Business

The rupee continued to lose ground against the US dollar on Monday, in the 12th consecutive session when the greenback continued to climb and gained 80 paisa in interbank trade. According to the Forex Association of Pakistan (FAP), the dollar was trading at Rs201.05 around 11.30 am after appreciating 80 paisa against Friday’s close of Rs200.25. Data released by State …

PARIS: Novak Djokovic and Rafael Nadal, with 41 Grand Slam titles between them, will attempt to derail the growing hype surrounding teenage sensation Carlos Alcaraz at the French Open from Sunday. All three have been placed in the top-half of the draw, meaning only one will make the final. Defending champion Djokovic is seeded to face 13-time winner Nadal in …

KARACHI: Exports of meat and meat preparations have continued to thrive despite the presence of Lumpy Skin Disease (LSD) which has now moved to Punjab after affecting Sindh cattle farms. Meat exports in April soared to 7,716 tonnes fetching $35 million from 6,386 tonnes valuing $29m in March which was considered as a peak period of LSD. In February, exports …

ISLAMABAD: For improving the affordability of mobile services and encourage the adoption of communication services, especially for lower income segments in Pakistan, the Global Mobile Industry Association (GSMA) has proposed the gradual abolishment of Advance Income Tax (AIT) on telecom services. In a letter addressed to the finance minister, the Federal Board of Revenue (FBR) and the Minister for IT …

LAHORE: The fourth Istanbul-bound freight train, which departed during the third week of March from Pakistan, has finally reached Turkey, a Pakistan Railways (PR) official said on Saturday. The train — which may take another three to four days to reach its final destination, i.e. Istanbul — was stuck at Taftan after the freight forwarder in Turkey allegedly refused to …

WASHINGTON: Former prime minister Imran Khan once again praised India on Saturday for buying discounted oil from Russia despite being a key member of a US-led alliance called the Quad. “Despite being part of the Quad, India sustained pressure from the US and bought discounted Russian oil to provide relief to the masses,” Mr Khan wrote in a tweet. “This …

ISLAMABAD: The National Assembly on Friday passed the Fiscal Responsibility and Debt Limitation (FRDL) (Amendment) Bill, 2022, with a majority vote after reaching an understanding with a small group of opposition members. The bill, which was not in the original agenda, was presented for its passage by Minister of State for Finance Aisha Ghaus Pasha through a supplementary agenda amid …

KARACHI: In a move to encourage power generation through alternative energy sources, Prime Minister Shehbaz Sharif on Friday announced removal of 17 per cent general sales tax on solar panels imposed by the previous PTI government, claiming that it is only way forward to reduce the country’s oil import bill that stood at $20 billion amid the fast rising prices …

KARACHI: Another range-bound session took place on the Pakistan Stock Exchange on Friday owing to cautious trading by investors who longed for political clarity, according to JS Global. The index stayed mostly in the positive zone — something that Topline Securities attributed to the national emergency economic plan under which the government has banned the import of non-essential luxury items …

The US dollar, which had closed at a historic high of Rs200 on Thursday, extended its gains against the rupee for the 11th consecutive session today (Friday) as it gained 25 paisa by close. According to the Forex Association of Pakistan (FAP), the greenback closed at Rs200.25, another record. Data released by State Bank of Pakistan (SBP) showed the dollar …