Category: bussines

ISLAMABAD: Following apprehensions raised by the Senate Standing Committee on Finance and Revenue, Finance Minister Muhammad Aurangzeb on Friday vowed to ensure “transparency” in the procurement of 1,010 vehicles for the Federal Board of Revenue (FBR). “Procuring vehicles for the FBR officials is an important requirement… They cannot just sit in offices and continue their work,” the minister said in response to a letter by Senate Standing Committee Chairman Senator Saleem Mandviwalla. In a letter dated January 22, Senator Mandviwalla highlighted apprehensions regarding the procurement process, emphasising that the timing…

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The World Bank launched its multi-billion funding programme, Country Partnership Framework for Pakistan from FY26 to FY35, on Thursday which Prime Minister Shehbaz Sharif termed as a “timely intervention” to help Pakistan cope with several challenges, including economy, poverty and climate change crisis. “Today is the great day in Pakistan’s history in terms of relations with the World Bank,” said the premier while addressing the launching ceremony of the Country Partnership Framework for Pakistan from FY26 to FY35 PM Shehbaz added that the global financial institution has supported the country…

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ISLAMABAD: Saleem Mandviwalla, Chairman of the Senate Standing Committee on Finance and Revenue, has called on Finance Minister Muhammad Aurangzeb to immediately suspend the Federal Board of Revenue’s (FBR) procurement of 1,010 vehicles. In a letter dated January 22, Senator Mandviwalla highlighted apprehensions regarding the procurement process, emphasising that the timing and scale of such acquisition raised “considerable doubts about the transparency and integrity of the process” which need a further review. The letter comes a day after the Senate body instructed the Board to stop the procurement as it…

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The capital market rebounded on Thursday, fuelled by robust buying in the cement sector and heightened expectations of a further interest rate cut in the upcoming Monetary Policy Committee (MPC) meeting. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged by 876.19 points, or 0.77%, climbing to an intraday high of 114,319.62, marking a sharp recovery after Wednesday’s significant downturn. “Momentum is driven by the cement sector, partly due to expectations of another interest rate cut in the upcoming MPC,” said Muhammad Saad Ali, Director of Research at Intermarket Securities…

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The stock market faced continued selling pressure on Wednesday, extending its decline, weighed down by intensifying regulatory concerns, persistent economic uncertainty, and subdued global trends. Investor confidence was shaken by the Tax Laws Amendment Bill 2024, which restricts non-filers from stock purchases, exacerbating market anxiety. Adding to the bearish sentiment were the rupee’s volatility, stalled government-PTI negotiations, and slumping global crude oil prices, collectively creating a challenging environment for market participants. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed with a steep decline of 1,598.82 points, or -1.39%, settling…

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WASHINGTON: US President Donald Trump has said that Washington will impose tariffs on the European Union and that his administration was discussing a 10% punitive duty on Chinese imports because fentanyl was being sent from China to the US via Mexico and Canada. The president voiced his latest tariff threats in remarks to reporters at the White House a day after taking office without immediately imposing tariffs as he had promised during his campaign. Financial markets and trade groups exhaled briefly on Tuesday, but his latest comments underscored Trump’s longstanding desire for…

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WASHINGTON: US President Donald Trump has said that Washington will impose tariffs on the European Union and that his administration was discussing a 10% punitive duty on Chinese imports because fentanyl was being sent from China to the US via Mexico and Canada. The president voiced his latest tariff threats in remarks to reporters at the White House a day after taking office without immediately imposing tariffs as he had promised during his campaign. Financial markets and trade groups exhaled briefly on Tuesday, but his latest comments underscored Trump’s longstanding desire for…

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Saudi Arabian investment mining fund Manara Minerals is planning to buy 10% to 20% stake in Pakistan’s Reko Diq copper and gold project, which is being developed by Barrick Gold, the Financial Times reported on Tuesday. The investment mining fund plans to buy between 10% to 20% stake from the government of Pakistan, which owns 25% of the mine, for about $500 million to $1 billion, the publication said, citing people close to the discussions. Manara, a joint venture between state-controlled Ma’aden and the $925 billion Public Investment Fund (PIF),…

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As the South Asian country looks for more financing, Finance Minister Muhammad Aurangzeb on Tuesday said that Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6%-7% interest rate. “With two institutions we have now gone forward in signing up the term sheet — one bilateral and one for trade [finance],” Aurangzeb said during an interview with Reuters on the sidelines of the World Economic Forum annual meeting in Davos. The loans were short-term — or up to one year, Aurangzeb added. The…

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The capital market posted losses on Tuesday, driven by conflicting economic signals, profit-taking pressures, and ongoing policy deliberations. The KSE-100 Index ended the day at 115,042.25, reflecting a decline of 802.56 points, or -0.69%, from the previous close of 115,844.81. The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) will deliberate on the economic outlook and determine the policy rate on Monday, while SBP Governor Jameel Ahmad will announce the committee’s decision at a press conference later the same day. The benchmark index started the day positively, rising 580.04…

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