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KARACHI: Pakistan’s automobile sector demonstrated robust growth in the first eleven months of the fiscal year 2024-25, as car sales, motorbikes, and three-wheelers all posted significant gains, reflecting improved economic stability, better consumer confidence, and easing inflationary pressures. According to data compiled by the Pakistan Automotive Manufacturers Association (PAMA) total car sales in May 2025 reached 14,762 units, marking a 35 percent year-on-year increase and a 39 percent month-on-month growth over April 2025. The strong month-on-month recovery was largely attributed to a low sales base in April 2025, when road closures in Sindh due to strikes and operational challenges delayed…

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) on Thursday announced a significant oil and gas discovery from its exploratory efforts at the Faakir-1 well, located within the Bitrisim Exploration License area in Khairpur district of Sindh. The well is operated by OGDCL with a 95% working interest, in a joint venture with Government Holdings (Private) Limited (GHPL), which holds the remaining 5% stake. Spud on December 31, 2024, as an exploratory well, the Faakir-1 well was drilled to a total depth of 4,185 meters in the Sembar Formation. The drilling operation was executed using OGDCL’s in-house expertise in close…

ISLAMABAD: Federal Tax Ombudsman (FTO) has instructed the Large Taxpayers Office (LTO), Islamabad to promptly conclude proceedings in the matter of de-registration of Sales Tax Registration Number (STRN) application of Drug Regulatory Authority of Pakistan (DRAP). The complaint was filed under Section 10(1) of the FTO Ordinance, 2000, citing prolonged inaction by the tax authorities despite clear directions from the Appellate Tribunal Inland Revenue (ATIR) to reconsider the case afresh. The Complainant pointed out that no decision had been made on their statutory application for de-registration, while notices continued to be issued for tax compliance, resulting in procedural confusion and…

ISLAMABAD: The Islamabad High Court (IHC) has issued a judgement against a leading telecom operator, which would result in payment of Rs22 billion (US$78 million) to the Federal Board of Revenue (FBR). In this regard, a Division Bench of the Islamabad High Court, led by Justice Babar Sattar, has delivered a significant ruling in favor of revenue in a tax reference filed by a major Telecom operator. This ruling upholds the powers and jurisdiction of the Federal Board of Revenue (FBR) in assessing tax liability on a high-value intra-group transaction involving the transfer of Telecom Operator’s tower assets. As a…

Chinese solar and energy-storage companies will continue to press ahead with their overseas expansion with or without a long-term agreement on trade tariffs, as production abroad holds the key to their long-term survival, according to executives at China’s largest solar industry exhibition.Although the US and China reached a 90-day truce in their ongoing tariff war in May, solar panel exports from China and Southeast Asia to the US are still subject to tariffs of as much as 3,521 per cent, with Washington citing unfair trade practices such as subsidies and dumping for the high levies.“The industry used to say that…

Japan has expressed serious concerns to Beijing through diplomatic and defence channels after a Chinese fighter jet from the aircraft carrier Shandong made “abnormal approaches” to a Japanese patrol aircraft over the Pacific Ocean.In a statement, Tokyo’s defence ministry said a J-15 fighter shadowed its P-3C patrol aircraft operating over the Pacific for about 40 minutes from 10.30am on Saturday and again for around 80 minutes from 2pm on Sunday.The ministry said the Chinese fighter approached close to a horizontal distance of about 45 metres with no altitude difference and, in another manoeuvre on Sunday, “crossed approximately 900 metres ahead…

TikTok owner ByteDance, whose Douyin short video app has emerged as a popular e-commerce shopping platform in China, will cut the guarantee deposit payable by merchants, in a move designed to keep existing sellers and lure new ones amid fierce competition.The deposit, held by the platform on behalf of sellers to cover potential costs such as refunds or penalties, would be capped at 5,000 yuan (US$695), a fraction of the previous maximum of 500,000 yuan. As a result, the deposit payable by existing sellers would be on average 75 per cent lower.The sum would be based on the previous month’s…

Pakistan’s army chief, General Asim Munir, was set to arrive in Washington on Thursday, three weeks after his country’s flare-up with neighbouring, nuclear-armed rival India.Munir will stay in the US until June 18 and is expected to attend the US Army’s 250th anniversary celebrations on June 14 in the nation’s capital – a day that coincides with US President Donald Trump’s birthday, according to three people familiar with the matter.The Pakistani general is likely during his visit to travel to US Central Command’s headquarters in Florida, a source said.The visit, reportedly made at the Trump administration’s invitation, is also expected…

Copper prices rose mildly on Thursday as the dollar weakened, but concerns about demand and trade remained an obstacle.    Copper three-month futures rose 0.5% at the London Exchange to $9694 a ton as of 14:00 GMT after hitting November 2023 at $8105.    The dollar index fell to three-year lows after US inflation data, making the greenback-denominated metals cheaper to holders of other currencies.    US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of…

US Defence Secretary Pete Hegseth told Congress on Thursday he would involve lawmakers in a 30-day assessment of the Aukus alliance, a day after the future of the three-country security pact was thrown into question by reports that the Pentagon was putting it under review.“Congress will be involved,” Hegseth said in response to a question from US congressman Joe Courtney, a Connecticut Democrat, who also raised concern about the time frame allocated for analysing the pact between Australia, Britain and the US.“A 30-day review on a project that really took years to develop?” Courtney asked during a hearing of the…