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ISLAMABAD: The value-added textile and clothing sector has asked the government to lower tax rates to boost export competitiveness. This demand was part of a string of proposals submitted to the finance ministry by the Pakistan Textile Exporter Association (PTEA) for incorporation in the budget 2025-26. The value-added manufacturers urged the government to remove the double taxation on the export sector. The exports have started declining, worrying industry players. In the last budget, the association maintained that banks collected 1pc advance tax against export proceeds, which is declared as a minimum tax instead of a final tax. Simultaneously, an advance…
ISLAMABAD: Federal Minister for IT & Telecom Shaza Fatima Khawaja said on Saturday that Pakistan was not just bridging the gender gap in technology but also redefining the future of women in digital economy. Addressing a webinar, “HERstory: Google IWD 2025”, hosted by Google Pakistan to celebrate International Women’s Day, the minister said young women have consistently excelled on merit, ranking among the top achievers in education and emerging as leaders in technology. The event featured a panel of three women who benefited from Google’s digital skilling initiatives and then launched programmes to pass on their skills to other women…
WASHINGTON: US President Donald Trump imposed vast tariffs this week on key partners Canada and Mexico, roiling cross-border ties before offering temporary relief to manufacturers — but with more levies kicking in next week, the respite may be fleeting. US companies faced a series of duties starting Monday, with Trump doubling an additional levy on Chinese goods before allowing 25 per cent tariffs on Canadian and Mexican imports to take effect Tuesday. The moves rattled markets, sending major Wall Street indexes down, and the president on Thursday announced exemptions for Canadian and Mexican goods entering the United States under a…
COLOMBO: International Monetary Fund (IMF) chief Kristalina Georgieva pledged to support Sri Lanka’s economic recovery, praising the cash-strapped nation’s “remarkable turnaround” during online talks with its president. The International Monetary Fund Managing director promised unspecified help to the South Asian nation during a virtual meeting with President Anura Kumara Dissanayake, his office said on Saturday. “The economy has stabilised and is now performing well,” Georgieva said during her overnight meeting with Dissanayake, according to a video clip shared by the Sri Lankan presidency. “This is so important for people, especially for poor people. We see a remarkable turnaround from the…
ISLAMABAD: The removal of government support prices, along with low domestic rates, has affected the current sowing season, causing wheat farmers to switch to more profitable vegetables and cash crops, such as mustard and pulses. The Country Brief on Pakistan, published by the UN Food and Agriculture Organisation (FAO), says the area planted declined year-on-year since the government removed the minimum support price in May 2024. The FAO report made available on Saturday says that wheat production in 2025 will depend on the performance of the rainy season until April. According to the report, despite well-below-average cumulative precipitation amounts and…
ISLAMABAD: The United Nations Trade and Development (UNCTAD) has stated that global trade despite progress continued to undervalue women’s contributions, and their share of domestic value added to exports remains lower than men’s in all regions. Statistics released to mark the International Women’s Day show women still contribute less to exports across all sectors, Closing the gap requires expanding their access to high-value sectors, strengthening labour rights and supporting their inclusion in larger enterprises. UNCTAD’s trade and gender indicators reveal a persistent gender gap in tradable sectors, with women contributing less to domestic value added in exports. Closing this gap…
• Announces initiative to integrate women into SME sector• Women entrepreneurs to get low-cost loans• Facilitation centres, training institutes to be set up ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday reaffirmed his commitment to gender equality, stressing that women’s empowerment could only be achieved through equal access to education, skill development and employment opportunities. “It’s our mission and an unwavering commitment to ensure emancipation of the country’s female population,” he said while addressing an event in Islamabad marking International Women’s Day, observed globally on March 8 to celebrate women’s achievements and advocate for their rights. Prominent women from various fields,…
• Extension of $2bn loan deadline comes amid Pakistan-IMF talks• Govt official says move to ‘strengthen govt’s position’ during negotiations• Development to also help maintain forex reserves, keep rupee stable ISLAMABAD: China has extended the repayment period of a $2 billion loan to Pakistan by one year, offering much-needed financial relief and helping stabilise the country’s foreign exchange reserves. A senior official at the Ministry of Finance confirmed the development on Saturday, calling it a key financial support measure from China. The $2bn loan, originally due for repayment on March 24, has now been deferred as part of China’s commitment…
LAHORE: Provincial Minister for Industries and Commerce, Chaudhry Shafay Hussain, met with a delegation of the Pakistani business community residing in Oman. The meeting, held in the committee room of the Department of Industries and Commerce, focused on investment opportunities in Punjab. The provincial minister invited Omani investors to invest in Punjab. During the discussion, Chaudhry Shafay Hussain stated that Punjab’s industrial hubs offer vast investment opportunities for foreign investors. He highlighted that investors in Special Economic Zones (SEZs) are granted 10 years of income tax exemption and a one-time duty-free machinery import facility. He further mentioned that due to…
The growing strength of stablecoins as a bridge between Web3 and traditional finance could give an edge to markets like Hong Kong, which has its currency pegged to the US dollar (USD), but the Asian financial hub still faces challenges in attracting major blockchain businesses.The Hong Kong dollar’s peg to the US currency is seen as a unique advantage for the city, as the majority of stablecoin trading activity happens through cryptocurrencies backed by the US dollar. This can help smooth out business operations for companies whose main asset holdings are also pegged to the USD, including the largest stablecoins…