Enforcement actions in the July-September quarter against four banks by the State Bank of Pakistan (SBP) resulted in penalties worth Rs83 million, down 76.3 per cent from the fines of Rs350.8m imposed in the preceding three-month period. The central bank takes “supervisory enforcement actions” when banking entities become non-compliant with regulations. It usually imposes penalties but may als
Oil prices rose about one per cent on Wednesday on worries about the conflict in the Middle East escalating. Limiting gains, the United States reported increased crude stockpiles as demand worries stemming from gloomy economic prospects in Europe weigh. Brent futures rose $1.07, or 1.21pc, to $89.14 a barrel at 1:16 p.m. (1716 GMT). US West Texas Intermediate (WTI) crude rose 69 cents to $
A staggering 15 million individuals, including agricultural income earners, are currently not paying any tax, the Federal Board of Revenue chairman disclosed on Wednesday. “This figure represents a significant portion of the population that remains outside the tax net,” Zubair Tiwana told a meeting of the Senate Standing Committee on Finance. It was chaired by Senator Saleem Mandviwalla.
The escalating war in the Middle East has changed forex market sentiments as investment inflows dried up creating dollar shortages in banks resultantly the greenback started to appreciate amid strong demand, especially from importers. Bankers dealing in the currency market said the importers were unable to find dollars even at a rate higher than quoted in the banking market. “Banks have
The trading floor of the Pakistan Stock Exchange (PSX) witnessed a wave of profit-taking on Tuesday following a sustained rally that took the benchmark to a multi-year high. Topline Securities Ltd said investors chose to book profits as soon as trading began. There was an extended rally in energy sector stocks in anticipation of a hike in gas tariffs for the last few days. The expected hike was