State Bank of Pakistan (SBP) Governor Jameel Ahmad cautioned on Wednesday that budgetary measures are expected to increase inflation but assured that the external sector will remain manageable in the current fiscal year, thanks to debt rollovers from friendly countries. Mr Ahmad testified before the National Assembly Standing Committee on Finance and Revenue, chaired by MNA Naveed Qamar, and pr
In an attempt to quash speculations, Prime Minister Shehbaz Sharif appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR) on Wednesday. He faces the daunting task of carrying out end-to-end digitisation of the tax process. The coveted office of FBR chief fell vacant last month after Zubair Tiwana requ
Pakistani shares on Tuesday staged a partial recovery of staggering overnight losses as global equities bounced back a day after world markets rattled on fears of a US recession. Ahsan Mehanti of Arif Habib Corporation said stocks closed higher, led by second and third scrips, amid a recovery in global equities and strong corporate earnings. He added that the discovery by the Pakistan Oilfie
The numbers flashing on trading screens on Aug 5 were shocking even to market veterans. In Tokyo, the Nikkei 225 was down 12 per cent. In Seoul, the Kospi index sank 9pc. When the opening bell rang in New York, the Nasdaq plunged 6pc in seconds. Cryptocurrencies sank; the VIX, a gauge of stock market volatility, skyrocketed; and investors piled into Treasury bonds, the safest asset of them a
French oil major TotalEnergies has agreed to sell its 50 per cent stake in oil marketing company Total Parco Pakistan Limited (TPPL) to global commodities trader Gunvor Group, TotalEnergies said in a statement on Tuesday. A joint venture between Total Energies and Pak-Arab Refinery Limited in Pakistan, TTPL has a retail network of more than 800 service stations and is involved in fuel logistics