Business News
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IMF sets tough terms for bailout revival | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) has set out five major conditions for the revival of $6 billion bailout package, including reversal of fuel subsidies and withdrawal of the tax amnesty scheme, the new finance minister, Miftah Ismail, said on Wednesday. The other conditions are increase in electricity tariffs, imposition of new taxes and…
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Rupee continues to lose steam | The Express Tribune
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[ad_1] KARACHI: The downtrend in the rupee continued on Wednesday as well as the currency fell by Rs1.48 against the US dollar to close at Rs185.92 on the back of uncertainty about the resumption of International Monetary Fund (IMF) loan programme and speculation in the market. According to the State Bank of Pakistan, the rupee…
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Bank deposits grow 14% in March | The Express Tribune
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[ad_1] KARACHI: The bank deposit grew by a notable 14% over the past one year to Rs20.27 trillion in March, as the financial institutions mostly lent the deposits to the government which is in need of domestic borrowing to overcome its budgetary shortfall. Banks’ lending to the government against acquisition of sovereign debt securities like…
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PTA opposes banning cryptocurrencies | The Express Tribune
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[ad_1] ISLAMABAD: The Pakistan Telecommunications Authority (PTA) has expressed concerns over the decision to ban the trading of cryptocurrency in the country. Earlier, the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and the Ministry of Information Technology and Telecommunication proposed a complete ban on crypto-based transactions. According to the PTA,…
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11 enterprises setting up units in Rashakai SEZ | The Express Tribune
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[ad_1] PESHAWAR: The development of Rashakai SEZ, which was commercially launched on May 28, 2021, is in progress at a steady pace. The construction of industrial units is going on including Century Steel, which is a Chinese-owned conglomerate and will be a state-of-the-art steel manufacturing facility. Besides, 11 enterprises have been allotted land stretching over…
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Govt to wind up CPEC authority | The Express Tribune
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[ad_1] ISLAMABAD: The new government has decided to abolish the China-Pakistan Economic Corridor (CPEC) Authority amid disclosure that Chinese power producers have shut down 1,980 megawatts of production capacity due to non-clearance of their Rs300 billion dues. Planning Minister Ahsan Iqbal has passed instructions to the concerned officials to begin the process for abolishing the…
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Oil rebounds as supply concerns dominate | The Express Tribune
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[ad_1] LONDON: Oil prices rebounded on Wednesday as a drop in US oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session’s sharp losses. Brent crude futures rose $0.65, or 0.6%, to $107.90 a barrel by 1311 GMT. The front-month WTI crude futures contract, which expires on…
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Govt aims to bring economic stability | The Express Tribune
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[ad_1] ISLAMABAD: The year 2022 will see economic stability, development and public welfare under the leadership of Prime Minister Shehbaz Sharif, Minister of State for Finance Dr Aisha Ghaus Pasha remarked. Talking to a news channel on Wednesday, she underlined that political stability was important and necessary to mobilise Pakistan’s economy. “Once again, Pakistan will…
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Miftah Ismail calls on PM Shehbaz Sharif to decide about petrol subsidy’s future
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[ad_1] Newly appointed Finance Minister Miftah Ismail (right) addressing a press conference at the National Press Club in Islamabad, on April 20, 2022. — YouTube/HumNewsLive ISLAMABAD: The subsidy allowed for petrol for the months of May and June will cost Rs96 billion, and the government cannot bear this burden, newly appointed Finance Minister Miftah Ismail…
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Govt to end immunity for taxmen | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to withdraw blanket immunity that the taxmen had secured in the previous political regime to protect themselves from adverse actions after they shared personal tax information of high-profile public officials with investigation agencies. During any next legislative opportunity, the section 216 (T) of the Income Tax Ordinance will be…
