BEFORE discussing how banks became irrelevant to the economy, it is better to review their penchant for making profits and little or no contribution to economic progress. For the last three years, banks have been only a profit-making sector and contributed little to the country’s economic growth. There are several reasons for the dismal performance. A high interest rate of 22 per cent during th
The Chinese government urged local officials to provide more financial relief or step up one-time allowances to people in need ahead of major holidays over the next month, as China’s economic difficulties are set to extend into 2025. China’s economy has struggled to gather steam this year, mainly due to a protracted property crisis and weak domestic demand. Securing employment, particularly for
The commissioner of Karachi has reduced the prices of various varieties of flour but retailers, instead of implementing the new rates, are charging more from consumers. On December 26, the wholesale and retail prices of flour No2.5 were reduced from Rs90 and Rs94 to Rs85 and Rs89 per kg. The flour No2.5 is the one which is mostly used by tandoor operators. The price reduction was Rs5 per kg.
The National Assembly’s Standing Committee on Commerce has recommended a sectoral roadmap and measures to promote exports. The committee meeting, chaired by MNA Muhammad Jawed Hanif Khan, reviewed the implementation status of previous recommendations. The committee also evaluated the Trading Corporation of Pakistan’s (TCP) performance. Secretary Commerce Jawad Paul informed the committee
The Pakistan Business Forum (PBF) has opposed restricting public facilities to ineligible citizens for not filing tax returns, saying the proposed law appeared to be against fundamental rights enshrined in the constitution. In a statement, the PBF — a non-profit association of country-wide trade and industry — instead proposed that tax returns should be simplified to a one-pager as was the case