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The euro rose in European trade on Monday against a basket of major rivals, maintaining gains for the second session against the dollar, and about to touch four-month highs after marking the best weekly performance in 16 years. Following the European Central Bank’s latest policy meeting, the odds of a rate cut in April declined as traders now await more data and clues. The Price The EUR/USD pair rose 0.4% today to $1.0871, with a session-low at $1.0827. The euro rose 0.45% on Friday against the dollar, marking the fourth profit in five days, and hitting…
ISLAMABAD: The government is immediately halting the use of methyl bromide for the fumigation of rice consignments in Pakistan, enabling the importing countries to carry out the procedure themselves in line with international standards. The decision came at a meeting held by the ministry of national food security and research on Monday to address the issue of interceptions in the export of Pakistani rice to Europe. The meeting, chaired by Secretary Waseem Ajmal Chaudhry, was attended by all stakeholders including the representatives of provinces, private companies and multinational corporations. The policy decision is expected to directly benefit Pakistani rice exporters…
ISLAMABAD: The Constitutional Bench of the Supreme Court was reconstituted on Monday to commence hearing on a set of challenges to the imposition of super tax on high earning individuals through Section 4C of the Income Tax Ordinance, 2001. The composition was changed after Justice Aminuddin Khan, who was heading the bench, noted that one of the bench members, Justice Aamer Farooq, had already given a decision on the matter when he was chief justice of the Islamabad High Court. The reconstituted bench will comprise Justice Jamal Khan Mandokhail, Justice Mohammad Ali Mazhar, Justice Syed Hasan Azhar Rizvi and Justice…
LONDON: Oil prices were down 1pc on Monday as uncertainty about US tariffs and rising output from OPEC+ producers pressured the market, although potential sanctions on Iranian crude exports limited losses. Brent crude was down 71 cents, or 1pc, at $69.65 a barrel by 1800 GMT. U.S. West Texas Intermediate crude lost 65 cents to $66.39, also shedding 1pc. Last week marked WTI’s seventh consecutive weekly decline, the longest losing streak since November 2023, while Brent fell for a third consecutive week. US President Donald Trump’s protectionist policies have roiled markets across the world, with Trump imposing and then delaying…
KARACHI: The KSE-100 Index closed Monday’s trading session slightly lower, shedding 42.35 points, or 0.04 per cent, as investors remained cautious amid a lack of clear market triggers. The stock market remained range-bound, with sentiment largely dictated by stock-specific activity. The Pakistan Stock Exchange continued its consolidation phase as concerns raised by the International Monetary Fund (IMF) over the circular debt issue triggered a correction in exploration and production (E&P) stocks, explained Chase Securities CEO Ali Nawaz. Last week, the government announced that it is negotiating a Rs1.25 trillion loan with commercial banks to address its energy sector debt. However,…
ISLAMABAD: The chief executive officers of Pakistan’s leading insurance companies urged Finance Minister Muhammad Aurangzeb on Monday to restore and reinstate income tax credits for insurance to support the sector. The delegation presented to the finance minister and his team key proposals and suggestions to boost the insurance sector’s growth and productivity. The meeting at the finance division was also attended by senior government officers. The CEOs’ delegation called reforming capital gains and dividend taxations and sought minimum turnover tax exemptions. They also advocated for centralised insurance taxation to ensure consistent treatment and eliminate double taxation at the provincial level.…
ISLAMABAD: The Islamabad High Court (IHC) has issued notice to a private firm which manufactures batteries, for allegedly submitting fake documents in a tax fraud case. IHC Justice Babar Sattar issued the notice on the complaint of the Federal Board of Revenue (FBR). The firm is the manufacturer of two battery brands. Initially, the firm had filed a petition in the IHC following a search operation conducted by the FBR at its offices. The case was heard by Justice Miangul Hassan Aurangzeb. However, on the request of the company’s counsel, Justice Aurangzeb referred the matter to the chief justice, who…
ISLAMABAD: The Lahore High Court (LHC) has set aside a show-cause notice issued by the Punjab Revenue Authority (PRA) to Fauji Cement Company Limited, ruling that the notice was issued without proper legal backing. Justice Jawad Hassan delivered the verdict in response to a writ petition challenging the legality of the notice, which was dated Sept 6, 2024, and issued under Section 52 of the Punjab Sales Tax on Services Act, 2012. The petitioner, represented by Hafiz Muhammad Idrees and other legal counsels, argued that the PRA had incorrectly invoked Section 52, which deals with tax recovery, whereas the correct…
LAHORE: Barely a few weeks after exporting half a million tonnes of sugar, the federal government on Monday decided to import raw sugar to “stabilise prices” in the country. According to an official statement, the import of raw sugar (Shakkar) would help bring down prices in the country and help increase future production, as it could be refined and converted into sugar locally. Interestingly, the export permission was granted after the industry promised to keep domestic prices between Rs145 and Rs150 per kilogram. However, prices have increased to over Rs180 per kg in the last 10 days. According to market…
KARACHI: Most owners of big factories hailed the State Bank’s cautious approach to keep the interest rate unchanged at 12 per cent on Monday, but the bulk of the business community was up in arms against the central bank for not bringing down the policy rate by 500 basis points even though inflation was as low as 1.5pc last month. Abdul Aleem, Secretary General of the Overseas Investors Chambers of Commerce and Industry (OICCI), said: “I am satisfied that SBP made a very sound decision by not surrendering to pressure for rate cut. The economy needs sustainable steps to overcome…