KARACHI: The Pakistan business community says the International Monetary Fund (IMF) programme is no excuse to squeeze businesses and the public through the budget, arguing that the success of the upcoming fiscal plan will depend on the government’s ability to raise revenue from under-taxed sectors rather than placing the bulk of the burden on the…
Power Division says two-part policy offers lower variable rates, higher fixed charges; consumers free to stay on exist ISLAMABAD: The Power Division said on Thursday that the new two-part tariff policy for industries is optional, and industrial consumers will have the freedom to choose whether to opt for this alternative regime or remain on the…
KARACHI: The State Bank of Pakistan’s (SBP) liquid foreign exchange reserves rose by $43 million to $17.190 billion compared to the previous week. Overall, the country’s total foreign reserves stood at $22.636 billion as of May 29, 2026, as per the latest data issued by the central bank. Breakdown shows that the net foreign reserves…
KARACHI: Pakistan Stock Exchange (PSX) rebounded on Thursday as the benchmark KSE-100 index closed higher despite volatile intra-day trading and persistent geopolitical uncertainty in the Middle East. The index gained almost 1,000 points to settle at 171,175, supported by strong buying in heavyweight stocks and improving market participation, according to brokerage houses. At the close…
Iran renewed attacks on the United Arab Emirates on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days. FILE IMAGE: PIXABAY Oil prices rose on Friday, paring sharp losses from the previous session, after Hezbollah rejected a new Lebanon ceasefire proposal and…
Export support, low-markup loans and lower power tariffs proposed for upcoming budget KARACHI: In the upcoming federal budget, a special export support package for Small Medium Enterprises (SMEs), freight subsidies and financial assistance for international exhibitions is an urgent necessity to improve their performance, according to the Federal B Area Association of Trade and Industry…
ISLAMABAD: While dismissing the perception of backing out of a multibillion-dollar gold and copper project, Canadian firm Barrick Gold has assured Pakistan that it will continue development work despite the regional conflict. Earlier, Barrick had stated that it would review the Reko Diq project, located in the Chagai district of Balochistan, in the wake of…
ISLAMABAD: Oil and Gas Development Company Limited (OGDC) has made a significant oil and gas discovery from its exploratory well Bobi Deep-1 in Sanghar district, according to a statement issued on Wednesday. The well successfully tested the Massive Sand interval of the Lower Goru Formation and produced 2,000 barrels of oil per day along with…
Govt to scrap customs duties on cancer medicine raw materials under tariff reforms Prime Minister Shehbaz Sharif chairs a meeting on reforms of Federal Bureau of Reserve. PHOTO: PID Prime Minister Shehbaz Sharif on Thursday directed authorities to launch a pilot project in Islamabad for a proposed automated income tax system, as part of wide-ranging…
Two-part policy aims to force industries to stay on grid or face higher fixed charges ISLAMABAD: The government has shared a new plan with the International Monetary Fund (IMF) to substantially increase fixed charges on electricity bills to punish industrialists who use less than their sanctioned loads and have shifted to solar and other off-grid…