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ISLAMABAD: Following the recent visits of ‘President Trump’s advisers for digital assets’, the Ministry of Finance appears to have left the Ministry of Science and Technology high and dry over its months-long endeavour to be the custodian of virtual assets and cryptocurrencies. Sources told Dawn that the Ministry of Science, under Dr Khalid Maqbool Siddiqui, has been coordinating with a working group of almost two dozen senior civil and military officials from about 16 stakeholders to prepare for “virtual assets regulations in Pakistan” and had finalised a formal summary to the cabinet for discussions and approval. These stakeholders include the…
LAHORE: Taking notice of the dwindling cotton production, Prime Minister Shehbaz Sharif has formed a 15-member committee tasked with recommending measures in 30 days for the revival of the crop. Federal Minister for National Food Security & Research Rana Tanveer Hussain has been nominated as convener of the committee, which will take stock of the cotton crop situation and propose policy and administrative interventions for crop revival. It will also submit recommendations for proper grading and standardisation of cotton bales in line with international standards, especially contamination parameters. The body will also submit technical proposals to enhance cotton yield nationwide.…
ISLAMABAD: The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has dismissed an appeal filed by VIS Credit Rating Company Ltd against the penalty imposed for multiple regulatory violations of Credit Rating Companies Regulations 2016. The appeal challenged the SECP’s order dated Oct 16, 2019 passed by Commissioner SMD under Section 159 of the Securities Act 2015, which determined the company’s non-compliance with several regulations. These violations included issues related to conflict of interest in rating assignments, failure to conduct an internal audit review, inadequate risk management policies and framework, absence of indicative rating, and lapses in…
Costco on Thursday reported another sturdy — if mixed — quarter, demonstrating that its focus on keeping prices low continues to bring more shoppers to its stores at an uncertain time for the U.S. economy. Total revenue in its second quarter of fiscal year 2025 rose 9% year over year to $63.72 billion, topping Wall Street expectations of $63.13 billion, according to estimates compiled by LSEG. Earnings per share (EPS) in the 12 weeks ended Feb. 16 came in at $4.02, missing the consensus of $4.11, LSEG data showed. The reported figure includes a 13-cent hit from foreign exchange rates,…
LAHORE: Pakistan’s automotive industry is undergoing a remarkable transformation, driven by localization efforts that have significantly reduced reliance on imports. The industry, contributing 2.8% to the nation’s GDP, has seen the localization rate for cars and Light Commercial Vehicles (LCVs) rise to 55% by 2024. This was shared by Ali Asghar Jamali, Chief Executive Officer, Indus Motor Company along with Abdul Waheed Khan, Director General, Pakistan Automotive Manufacturers Association (PAMA). Abdul Waheed stated that since localization initiatives began in the 1990s in Pakistan, this shift has not only injected around $5 billion into the economy and has also created approximately…
KARACHI: The Centralized Assessment Unit (CAU) has uncovered a massive Rs5.4 billion FED evasion scheme involving goods misdeclaration by two prominent textile manufacturers. According to the details, the CAU, operating under the Faceless Customs Assessment System (FCAS), has exposed a massive fraud involving the misdeclaration of imported goods, preventing an attempt to evade Rs5.4 billion of Federal Excise Duty (FED) by two prominent textile manufacturers. The investigation began when officials detected one of the accused textile units attempt to falsely declare “Acetate tow” as “Polyester Stable Fiber” in shipments from the UAE to circumvent substantial duty payments required for the…
LAHORE: The Pakistan Sugar Mills Association (PSMA) Punjab Zone has denied that the current surge in sugar prices is due to exports. The Association said that some unfounded misconceptions have been raised in media by linking sugar price hikes with sugar exports without establishing factual factors. A PSMA spokesman explained on Thursday that due to a conservative approach, the sugar industry was not timely allowed export permission which caused serious liquidity issues for the industry. At the end of September 2024, industry had two years of surplus sugar production in pipeline (approximately 1.5 million metric tons valuing Rs 250 billion)…
LAHORE: The Punjab government has launched a citrus restoration initiative worth Rs1.2 billion to establish certified nurseries, develop new orchards, and boost production and exports, all aimed at strengthening the national economy. Pakistan’s annual citrus exports have dropped significantly, from $200 million to $130 million, due to the adverse effects of climate change. This has led to the deterioration of citrus orchards, with trees succumbing to various diseases, reducing both the size and shelf life of the fruit. This issue was highlighted during a meeting chaired by Punjab Agriculture and Livestock Minister Syed Ashiq Hussain Kirmani where efforts to revive…
ISLAMABAD: Minister for National Food Security and Research (MNFS&R) Rana Tanveer Hussain assured the Pakistan Dairy Association (PDA) on Thursday that the government would review the 18 percent General Sales Tax (GST) on packaged milk, which has been increasing costs and creating financial difficulties for processors and farmers. The minister, during a meeting with the delegation of PDA, assured that the government will address the challenges in the dairy sector, particularly reviewing the impact of the 18 percent GST on packaged milk, said a senior official of the MNFSR. He said that the meeting discussed in detail the challenges faced…
KARACHI: Chairman, Pakistan Tanners Association (PTA), Hamid Arshad Zahur has appealed to the government for bringing the export based leather sector back to the Fixed Tax Regime (FTR) for the export based leather sector as prevailed prior to the budget 2024-2025, along with restoration of SRO 1125 to bring the leather sector back to the zero rated industry. While appreciating the early refunds of sales tax to its members, Chairman PTA requested the FBR to make the refund payments of outstanding duty draw back payments which are now pending since September 2024 and are now more than 6 months due.…