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ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday expressed concerns about its exclusion from the process of amending the Trade Organisation Act 2013 and urged that the amendments be implemented from 2026. An FPCCI delegation raised this issue in a meeting with Commerce Minister Jam Kamal Khan. The amendments to the Trade Organisation Act 2013 were enacted on Jan 24 after President Asif Ali Zardari signed the amended bill into law. An official announcement said that Mr Kamal constituted a committee to investigate the issue and reach a consensus. The recommendations of the committee will…
KARACHI: Amid the high possibility of no further cuts in the interest rate, investors made a total of Rs2.207 trillion bids, mostly for the long-term tenors, with no change in the cut-off yields at the treasury bills (T-bills) and Pakistan Investment Bonds (PIBs) auctions on Wednesday. Announcing the results of the auctions, the State Bank of Pakistan (SBP) reported that the government raised a total of Rs1.2tr, which reflected a change in investment patterns. With the steep fall of the interest rate from 22 per cent to 12pc in the first seven months of FY25, the banks preferred to park…
KARACHI: After breaking a four-session losing streak overnight, the stock market on Wednesday struggled as investor sentiment remained mixed due to a lack of positive triggers, forcing the benchmark KSE 100 index into the red zone on late profit selling. Topline Securities Ltd said the stock market had a range-bound session, with the benchmark index moving between a high of 583 points and a low of 598 points. It ultimately closed at 112,254 points, marking a decline of 490 points or 0.43 per cent day-on-day. The upward movement was mainly driven by Engro Holdings, Tariq Glass Industries Ltd, Lucky Cement,…
China has vowed to keep its urban jobless rate around 5.5 per cent this year while striving to prevent those at the lowest economic rung of society from falling back into poverty, in an effort to mitigate social-stability risks.The Chinese government wants the economy to create more than 12 million new urban jobs in 2025 while facing “more pronounced structural employment problems”, Premier Li Qiang said in his annual work report to China’s top legislature, the National People’s Congress, on Wednesday.Meanwhile, the country must “ensure there’s no large-scale relapse into poverty” amid macroeconomic challenges, the report said. President Xi Jinping…
LAHORE: The income tax department has failed to treat the receipts under the software lease agreement as royalties under Double Taxation Treaties (DTTs). According to details, the foreign incorporated company declared the receipts under the software lease agreement as business profits in its tax returns and sought exemption from income tax in Pakistan under Article 7 of the Convention between Netherlands and Pakistan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, 1982. However, the tax department treated these receipts as royalties under Article 12 of the Convention and subjected them…
ISLAMABAD: The Board of Investment (BoI) Pakistan and International Free Zones Authority (IFZA) of United Arab Emirates signed a memorandum of understanding (MoU) on Wednesday for making investment in existing Special Economic Zones (SEZs) of Pakistan. An MoU was exchanged between BoI and IFZA regarding investments in Pakistan’s existing SEZs, with Prime Minister Shehbaz Sharif in attendance. International Free Zones Authority of the UAE will be investing in various projects within Pakistan’s existing SEZs. The prime minister warmly welcomed the delegation to Pakistan and highlighted the long-standing brotherly relations between Pakistan and the UAE. He emphasised the vast investment opportunities…
ISLAMABAD: The Drug Regulatory Authority Pakistan (DRAP) has issued an immediate recall alert for a number of substandard, falsified and spurious pharmaceutical products after receiving various complaints from provincial health authorities and senior drug inspector Islamabad Capital Territory (ICT). According to DRAP, the Directorate of Drugs Control (DDC) Punjab and Senior Drug Inspector ICT Islamabad has informed DRAP that samples of the following products have been reported substandard due to presence of impurities by Drug Testing Laboratory (DTL) Lahore and Rawalpindi: (i) Ame-Pin injection 2ml consist of Tramadol HCl 100mg batch number TD-038 manufactured by Ameer Pharma (Pvt) Ltd, 23…
ISLAMABAD: The appointment, renewal and termination of services of the chief executive officer of a professional clearing member shall be made with the prior approval of the Securities and Exchange Commission of Pakistan (SECP). The SECP has issued SRO 244(I)/2025 on Wednesday to notify draft amendments to Professional Clearing Members Regulations, 2020. The board of directors of a professional clearing member shall determine the manner of appointment, terms and conditions of appointment and other procedural formalities associated with the selection/appointment of the chief executive officer. A chief executive officer shall be appointed by the professional clearing member through following process:…
ISLAMABAD: The government has appointed Bilal Bin Saqib MBE as the Chief Advisor to the Finance Minister on the Pakistan Crypto Council to reaffirm Pakistan’s commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent financial system for all. Bilal Bin Saqib, recognised by Forbes, is a Web3 investor, strategic advisor, and thought leader in the blockchain space. Saqib was included by Forbes in their 30 under 30 list and has been acknowledged by King Charles III, the late Queen Elizabeth II, and the Mayor of London for his…
Ethereum rose on Wednesday with demand rebounding on high-risk assets such as cryptocurrencies following somewhat positive remarks from the US administration on tariffs. The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada. Earlier data showed the US private sector added 77 thousand jobs in February, far below estimates of 141 thousand, and down from 186 thousand in January. The US ISM PMI rose to 53.5 in February from 52.8 in January, while analysts expected a drop to 52.5. Now investors await the…