keys to women beneficiaries of the “Pink Scooty Scheme,” a government initiative in Sindh that provides free electric scooters to women.
The scheme, launched by the Sindh Transport Department, aims to improve women’s mobility and create greater access to transportation and employment opportunities across the province.
Eligible applicants must be permanent residents of Sindh, hold a valid driving license, and be either enrolled in an educational institution or employed. Beneficiaries must also agree not to sell or sublet the scooty for a minimum of seven years.
Business
Chinese imports: India imposes 12% tariff on steel inflows; aims to curb cheap shipments with safeguards – The Times of India
India rolled out a new trade measure on Tuesday, imposing safeguard duties on certain steel imports for a period of three years. The move comes as a push to protect domestic manufacturers from a surge in low-cost overseas supplies, particularly from China.As per a finance ministry notification, the safeguard duty will stand at 12% in the first year, ease to 11.5% in the second, and fall further to 11% in the final year. The decision follows a detailed probe into import trends and their impact on local producers.The levy will apply to steel shipments from countries including China, Vietnam and Nepal. However, imports from some developing nations have been kept outside the scope of the measure. The order also makes it clear that specialty steel products, such as stainless steel, will not be covered under the safeguard duty.The directorate general of trade remedies, which examined the matter, recommended the three-year tariff after observing a “recent, sudden, sharp and significant increase in imports … causing and threatening to cause serious injury to the domestic industry,” the order stated. The latest move builds on an earlier step taken in April, when the government imposed a temporary 200-day safeguard duty of 12% on similar steel products, according to a Reuters report.Officials from the federal steel ministry have repeatedly stated that unchecked inflows of cheap and sub-standard steel could harm India’s domestic steel sector, prompting the need for protective measures.The decision also comes against the backdrop of growing global trade tensions in the steel market. US President Donald Trump’s import tariffs on steel have intensified scrutiny of Chinese exports, leading countries such as South Korea and Vietnam to introduce anti-dumping duties earlier this year.
Mark SavageMusic correspondent
Getty ImagesTo almost no-one’s surprise, Taylor Swift dominated the UK music charts in 2025.
The star’s 12th album, The Life of a Showgirl, was the year’s biggest seller, shifting an impressive 642,000 copies since its release in October.
Women led the way all year, with breakout Brits like Olivia Dean and Lola Young powering the music industry to a record-breaking year, as combined sales rose by nearly 5% to 201 million albums sold or streamed.
There was also a huge resurgence for Oasis, whose blockbuster reunion tour helped them shift more than one million albums during 2025.
The band’s greatest hits compilation, Time Flies, was the fourth biggest album of the year, while (What’s The Story) Morning Glory, was seventh.
Getty ImagesThe figures were revealed by the British Phonographic Industry (BPI), which said streaming now accounts for 89% of the overall music market.
Fans streamed 210.3 billion songs over the course of the year, with US singer Alex Warren’s Ordinary the year’s most-played track.
However, Warren’s song was one of the only new releases to make a major impact – as older songs clogged up the charts.
Six of the Top 10 best-selling tracks came out in 2024. Chappell Roan’s Pink Pony Club was even older: It was originally released in 2020.
It was a banner year for new female talent in the UK, with Lola Young landing the year’s second-biggest single, with Messy.
Olivia Dean also became the first woman in UK chart history to achieve her first number one single (Man I Need) and album (The Art Of Loving) in the same week.
Asked why her songs had resonated with so many people, Dean said she’d tried to make her album an antidote to troubling times.
“I wanted it to feel just like a hug – comforting,” she told the BBC’s Sidetracked podcast.
“I just said everything needs to feel warm and intimate.”
Dean will cap off her incredible year – which also saw her achieve four simultaneous top 10 hits – by appearing on Jools Holland’s Hootenanny.
There were also breakthroughs for confessional songwriters Skye Newman and Sienna Spiro; while artists like Raye, PinkPantheress and Wet Leg all consolidated their first wave of success at home and abroad.
On the singles chart, female artists accounted for two-thirds of 2025’s number one hits; and former Little Mix star Jade achieved the biggest opening week for a debut album with her critically-acclaimed That’s Showbiz, Baby!
Getty ImagesVinyl sales have risen for 18 successive years and increased rapidly again, up 13% year-on-year to 7.6 million units.
Swift’s Life Of A Showgirl led the pack, and the star scored another entry in the Top 10 with Lover (Live From Paris) – a limited edition release which was only available for 72 hours on Swift’s website.
According to the Official Charts Company, it sold 47,000 copies in that short stretch of time; and subsequently became the first album to reach number one on pure sales (with no streams contributing to its total) in eight years.
Overall, vinyl sales have doubled in the last decade, and are on course to overtake CDs for the first time since the 1990s.
The two formats are now separated by just 2 million sales, with 9.7 million Compact Discs sold in 2025. Ten years ago, that figure was 47.3 million.
Although it’s very much a niche market, cassettes also saw a 53.8% sales increase to 164,491 units in 2025.
The soundtrack to Robbie Williams’ biopic Better Man was, for reasons that remain unclear, the year’s best seller on tape.
In its report, the BPI highlighted that a new generation of British talent had achieved international success in 2025.
Olivia Dean and Lola Young both broke into the US Billboard charts, and scored nominations for best new artist at next year’s Grammy Awards.
Rock acts including Yungblud, Sleep Token, Wolf Alice and Florence + The Machine also made waves abroad; while Ed Sheeran became the first overseas artist to top India’s Spotify Charts since 2021 with his single Sapphire.
These achievements were “an impressive feat, given more acts than ever are vying for audience attention”, said Dr Jo Twist, CEO of the BPI.
“The UK is still the second largest exporter of music globally, which is amazing, but we can’t be complacent because streaming has opened the floodgates to every bit of recorded music that’s ever been made,” she told BBC News.
“Luckily, we have a brilliant ecosystem in the UK which helps those artists reach global success – but it’s a tough competitive environment and that’s why we need the continued support of the British government.”
London’s stock market has experienced a significant resurgence, recording its most robust year for new listings since 2021, driven by a late surge in activity.
Industry experts anticipate this positive global market momentum will persist through to 2026.
According to analysis by PwC, the London Stock Exchange welcomed 11 initial public offerings (IPOs) in 2025.
This figure specifically accounts for transactions raising a minimum of $5 million (£3.7 million) and does not include companies transitioning from the Alternative Investment Market (AIM) to the main market.
The IPOs raised £1.9 billion in total proceeds, making it the strongest year since 2021 when £16.8 billion was raised in a record year for the London Stock Exchange (LSE).
It is also more than double £700 million raised last year.
A late flurry of IPOs helped deliver a boost to the market with £1.3 billion of the total proceeds raised during the final quarter of the year, marking a shift following a dearth in activity.
IPO activity gained momentum over the final months of the year, which saw the flotations of tinned tuna maker Princes Group and small business lender Shawbrook on the main market.
Princes raised about £400 million from its listing, giving the 150-year-old firm a valuation of £1.16 billion, while Shawbrook raised £348 million and clinching a £1.92 billion valuation.
Other notable flotations included Texas-based Fermi, which develops electric grids, and Beauty Tech Group which owns beauty gadget brands used by the likes of Kim Kardashian and Serena Williams.
Vhernie Manickavasagar, the UK’s IPO leader at PwC UK, said: “London has delivered its strongest year for IPO and listing activity since 2021.
“In addition, global multi-billion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of £16 billion in December 2025.
“These developments underscore the resurgence of London’s capital markets and its returning appeal as a leading listing destination.
“Looking ahead, momentum is set to continue into 2026, with a robust pipeline of large-cap IPOs expected across the consumer, financial services and TMT (technology, media and telecoms) sectors.”
Around the world, proceeds totalled 143.3 billion US dollars (£106.2 billion) from 1,014 IPOs over 2025 – about a fifth more than in 2024, according to PwC’s analysis.
The biggest of the year was the 6.3 billion US dollar (£4.7 billion) blockbuster IPO of medical supplies giant Medline which had its Wall Street debut earlier this month.
In terms of sectors, financial services led the charge with the biggest proportion of proceeds raised globally.
Momentum in the IPO market comes as the UK has been introducing new measures to help revive the London market after a prolonged drought in activity.
This includes a three-year, stamp duty holiday on shares bought in new UK flotations to help London compete for IPOs on an international stage.
Chinese imports: India imposes 12% tariff on steel inflows; aims to curb cheap shipments with safeguards – The Times of India
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