Day: February 6, 2026

Bitcoin was on the cusp of breaking below the key $70,000 level on Thursday as a slide in the world’s largest cryptocurrency showed no signs of stopping. Bitcoin fell 2% in early European trade, having dropped as much as 3.5% earlier during the Asian session to $70,052.38, its lowest level since November 2024. Ether, meanwhile, was down 0.7% at $2,111.34. A drop below $2,000 would mark the first time the world’s second-largest cryptocurrency has breached that level since May last year. The latest rout in cryptocurrencies, which has come hard…

ISLAMABAD: State-run oil marketing company Pakistan State Oil (PSO) is facing a financial setback as receivables of around Rs30 billion remain stuck at Pakistan International Airlines (PIA) after the air carrier failed to transfer its real estate asset to settle the outstanding dues. The government had declared a consortium, led by the Arif Habib Group, the winner in the bidding process for the acquisition of a 75% stake in PIA. The group submitted the highest bid of Rs135 billion but the real value at which PIA was sold was Rs10…

ISLAMABAD: Income tax contributions by Pakistan’s cornered salaried class further jumped by 10% to Rs315 billion during the first seven months of this fiscal year, as one out of every three Pakistanis who left the country last year in search of jobs and better salaries were skilled to highly qualified people. According to provisional data compiled by the Federal Board of Revenue (FBR), salaried individuals paid Rs315 billion in income tax during the July-January period of the current fiscal year. This was Rs30 billion, or 10.5%, more than the already…

KARACHI: Pakistan Customs has warned the management of Karachi International Container Terminal (KICT) of possible contempt of court proceedings and legal action over escalating operational disruptions that are delaying customs clearance, hampering trade activity, and affecting overall port performance. In a letter issued by the Customs Appraisement West Collectorate to the KICT CEO, officials said operational bottlenecks at the terminal had intensified despite repeated written notices and daily verbal and telephonic coordination. Customs authorities reported persistent delays in container grounding, examination processes, and freight clearance over the past several months.…

ISLAMABAD: The Federal Board of Revenue (FBR) has sent a nudging SMS to its boss, the finance minister, urging him to declare a transaction in his tax return, revealed Muhammad Aurangzeb on Wednesday while backing the FBR in its drive to broaden the tax base through such steps. “I also received a nudging tax message from the FBR,” said the finance minister in a meeting of the Senate Standing Committee on Finance. He was responding to the issue of text messages sent by the FBR to the taxpayers, carrying information…

KARACHI: Bullish momentum continued to dominate trading at the Pakistan Stock Exchange (PSX) on Wednesday, where the benchmark KSE-100 index advanced a further 931 points, despite some volatility. Banking and other heavyweight financial stocks set the tone in early dealings as institutional buying in key names helped overcome the initial hesitation. Market participants pointed to improved risk appetite, with banking, fertiliser and select blue-chip sectors contributing significantly to the positive trend. There was volatility too as investors digested mixed macro signals and global cues. Despite that, bulls held firm control,…

ISLAMABAD: Pakistan has formally assumed the presidency of the Digital Cooperation Organisation (DCO). Federal Minister for Information Technology and Telecommunications Shaza Fatima Khawaja, after taking over the role, said that Pakistan would promote joint global efforts in the areas of digital cooperation, cybersecurity, digital inclusion and artificial intelligence. A ceremony was held in Kuwait during the fifth General Assembly of the DCO, which was attended by senior officials from 16 member countries. According to a statement issued by the Ministry of IT on Thursday, the DCO was established to strengthen…

SINGAPORE/LONDON: Bitcoin tumbled through the key $70,000 level on Thursday as a slide in the world’s largest cryptocurrency showed no signs of stopping. Bitcoin fell by as much as 3.8% to a low of $69,858, its weakest since November 2024, when Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail. Bitcoin has already fallen nearly 8% for the week, taking its losses for the year so far to nearly 20%. Ether, which was down nearly 2% at $2,090, is down…