Business News
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Big retailers demand end to tier system | The Express Tribune
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[ad_1] LAHORE: Large retailers have called on the government to simplify the sales tax regime, especially for the integrated small and medium-sized retailers, and do away with the categories of tier-1 retailers and other-than-tier-1 retailers. They have also asked the government to register all retailers, except for those exempted from income tax. In its budget…
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Pakistan-Turkey trade on the rise | The Express Tribune
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[ad_1] KARACHI: The efficient land-based shipping between Turkey and Pakistan has improved bilateral trade, as it surpassed the $1.1 billion level during 2021. Talking to The Express Tribune, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh underlined that the bilateral trade volume between Pakistan and Turkey “is set to climb…
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Oil imports hit record at $2.2b in April | The Express Tribune
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[ad_1] KARACHI: Pakistan’s energy import bill hit a record high at $2.22 billion in April 2022, as the growth in demand was emerging partly from “speculative fuel buying” ahead of the likely decision by the government to increase petroleum prices. The import bill rose 94% in April compared to $1.14 billion for the same month…
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Rupee slumps to new record low | The Express Tribune
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[ad_1] KARACHI: Pakistani currency maintained its downturn for the seventh successive working day, as it nosedived to a new all-time low at over Rs194 against the US dollar in the interbank market on Monday. The government kept delaying required measures to control the growing economic crisis. The rupee fell 0.85% (or Rs1.65) to Rs194.18 against…
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GDP growth to range from 4.5-5.5% | The Express Tribune
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[ad_1] ISLAMABAD: Days before a scheduled meeting to approve the outgoing fiscal year’s economic growth rate, contradictory estimates are being made about the total national output, indicating a growth range of 4.5% to 5.5% amid claims that the Pakistan Bureau of Statistics (PBS) is being asked to adopt a conservative approach. Sources told The Express…
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Govt split over import curbs | The Express Tribune
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[ad_1] ISLAMABAD: The government on Monday appeared deeply divided over the extent of import curbs, as the prime minister wanted a steep reduction to avoid the looming default but was not ready for reduced working days while the economic team wanted the economy to keep running. Back-to-back meetings were held in the capital to find…
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Market watch: Stocks nosedive on economic concerns | The Express Tribune
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[ad_1] KARACHI: Bears completely sidelined the bulls at the Pakistan Stock Exchange on Monday, as the benchmark KSE-100 index nosedived 819 points, starting the week on a negative note. Showing their complete dominance, the bears held their grip over the market throughout the day, as jittery investors were seen offloading their holdings in panic. The…
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Wheat prices hit record high after India export ban
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[ad_1] In this file photograph taken on April 12, 2022, an Indian farmer poses as he harvests wheat crop in a field on the outskirts of Amritsar, in the northern Indian state of Punjab. -AFP PARIS: Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as…
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PM Shahbaz Sharif unhappy over failure to meet wheat procurement target
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[ad_1] PM Shahbaz Sharif chairs a meeting to review the wheat procurement target. -Courtesy PM Office ISLAMABAD: Expressing his displeasure over the delay in procurement of wheat by the provinces, Prime Minister Shahbaz Sharif stressed the completion of the process by June 1. Chairing a meeting on Monday, the premier expressed his annoyance over the…
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Dollar surges past Rs194-mark in interbank during intraday trade
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[ad_1] A represnetative image. KARACHI: The dollar reached a new high in the interbank market Monday against the Pakistani rupee, surging past the Rs194-mark amid concerns over the government’s strategy to deal with the economic crisis. According to market reports, the local unit has lost Rs11.07 since the installation of the new government led by…
