Business

GENEVA: World Trade Organisation experts ruled on Wednesday that tariffs imposed by China on billions’ worth of US imports in retaliation for Washington’s steel and aluminium tariffs violated international trade rules. A WTO panel set up to help resolve one of numerous disputes within the tit-for-tat trade war between the world’s two biggest economies found that China’s “additional duties measure …

ISLAMABAD: The Federal Board of Revenue (FBR) has revised the previous circular for enhancing clarity on the taxation of deemed income arising from the sale or purchase of immovable property. According to circular no. 03 of 2023, released on Wednesday, this amendment modifies the provisions outlined in circular no. 01 of 2023. It noted an exemption from deemed income taxation …

KARACHI: Profit-taking dominated trading on the Pakistan Stock Exchange (PSX) on Wednesday. Topline Securities said the shares market commenced the day on a positive note and hit an intraday high of 49 points. However, investors soon chose to book their gains in energy and fertiliser stocks. Consequently, the KSE-100 index erased its morning gains and slid into the negative territory …

KARACHI: Reacting to a major increase in petroleum prices by the interim government, business leaders on Wednesday warned that the decision will cause the closure of 50 per cent of industrial units and trigger mass unemployment. They said trade and industry, which are already struggling to survive the power tariff hikes of almost Rs10 per unit, cannot bear the increase of Rs17.50 …

Burger King has scrapped tomatoes from its wraps and burgers in many Indian outlets after prices more than quadrupled, the latest symptom of surging food inflation that is hitting consumers hard across the world’s most populous nation. “Even tomatoes need a vacation … we are unable to add tomatoes to our food,” read notices pasted at two Burger King India …

ISLAMABAD: The Power Division on Tuesday confessed at a public hearing that it was pleading imposition of Rs1.52 per unit surcharge on consumers of K-Electric for tariff increase approved by Shehbaz Sharif-led federal cabinet with a major blunder and needed rectification. Waseem Mukhtar, the newly appointed chairman of the National Electric Power Regulatory Authority (Nepra) who pushed for power tariff increases for …

KARACHI: The first working day of the interim government saw the dollar price jump by Rs3 to Rs291.51 in a single session in the interbank market on Tuesday. Currency dealers said the market felt more uncertainty with the new caretaker set-up which put pressure on the local currency. “Fear is high that the interim government, which is free of any …

ISLAMABAD: Ambassador of Belgium to Pakistan Charles DeLogne has said that implementation of GSP+ conventions especially related to labour and human rights and environmental protection would help Islamabad to further improve its trade with EU countries. During his visit to the Islamabad Chamber of Commerce and Industry (ICCI), Mr DeLogne said that Pakistan should ensure the implementation of the IMF agreement, …

ISLAMABAD: Large-Scale Manufacturing (LSM) shrank by 10.26 per cent year-on-year in FY23, showed data released by the Pakistan Bureau of Statistics on Tuesday. For the 10th consecutive month of the outgoing fiscal year, the production of big industry witnessed a significant contraction of 14.96pc in June. The primary reason behind this decline can be attributed to a slowdown in the …

KARACHI: Fast Cables Ltd, which manufactures electrical cables and conductors, is set to go public by selling one-quarter of its post-listing stake for at least Rs3 billion. The Lahore-based cable maker will issue 83.5 million shares or 25 per cent of its total post–initial public offering (IPO) shareholding at a floor price of Rs36 a share through book building. Institutional …