Business

KARACHI: Restaurants in the United States are known to lure customers in with food and then sell them liquor, which has a far higher profit margin than food. Daraz seems to be doing something similar these days: it’s letting its customers watch the ICC T20 World Cup free of cost on its app, which is otherwise an online shopping platform. …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Saturday released a list of more than 100 registered and unregistered companies involved in illegal deposit taking and offering investment opportunities to unsuspecting citizens. The regulator warned that non-registered business entities were falsely claiming registration with the SECP and the Federal Board of Revenue. The list is available on the …

KARACHI: In a major move, the State Bank of Pakistan (SBP) on Saturday increased the Cash Reserve Requirement (CRR) by one percentage point to 6pc for scheduled banks in order to contain monetary expansion. “In recent months, real money supply growth has drifted above its trend,” said the central bank in a circular, adding that the latest measure will moderate …

ISLAMABAD: Pakistan’s exports to nine regional countries posted a growth of 31.56 per cent while imports grew by nearly 43pc in the first quarter of current fiscal year (1QFY22) from a year ago, latest data released by the State Bank of Pakistan showed. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives account …

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Sunday said that uncertainty surrounding the International Monetary Fund’s (IMF) loan facility for Pakistan will be over soon, saying a “good news” was on the cards. Tarin had earlier this month announced that the government’s agreement with the IMF over the revival of the $6 billion Extended Fund Facility (EFF) …

KARACHI: The US dollar bounced back within a week to gain its lost position and set a new all-time high record price of Rs175.73 in the inter-bank market on Friday. The open market also witnessed a record dollar price at Rs178. Bankers dealing in the currency market said that the sentiment providing support to rupee on the promised $3 billion …

ISLAMABAD: Finance and Revenue Adviser Shaukat Tarin has launched the formulation of Inland Revenue Code (IRC) in a bid to harmonise all inland taxation laws and maximise facilitation of taxpayers as part of government initiative on simplification of tax laws. It is positively hoped that the IRC will be enforced from July 1, 2022. The proposed reforms are in line …

KARACHI: Stockbrokers have demanded that the chairperson of the Pakistan Stock Exchange (PSX) constitute an inquiry commission to look into the premature rollout of the new trading system by the exchange management that caused a “grave financial loss” to investors in the last week of October. In a letter to PSX Chairperson Dr Shamshad Akhtar, the Pakistan Stockbrokers Association said …

ISLAMABAD: The federal government on Friday reversed its earlier decision and asked the Pakistan Bureau of Statistics (PBS) to continue releasing weekly statistics on inflation, a senior official in the Planning Division told Dawn. In the wake of this decision, the PBS released its weekly data on essential food items on Friday which shows that inflation measured through sensitive price index …

KARACHI: The benchmark index of the Pakistan Stock Exchange took a beating on Friday on account of a falling rupee as well as the announcement of a lower-than-expected weight for Pakistan in the MSCI Fron­tier Market Large Cap Index. According to Topline Securities, Pakistan’s weight in the MSCI Frontier Market Index will be 1.25 per cent as opposed to the …