Category: Business

KARACHI: Bears tightened their hold on the stock market on Friday as the KSE-100 index witnessed a steep drop of 343.13 points (1.06 per cent) and closed at 32,103.27. As widespread selling was seen across the board, major bleeding was witnessed in the exploration and production, refinery, cement, autos, steel and oil and gas marketing […]

WASHINGTON: The International Monetary Fund plans to select a new leader to replace Christine Lagarde at the global crisis lender by Oct 4, the IMF board announced on Friday. That would mean a new managing director will be in place in time for the IMF annual meeting in mid-October. Lagarde resigned her post effective Sept […]

WASHINGTON: The American economy cooled in the second quarter of 2019 to a still-solid pace but officials nevertheless slashed one of President Donald Trump’s favourite economic numbers, government data showed on Friday. Newly revised data covering the past five years now show the world’s largest economy actually slowed in the year after Trump and congressional […]

The Economic Affairs Division on Friday said that the net addition to the external public debt during FY2018-19 was only $2.29 billion which is the lowest in the last three years. The division said in a press release, “The total external inflows during FY 2018-19 were $10.186 billion, including grants of $330 million, while external […]

ISLAMABAD: The Federal Board of Revenue (FBR) has established a Financial Action Task Force (FATF) cell to ensure an effective and timely implementation of measures against terror financing carried out through currency smuggling. The cell will seek information required for FATF-related work from the FBR, field formations, directorates and record of meetings. The FATF cell […]

ISLAMABAD: The government has revived the World Bank-supported gas sector reforms left unfinished by former Prime Minister Shahid Khaqan Abbasi amid resistance from provinces. The proposed reforms envisage dismantling of two gas utilities – Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Pipelines Ltd (SSGCL) – into at least five public sector companies, […]

WASHINGTON: Senior managers of the Pakistani economy engaged with the officials of the World Bank and the International Monetary Fund (IMF) in Washington this week, exchanging views on plans for an economic recovery. The group included Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue and Dr Reza Baqir, Governor State […]

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that no new withholding tax is being levied on motorcycle and auto rickshaw. An official statement issued said that no change or increase in tax has been levied on motor vehicles under section 231B and 234 of Income Tax Ordinance 2001. Further, there is no suggestion […]

KARACHI: The State Bank of Pakistan (SBP) said in a press statement that there are some confusions and misinterpretations regarding the revised instructions included in the Foreign Exchange Manual related to sale or purchase of foreign currencies to and from public by banks. “With respect to revised Chapter 11, it has come to our notice […]

A Federal Board of Revenue (FBR) spokesperson on Thursday strongly refuted reports that the govt has imposed withholding taxes to the tune of tens of thousands of rupees on auto-rickshaws and motorbikes, terming them “baseless”. The spokesperson, in a statement, said that under the Income Tax Ordinance 2001, taxes are only imposed on cars. He […]