Category: bussines

In order to ensure that the country’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner, Finance Minister Muhammad Aurangzeb on Tuesday said that the government would consider establishing a National Crypto Council. The finance minister made the remarks while chairing a high-level meeting on digital assets in Islamabad. The council will serve as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts, he added. The minister said it will also collaborate with friendly countries to develop standardised frameworks for international digital economic engagement.…

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PESHAWAR: The Khyber Pakhtunkhwa Petroleum Dealers and Cartage Association (KPPDCA) has threatened a province-wide strike if the government does not withdraw its petroleum deregulation plan by next week. Last week, Federal Minister for Petroleum Musadik Malik stated that the government was planning to implement a deregulation policy, enabling oil marketing companies (OMCs) to compete by setting their fuel prices. “This move will create an oil mafia and lead to market manipulation,” said KPPDCA president Gul Nawaz Afridi, addressing a press conference in the KP’s provincial capital on Tuesday. If implemented,…

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Pakistan and Bangladesh have launched direct government-to-government trade for the first time in decades, marking a significant step in their historically troubled relations. The government of Bangladesh on Tuesday confirmed the import of 50,000 tonnes of rice, which follows months after former prime minister Sheikh Hasina was ousted during August 2024 revolution and fled to India, evading extradition charges of crime against humanity. Since her departure, relations between India and Bangladesh’s new government have soured, paving the way for Islamabad and Dhaka to mend their ties. Direct private trade between…

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The capital market saw late-session volatility on Tuesday, with early gains driven by buying momentum before mid-session profit-taking trimmed advances. Despite this, the market closed in the black with moderate gains. Investor sentiment was buoyed by optimism over fiscal incentives in the upcoming federal budget and expectations of an expanded IMF loan program. However, as fund-driven buying waned by mid-session, profit-taking set in, leading to a more measured close. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 197.98 points (0.17%), closing at 114,528.08. The index climbed to an intraday…

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NAGPUR: With countless people like him from far-flung places, flower shop owner Ashish Nagose has been learning about trading cryptocurrencies by attending classes every weekday for the past two months in his home city of Nagpur in western India. Nagose has bought and sold stock options earlier but is now venturing into cryptocurrencies as regulators have made it harder to trade equity derivatives in India. The 28-year-old believes the red-hot crypto asset class can help shield his family-owned flower shop during downturns. “I want to run my family shop, and hope…

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ISLAMABAD: Underscoring the need to enhance bilateral trade between Pakistan and Azerbaijan, Prime Minister Shehbaz Sharif on Monday expressed optimism about both countries formalising agreements for investment projects worth $2 billion in April during President Ilham Aliyev’s visit. “This is going to be a mutually beneficial arrangement for both countries,” said the premier — who is on a two-day official visit to the Central Asian country — while addressing a business forum organised in collaboration with the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO). Earlier in…

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Power Division officials said on Monday that the federal government was doubling down on efforts to reduce skyrocketing power tariffs by Rs6-8 per unit, to ease ever-mounting burden on inflation-hit as well as cash-strapped consumers across Pakistan. The high cost of electricity has become a contentious political issue, with opposition parties leveraging public dissatisfaction to criticise the incumbent government’s handling of the energy sector and agreements with independent power producers (IPPs). The burden of high electricity tariffs falls disproportionately on the middle and lower-income segments of society, fueling public outrage…

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ISLAMABAD, KARACHI: A technical mission of the International Monetary Fund (IMF) has reached Pakistan to hold talks on climate financing during its three-day stay, Finance Minister Muhammad Aurangzeb said on Monday. Speaking to the media, Aurangzeb further said that a second IMF team would visit next month to discuss matters pertaining to the country’s $7 billion Extended Fund Facility (EFF). The federal minister’s confirmation comes after IMF’s resident chief Mahir Binici said that two missions were due in Islamabad, with the first delegation set to focus on discussions regarding authorities’ request for…

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Selling pressure was observed on the bourse on Monday, with investors engaging in widespread profit-taking amid the absence of fresh positive catalysts. Investor sentiment remained subdued, as the ongoing earnings season failed to generate any substantial optimism. Additionally, falling cement prices and looming uncertainty over the upcoming International Monetary Fund (IMF) review further dampened market confidence, keeping participants hesitant to take new positions. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index registered a modest gain of 50.21 points (0.04%) to reach an intraday high of 112,851.14, before retreating as investors…

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The federal government is planning to ease the financial burden on the salaried class in the upcoming budget, announced Finance Minister Muhammad Aurangzeb on Sunday. His remarks came days after thousands of government employees staged a protest demonstration in Islamabad, demanding withdrawal of pension reforms and increase in pay and allowances. During his interaction with journalists in Lahore, the finance minister highlighted positive economic indicators, including a rise in remittance senders to 35 million and an increase in Roshan Digital Account inflows. Aurangzeb emphasised the private sector’s vital role in…

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