Business

KARACHI: Earnings of commercial banks are expected to drop by 4-11 per cent for 2022 if the government imposes a new tax on their foreign exchange income. Finance Minister Ishaq Dar said in a recent press conference that the government was planning to ramp up its tax revenues by levying an additional tax on banks, which have made “excessive gains” …

KARACHI: State Bank of Pakistan’s (SBP) foreign exchange reserves hit an eight-year low at $5.576 billion during the week ended on Dec 30, 2022. Despite fast dwindling SBP reserves, Finance Minis­ter Ishaq Dar is still hopeful about reverting the situation with expected financial help promised by the friendly countries, but nothing has been realised so far. During the week the …

Oil prices rose as much as $1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year-end. Brent crude futures were 94 cents, or 1.2 per cent, higher at $79.63 a barrel at 0345 GMT, after …

KARACHI: With rising prices of wheat flour and chicken already hitting most household budgets, two more staples — ghee and cooking oil — are also going to be short in supply as well as costlier ahead of the holy month of Ramazan if corrective measures are not taken immediately, it emerged on Thursday. Producers are fast running out of palm …

https://youtu.be/uxMIvAOdd4o Amir Makhai mother in law & Nazleen Makhani mother Noor Bano passed away in Dallas. Dallas:, president of South Asia Democracy Watch, and former president of the Muslim Democratic Caucus of Texas, well-known entrepreneur Amir Makhani mother in law and & mother of Nazleen Makhani, CEO of an insurance business, Mrs Noor Bano died at a local hospital in …

Amazon announced on Wednesday it will cut more than 18,000 jobs from its workforce, citing “the uncertain economy” and the fact that the online retail giant had “hired rapidly” during the pandemic. “Between the reductions we made in November and the ones we’re sharing today, we plan to eliminate just over 18,000 roles,” said CEO Andy Jassy in a statement …

ISLAMABAD: The Heal­thcare Devices Association (HDA) has warned the relevant authorities of disruption of medical and surgical treatment facilities across the country after the recent restriction making registration with the Drug Regula­tory Authority of Pakistan (Drap) mandatory for the import of medical and surgical equipment. “Drap has not been able to make decisions on most of the registration applicati­ons submitted …

ISLAMABAD: Saudi Arabia and China were set to beef up Pakistan’s foreign exchange reserves much before the close of this month, Finance Minister Ishaq Dar said on Wednesday and announced that the government would be shortly imposing flood levy on the affluent and a significant gain tax on banks’ foreign exchange earnings to ramp up revenue. “Our foreign exchange reserves by end-June …

Oil rebounded on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a US fuel pipeline providing support, though economic concerns capped gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the …

Pakistan’s biggest agricultural machinery manufacturer, Millat Tractors Limited, said on Thursday that it would remain closed from January 6 (tomorrow) till further notice, citing reduced demand and cash flow problems. In a regulatory filing, it stated, “Due to continuing reduced demand for tractors and cash flow constraints, the company will remain closed from Friday January 6, 2023 till further notice.” …