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KARACHI: The Pakistan Stock Exchange (PSX) continued its downward trend due to growing concerns about proposed tax measures in the upcoming federal budget, which is set to be unveiled on June 10 instead of June 2. Topline Securities Ltd said a range-bound session was observed at the exchange as the index traded between its intraday high of 389 points and low of 488 points with low volumes to finally close at 119,102.67, down 50.37 points or 0.04 per cent day-on-day. The top positive contribution to the index came from Engro Holdings, Attock Refinery, Packages Ltd, Meezan Bank, and Pakistan Services…
ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), rose 1.35 per cent year-on-year in the week ending May 22 owing to a rise in the prices of sugar and meat in the retail market. After witnessing declines for 10 straight weeks, the SPI reversed the trend with an extraordinary spike in the retail prices of sugar, meat and chicken during the week under review on an annual basis. It, however, declined by 0.29pc from the previous week, official data showed on Friday. The week-on-week decline was recorded after three consecutive rises, mainly due to a drop in the…
LAHORE: The government has assured the auto industry of consulting its main stakeholders before taking final decisions on the proposals for tariff rationalisation and used car imports. The assurance was given by Special Assistant to the Prime Minister (SAPM) and Minister-in-Charge for Industries and Production Haroon Akhtar Khan in a meeting with Lucky Motor Corporation (LMC) Chairman Muhammad Ali Tabba on Friday. Mr Tabba shared his concerns about the proposed Tariff Rationalisation Plan, particularly reduction of duties on completely built units (CBUs) to 15pc over a period of five years. Mr Tabba emphasised that while the intent behind tariff rationalisation…
ISLAMABAD: Pakistan is establishing itself as a key player in the global cryptocurrency economy and setting trends rather than following them in the digital currency space, Pakistan Crypto Council’s (PCC) Chief Executive Officer Bilal Bin Saqib said on Friday. Mr Saqib told a private news channel that the country is gaining recognition from international tech companies and investors for its growing potential in digital and crypto finance “For the first time, we are not standing behind the world but we are establishing our own trend in the digital currency landscape,” CEO said. He added, “Global tech leaders and companies are…
• Decision follows inconclusive discussions with lender, to avoid conflict with Eid holidays• IMF spokesperson rejects Indian claims regarding misuse of funds by Pakistan• President meets IMF delegation, praises it for supporting Islamabad’s economic stability ISLAMABAD: The government on Friday postponed the announcement of the federal budget 2025-26 by more than a week to June 10 amid inconclusive discussions with the International Monetary Fund (IMF) on some of the critical fiscal measures and to avoid the Eid break during the budget session. Informed sources said the visiting IMF staff mission had multiple rounds of discussion on Friday, including a wrap-up…
Anwar Ibrahim’s decades-long struggle for reform once inspired a generation to take to the streets, railing against corruption and cronyism.But two years into his tenure as prime minister, the political realities of governance have begun to erode his once-revered “Reformasi” brand. Critics accuse him of compromising principles for political survival, settling old scores and devising a dynastic succession through his daughter, Nurul Izzah Anwar.These are not qualities likely to inspire Malaysia’s 10 million young voters, many of whom feel besieged by the rising cost of living, stagnant wages, a failing healthcare system and schools that do not prepare them for…
In a nationalist-inspired music mash-up, Chinese children’s songs are getting the rock treatment to project the “hardcore” nature of China’s military.Using the hashtag “People’s Liberation Army hardcore songs”, state media has launched at least three of the songs since April 20, all with video showing Beijing’s military muscle – from submarines and aircraft to tanks – on Chinese social media platforms.But not everyone is happy with the military makeover. 02:29Chinese nationalism surges across social media as viral video mocks downed Indian jetsChinese nationalism surges across social media as viral video mocks downed Indian jetsWhile the popular songs keep their original…
Bitcoin dropped on Friday for the first session in four days away from recent record highs on profit-taking. Despite the loss, bitcoin is still heading towards the seventh weekly profit in a row amid strong purchases by global corporations. The Price Bitcoin fell 3.9% at Bitstamp to $107,367, with a session-high at $111,816. On Thursday, bitcoin rose 1.9% at Bitstamp, hitting a record high at $112,000. Crypto Market Value The market value of cryptocurrencies fell by over $50 billion today to a total of $3.575 trillion. Weekly Trades Bitcoin is up over…
The Canadian dollar rose against most major rivals on Friday following retail sales data. Earlier government data showed retail sales rose 0.8% in March, beating estimates of a 0.6% rise, while core sales fell 0.7%. On trading, the CAD/USD pair rose 1% as of 20:20 GMT to 0.7290. Aussie The Australian dollar rose 1.3% as of 20:20 GMT to $0.6497. US Dollar The dollar index fell 0.9% as of 20:04 GMT to 99.07, with a session-high at 99.9, and a low at 99.05. Trump complained that dealing with the EU is proving very…
Chinese students have spoken of the uncertainty they and other international students feel after US President Donald Trump’s administration left them in limbo after revoking Harvard’s right to enrol them.The Department of Homeland Security said the measure would take effect immediately, adding that foreign students already studying there must transfer to another university or lose their legal status.“There’s literally nothing we can do at the moment,” said a first-year undergraduate who asked not to be named.She said transfers to another university were out of the question as the deadline for doing so – typically early to mid-March – had passed.“We’re…