Domestic gold rates for 10 grams and one tola reached an all-time high of Rs237,654 and Rs277,200, respectively, on Wednesday, increasing by Rs1,886 and Rs2,200, compared to Tuesday’s rates. According to the All Sindh Saraf and Jewellers Association, the local rates surged due to a $22 per ounce rise in world gold prices to $2,675. The previous all-time high was recorded on Sept 26, when the
The State Bank of Pakistan (SBP) has asked banks to process the export of half a million tonnes of sugar, which may destabilise domestic prices. The sugar industry has been seeking export permission for another 850,000 tonnes of sugar worth about $485 million. The Economic Coordination Committee (ECC) of the cabinet had on Sept 21 allowed the export of 140,000 tonnes of the commodity. Market
Pakistan and China have reaffirmed their commitment to advancing the upgrade of the Main Line-1 (ML-1) railway project, agreeing to prioritise the construction of the Karachi-Hyderabad section as part of phase one, in line with the phased approach for the project’s implementation. In a joint statement issued by the Ministry of Foreign Affairs, both nations pledged to refine and optimise the con
Declaring amnesty schemes hinder the entire taxation system, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has revealed that not even the wealthiest top five per cent of the country are paying their taxes. Addressing the members of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Mr Langrial expressed optimism that the interest rate may be further reduced b
Leaders of the Shanghai Cooperation Organisation (SCO) on Wednesday reaffirmed their strong support for China’s Belt and Road Initiative (BRI), despite India blocking a consensus on the sweeping infrastructure project. However, all member states unified in the criticism of Western unilateral sanctions and protectionist trade practices. A joint communique issued at the end of the 23rd Counci