Business

ISLAMABAD: In response to tax default notices, the Pakistan Sugar Mills Association (PSMA) has urged the Federal Board of Revenue (FBR) to include its relevant officials in the investigation, alleging that they might have submitted incorrect information. Recently, the FBR has issued notices to 81 out of 89 sugar mills for paying less than the considered income tax on sugar …

HYDERABAD: The perennial price uncertainty associated with the perishable tomato crop is affecting both growers and consumers alike. Tomato consumers are forced to pay high prices due to demand and supply imbalances, while farmers suffer when imports are allowed to stabilise market prices. Cultivation of the tomato crop is now difficult for farmers like Suraya Lashari, owner of a small …

NEW YORK: Goldman Sachs Group Inc liquidated $10.5 billion worth of stocks in block trades as part of a selling spree that erased $35bn from the values of stocks of major companies, Bloomberg News reported on Saturday. The bank sold $6.6bn worth of shares of Baidu Inc, Tencent Music Entertainment Group and Vipshop Holdings Ltd, before the US market opened on Friday, …

LAHORE: The State Bank of Pakistan (SBP) will discontinue quasi-fiscal operations or monetary actions it undertakes on behalf of the government but keep refinancing facilities it uses to support access (of various sectors of the economy) to subsidised credit, even after the passage from the parliament of amendments to the existing SBP Act of 1956. “A central bank should have …

KARACHI: The stock market showcased range-bound behaviour during the outgoing week. Although the KSE-100 index managed to leap forward in three of the five trading sessions, investors’ hesitation to keep shares over the week-end resulted in heavy profit-booking in the last session. Overall, the index gained 620 points, or 1.4 per cent, over the week to settle at 45,522 points. …

KARACHI: The three-day gaining streak at the stock market snapped on Friday — the last trading day of the rollover week — when the KSE-100 index made an initial false start to extend the earlier day’s gains by 31 points. However, the index soon succumbed to selling pressure. Cements, steel, fertilisers and banking stocks came under pressure. The index hit …

ISLAMABAD: Extending the deadline for the submission of taxpayers’ profiles to June 30, the Federal Board of Revenue (FBR) on Friday warned non-compliant taxpayers that their names will be removed from the Active Taxpayers List (ATL) and linked re-inclusion with the payment of a surcharge. Under Section 114 A of the Income Tax Ordinance 2001, the deadline for online submission …

ISLAMABAD: Weekly inflation for the combined group in the period ended on March 25 slightly increased by 0.61 per cent on the back of uptick in prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) on Friday showed. The week-on-week increase in inflation was noticed after a drop for the past second consecutive week. Since …

ISLAMABAD: The World Bank on Friday signed agreements with Pakistan to provide $1.336 billion worth of assistance which would boost the country’s foreign exchange reserves and help support social sectors. A total of six project agreements worth $1.336bn, including $128 million grant, were signed to support the government’s initiatives in social protection, disaster and climate risk management, improving infrastructure for …

KARACHI: The US dollar lost 42 paisas against the rupee on Friday in the inter-bank market as currency experts believe that the downward trend would continue and the greenback would soon reach the pre-Covid level. The dollar was traded at around Rs154.50 during the day but closed at Rs154.59 compared to Rs155.01 a day before. The greenback has depreciated 7.5 …