The death of 11 women and children in a stampede in Karachi on Friday during the distribution of charity ration shows how inflation-hit people are prepared to risk their lives to get free food for their families. The composition of the crowd also underlines that it mostly consisted of women from white-collar families, underlining the reality that the rapidly soaring cost of living is now starti
Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month. However, the decision by the Organisation of the Petroleum Exporting Countries OPEC+, the cartel, which has other top non-OPEC oil-exporting nations, fanned concerns about a fresh spike in prices
The foreign exchange reserves held by the central bank fell by 7.7% on a week-on-week basis to $4.24 billion, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 24, 2023, the SBP’s foreign currency reserves stood at $4,244.3 million, down by $354 million compared to $4,598.7 million on March 17. The central bank attributed the decrease in foreign exchange re
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has asked the Federal Board of Revenue (FBR) to help strengthen the industry and exporters by timely releasing sales tax refunds, instead of sending them audit notices. In a statement, the association pointed out that more than 51% of tax revenue was being collected from the manufacturing sector, though its share in gr
Former Governor Punjab Chaudhry Muhammad Sarwar said that he had played an active role in getting the GSP-plus scheme from the European Union for Pakistan and is still working hard to get an extension of this scheme. Addressing the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), he said, “Pakistan will hopefully get the EU GSP-Plus facility for the