Business

MOSCOW: Russian President Vladimir Putin is discussing the idea of pegging the rouble to gold and other goods, the Kremlin said on Friday, a move that if approved would directly link Russia’s currency to bullion for the first time in more than a century. Meanwhile, Russia’s finance ministry said on Friday it had completed payments on two dollar-denominated bonds amid …

ISLAMABAD: As religious segments welcomed the decision of the Federal Shariat Court (FSC) to implement an interest (Riba)-free banking system by December 2027, business and trade stakeholders on Thursday appeared cautious in their optimism. Taking to Twitter, Finance Minister Miftah Ismail tweeted: “We welcome the Federal Shariat Court (FSC) decision in the Riba case. The government and SBP will carefully …

KARACHI: Pakistan State Oil Company Ltd reported its unconsolidated profit for the Jan-March quarter amounted to Rs32.6 billion, up 274 per cent from a year ago, a stock notice showed on Thursday. The result came in higher than the industry’s expectations, according to AKD Securities, as a major deviation occurred due to more-than-expected inventory gains of Rs29bn. Another major difference …

KARACHI: The Pakis­tan Stock Excha­nge (PSX) asked the government on Thursday to align the rates of capital gains tax (CGT) on the disposal of shares with those on the sale of immovable property. In its proposals for the 2022-23 budget, the only stock exchange of the country asked the finance ministry as well as the corporate regulator and the Federal …

Prime Minister Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (Ogra) summary for increasing the prices of petroleum products, Information Minister Marriyum Aurangzeb shared on Thursday. “[We] cannot punish the people for the previous government’s worst incompetence, incapability and blatant mistakes,” Aurangzeb said in the statement. The Imran Khan-led government had agreed to the strict conditions of the …

SAN FRANSISCO: The fate of Twitter’s top attorney, considered the moral champion of the platform, was put in doubt on Wednesday after billionaire Elon Musk tweeted displeasure with the content moderation regime she had implemented. Musk, the world’s richest man, has vowed to be a free speech absolutist when he takes control of the global micro-blogging platform as part of …

KARACHI: Trading on the Pakistan Stock Exchange remained range-bound on Wednesday with the KSE-100 index staying volatile throughout the session amid expectations about an interest rate hike in the upcoming monetary policy announcement. According to Arif Habib Ltd, a rally in the refinery sector was also witnessed following the rumours about the approval of the refinery policy. The last trading …

WASHINGTON: Minister of State for Finance Aisha Ghaus Pasha said on Wednesday that Pakistan and the International Monetary Fund (IMF) have started their technical level talks for an enhanced financial package from the fund. In Dubai, a senior IMF officials told journalists that the fund has urged Pakistan to bring its current account deficit under control as the country’s new government seeks …

KARACHI: A massive increase in car imports has opened a debate in the auto market whether the arrival of used cars is again on the rise or it is due to the import of 12,000 units of a Chinese SUV by a new entrant. As per the figures of the Pakistan Bureau of Statistics (PBS), the import of cars in …

ISLAMABAD: While criticising the power companies for rampant power cuts, the National Electric Power Regulatory Authority (Nepra) on Thursday finalised Rs2.86 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) and Rs4.83 per unit for K-Electric with a cumulative financial impact of about Rs44 billion for electricity sold in March. The additional FCAs for both Discos and …