The Federal Board of Revenue (FBR) has launched a drive against non-filers in senior bureaucracy, financial institutions, public sector organizations, and regulatory bodies. The FBR believes that many senior government officials are not filing income tax returns. The FBR is also taking action against senior executives in financial institutions, who are non-filers. The FBR initially started an in-house exercise to …

BEIJING: China’s vehicle sales rose 27.4 percent year on year and 4.1 percent month on month in November, reaching 2.97 million units, latest data from the China Association of Automobile Manufacturers showed Monday. The nation’s vehicle output in the same month hit 3.09 million units, up 29.4 percent year on year and 7 percent compared to the previous month, the …

The Executive Board of the International Monetary Fund will meet on January 11 to approve the Staff-Level Agreement (SLA) with Pakistan for the first review of the $3bn Stand-By Arrangement (SBA), an IMF spokesperson told Bloomberg. In June, the IMF executive board had approved the much-needed nine-month arrangement with Pakistan “to support its economic stabilisation programme”. The approval had allowed …

LAHORE: The weekly inflation rate has increased by 1.16 per cent while the overall inflation has touched mark 42.68 per cent on an annual basis. According to a Pakistan Bureau of Statistic (PBS), the prices of 15 essential items were increased during the week where the prices of onion were raised by Rs13 per kg and eggs Rs8 per dozen …

CHENGDU: Chengdu, capital of southwest China’s Sichuan Province, and Chongqing Municipality have handled over 5,000 China-Europe freight trains throughout the first 11 months of this year, according to data released at a conference. According to the first global partner conference of China-Europe freight train services to and from Chengdu and Chongqing, which took place in Chengdu, there are now nearly …

BEIJING: China is projected to inaugurate about 400 new shopping malls in 2023, according to a recent report. During the first half of this year, the average daily customer volume in shopping malls nationwide reached 18,500, marking an over 30 percent increase from the same period of the previous year, according to the report released by the China Chain Store …

RAWALPINDI: Pakistan International Airlines (PIA) intends to demolish the iconic Roosevelt Hotel in New York City to pave the way for the construction of a new hotel through a joint venture, a representative of the Aviation Division informed the Senate Standing Committee on Aviation on Wednesday. The PIA owns 37 buildings across the globe, of which 29 are located in …

BEIJING: China’s total goods imports and exports expanded 1.2 percent year on year in November, official data showed Thursday. Last month, the country’s foreign trade stood at 3.7 trillion yuan (about 519.84 billion U.S. dollars), according to the General Administration of Customs. Exports grew 1.7 percent year on year to 2.1 trillion yuan, while imports edged up 0.6 percent from …

The Asian Development Bank (ADB) on Wednesday approved three projects totalling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development. The projects approved this week, will focus on improving domestic resource mobilisation; rehabilitating schools damaged by the devastating August 2022 floods; and enhancing agricultural productivity to improve food security, ADB said in a …

Cotton arrival in Pakistan witnessed an improvement of 5.2% as of November 30 compared to November 15, according to the latest fortnightly data released by the Pakistan Cotton Ginner’s Association (PCGA) on Tuesday. As per the report, total cotton arrival in Pakistan rose to 7.753 million bales compared to 7.371 million bales recorded on November 15, 2023, an increase of …

ISLAMABAD/WASHINGTON: Pakistan has been unable to secure a place on the schedule of the International Monetary Fund’s (IMF) executive board, at least until mid-December, for the approval of the staff-level agreement (SLA) and disbursement of $700 million. Informed sources said the Ministry of Finance had been trying its best to seek a date in the first week of December to …

KARACHI: A socially driven movement to boycott western products in protest against their alleged support for Israeli atrocities in Gaza has dealt a serious blow to businesses of the world’s renowned brands in Pakistan. Simultaneously, it has boosted prospects for local alternatives, which are still struggling to fill the gap due to their own loopholes, a study and industrialists said. …

Topline Securities, a brokerage firm in Karachi conducted a survey of key market participants on their expectations of interest rate cuts in the upcoming monetary policy meeting due Dec 12. In its survey, it found that 63 per cent of participants anticipate that the policy rate will remain unchanged, while 19pc of participants expect it go down by 50 basis …

DUBAI: Some 117 governments pledged to triple the world’s renewable energy capacity by 2030 at the U.N.’s COP28 climate summit on Saturday, as a route to cut the share of fossil fuels in the world’s energy production. The pledge was among a slew of COP28 announcements on Saturday aimed at decarbonizing the energy sector – source of around three-quarters of …

Pakistan’s headline inflation clocked in at 29.2% on a year-on-year basis in November, the Pakistan Bureau of Statistics (PBS) said on Friday, higher than the reading in October when it stood at 26.9%. On a month-on-month basis, the reading was up 2.7%. This takes July-November’s average inflation to 28.62% compared to 25.14% in the same period of the previous year. …

BEIJING: China’s service trade value grew 8.7 percent year on year in the first 10 months of this year, data from the Ministry of Commerce showed Friday. The service trade value exceeded 5.34 trillion yuan (about 751.65 billion U.S. dollars) during the January-October period. Of the total, service imports climbed 23.5 percent year on year to over 3.16 trillion yuan, …

Pakistan’s GDP is expected to decrease by a minimum of 18 to 20 percent by 2050 due to severe climate-related occurrences, environmental deterioration, and air contamination, says the World Bank. The Bank in a special note ‘Climate Silence in Pakistan’ stated that climate change has profoundly affected Pakistan, manifesting in altered weather patterns and devastating floods. Overall, 8 in 10 …

The Federal Board of Revenue (FBR) has decided to register members of different associations and service providers like lawyers and tax advisers of High courts and the Supreme Court under the broadening the tax base exercise, official sources told media. The probe is set to target members of powerful associations including industrialists, lawyers, and doctors. FBR sources have disclosed that …

The International Monetary Fund (IMF) team has sought a meeting with Pakistan’s petroleum division officials to ‘review’ steps taken under the petroleum levy to boost revenue. Currently, Pakistan is charging Rs60 per liter levy each on petrol and diesel, the sources familiar with the matter said. As per details, the meeting is expected to take place on November 30 in …

The Asian Development Bank said on Tuesday it had approved a $180 million loan to improve water supply and solid waste management services in two cities in Pakistan’s Punjab province. “This project will help make municipal services in these two cities more sustainable, resilient, and less carbon-intensive,” ADB Director General for Central and West Asia Yevgeniy Zhukov said in a …

A delegation of technical experts from the International Monetary Fund (IMF) has reached Islamabad on a mission to expand the tax net in Pakistan. As per officials in the Federal Board of Revenue (FBR), during the weeklong consultations, the IMF delegation will provide assistance in increasing tax efficiency. The Fund has insisted on raising the tax-to-GDP ratio to 15%. The …

Multan traders Friday rejected the announcement of the Punjab government to smart locks in Multan division to battle smog. All public and private schools remained closed but traders rejected the idea of smart lockdown and expressed their concerns over government’s decision to close the business centers. Trader association central president Sultan Mahmood said traders have rejected the decree issued by …

The caretaker government took a policy reform decision to get rid of capacity payments in future and establish a wholesale market in the electricity sector. The Energy Committee of the Cabinet gave approval. How wholesale market will work? In the first phase, the wholesale market will be introduced for bulk and up to one MW consumers. Domestic consumers will be …

BEIJING: China’s foreign exchange market recorded transactions worth a total of 16.24 trillion yuan — equivalent to 2.26 trillion U.S. dollars — in October, official data showed on Friday. The transaction volume of the client market totaled 2.71 trillion yuan last month, and that of the interbank market came in at 13.53 trillion yuan, according to the State Administration of …

Border trade between Pakistan and Afghanistan resumed on Wednesday after Islamabad repealed a new visa restriction for two more weeks. The movement of goods stopped earlier this week when Pakistan started demanding commercial vehicle drivers to carry passports and visas in order to enter. The Afghan government replied by refusing to allow any trucks to cross. Commerce Ministry officials met …

Federal Minister for Finance Dr Shamshad Akhtar on Tuesday reviewed the federal portfolio of projects funded by the Asian Development Bank and the World Bank. In her opening remarks at a meeting convened at the Ministry of Economic Affairs, the minister underscored the critical role those projects were playing in Pakistan’s socioeconomic development, offering access to job markets and fostering …

BEIJING: The Shanghai Stock Exchange (SSE) and the Dubai Financial Market (DFM) announced the signing of a Memorandum of Understanding (MoU) on Monday to strengthen cooperation and exchanges between the capital markets. The partnership facilitates the exchange of knowledge, expertise, and information between the SSE and the DFM and aims to enhance efficiency and transparency in both markets, said the …

BEIJING: China’s one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.45 percent Monday, unchanged from the previous month. The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.2 percent, according to the National Interbank Funding Center. Based on the quotes made by quoting banks by …

ISLAMABAD: A massive increase in gas prices drove the annual short-term inflation to above 40 per cent for the first time in over four months, official data showed. The inflation reading stood at 41.9pc for the week ending Nov 16, the Pakistan Bureau of Statistics (PBS) said, mainly because of over 1,100pc increase in gas charges compared to a year …

The federal government of Pakistan has formed the Industry Advisory Council (IAC), made up of 13 top industrial groups in Pakistan, to formulate the country’s industrial policy. “Excited to announce the formation of the Industry Advisory Council, comprising 13 top groups in Pakistan,” Dr Gohar Ejaz, Caretaker Federal Minister for Commerce & Industries, announced in a post on social media …

BEIJING: Chinese-brand passenger car sales surged 22.2 percent year on year in the first 10 months of this year to nearly 11.43 million units, industry data showed. The market share of such vehicles hit 55.3 percent in the period, 6.6 percentage points higher than the same period of 2022, according to the China Association of Automobile Manufacturers. In October alone, …

The Asian Development Bank (ADB) has approved $250 million in terms of loan for Pakistan to strengthen the power transmission system in the country that continues to undergo electricity shortages. The aid will “help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces,” an official statement issued by …

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva says Pakistan is close to clinching a deal this week on the second tranche of $710 million under its $3 billion Stand Arrangement. She said in an interview that Pakistan’s authorities are sticking to the program in a very difficult time and a deal is close.” I accept an agreement of …

Pakistan could not attain targets of the power sector’s circular debt and primary balance surplus, set by the IMF, citing sources. The International Monetary Fund (IMF) mission has expressed concern over failure in meeting the target of circular debt in power sector and primary balance surplus, sources said. The primary balance surplus remained Rs. 400 billion instead of 417 billion …

Afghanistan urged Pakistan on Tuesday to release thousands of containers of imports it said were stuck at Karachi port since Islamabad clamped down on transnational cargo. Pakistan authorities say they have lost millions of dollars in taxes because goods are being sent duty-free from its ports to land-locked Afghanistan, and then smuggled back across the border. Afghan authorities say Pakistan …

The International Monetary Fund (IMF) has demanded ‘do more’ from Pakistan over tax recovery. International lender has demanded more recovery of income tax from retailers and real estate sectors, while increasing income tax recovery on agriculture income, sources said. IMF has urged federal government and provinces to take joint efforts for taxes recovery. “A fixed tax on retailers can be …

Pakistan has agreed with the International Monetary Fund (IMF) to share the data of the tax evaders with the help of FBR, banks and NADRA, to improve the collection, citing well-placed sources in the finance ministry. The agreement was reportedly reached during policy review talks between the IMF officials and Pakistan to release a $700 million loan tranche under SBA. …

The Pakistan International Airlines (PIA) will be acquiring fuel-efficient and low-capacity six or more engines for its Airbus A320 aircraft fleet, reported a local media outlet. The national flag carrier has published an advertisement in this regard and interested parties have until November 13 to submit their offers to the PIA’s GM Contract Supply Management Department for leasing and procurement. …

Shell Pakistan on Wednesday said its parent company’s unit, Shell Petroleum Company, has signed a deal with Saudi-based Wafi Energy to sell domestic operations. Shell Petroleum Company, the international arm of Shell , said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals. In June, Shell Petroleum Company said it would exit Pakistan …

Think of a world without ginger. No more tasty fiery karahis, no more spicy curries, and no more refreshing ginger tea. Sounds dull, right? But it’s the same fear that took over the global ginger market in 2023 as uncertainties and shortages started impacting different regions. In this dynamic global landscape that we are going to talk about in a …