The Board of Directors (BoD) of United Bank Limited (UBL), one of the largest commercial banks in the country, has announced that it will establish an Exchange Company (EC) as a wholly-owned subsidiary of the bank. The development was shared by UBL in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The BoD of UBL in their meeting …

In a global financial landscape marked by economic uncertainties and challenges, Pakistan has once again turned to the International Monetary Fund (IMF) for support, sealing its 23rd lending commitment in a history spanning 76 years. However, Pakistan’s situation is not unique, as it joins the ranks of countries grappling with substantial IMF debts. Among these nations, Pakistan currently holds the …

Inflow of overseas workers’ remittances registered a marginal increase to clock in at $2.1 billion in August 2023, 3.1% higher on a month-on-month basis when compared to $2.03 billion in July 2023, showed data released by the State Bank of Pakistan (SBP) on Monday. On a yearly basis, the monthly inflow of remittances registered a decline of 24%, as they …

The Federal Board of Revenue (FBR) has launched a recovery drive against tax defaulters in all major cities of the country. Sources told ProPakistani that the decision has been taken at the highest level to recover outstanding dues against the tax defaulters under the enforcement exercise of the FBR. In this regard, the FBR has compiled a list of nearly …

Exports of Pakistan’s textile sector continued to maintain a downward trajectory, clocking in at $1.48 billion in August compared to $1.58 billion recorded in the same month of the previous year for a year-on-year decline of 6%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Saturday. Data showed the country’s textile exports in the first …

In a bid to strengthen controls amid the massive fall in rupee’s value in the open market, the State Bank of Pakistan (SBP) on Wednesday decided to introduce structural reforms in the Exchange Companies’ (ECs) sector. “As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate …

The Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, on Monday slammed the caretaker-government’s “do nothing” approach, saying that it would only increase “informalisation of the economy.” Taking to social media platform X, formerly known as Twitter, it said that among the long list of fundamental reforms required in Pakistan’s economy, some such as privatization/restructuring of …

More than 1,600 textile factories shut down in the country in the last sixteen months according to Interim Commerce Minister Dr Gohar Ijaz According to a report the minister highlighted that the shutdown of industries was across the entire value chain, from ginning, weaving, spinning, and processing to garment manufacturing. He added that many industries are also operating at reduced …

Qatar continues to build on its post-FIFA World Cup tourism momentum, with July reporting a 91.4 percent year-on-year surge in visitors, reaching an estimated 288,000, as revealed by the latest official data. The Qatar Monthly Statistics bulletin, published by the Planning and Statistics Authority, also highlighted a 2.1 percent increase in July compared to the previous month, underscoring the nation’s …

Saudi Arabia has set the stage for the advances in the vertical transportation industry, with Jeddah set to host a significant event and conference on elevators and escalator technologies in the city from Sept. 4-7. According to the Saudi Press Agency, the port city will present the Lift City Expo 2023 and the Second International Exhibition and Conference for Elevators …

Sales of total petroleum products in Pakistan clocked in at 1.41 million tons in August 2023, a decline of 8% year-on-year, amid economic slowdown and drop in oil-based power generation. The decline in sales comes “mainly on account of 64% YoY fall in Furnace Oil (FO) sales given lower reliance on FO-based power generation due to the addition of new …

Oil prices witnessed a significant rebound, reaching their highest levels in over half a year, bringing an end to a two-week streak of losses. This surge in prices was primarily driven by mounting expectations of a supply squeeze in the global oil market. Saudi Arabia, a leading member of the Organization of the Petroleum Exporting Countries (OPEC), is widely anticipated …

The Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, warned that the ongoing rapid decline of rupee against the US dollar is “a perfect storm” for Pakistan. Taking to social media platform X, formerly known as Twitter, it said that the exchange rate decline is attributable to a combination of factors. This includes “premature relaxation of …

Feeling the pinch of aggravating economic conditions, Pak Suzuki Motor Company (PSMC) and parts-maker Agriauto Industries Limited separately announced plant shutdowns on Friday. In its notice to the Pakistan Stock Exchange (PSX), PSMC said: “Due to shortage of inventory level, the management of the company has decided to shut-down its motorcycle plant from September 01, 2023 to September 12, 2023.” …

The State Bank of Pakistan (SBP) on Friday dispelled rumours about holding an emergency meeting of the Monetary Policy Committee (MPC), saying that such reports were “completely baseless”. “The reports making rounds in media about holding of an emergency meeting of the MPC of SBP are completely baseless,” the central bank said on social media platform X (formerly Twitter). The …

Pakistan’s headline inflation clocked in at 27.4% on a year-on-year basis in August, the Pakistan Bureau of Statistics (PBS) said on Friday, marginally lower than the reading in July when it stood at 28.3%. On a month-on-month basis, it was up 1.7%. This takes 2MFY24’s average inflation to 27.85%, higher than 2MFY23’s average of 26.10%. The Consumer Price Index-based reading …

The Federal Board of Revenue (FBR) Thursday froze 13 bank accounts of Pakistan International Airlines (PIA) due to non-payment of Rs8 billion in Federal Excise Duty (FED). According to FBR officials, the national carrier’s bank accounts associated with the International Air Transport Association (IATA) would also be frozen. “A decision has been made to register a first information report (FIR) …

ISLAMABAD: The Pakistani rupee’s losing streak continues against the U.S. dollar, hitting a new record low as the greenback was traded at 304.45 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan. The U.S. dollar closed at the then-record low of 303.05 rupees on Tuesday. On the third session of the week, the local currency …

The US dollar continues its steady flight upwards as the Pakistani rupee faces record-breaking battering in the currency exchange market. The American currency shattered records further as it opened the new trading session on Wednesday morning with a surge of 70 paisas in the interbank market. It traded at a record value of Rs303.75 against the local currency. However, a …

In a significant disruption to its manufacturing operations, Toyota Motor Corp announced on Tuesday that it has suspended operations at all 14 of its assembly plants in Japan. This shutdown has brought domestic production to a standstill at the world’s largest automaker. The production halt was attributed to a malfunction in Toyota’s production systm, which has hindered the company’s ability …

The Federal Board of Revenue (FBR) has no foolproof mechanism to ensure that a 7.5 percent withholding tax on electricity bills of over Rs. 25,000 per month isn’t charged to filers of income tax returns. There is no coordination between the FBR and the power distribution companies in this regard. The FBR has collected withholding tax (under section 235 of …

Indus Motor Company (IMC) reported on Monday a profit-after-tax (PAT) of Rs9.66 billion in fiscal year 2022-23 (FY23), a decrease of nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales. Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler …

The Finance division has banned supplementary grants until the formation of a new government. According to the memorandum “Strategy for additional allocation and Re-Appropriation of funds during the Current Financial Year 2023-24” issued on Friday, the Finance Division will not approve any supplementary grants for additional unbudgeted spending over the parliamentary approved level in FY24 This was done to remain …

The Federal Board of Revenue (FBR), in collaboration with federal ministries and provincial departments, will introduce a Track and Trace System at ginning factories in Pakistan to promote transparent cotton trade. The development came during a meeting between FBR Chairman Malik Amjed Zubair Tiwana and Caretaker Federal Minister for Commerce, Industries, and Production Dr. Gohar Ejaz. This initiative aims to …

Inflows through Roshan Digital Account (RDA) have reached nearly $6.5-billion by July-end, the State Bank of Pakistan (SBP) said on Wednesday. The central bank shared that total number of RDA accounts opened has reached 596,268 from 585,885 a month ago in June-end. As per latest data available on SBP’s website, the cumulative RDA inflow clocked in at $6.49 billion by …

The US dollar maintained its historic high rate in the Pakistani currency market. Wednesday’s trading session opened with a further rise in the mighty currency. The dollar gained a further 50 paisas in the interbank market, as per currency dealers. They added that the greenback was being traded for Rs299.50 in the Interbank market. In the open market, the US …

The Inland Revenue Department of the Federal Board of Revenue (FBR) has launched a crackdown against the mispricing of cigarettes and impounded 650 cartons of cigarettes from a leading multinational cigarette manufacturing company. The FBR’s Inland Revenue has taken the lead against the cigarette manufacturers involved in less payment of the federal excise duty (FED) through the phenomenon of mispricing …

The State Bank of Pakistan (SBP) has advised all commercial and microfinance banks to start the facility for customers to pay their duties and levy for registration and unblocking of mobile phones at their branches located within the territorial jurisdiction of Azad Jammu and Kashmir, and Gilgit- Baltistan. The banking regulator issued these directives in a view to ensure that …

While electricity prices have surged to a record high in Pakistan in the first seven months of 2023 (7MCY23), fuel costs for power generation have decreased by 19.2 percent year-on-year (YoY) to an average of Rs. 9.32/KWh, compared to an average cost of Rs. 11.54/KWh last year. Power generation in the country went down by 8.5 percent YoY to 75,861 …

High-ranking officials from the Member Policy Inland Revenue Federal Board of Revenue (FBR) have made a stunning admission before the Federal Tax Ombudsman (FTO) that the tax return devised for Tax Year 2023 is erroneously calculating incorrect tax liabilities for pensioners, senior citizens, and members of Shuhada families. The revelation came to light during a hearing at the FTO’s office, …

Pak Suzuki Motor Company (PSMC) announced another shutdown of its motorcycle plant from August 18 to August 31. In a notice to the Pakistan Stock Exchange (PSX) on Friday, it said: “Due to shortage of inventory level, the management of the company has decided to shut-down motorcycle plant from August 18, 2023 to August 31, 2023.” Meanwhile, the automobile plant …

BEIJING: China has agreed to resume beef imports from South Africa, recognizing some regions in South Africa as Foot-and-Mouth-Disease (FMD)-free zones and allowing these regions to export beef products to China, the General Administration of Customs announced Friday. According to the announcement, the resumption was revealed by the General Administration of Customs and the Ministry of Agriculture and Rural Affairs …

Baluchistan Wheels Limited (BWHL), a manufacturer of steel wheels for automobiles, has said it will shut production activities till August 31 due to a drop in sales. The company, engaged in the manufacturing and marketing of automotive wheel rims for trucks, buses, tractors, cars and mini commercial vehicles, shared the development in a notice to the Pakistan Stock Exchange (PSX) …

The Federal Board of Revenue (FBR) will not charge tax on agricultural property excluding farmhouses under section 7E of the Income Tax Ordinance 2001. Through circular number 3 of 2023, the FBR has explained the applicability of section 7E on farmhouses. Excluding the farmhouses and the land annexed thereto constructed on agricultural land, self-owned agriculture property where agriculture activities are …

NEW DELHI: India approved plans on Wednesday to deploy 10,000 electric buses in 169 cities, along with charging and associated infrastructure facilities, at an estimated cost of nearly 580 billion rupees ($7 billion) for a decade. The federal government will fund 200 billion rupees ($2.4 billion) of the cost of the scheme, based on a public-private partnership model, but it …

WUHAN: A new air cargo route was launched on Wednesday linking Ezhou City in central China’s Hubei Province, with Abu Dhabi, capital of the United Arab Emirates (UAE), announced SF Airlines. Early Wednesday morning, a Boeing 747-400 freighter took off from Ezhou Huahu Airport, China’s first cargo-focused airport. This marked the launch of the first cargo route connecting the airport …

In a disconcerting development, consumers in Pakistan are bracing themselves for yet another jolt to their wallets, as the caretaker government prepares to unveil the anticipated surge in petroleum product prices today. Sources privy to the matter said a comprehensive document outlining potential adjustments to the pricing of petroleum products has been meticulously crafted. revealing that the price of petrol …

SWABI: The Peshawar High Court has stopped the government from collecting Rs390 per kilogramme federal excise duty (FED) on green leaf threshing (GLT) of tobacco and directed that the duty should be collected at the previous rate of Rs10 per kg till further orders. Talking to reporters here on Sunday, president of Tobacco Growers Association Pakistan (TGAP) Liaqat Yousafzai said …

Due to the prevailing economic uncertainty, car sales have taken yet another massive dip. According to the latest data from the Pakistan Automotive Manufacturers Association (PAMA), carmakers (association members only) collectively sold just 5,092 vehicles in July 2023, witnessing a month-over-month (MoM) decrease of 16% in sales, but a year-over-year (YoY) decrease of 57% Toyota Indus Motor Company (IMC) sold 1,368 …

NANJING: East China’s economic powerhouse Jiangsu Province recorded a total import and export volume of 2.93 trillion yuan (about 409.29 billion U.S. dollars) from January to July, the customs of Nanjing, capital city of Jiangsu, said Sunday. The figure, including exports of 1.89 trillion yuan and imports of 1.04 trillion yuan, accounted for 12.4 percent of China’s total volume of …