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
Pakistan has secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for the government as it awaits final approval of a new $7 billion loan programme with the International Monetary Fund (IMF), Bloomberg reported on Tuesday. Pakistan has a peculiar financial arrangement with these three countries in the shape of commercial loans and SAFE