Business News
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NA wraps up session sans vote on finance bill as govt struggles to please IMF
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[ad_1] Speaker Raja Pervaiz Ashraf chairs a session of the National Assembly on Friday. — Twitter/ @NAofPakistan The National Assembly (NA) wrapped up its session on Friday without a vote on the Finance (Supplementary) Bill, 2023, commonly referred to as the “mini-budget”, which brings about an increase in the general sales tax (GST) from 17%…
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K2 Airways in ‘final stages’ to start operations
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[ad_1] K2 Airways’ Embraer E-Jet parked at a terminal. — K2 Airways Pakistan’s new airliner, K2 Airways, is eyeing to commence its commercial operation this year, saying it is in the “final stages” to start its services in the country as per an official statement issued by the company on Friday. The company, backed by…
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Paracetamol: FBR refused duty waiver on raw material | The Express Tribune
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[ad_1] ISLAMABAD: The government has increased the price of paracetamol tablets after the Ministry of Finance and the Federal Board of Revenue (FBR) refused to grant subsidy and cut duties on the import of raw material. Sources told The Express Tribune that the cabinet had directed the FBR to immediately exempt the import of active…
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Lack of terminal capacity causes outrage | The Express Tribune
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[ad_1] KARACHI: There has been a rush of imported containers at the terminals in Pakistan but the place to keep the containers has finished. Due to the lack of clearance, the huge amount of revenue usually received by these terminals has also come to a stop, with operators now facing a major decrease in income.…
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After losing $1.7bn, SBP-held forex reserves register nominal rise
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[ad_1] An employee counts banknotes at a currency exchange shop in Baghdad on February 14, 2023. — AFP Following a massive plunge of $1,685 million cumulatively during the last three weeks, the State Bank of Pakistan (SBP)-held foreign exchange reserves rose above $3 billion once again after registering a nominal increase. The central bank, in its…
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Good news for power consumers as tariff cut by Rs2.32 per unit
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[ad_1] A representational image of a transmission tower. — AFP/File ISLAMABAD: In a move to provide relief to the inflation-weary people, the National Electric Power Regulatory Authority (NEPRA) on Thursday notified a reduction of Rs2.32 per unit for Ex-WAPDA distribution companies (XWDISCOs) consumers. The reduction has been notified on account of fuel charges adjustment (FCA)…
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Petrol price hike sends Twitter into frenzy
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[ad_1] Representational image of a crowd at a petrol pump in Pakistan with reactions from Twitter. — AFP/Twitter The federal government on Wednesday jacked up the petrol price to a historic high, dropping another “bomb” on the inflation-hit nation in a bid to convince the International Monetary Fund (IMF) to unlock the critical loan tranche. The…
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SBP’s forex reserves rise above $3b by $276m | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank rose by 9.4% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 10, 2023, the SBP’s foreign currency reserves were recorded at $3,192.9 million, up by $276 million compared to $2,916.7 million on February…
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Gas price hiked by up to 124% | The Express Tribune
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[ad_1] KARACHI: After advice from the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) on Wednesday notified a gas sale price hike from 16.6 per cent to 124 per cent for categories of consumers of the Sui Northern Gas Pipelines and the Sui Southern Gas Company. According to OGRA, the Ministry of Energy’s Petroleum…
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Which commodities will get expensive following ‘mini-budget’?
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[ad_1] A vendor stands at a kid’s toys shop in a market in Karachi on February 15, 2023. — APP The incumbent government has unveiled a ‘mini-budget’ to generate Rs170 billion in revenue — in line with the International Monetary Fund’s (IMF) demands to impose further taxes on inflation-stricken people. The Federal Board of Revenue…
