A massive money laundering scandal has been unearthed in the import of solar panels that has shown over-invoicing of Rs69.5 billion between 2017 and 2022. Officials of the Federal Board of Revenue (FBR) disclosed this while giving a briefing to the sub-committee of the Senate Standing Committee on Finance in a meeting held under the chairmanship of Senator Mohsin Aziz. The solar panels were
As Punjab's anti-encroachment operation is ongoing in full swing, the mounting toll of demolished livelihoods is now compounded by a visible slump in economic activity across once-thriving markets, raising urgent questions about the balance between urban order and economic survival. Initiated under Punjab Chief Minister Maryam Nawaz Sharif's directives, the drive has cleared sidewalks, roads an
Pakistan's foreign exchange reserves declined by $252 million, bringing the State Bank of Pakistan's (SBP) total holdings to $11.17 billion due to external debt repayments. As of February 7, 2025, Pakistan's total liquid foreign reserves stood at $15.86 billion, with the SBP holding $11.17 billion and commercial banks' reserves at $4.70 billion. "During the week ended on 07-Feb-2025, SBP res
The government is facing a host of challenges in the way of operationalising Gwadar Port despite offering a lucrative deal to the Chinese port operator. In a report submitted to the prime minister, several challenges have been identified like the reluctance of international insurance companies due to security challenges, higher port costs and the lack of road and rail infrastructure. Despite
Amid a dearth of positive triggers, the stock market repeated overnight performance, pulling the benchmark KSE 100 index further down on Thursday. Topline Securities Ltd said the local bourse saw a range-bound session, with the benchmark index swinging between an intraday high of 553 points and a low of 385 points. It eventually closed at 112,564 points, marking a decline of 361 points or