ECC Overrules Minister on Engro Vopak Terminal Lease Extension
Pakistan's ECC overruled Investment Minister Qaiser Sheikh's objections and granted a 30-year lease extension to Engro Vopak Terminal, citing legal cover under SIFC law.
Category : Banking Sector
Punjab Budget 2026-27: No New Taxes but Higher Rates on Vehicles, Water, Agriculture
Punjab's budget for FY 2026-27 introduces no new taxes but raises rates on token tax, water tax, and agriculture income tax, with significant hikes for commercial vehicles and changes to sales tax on services.
Pakistan Sees Economic Upside After Iran War End
Finance Minister Aurangzeb says Pakistan's economic projections for FY27 could improve after the Iran war ends, but it's too early to revise the budget. Energy supply chains need time to recover.
SBP Holds Policy Rate at 11.5% Amid Economic Uncertainty
The State Bank of Pakistan keeps the policy rate unchanged at 11.5%, citing caution amid global and local economic challenges, though rates have dropped 1,150 bps since June 2024.
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Yum Brands Sells Pizza Hut for $2.7 Billion Amidst Challenges
Yum Brands sells Pizza Hut for $2.7 billion to Yum China and LongRange Capital, as the chain struggles with competition and declining sales.
Pakistan Economy Out of ICU, Can Achieve 6-7% Growth
Defence Minister Khawaja Asif says Pakistan's economy is recovering, with potential 6-7% growth. He highlights diplomatic success with US-Iran, stresses need for tax base expansion, and addresses Balochistan security.
Sindh Approves Scholarships for Over 8,500 Students Under SEEF
Sindh government approves SEEF scholarships for 2,662 new and 5,853 renewal students for 2024-25, with a total fund of Rs. 12.617 billion.
Pakistan to Use Provincial Funds as Defense Spending Rises
Pakistan plans to tap provincial funds for defense over three years, with defense spending rising 18% to $10.8 billion in the new budget amid regional tensions.
Cyberattack Hits Four Iranian Banks, No Data Stolen
A cyberattack disrupted services at four major Iranian banks, but no customer data was compromised, the banking coordination council said, according to state media.
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Pakistan Ends Tax on Sanitary Products, Contraceptives
Pakistan's government removes sales tax on women's hygiene products and contraceptives, reducing from 18% to 0%, hailed as a relief measure for millions.
Pakistan Offloads Passenger Over Fake Documents to Saudi Arabia
Pakistan's FIA offloaded a passenger at Karachi airport for attempting to travel to Saudi Arabia with forged documents, including a fake driving license and visa.
Islamic Banking in Pakistan: Beyond Symbolism to Economic Justice
Islamic banking in Pakistan has grown to Rs14.5 trillion, but its focus on government debt over private enterprise raises questions about fulfilling Islamic economic goals of justice and shared prosperity.
SCCI Urges SBP to Cut Policy Rate to Single Digit
Sarhad Chamber of Commerce criticizes SBP's decision to keep policy rate unchanged, urging single-digit rates to revive industries and boost economy.
Lahore Police Arrest Suspect for Mobile Phone Thefts
Lahore Police arrested Sufyan for stealing mobile phones from metro stations and hospitals. Six phones recovered; investigation ongoing for accomplices.
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PSX KSE-100 Index Surges 2.69% to 177,039 Points
The Pakistan Stock Exchange benchmark KSE-100 index gained 4,639 points on Monday, closing at 177,039.83, with market capitalization rising to Rs19.733 trillion.
NTC and PSW Sign Agreement for Automation and Digitization
The National Tariff Commission and Pakistan Single Window signed an agreement to automate and digitize NTC processes, aiming to enhance trade efficiency and align with global best practices.
SBP keeps policy rate unchanged at 11.5% amid inflation
The State Bank of Pakistan's Monetary Policy Committee maintained the policy rate at 11.5%, citing elevated inflation from Middle East conflict and moderate economic activity.
Karachi BRT Scandal: FIR Against Bureaucrats a Rare Step
A case against two bureaucrats for advance payment of Rs8.5 billion to Yellow Line BRT contractors marks a rare accountability move, but systemic change remains elusive for Karachi's crumbling infrastructure.
Oil Prices Drop, Markets Surge on US-Iran Hormuz Deal
Oil prices fell sharply while global stocks surged after the US and Iran agreed to reopen the Strait of Hormuz, easing geopolitical tensions and inflation fears.
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Govt Refuses to Share Rs360 Billion Tax Relief Cost with Panel
The government refused to disclose the cost of the tax relief package to the National Assembly Standing Committee on Finance, but the committee chairperson estimated it at around Rs360 billion.
Spain gets nearly 1M migrant applications under legalization plan
Spain's government received about 900,000 applications from undocumented migrants seeking legal status, far exceeding the initial estimate of 500,000, as the program aims to integrate them into the labor market.
SBP Holds Policy Rate at 11.5% as Inflation Persists
The State Bank of Pakistan maintained its benchmark policy rate at 11.5%, citing persistent inflation, US-Iran war uncertainty, and a stable macroeconomic outlook.
Business Bodies Slam SBP for Keeping Policy Rate at 11.5%
FPCCI, KCCI, and KATI criticize the State Bank's decision to keep the policy rate unchanged at 11.5%, urging a single-digit rate to boost economic growth and exports.
Pakistan's Policies Cost More Than US-China Trade War
A new study by Lahore School of Economics reveals that Pakistan's domestic policy uncertainty, especially from the Finance Act 2024, costs hundreds of millions in export losses monthly, dwarfing the impact of the US-China trade war.
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Chinese Investors Reaffirm Commitment to Pakistan Markets
Chinese investors, led by CFFEX, reaffirm long-term commitment to Pakistan's capital markets after SECP resolves key regulatory matters, paving way for increased investment and deeper cooperation.
Service Long March Tyres Listed at PSX, 11th IPO This Year
Service Long March Tyres Limited listed at PSX, marking the 11th IPO of the fiscal year, the highest in nearly two decades. Finance Minister Aurangzeb highlights investor confidence.
PSX Soars 4,640 Points on Budget Reforms, US-Iran Peace Hopes
Pakistan Stock Exchange surged 2.69% on Monday, gaining 4,640 points, driven by government budget reforms and reports of a US-Iran peace agreement, with broad-based buying across key sectors.
Pakistan Reviews Bilateral Economic Cooperation with Key Partners
Deputy PM Ishaq Dar chaired an inter-ministerial meeting to review progress on Pakistan's bilateral economic cooperation with key partner countries, emphasizing trade and investment ties.
Govt Refuses to Disclose Budget Tax Relief Cost to NA Panel
The government refused to share the Rs360 billion tax relief cost with the NA standing committee, citing IMF discussions, despite the chairman confirming the figure.
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Pakistan to Phase Out Super Tax Gradually, Finance Minister Says
Finance Minister Muhammad Aurangzeb reiterates commitment to abolishing super tax gradually while maintaining fiscal discipline. Senate committee discusses raising exemption threshold.
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