Business

Hafeez Sheikh Highlights the Need to adopt technological change in business sector

KARACHI: Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh said that increasing exports remain the top priority of the incumbent government and business graduates should play their role in increasing the capacity of the government. Addressing the Deans and Directors Conference 2020, Hafeez Shaikh said that the economy is coming out of the crisis situation and it’s...

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PSX: Benchmark index gains 1,010 points; US dollar unchanged

KARACHI: The Pakistan Stock Exchange (PSX) saw a bullish run on Wednesday with the benchmark KSE-100 index gaining 1,010 points. At the conclusion of trading, the benchmark KSE-100 was up 2.89% closing just short of the 36,000 points level at 35,959.43 points. With a value of Rs7.19billion, a total volume of 151million shares were traded. The KSE-100 closed the outgoing...

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FBR traces large network involved in tax evasion through ‘benami’ sales

KARACHI: According to officials, on Tuesday the Federal Board of Revenue (FBR) busted a major network involved evading billions of rupees in taxes through 'benami' sales. The FBR officials said that several sugar and textiles mills, and other major enterprises had been evading taxes worth billions of rupees. Furthermore, they said these entities registered their sales under the names of...

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Conflict of Interest: Pakistan Stock Exchange chief executive Richard Morin steps down

Pakistan Stock Exchange (PSX) chief executive officer Richard Morin on Tuesday resigned from his post. A notification of his resignation was shared on the PSX website. The board after the emergency meeting approved the decisison according to media reports. Morin had developed differences with the board, sources added, and the PSX board of director had written a letter to the...

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Dollar falls to Rs149.74 in interbank market

KARACHI: The US dollar fell below Rs150 in the interbank market on Monday after witnessing record highs the previous week. Down by Rs1, the dollar was trading at Rs149.74 in the interbank market and was down Rs2.16 in the last three sessions. The rupee fell record low against the US dollar after the announcement of a $6 billion bailout agreement...

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SBP releases notification related to assets declaration scheme

KARACHI: The State Bank of Pakistan (SBP) issued a notification on Sunday related to the assets declaration scheme which said the repatriation of foreign assets can be done through conversion of 10 currencies into Pakistani rupee. A taxpayer should declare the value of their assets outside Pakistan on the Federal Board of Revenue (FBR) web portal in respective currency, said...

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Pakistan Stock Exchange register highest weekly gain in a decade following record losses

KARACHI: The weekly update of the index of the Pakistan Stock Exchange stated that stocks gained 2,537 points during the outgoing week, recovering by 7.5% since fluctuations in the exchange rate and economic uncertainty wreaked havoc in the financial markets. The benchmark KSE-100 index closed the outgoing week at 35,703 points, gaining Rs 400 billion in share values and market...

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IMF confirms over the staff level agreement with Islamabad

The International Monetary Fund confirmed reaching a staff level agreement with Pakistan, which is a $6-billion three-year extended Fund facility to support Pakistan’s economic reforms. According to IMF’s communication department official Gerry Rice, the programme is aimed at reducing public debt, and helping Pakistan get back on the path to sustainable and more inclusive growth. “We hope that the program...

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KSE-100 gains 750 points reaching 35,379 points

On Thursday the stock market continued its bullish run as the investors remain optimistic after the approval for an equity bailout fund for the Pakistan Stock Exchange and news of Saudi Arabia activating the deferred oil payment for Pakistan. The KSE-100 index jumped 750 points to reach 35,379 points, registering an increase of 2.18%. The market capitalization has also increased...

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Naveed Kamran Baloch appointed as finance secretary

ISLAMABAD: On Thursday Mohammad Younus Dagha was removed as the secretary finance, said a notification issued by the Cabinet Secretariat/Establishment Division. A separate notification announced the transfer of Naveed Kamran Baloch, who was posted as cabinet division secretary, to the role of finance secretary. Naveed Kamran Baloch has previously served as Khyber Pakhtunkhawa Chief Secretary. He joined the civil services...

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KSA to activate $3.2bn deferred payment facility for oil from July

ISLAMABAD: The Kingdom of Saudi Arabia (KSA) will activate a $3.2 billion deferred payment facility with Pakistan for petroleum products from the start of July, the Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Wednesday. According to Shaikh, the facility will be worth $275 million per month and will amount to $3.2...

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Bullish Activity: Pakistan Stock Exchange gains over 1,100 points

KARACHI: On Wednesday the Pakistan Stock Exchange showed a bullish trend with the benchmark KSE-100 Shares index gaining 1195.04 points. The current index stood at 34,637.14 with a 3.45 per cent change since trading opened. Bullish activity was also witnessed at the stock market a day earlier with the KSE-100 gaining 191.56 points. The Pakistan stock market has performed well...

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Pakistani Rupee gains slightest edge against US dollars

KARACHI: Pakistan’s rupee registered slight gains against the US dollar on Wednesday. The price of the dollar decreased by Rs0.32 to Rs151.60 in the interbank market, while in the open market it decreased by Rs0.50 to trade at Rs153.50. The rupee reached a record low of Rs151.92 in the interbank market a day earlier to continue a slide that saw...

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Less than 50,000 companies registered in Pakistan give taxes: Shabbar Zaidi

ISLAMABAD: On Wednesday Federal Board of Revenue (FBR) honourary chairman Shabbar Zaidi revealed that less than 50,000 of the 100,000 companies registered with the Security and Exchange Commission of Pakistan (SECP) were paying their taxes. Shabbar Zaidi during a news conference said he had informed the SECP chairman of this, adding that the law states companies had to pay their...

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Dollar surge non-stop, being traded at Rs 153 in open market

KARACHI: The dollar surge is not coming to halt, as the greenback hit a new low at the start of a trading day on Tuesday. In open market, the dollar was traded at the price of Rs 153, however the actual price in interbank market of US dollars was 151 rupees. The latest increase in Dollars price reaches to 9.60...

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Monetary Policy: SBP increases interest rate by 12.25 per cent

KARACHI: The State Bank of Pakistan announced the monetary policy on Monday increasing the interest rate by 12.25 per cent. The interest rate was increased 150 basis points and previously stood at 10.75 per cent. SBP said the current account deficit between July-March 2019 was decreased by 29 per cent. The current account deficit of first nine months of the...

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Pakistan Stock Exchange misery enhances as bench mark index falls by 800 points

Ahead of the State Bank's Monetary Policy, the benchmark index fell nearly 800 points by 11am on Monday to reach 32,408 ─ roughly the lowest in three years. Moreover, the rupee-dollar exchange rate in the interbank market rose by a single rupee to Rs149.25. The index has been suffering heavy losses since the start of last week, when investors were...

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