Category: bussines

ISLAMABAD: The federal government has stepped up efforts to provide relief to the people of Pakistan during the holy month of Ramadan, issuing instructions to the provinces to provide sugar at Rs130 per kg. Minister for Industries and Production Rana Tanveer Hussain directed chief secretaries of all provinces to establish sugar stalls at the municipal council level and ensure uninterrupted supply of the commodity at the government-set price. The minister issued the remarks while chairing a meeting of the Sugar Advisory Board in Islamabad, stated a press release issued on…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved income tax exemptions for the International Cricket Council (ICC) in connection with the ICC Champions Trophy 2025. The committee deliberated on the summary of the Revenue Division. These exemptions align with international best practices for hosting global sports events, said a release issued here. The Economic Coordination Committee (ECC) of the Cabinet met today under the chairmanship of the Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division, Islamabad. The meeting was attended by the…

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The State Bank of Pakistan’s (SBP) foreign exchange reserves edged up $35 million during the week ending February 14, to stand at $11.20 billion, the central bank reported on Thursday, amid continued pressure on the country’s external financing needs. The country’s total liquid foreign reserves stood at $15.95 billion in the period under review. The central bank, however, did not specify the source of these inflows. Meanwhile, commercial banks’ dollar reserves amounted to $4.75 billion. The central bank’s foreign exchange reserves decreased $252 million to $11.17 billion during the week…

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Raising concerns over the disproportionate tax burden in Pakistan, Federal Minister for Finance Muhammad Aurangzeb announced on Thursday that artificial intelligence will be utilised to increase tax collection. Speaking at a conference on “Retail Reimagined: Innovate, Collaborate & Thrive”, organised by The Pakistan Retail Business Council (PRBC), the minister said that the country’s retail sector, which contributes a significant 19% to the country’s GDP, is paying a mere 1% in taxes, sparking concerns over the sector’s lack of contribution to the national exchequer. He stressed that the disproportionate burden of…

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WASHINGTON: The European Union’s trade chief stated on Wednesday that the bloc will act “firmly and swiftly” to protect its interests if the US imposes tariffs on EU goods, firmly rejecting President Donald Trump’s claim that the US trade relations with the EU are unfair. “It is the very definition of a win-win partnership, and there is nothing unfair,” Maros Sefcovic added, as Europe prepares for heightened tariff tensions with the United States. Speaking at the American Enterprise Institute on Wednesday, Sefcovic said the EU sees “no justification for sudden,…

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PALM BEACH: US President Donald Trump on Tuesday said that tariffs on automobiles would remain at around 25%, adding that further details on the issue would be shared in an upcoming announcement scheduled for 2 April. On Friday, Trump said levies on automobiles would come as soon as 2 April, the day after members of his cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade. Trump has long pointed to what he calls unfair treatment of…

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ISLAMABAD: The federal government has taken notice of the unauthorised salary hike by the National Electric Power Regulatory Authority (Nepra) and issued a show-cause notice, questioning the decision to increase salaries without cabinet approval. During a meeting of the Senate Standing Committee on Cabinet Secretariat, chaired by Rana Mahmood-ul-Hassan, government officials confirmed that Nepra had been served the notice over the unauthorised salary hike. The chairman and members of the national power regulating authority had nearly tripled their salaries without obtaining the necessary approval from the federal cabinet. According to…

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The stock market extended its gains on Wednesday, fuelled by robust foreign investment inflows, soaring global crude oil prices, and heightened expectations of additional monetary easing by the State Bank of Pakistan (SBP). The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed 941.28 points, or 0.83%, reaching an intraday high of 114,029.75. The market recorded a low of 113,212.79 as investor confidence remained high across key sectors, particularly banking, cement, fertilizers, and energy stocks. “WB [World Bank] support for SOEs privatisation, pledge [of] over $40 billion investment, and WB praising…

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The capital market mounted a rebound on Tuesday after four straight days of decline, as investors aggressively pivoted to buying following weeks of relentless selling pressure. Renewed confidence in corporate earnings, a decline in coal prices benefiting cement stocks, and strong dividend payouts in the banking sector fueled the surge. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 1,344.94 points, or 1.2%, to close at 113,088.47. The market touched an intraday high of 113,252.54 and a low of 111,642.02, reflecting strong investor confidence across multiple sectors. “We had…

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In a blow to India’s aspirations for claiming the ownership of basmati rice, Australia and New Zealand have recognised the precious long-grain commodity as a Pakistani product. The move comes against the backdrop of New Delhi’s push for basmati rice to be granted protected status in global markets as a uniquely Indian product — a move met with vehement opposition from Pakistan, which claims the rice is part of a shared heritage between the two countries. India, in December 2024, approached the European Court of Justice after the European Union…

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