Category: bussines

ISLAMABAD: Pakistan and the United States have agreed to continue their negotiations through constructive engagement in order to finalise a trade agreement at the earliest, according to an official statement issued on Tuesday. Finance Minister Muhammad Aurangzeb held a virtual meeting with US Commerce Secretary Howard Lutnick on June 16 (Monday) to discuss reciprocal tariffs and push forward the ongoing talks. The meeting, held at 9pm (PST), focused on enhancing cooperation in trade and investment. Both sides concurred that detailed technical-level discussions would be held soon under a mutually agreed…

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KANANASKIS US President Donald Trump and British Prime Minister Keir Starmer said on Monday they had finalized a trade deal reached between the two allies last month. Trump, standing alongside Starmer at the Group of Seven summit in Canada, said the relationship with Britain was “fantastic,” as he waved, and then briefly dropped, a document that he said he had just signed. “We signed it and it’s done,” he said, incorrectly calling it a trade agreement with the European Union, before making clear the deal was with Britain. Starmer said…

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ISLAMABAD: The government has ruled out any cut in the Petroleum Development Levy (PDL), as authorities warn that domestic fuel prices may increase in line with a 16% spike in global oil rates caused by the Iran-Israel conflict. According to Reuters, global oil prices fluctuated on Monday after surging 7% on Friday, as renewed strikes by Israel and Iran over the weekend sparked fears of a wider regional conflict that could disrupt oil exports from the Middle East. Brent crude futures were up 6 cents, or 0.08%, to $74.29 a barrel,…

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The Punjab government suggested a 10% hike in salaries of government employees as Finance Minister Mujtaba Shuja ur Rehman presented the budget for the fiscal year 2025-26 on Monday. In his budget speech at the Punjab Assembly, the finance minister said that salaries of Grade 1 to 22 employees were being raised by 10%. It has also been decided to increase pensions by 5%, he added. Earlier today, Mujtaba presented the province’s ‘zero-tax’ Rs5,335 billion budget. In a prior statement, the minister had said that the budget will reflect the…

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LAHORE: Punjab Finance Minister Mujtaba Shuja ur Rehman presented the province’s Rs5,335 billion budget for the fiscal year 2025-26. Speaking on the floor of the Punjab Assembly, the finance minister said that the present present government has allocated a total of Rs1,240 billion for the development programme that is 23% of the budget 2025-26 and is 47% higher than the current FY 2024-25 containing Rs842 billion on this count. In next FY budget, he said, estimated expenditures under Account-II (Food) have been reduced up to 88% (Rs53.3 billion) while compared…

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The State Bank of Pakistan (SBP) has kept the policy rate unchanged at 11%, citing rising external risks and inflationary pressures linked to the intensifying Iran-Israel conflict. The decision follows a cut by the Monetary Policy Committee (MPC) last month as the central bank weighs macroeconomic stability against mounting global pressures. The Middle East found itself plunged into a perilous new chapter of war following an unprecedented escalation of hostilities between Israel and Iran on Friday. An unprovoked Israeli strike on Iran’s top military and nuclear figures in the dark…

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The inaugural direct flight of Uzbekistan Airways from Tashkent to Islamabad received a warm welcome on its landing at Islamabad International Airport on Saturday. Uzbekistan Ambassador to Pakistan Alisher Tukhtaev, Pakistan Tourism Development Cooperation Managing Director Aftabur Rehman Rana, Islamabad Airport Manager Syed Aftab Ali Shah Gilani, Uzbekistan Airways Country Manager Bakhtiyor Muminov, diplomats from other Central Asian states and other high officials from Pakistan Airports Authority (PAA), PTDC, Civil Aviation Authority (CAA) were present on this occasion. Uzbekistan envoy Tukhtaev said that the launch of Uzbekistan Airways’ direct flight…

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KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Friday proposed Rs1,018 billion for the Annual Development Programme (ADP) for the fiscal year 2025-26. Presenting the budget, CM Shah said that this ambitious development plan focuses on rehabilitation, infrastructure, social services, and sustainable growth across the province. Giving details of ADP funds, the chief minister said that Rs520bn allocated for provincial ADP, Rs55bn for district ADP, Rs366.72bn for Foreign Project Assistance and Rs76.28bn for Federal PSDP. The CM said that the ADP and the development portfolio focus on the rehabilitation…

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Alarmed by what it sees as business-hostile steps in the new budget, a key private sector body has threatened protests if the tax authority’s extended powers are not withdrawn. The Board of Governors of Economic Policy and Business Development (EPBD) says it has serious concerns about a set of sweeping powers being handed to the Federal Board of Revenue (FBR), which it believes go far beyond fair tax enforcement. In a statement, the Board said the proposed clauses under the guise of anti-money laundering laws will create a surveillance-heavy system…

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The Sindh government on Friday announced a 12% ad hoc relief in salaries for grade 1 to 16 employees and 10% for those in grades 17 to 22. Presenting the Sindh budget for the fiscal year 2025-26 in the provincial assembly, Chief Minister Murad Ali Shah, who also holds the portfolio of finance, said the pension of the retired provincial employees will also increase by 8%. It is pertinent to mention here that the federal government had increased the salaries of federal employees from grade 1 to 22 by 10%…

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