Business

KARACHI: While the dollar rate continued to fall in both currency markets, the decline in the interbank market was attributed to the realisation of export proceeds on a larger scale by exporters. The State Bank of Pakistan reported the closing price of the dollar at Rs302.95 in the interbank market on Friday, compared to Rs304.94 the previous day, reflecting a …

ISLAMABAD: The National Elec­tric Power Regulatory Authority (Nepra) on Friday notified an additional fuel cost adjustment (FCA) of Rs1.46 per unit for consumers of ex-Wapda distribution companies (Dis­cos) with a net financial impact of Rs22 billion for electricity consumed in July. The “adjustment of Rs1.4630/kWh shall apply to all the consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline …

Soya Supreme, one of the largest cooking oil manufacturers in Pakistan, is planning an initial public offering, officials said on Friday, as the company looks to expand its business to the Middle East and North Africa. It would be the second IPO during a turbulent year for the Pakistan Stock Exchange (PSX) due to economic and political uncertainty ahead of …

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Thursday outlined the plan for tax reforms through digitisation and underscored the need to improve the tax collection for economic progress. The development came a day after the Federal Board of Revenue (FBR) assured the PM it would bring one million new taxpayers on the roll and 20,000 retailers to the Point-of-Sale (POS) system …

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has approached the caretaker prime minister with a request to set up an overseas investors task force in collaboration with his office to attract more private sector-led foreign investment. The demand by the representative body of 200-plus multinational companies operating in the country comes on the heels of the establishment …

KARACHI: Equities settled at a lower level at the end of Thursday’s trading session as share prices oscillated within a small range. Topline Securities said the market sentiment remained directionless on the back of the latest auction of treasury bills that witnessed massive increases of 162 basis points and 213 basis points in three- and 12-month cut-off yields, respectively. The …

The rupee continued its upward trajectory on Friday, rising against the US dollar in the interbank and open market. The rupee rose by Rs1.99 in the interbank market to close at Rs302.96 from the preceding close Rs304.94, according to the central bank. Meanwhile, the dollar also fell in the open market. According to the Forex Association of Pakistan, the dollar …

The upward trajectory of the rupee continued for a second day on Thursday as it extended its gains against the dollar in both the interbank and open market. The development comes a day after the central bank decided to introduce structural reforms in the exchange companies’ sector in order to provide “better services to the general public and bring transparency and competitiveness”. …

ISLAMABAD: Caretaker Prime Minister Anwarul Haq Kakar has directed relevant authorities to formulate an effective strategy to increase the share of industries in Pakistan’s gross national product (GNP) from the current 12 per cent to its full potential. The premier held a meeting to review the performance and targets of the Ministry of Commerce, Industries and Production. An official announcement …

ISLAMABAD: Paki­stan’s top tax machinery has set new ambitious targets for the current fiscal year to expand the taxpayer base and get more retailers integrated into the Point-of-Sale (POS) system of the Federal Board of Revenue (FBR). In FY23, the FBR claimed that 182,000 new taxpayers had joined the tax system. In a briefing to the Caretaker Prime Minister Anwaarul …