Banks’ profits more than doubled to Rs284.5 billion in the first half of the current year from Rs126.2bn during the same period last year, according to a State Bank of Pakistan report on mid-year performance review of the banking sector (Jan-June 2023) released on Monday. The major push to earnings came from higher net interest income, as the rising interest rates translated into higher earning
Consumers on Monday remained in a dilemma at jewellery shops due to the absence of official gold rates, which are typically issued by the All Pakistan Gem and Jewellers Association (APGJA) on a daily basis. The association had suspended the issuance of daily gold rates from last Wednesday after law enforcement agencies cracked down on alleged speculative trading and smuggling. Gold shops are
Amid unprecedented high prices, consumers may brave another challenge of facing a shortage of petroleum products following the suspension of distribution of oil products by the oil tankers’ association from Monday morning. However, Pakistan Petroleum Dealers Association (PPDA) chairman Abdul Sami Khan said some pumps in Karachi had started getting dry while upcountry pumps had so far remained u
Farmers have asked the government to tax the rich instead of the poor to remove unjust burden on the people, particularly the farming community which is running the economy by toiling day and night at their fields. “The government should tax the rich and elite class of the country by going for direct taxes instead of overburdening the poor masses by levying indirect taxes like general sales t
Large-scale manufacturing (LSM) experienced a year-on-year negative growth of 1.09 per cent in the first month of the current fiscal year, data released by the Pakistan Bureau of Statistics showed on Monday. On month-on-month, it witnessed a steeper contraction of 3.62pc in July. The decline in LSM can primarily be attributed to a slowdown in production within the textile and clothing sector