The bullish momentum continued on the national bourse on Tuesday with the benchmark index of representative shares rising amid positive triggers on the economic front. Topline Securities said the upward trend in equities could be attributed to the acknowledgment by the International Monetary Fund’s (IMF) representative with regard to the continuation of engagement with Pakistan for the ninth r
Minister of State for Petroleum Musadik Malik said on Tuesday that the import of cheap oil from Russia would not result in an immediate decrease in fuel prices, but a gradual decline would be seen once the oil supply from Moscow becomes continuous. In a pre-recorded video message played at the Pakistan Energy Conference 2023, the minister said: “Importing oil from Russia is not a [mere] promise
The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to reduce tax rates and address barriers which impede smooth business operations. In its budget proposals for 2023-24, the association on Tuesday recommended reducing the withholding tax rate to 1pc and allowing the tax withheld as input tax to registered taxpayers upon providing the necessary identification of
Hong Kong has decided to let retail investors trade cryptocurrency under its new regulatory regime because “virtual assets are going to stay”, the city’s minister overseeing financial services said on Tuesday. Cryptocurrencies have been banned in mainland China since 2021, but the former British colony, which has a separate financial system and regulators, has announced plans to become a major
Bank lending to the private sector has shrunk to just Rs28 billion this fiscal year after plummeting 98 per cent compared to last year, central bank data showed on Tuesday. The State Bank reported that from July 1 to May 19, the private sector borrowed a record low Rs27.9bn from banks compared to Rs1.414 trillion a year ago. The economy has been facing a constant problem of a record-high int