Since its launch, inflows through Roshan Digital Account (RDA) have crossed the $6.5-billion mark, the State Bank of Pakistan (SBP) said on Saturday. According to the SBP, as of August 11, 2023, total number of RDA accounts opened also crossed 600,000 “while total funds inflow surpassed $6.5 billion”. The central bank, however, did not share further details, including data of …

The Securities and Exchange Commission of Pakistan (SECP) on Saturday issued a stern warning to the public, cautioning against falling prey to fraudulent investment schemes. The regulatory authority emphasised that individuals should exercise utmost vigilance and refrain from investing their hard-earned money in bogus or illegal schemes that could potentially lead to significant financial losses Highlighting the grave consequences of …

Remittances by overseas Pakistanis fell by 19 percent in July, according to figures released by the central bank on Thursday, due to the staggering decline in the value of the Pakistani Rupee (PKR) in 2023, along with Rs. 13 lost by the currency in June-July, which is causing some ex-pats to refrain from remitting too much amid lower rupee denominated …

A delegation from the International Monetary Fund (IMF) is scheduled to visit Pakistan in November. This visit marks the inaugural economic review for the US$3 billion Stand-By Arrangement (SBA) for Pakistan. Key negotiations are anticipated to take place with the proposed caretaker government within the framework of this new loan program. The IMF delegation’s primary focus will involve a comprehensive …

With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard is putting the final touches on what will be the world’s largest cruise ship. Royal Caribbean’s luxurious new vessel Icon of the Seas is nearing completion in the Turku shipyard on Finland’s southwestern coast, its maiden voyage scheduled for January 2024. With …

National Bank of Pakistan (NBP), Bank of Punjab (BoP), and U Microfinance Bank (U Bank) have emerged as top agri credit performers in FY23. As per data released by State Bank of Pakistan (SBP) on Wednesday, NBP was the top agricultural credit performer among large banks with a score of 77.4. BoP scored 60.5, and was ranked the best mid-sized …

Aligning with its growth strategy, the Company had announced the commencement of operations of Line-2, at Pezu Plant on December 22, 2022. This addition increases the production capacity of the Company’s cement production by 3.15 Million Tons Per Annum (MTPA), thereby, bringing the total capacity to 15.30 MTPA. After the successful completion of the aforesaid expansion, the Company has further …

Lucky Cement Limited (PSX: LUCK) achieved its highest-ever consolidated profit after tax of Rs. 59.5 billion for the year ended June 30, 2023, of which Rs. 10.7 billion is attributable to non-controlling interests. This represents an impressive 63.4 percent year-on-year (YoY) increase compared to the same period last year (SPLY). Along with the announcement of financial results, the Board of …

In a bid to curb tax evasion and promoting transparency in property transactions, the Federal Board of Revenue (FBR) has recently implemented a new law that mandates obtaining a No Objection Certificate (NOC) from the FBR prior to buying or selling property. The introduction of this law aims to tackle the long-standing issue of black money within the real estate …

Pakistan’s textile sector exports witnessed a significant decline of 15% in July, clocking in at $1.31 billion compared to $1.54 billion recorded in the same month of the previous year, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Wednesday. Data showed the country’s textile exports in the first seven months of 2023 decreased by 21% …

Amidst mounting economic pressures, the masses find themselves grappling with yet another burden as the government on Tuesday decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre for the next fortnight. The decision was announced by Finance Minister Ishaq Dar during a live broadcast, citing the necessity of adhering to …

Oil and Gas Development Company Limited (OGDCL) has registered a significant increase in oil and gas production from four of its wells located in Sindh. The oil and gas exploration company on Monday shared the details of its production enhancement recorded in the month of July via notice to the Pakistan Stock Exchange (PSX). OGDCL attributed the production enhancement to …

Minister of State for Petroleum Dr Musadik Malik said the government would protect international investors that are interested in the country’s mining sector. Addressing a press conference on Monday, the state minister said the government has established a one-window operation to facilitate foreign investment. “In the shape of SIFC (Special Investment Facilitation Council), we have established a one-window operation, which …

Finance Minister Ishaq Dar on Monday lauded the role of China’s banking sector and its institutions for supporting Pakistan in difficult times. Addressing the opening ceremony of the second branch of Bank of China in Islamabad, Dar said institutions such as this are “great financial partners of Pakistan.” The finance minister reiterated that Pakistan has largely come out of the …

The State Bank of Pakistan (SBP) on Monday kept the key policy rate unchanged at 22 percent. The central bank governor Jameel Ahmad announced it in a press conference held on Monday. At its meeting held on Monday, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 22 percent. The Committee noted that the economic uncertainty …

The definition of sales tax fraud has been proposed to be changed to check the smuggling and local trading of goods on which sales tax has not been paid during the supply chain of business. The FBR through C No 1(12) TR/IR-Ops (IR-Code)/2021-114506-R dated July 1, 2023, has issued a draft of the proposed amendment to be made in the …

SHANGHAI: China’s index of export container transport fell in the week ending on July 28, according to the Shanghai Shipping Exchange. The average China Containerized Freight Index (CCFI) went down 0.3 percent from the previous week to 863.37, the shipping exchange said. The sub-reading for the Korea service fell by 7.1 percent from a week earlier. Bucking the trend, the …

Finance Minister Ishaq Dar said on Thursday that China has rolled over a $2.4 billion loan to Islamabad for a period of two years, a boost to the country’s economy as it tries to build its foreign reserves after clinching a deal with the International Monetary Fund (IMF). “Chinese Exim bank rolled over principal amounts totalling $2.4bn which are due …

To encourage people to file taxes, the Federal Board of Revenue (FBR) has increased the withholding tax rate for non-activate tax filers or those not on the Active Taxpayers List (ATL). According to a Wednesday circular, non-ATL filers will be taxed Rs303 for a bank withdrawal of Rs50,500. Those withdrawing between Rs55,000-Rs75,000 will be taxed Rs450. However, Pakistan’s government agencies …

Honda Atlas Cars Pakistan Ltd. (HCAR) has announced its financial results for the first quarter that ended June 30, 2023. In a notification to the Pakistan Stock Exchange, the company reported a profit after tax of Rs. 144.9 million during Q2 2023, down 78 percent Year-on-Year (YoY) from the same period of the previous financial year when it reported a profit …

The construction industry in Pakistan is facing an uphill battle as the price of steel, the primary raw material for construction, surges to an all-time high level. Leading steel rebars producers on Monday announced an increase of Rs 5,000 per metric ton, citing a shortage of raw materials and a significant hike in the basic power tariff. The decision to …

TIANJIN: China, long famed as the “kingdom of bicycles,” has now raced ahead of the field with smart technology, wooing global bicycle lovers with smart bikes and high-end models at favorable prices. Golden Wheel Group, a leading Chinese bicycle enterprise, exports various e-bikes that incorporate its patented technology. The company’s latest smart model, equipped with a removable, multi-application module battery, …

KARACHI: A baby monkey caused chaos in a Pakistan court after escaping from a troop presented as evidence in a case of wildlife smuggling, officials said. Two men were intercepted outside Karachi Thursday trying to smuggle 14 baby monkeys in crates usually used to transport mangos. But when they were brought to court on Friday, one of the monkeys escaped – causing …

Finance Minister Ishaq Dar on Thursday assured that the coalition government which has taken tough measures, increasing the burden on the public has no plans to impose new taxes on the agriculture and real estate sectors. “I want to be clear, that no new taxes be imposed on agriculture or real estate. We have suffered a lot to meet IMF …

BEIJING: China’s forex regulator said Friday that overseas investors continued to increase their holdings in China’s onshore bonds over the past two months. Overseas investors’ net purchase of yuan-denominated bonds traded on China’s interbank market stood at 79 billion U.S. dollars for the first half of the year, reversing the offloading experienced last year, Wang Chunying, deputy head of the …

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 10 pips to 7.1456 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate …

Habib Bank Limited (HBL), one of the country’s largest banks, said that it intends to establish a subsidiary to promote Pakistan’s agriculture sector. The development was shared by HBL in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We would like to clarify that the bank (HBL) intends to set up a subsidiary, to promote the agriculture sector …

Atlas Honda Limited (ATLH), manufacturer of motorcycles in Pakistan, expects its exports to hit nearly $25 million in MY24 (its fiscal year runs from April 1 to March 31). This was shared during a corporate briefing session attended by brokerage house Ismail Iqbal Securities (IISL) that posted a note on Wednesday. “The company has received an export order which will …

The State Bank of Pakistan (SBP) on Wednesday announced the designation of Domestic Systemically Important Banks (D-SIBs) for the year 2023 under the Framework for D-SIBs notified in April 2018. In line with the D-SIBs framework, the SBP carried out the annual assessment based on banks’ financials as of December 31, 2022, the central bank said. As per the assessment, …

In a significant stride towards bolstering financial stability and economic growth, Pakistan’s major political parties, including the Pakistan Muslim League – Nawaz (PML-N), Pakistan Peoples Party (PPP), and Pakistan Tehreek-e-Insaf (PTI), have joined forces by giving lender written assurance to support the smooth implementation of a critical $3 billion bailout. The lending institution expressed its satisfaction after receiving these significant …

The Federal Government has reduced the period of sales tax exemption for imported Saudi Mission vehicles after receiving $2 billion from Saudi Arabia. Prior to this, there was a provision for tax exemption on the sale of a vehicle after three years. But now, the imported Saudi Mission vehicles will be exempt from tax after only two years. The Saudi …

The United Kingdom will provide £41.5 million in bilateral Official Development Assistance (ODA) to Pakistan for the year 2023-24, with a focus on accelerated family planning, girls’ education, and revenue mobilisation, investment and trade, a statement from the British High Commission in Islamabad said. According to the statement issued on Tuesday, the new Pakistan Country Development Partnership Summary (CDPS), published …

Summit Bank Limited announced on Tuesday that it had received the State Bank of Pakistan’s approval to change its name to Bank Makramah Limited (BML). The change, which follows the recent acquisition of a controlling stake in Summit Bank by prominent Emirati investor Nasser Abdulla Hussain Lootah, will become effective subject to other regulatory and corporate approvals. Lootah’s vision for …

MOSCOW: The Kremlin said Monday that the Ukraine grain deal had “de facto ended” hours before it was due to expire, and that Moscow would return to the landmark agreement if its conditions were met. The crucial deal, brokered by the UN and Turkey, is officially due to run out at the end of Monday. It allows Ukraine to export …

NEW DELHI: Coal India Ltd, a government-owned port, and a state waterways body, are together considering investing up to 120 billion rupees ($1.46 billion) to establish an industrial water transport corridor in the country’s east, two government sources said. The corridor, which could potentially carry 12 to 15 million tonnes of cargo by 2030, would connect two ports in the …

BEIJING: China’s gross domestic product (GDP) grew 5.5 percent year on year in the first half (H1) of 2023, data from the National Bureau of Statistics (NBS) showed Monday. China’s GDP reached 59.3 trillion yuan (about 8.3 trillion U.S. dollars) in the first half, NBS data showed. In the second quarter, the country’s GDP expanded 6.3 percent year on year, …

BEIJING: China’s automobile exports soared 75.7 percent year on year in the first half of this year (H1), sustaining the trend of robust expansion, data from the China Association of Automobile Manufacturers showed. During the period, the country exported 2.14 million automobiles. Among the total, new-energy vehicle exports stood at 534,000 units, surging 160 percent from the same period last …

TIANJIN: To achieve carbon reduction and improve energy efficiency, Tianjin has pushed forward the comprehensive transformation of its iron and steel industry chain in recent years. Iron and steel producers are encouraged to reform their energy mix, upgrade technology and develop hydrogen-fuelled transportation. The iron and steel enterprises still in operation in Tianjin have all completed the ultra-low emission transformation. …

The International Monetary Fund (IMF) has called for additional measures to be implemented in Pakistan in order to increase the tax net and achieve the revenue target of Rs 9,415 billion for the fiscal year 2023-2024. One of the proposals put forward is to bring new sectors, such as construction and agriculture, into the tax net. The inclusion of these …

Pakistan LNG Ltd (PLL) received a bid from commodities trader Trafigura at $23.47 per million British thermal units (mmBtu) for an LNG import tender to be delivered on January 3-4 and at $22.47/mmBtu for delivery February 23-24, a source with knowledge of the matter said on Friday. In June, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes …