Business News
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IHC issues stay order for tax on windfall income
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[ad_1] A representational image. — Canva ISLAMABAD: The Islamabad High Court (IHC) on Wednesday stayed the government’s decision to levy a windfall tax from banks for the revenues generated through foreign exchange transactions, a move that analysts had said would be detrimental to the sector. Windfall profit, in the case of commercial banks, is the…
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Student loan relief scams are rampant across US — Here’s how to be safe
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[ad_1] US students walking in their university. — AFP/File President Joe Biden promised millions of American students up to $20,000 in loan forgiveness, but the programme was stopped by the Supreme Court, and the assistance never arrived. Borrowers were frequently given incorrect or inadequate information on their accounts as payments resumed in October following a…
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Rs70b money laundering uncovered | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s tax chief on Wednesday disclosed that two importers of solar panels were involved in a Rs70 billion money laundering scheme after an internal investigation revealed the involvement of five commercial banks in transferring funds to destinations like Switzerland and Singapore. “It is trade-based money laundering,” said Amjad Zubair Tiwana, the Chairman of…
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Gold surges to 3-month high at Rs221,000 per tola | The Express Tribune
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[ad_1] KARACHI: The price of gold hit a three-month high at Rs221,000 per tola (11.66 grams) in Pakistan, following a global trend, as the domestic currency remains largely stable at around Rs285 against the US dollar in the interbank market on Wednesday. With the latest increase of Rs2,600 per tola in the day, the precious…
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Pakistan, Kuwait sign agreements for multi-billion investment
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[ad_1] Caretaker Prime Minister Anwaar-ul-Haq Kakar (centre) along with Pakistani and Kuwaiti officials in Qatar during the signing of MoUs, on November 29, 2023. — APP Pakistan and Kuwait signed numerous memorandums of understanding (MoUs) as the struggling South Asian nation seeks to attack multi-billion dollar investment from the Gulf state. The signing came as…
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Saudi Arabia rolls over $3 billion deposit for another year
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[ad_1] — AFP/File In a major relief to the country’s economy, Saudi Arabia has rolled over $3 billion deposit with the State Bank of Pakistan (SBP) for another year. “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of USD 3 billion maturing…
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Customers can now choose their own fares on ‘Flexi Rides’
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[ad_1] A representational image of a person using a ride-hailing app. — Facebook/Careem In a positive development for inflation-weary masses, a new ride-hailing option by Careem — called “Flexi Rides” — will now allow customers and captains to choose their own fares. The development comes as the majority of the ride-hailing platforms in Pakistan offer…
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Saudi Arabia extends term of $3b deposit for another year | The Express Tribune
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[ad_1] Pakistan’s central bank on Wednesday reported that Saudi Arabia had extended the period of its deposits worth $3 billion for another year, a move that would help the country maintain its foreign exchange reserves and strengthen its domestic economy. “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has…
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PSX hits another milestone, crosses 61,000 mark
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[ad_1] An investor talks on his phone at the PSX. — AFP/File KARACHI: The bulls pushed the Pakistan Stock Exchange (PSX) to another historic high on Wednesday as the benchmark KSE 100 index surged past 61,000 points with hopes that the State Bank of Pakistan would lower the policy rate in the coming days. The…
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Atlas Honda rolls out its first EV bike in Pakistan
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[ad_1] An undated image of Honda BENLY e. — Honda Atlas Honda has launched the company’s first EV motorcycle ‘BENLY e’ in a bid to promote environmentally friendly vehicles in the country. However, one of the major motorcycle manufacturers did not specify when the newly-launched motorbike would be available to end consumers. In a statement…
