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PESHAWAR: Khyber Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur has said the province’s financial position has improved since he assumed office a year ago, with a surplus of Rs150 billion. During a late night cabinet meeting here, the chief minister said his government faced serious financial issues during early days and had funds just to cover 15 days of employee salaries, but the situation was different now as it increased revenue without imposing any new taxes, according to an official statement from the Chief Minister’s Secretariat. The meeting was attended by cabinet members, chief secretary, additional chief secretary, senior member…
PESHAWAR: The Khyber Pakhtunkhwa and federal governments have agreed on a framework to resolve the development funds related issues of the province and its merged tribal districts, said adviser to the chief minister on finance Muzzammil Aslam on Wednesday. Addressing a news conference here, Mr Aslam said the chief minister raised the issues related to the merged tribal districts, including delay in the release of the Accelerated Implementation Programme funds, in the meeting with federal planning and development minister Ahsan Iqbal. “We [centre and KP] have agreed on a framework to resolve the issues, with the province sharing information with…
DUBAI: Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world’s largest crypto exchange and the United Arab Emirates. The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin — a type of cryptocurrency pegged to a fiat currency such as the dollar. A Binance spokesperson declined to comment on “the agreed governance rights” or the size of MGX’s stake, or on which…
ISLAMABAD: Experts have urged the government not to overburden the formal industry and salaried class, which could lead to increased tax evasion. Addressing the launch of a report titled, Pakistan’s Tobacco Tax Policy Boosts Illicit Trade, Sakib Sherani, former principal adviser to the Ministry of Finance, said that a more balanced, well-enforced tax regime is needed to ensure sustainable revenue generation while minimising market distortions and public health risks. Mr Sherani said tax policy failure fuels Rs300 billion in revenue loss in the tobacco sector alone. The report was co-authored by Sakib Sherani and launched by ACT Alliance Pakistan on…
ISLAMABAD: With system losses stubborn at a record 16.16 per cent, the Oil and Gas Regulatory Authority (Ogra) on Wednesday notified almost half a per cent increase in the price of Regasified Liquefied Natural Gas (RLNG) for sale to consumers by the two Sui gas companies for the current month. This is on top of about 2pc increase in RLNG sale price last month. Karachi-based Sui Southern Gas Company Ltd (SSGCL) serves consumers in Sindh and Balochistan, and Ogra approved an increase in its system losses from 13 to 16.16pc. On the other hand, Lahore-based Sui Northern Gas Pipeline Ltd…
ISLAMABAD: The prices of all petroleum products are estimated to fall by up to Rs14 per litre for the next fortnight, ending March 31, owing to fluctuation in the international market and import premiums. This relief is, however, subject to unchanged tax rates. An official said there were considerations on the part of the government to absorb a part of the price cushion to increase petroleum levy or impose carbon tax for securing cheaper additional $1bn financing from the International Monetary Fund (IMF) for climate adaptation and mitigation. Based on existing tax rates, the informed sources said the ex-depot price…
KARACHI: Concerns about the economic outlook intensified following the announcement of a gas tariff increase for captive power plants (CPPs), which was prompted by the visiting International Monetary Fund (IMF) mission. As a result, the Pakistan Stock Exchange (PSX) experienced renewed selling pressure, leading to the benchmark index’s third consecutive negative closing on Wednesday. The government notified 23pc hike in gas tariff for CPPs, which will undoubtedly push production costs and hurt the export-oriented segment of the economy, especially the textile sector. The IMF mission is busy evaluating the government’s economic performance benchmarks established under its $7 billion Extended Fund…
KARACHI: Some greedy retailers have pushed up the retail price of sugar to as high as Rs180 per kg from Rs170 by attributing the hike to rising wholesale prices. A retailer said the wholesale rate for sugar had risen to Rs168 per kilogram from Rs153 per kg two weeks ago. The average national price of sugar last month was Rs145-160 per kg, but it continued to crawl up in the lead-up to Ramazan and has kept rising even during the holy month. In the first week of January, the average price ranged between Rs130 and Rs150. But some retailers who…
KARACHI: Global rating agency Moody’s has upgraded Pakistan’s banking outlook to positive from stable on the back of improved financial performance. “We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” said the statement issued by the rating agency. Financial sector experts say the banks have generated substantial profits over the past couple of years despite a lack of engagement in using their money for economic growth. Lending to the private sector has been dismal. However, the…
Bitcoin rose on Wednesday away from four-month lows while settling above $80,000 on positive sentiment after more purchases by major corporations. Now markets await mainline US inflation data for February, expected to provide fresh clues on the odds of a Fed rate cut in upcoming months. Prices Bitcoin rose 0.95% at Bitstamp today to $83,733, with a session-low at $81,268. On Monday, bitcoin rose 5.5%, the first profit in six days away from a four-month trough at $76,600. Crypto Market Value The market value of cryptocurrencies rose by $30 billion today to $2.795 trillion. …