News

CAP calls for urgent retail tax reforms

The Chainstore Association of Pakistan (CAP) has called for urgent reforms in the taxation of the retail sector to stimulate economic growth and ensure sustainable tax compliance. Chairman CAP Tariq Mehboob Rana and Senior Vice-Chairman Asfand Yar Faruukh highlighted that CAP represents over 200 tax-compliant Tier-1 retailers integrated with the FBR-POS (Federal Board of Revenue-Point of Sale) sys

Rupee slips amid dollar supply downturn

The Pakistani currency dipped by Rs0.03, closing at Rs278.36 against the US dollar in the inter-bank market due to a decrease in the supply of foreign currency in the domestic economy. Overall, the currency remained stable, fluctuating in the range of Rs278-278.50/$ for several weeks. The recent nominal depreciation occurred after Tresmark, the treasury firm, reported that exporters had slow

Industrialists demand action to halt closures

Karachi have urgently called on the government to develop a sustainable and pragmatic policy to halt the immediate closures of factories across all seven industrial zones of the port city. They are striving to stem the rising tide of Small and Medium Enterprises (SMEs) and other units already struggling, which are being forced to shut down due to increasing energy tariffs. This situation has led t

Aramco’s steady strategic play

Saudi Aramco, the world’s most integrated oil company, has made its first foray into Pakistan’s retail fuel market by acquiring a 40 per cent stake in Gas & Oil Pakistan (GO). The acquired company, GO, is a diversified downstream fuels, lubricants, and convenience store operator with a network of more than 1,100 retail outlets in Pakistan. It provides petrol, diesel, and lubricants through stor

Oil prices slump as OPEC+ mulls output cut

Oil prices slid on Monday as the Opec+ group of major crude producers signalled they would start to unwind output cuts later this year, with softer than expected US manufacturing compounding fears of weakening global oil demand. The concerns pulled stock indices back from earlier highs, seen on the back of hopes that easing inflation could allow the Federal Reserve to cut interest rates later t