Category: bussines

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…

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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.…

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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…

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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,…

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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…

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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…

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KARACHI: The Pakistan Stock Exchange (PSX) on Monday ended trading on a firmer note as the KSE-100 index staged a rebound, supported by easing geopolitical tensions and selective buying. The session began with cautious investor optimism rather than aggressive risk-taking. The index oscillated within a wide band, touching the intra-day high of 185,612 and low of 182,792, reflecting active participation on both sides. A calmer global backdrop encouraged investors to engage in selective activity as signals from Washington and Tehran pointed towards diplomatic engagements. The improvement in sentiment triggered buying…

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ISLAMABAD: Pakistan and Uzbekistan on Monday agreed to accelerate efforts to raise bilateral trade to $2 billion as the 10th Session of the Pakistan–Uzbekistan Intergovernmental Commission (IGC) on Trade, Economic and Scientific-Technical Cooperation concluded in Islamabad. According to a statement issued by the Ministry of Economic Affairs, the session was co-chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister (SAPM) for Industries and Production, and Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan. Both sides expressed satisfaction over steady progress in bilateral engagement and reaffirmed their…

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ISLAMABAD: The federal government has decided to introduce a comprehensive five-year plan aimed at promoting the export and regularisation of Pakistan’s precious gemstone sector, which officials estimate to be worth billions of dollars. Under the plan, 610 exporters will be facilitated to participate in exhibitions in international markets over the next five years to expand market access and promote legal trade. The plan also proposes the establishment of a central authority responsible for business registration, provincial coordination and facilitation across the gemstone value chain. According to sources, the authority will…

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ISLAMABAD: Ajay Banga, President of the World Bank Group, called on Prime Minister Muhammad Shehbaz Sharif in Islamabad on Monday, with both sides emphasising the need to fast-track implementation of reform-linked development projects and strengthen oversight to ensure timely results. The prime minister welcomed Banga on his first official visit to Pakistan as president of the World Bank Group. According to an official statement, the premier appreciated the World Bank Group’s long-standing partnership with Pakistan and its continued support for the country’s development priorities, particularly through the 10-year World Bank…

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