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Hong Kong’s Phase Scientific International (PSI) has raised US$34 million from private investors to further develop a non-invasive test for human papillomavirus (HPV), a major cause of cervical cancer.The test developed by the Hong Kong Science and Technology Park-based company, best known as a provider of COVID-19 tests during the pandemic, was the world’s first urine-based HPV test, it said in a statement on Tuesday.Founder and CEO Ricky Chiu Yin-to said the company aimed to commercialise a home collection kit after the completion of a large-scale clinical study next year, which was expected to confirm favourable results the test had…

NEW YORK: Gold prices rose more than 1% on Monday, helped by a weaker dollar and safe-haven demand after Moody’s downgraded the US government’s credit rating amid lingering trade concerns. Spot gold gained 1.1% to $3,239.23 an ounce by 1236 GMT, reversing the previous session’s losses. US gold futures gained 1.7% to $3,242.60. “The main supporting factor for gold today is the downgrade of American debt by Moody’s,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. “The dollar is also weakening across the board, with bond yields rising because government debt is being sold, so it’s a bit…

ISLAMABAD: The Federal Board of Revenue (FBR) Member Legal has been approached regarding alleged blatant violations of FBR’s binding instructions meant to prevent futile litigation in cases involving the recovery of withholding tax (WHT) defaults in terms of Section 161 of the Income Tax Ordinance, 2001. Concerns have been raised over certain field formations initiating recovery proceedings in apparent disregard of the landmark order passed by the Division Bench-I of the ATIR, as well as the explicit and binding directives earlier issued by the FBR itself. These actions are being viewed by stakeholders as attempts to undermine the authority of…

ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan reiterated Pakistan’s commitment to expanding bilateral trade and industrial cooperation with Belarus during a detailed meeting with the Belarusian Ambassador, A Metelitsa. The meeting covered a wide-ranging agenda focused on reviving key industrial projects, enhancing textile collaboration, exploring cotton sourcing alternatives, and boosting workforce exchange between the two nations. Central to the discussion was the reactivation of a Belarus-supported industrial plant in Balochistan— a project initially linked to DMV and Omni group. Though previously delayed, the project has now regained momentum. Minister Kamal emphasised that the government of Pakistan prefers utilising existing…

KARACHI: The Federal Board of Revenue (FBR), through its Taxpayers Services Wing, organized a tax awareness session at Capital University of Science & Technology. The session was attended by the President Hammad Qureshi, Vice President Ammad Azhar, General Secretary MAmmara Khan and university students. The FBR team included Second Secretary (Tax Education) Zafar Iqbal Khan, Inspector Salman Khaliq, Coordinator Zia Farooqi and staff Manzoor Hussain. During the session, Second Secretary (Tax Education) Zafar Iqbal Khan gave a comprehensive presentation on the tax structure and overall working of FBR. He highlighted the various measures being taken by FBR to enhance the…

ISLAMABAD: In order to facilitate Roshan Digital Account (RDA) clients, the Securities and Exchange Commission of Pakistan (SECP) has proposed creation of a separate category of Shariah-compliant intermediaries on the websites/mobile apps of Islamic banks. In this regard, the SECP Monday issued a consultation paper proposing measures to promote Shariah-compliant intermediaries in the capital market. The paper is in line with the broader objective of SECP to facilitate the provision of Shariah-compliant services within its regulated sectors. The SECP has also proposed that Shariah-compliant institutional investors under regulatory domain of SECP (such as mutual funds, pension funds, private funds, Takaful…

KARACHI: Chief Commissioner Inland Revenue, Large Taxpayers Office (LTO) Karachi, Zubair Bilal has stated that the salaried class can expect some relief in the upcoming federal budget and the Federal Board of Revenue (FBR) maintains a zero-tolerance policy against corruption. He made these remarks during his visit to the Korangi Association of Trade and Industry (KATI), where he addressed a gathering of industrialists and business leaders. A large number of KATI members, including President Junaid Naqi, Senior Vice President Ejaz Sheikh, Vice President Tariq Hussain, Standing Committee Chairman Tariq Malik, former presidents and chairman Farhan-ur-Rehman, Ehteshamuddin, and Commissioner FBR Abdul…

ISLAMABAD: An economic thinktank has claimed that the tax-to-gross domestic product (GDP) ratio of the Federal Board of Revenue (FBR) has declined from 11.6 percent in 2019–20 to 10.4 percent in 2024–25. According to a report – Decoding Pakistan’s Budget Dynamics – issued by Economic Policy and Business Development on Monday, the 15–year period shows a significant increase in nominal GDP, with the most dramatic acceleration occurring in the 2019-20 to 2024–25 period. The tax-to-GDP ratio shows a modest improvement through 2019–20 but declined by 2020–25, highlighting persistent challenges in revenue mobilisation despite repeated reform efforts. In 2019–20, the tax-to-GDP…

KARACHI: The government’s decision to deregulate prices of non-essential medicines has helped restore the availability of critical drugs across Pakistan, ending months of shortages that had severely impacted public health, experts and industry officials said on Monday. “The policy shift has addressed critical supply gaps. Medicines that had vanished due to unviable prices are now back, offering relief to patients who were left at the mercy of black markets or counterfeits,” said Tauqeer-ul-Haq, Chairman of the Pakistan Pharmaceutical Manufacturers Association (PPMA), while speaking to reporters here. For years, pharmaceutical firms were unable to produce dozens of drugs— ranging from painkillers…

LONDON: US stocks fell with the dollar on Monday as markets reacted to the United States losing its last gold-standard sovereign bond rating over a debt pile that could balloon further. The downgrade by Moody’s dealt a blow to markets, which had enjoyed a healthy run-up last week after Washington and China reached a deal to temporarily slash tit-for-tat tariffs. US stocks were down in midday trading, led by the tech-heavy Nasdaq, which fell around half a percent. That mirrored losses in Asia, where Tokyo and Hong Kong closed down. In Europe, London and Frankfurt erased early losses to close…