Author: admin
KARACHI: Auto sales — cars, pickups, vans and light commercial vehicles — clocked in at 12,084 units in February, reflecting a 24 per cent year-on-year rise and a 29pc month-on-month fall. The month-on-month decrease is primarily due to the high base effect as buyers delay purchases from December to January to secure new-year registrations, and the Sazgar Engineering Works Company released its sales data for the two months late. Myesha Sohail of Topline Securities said the year-on-year rise in car sales is driven by lowered interest rates, improved consumer confidence, and the introduction of newer variants and models. Sales surged…
ISLAMABAD: The committee formed by the prime minister for the revival of the cotton crop on Tuesday recommended uniform tax policies for domestic and imported cotton, along with several other key suggestions. Minister for National Food Security and Research Rana Tanveer Hussain chaired the first meeting of the 15-member Committee on Cotton Crop Production Enhancement. While making a detailed presentation on the factors that halved lint production in the current fiscal year, Pakistan Central Cotton Committee Vice-Chairman Dr Yusuf Zafar pointed out a discriminatory 18 per cent sales tax reduced the competitiveness of local cotton and discouraged growers. Dr Yusuf…
KARACHI: Amid a strong reaction from the trade and industry to an interest rate-cut pause despite a sharp slowdown in inflation, the uncertainty about the economic outlook in the view of the ongoing IMF review contributed to a bearish drive for the second straight session on Tuesday. Explaining the factors that led to the downturn, Ali Najib, Head of Sales at Insight Securities, told Dawn that the PSX remained volatile as investors await the IMF review outcome. “Clarity on fiscal measures, circular debt resolution, and potential policy adjustments will shape market sentiment. A favourable review may drive a rally, while…
ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued show-cause notices to International Steel Ltd (ISL) and Aisha Steel Mills Ltd (ASML) for alleged cartelisation in the flat steel market. An inquiry conducted by the commission found prima facie evidence suggesting that the two leading producers engaged in price-fixing, coordinated price changes, and exchanged commercially sensitive information, in violation of Section 4 of the Competition Act 2010. The CCP initiated an inquiry in May 2021 following informal complaints regarding possible cartelisation by local flat steel manufacturers. Complaints suggested that prices of flat steel products were moving in parallel, and there…
• Ahsan asks diplomats, EAD to liaise with Chinese for technical, financial assessment of Main Line-1 rail link ISLAMABAD: Planning Minister Ahsan Iqbal has expressed annoyance over the slow progress on mega projects that are part of the China-Pakistan Economic Corridor (CPEC). On Tuesday, Mr Iqbal chaired a meeting to prepare for the Joint Cooperation Council (JCC) meeting — the top decision-making body of CPEC — in July. The planning minister expressed concern over poor progress on three crucial projects — grid connectivity to Gwadar, water desalination plan and socio-economic development initiatives — which are considered central to the port…
• Justice Mandokhail flags use of national funds without provincial consent• Exact amount collected under the cess remains undisclosed, bench told• Judges weigh fundamental rights in military court trials ISLAMABAD: The Constitutional Bench of the Supreme Court, hearing a set of challenges to the imposition of super tax, was informed on Tuesday that the cess was initially introduced as a one-time measure for a specific purpose in 2015 but continued to be enforced until 2022. Senior counsel Makhdoom Ali Khan, representing a number of companies, argued that this prolonged implementation raised questions about its legitimacy. A five-judge CB, headed by…
• ‘Grid levy’ to witness multiple hikes till Aug 2026 amid bid to discourage use of natural gas• Insiders say Fund unhappy with Discos’ privatisation timeline; agri tax also on its agenda ISLAMABAD: In a major retreat, the government had to immediately notify an increase in gas rates for industrial captive power plants (CPPs) by about 23pc and scale down temptation for a substantial cut in power rates to get the policy negotiations going with a visiting staff mission of the International Monetary Fund (IMF) for disbursement about $1.1bn in a couple of weeks. A top official engaged in the…
The US dollar fell in European trade on Tuesday against a basket of major rivals, sharpening the decline for the seventh straight session and plumbing five-month lows amid concerns about US recession. Conversely, the euro continues to shine and attract investments, hitting four-month highs on hopes for massive new German stimulus plans. The US labor sector also weakened unexpectedly last month, bolstering the odds of a Fed rate cut in the first half of the year. The Index The dollar index fell 0..5% to 103.33, the lowest since October 2024, with a session-high at 103.92. …
The US dollar fell in European trade on Tuesday against a basket of major rivals, sharpening the decline for the seventh straight session and plumbing five-month lows amid concerns about US recession. Conversely, the euro continues to shine and attract investments, hitting four-month highs on hopes for massive new German stimulus plans. The US labor sector also weakened unexpectedly last month, bolstering the odds of a Fed rate cut in the first half of the year. The Index The dollar index fell 0..5% to 103.33, the lowest since October 2024, with a session-high at 103.92. …
KARACHI: Pakistan car sales in Pakistan clocked in at 12,084 units in Feb 2025, reflecting a 24 percent YoY while a 29 percent MoM fall, the Pakistan Automotive Manufacturers Association (PAMA) reported. With current increase, overall sales in first eight months of this fiscal year (8MFY25) climbed to 89,770 units a 50 percent YoY rise from 59,700 units in same period of last fiscal year (FY24). The YoY rise in car sales is driven by lowered interest rates, improved consumer confidence, and the introduction of newer variants and models. According to Topline, MoM decrease is primarily due to the high…