Business
March 29, 2024

Kaspersky reveals 30% rise in ransomware attacks

ISLAMABAD: The proliferation of targeted ransomware groups has surged, with these entities now notorious for attacking governments, specific high-profile organisations, or select groups within larger entities, said a press statement. Research conducted by Kaspersky experts reveals a 30% increase in the number of targeted ransomware groups globally from 2022 to 2023. According to the statement, […]

Business
March 29, 2024

Oil steadies after OPEC+ cut extension

LONDON: Oil prices were little changed on Monday, a day after the widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group. Brent futures were up19 cents to $83.74 a barrelat 1422 GMT after rising 2.4% last week. US West Texas Intermediate (WTI) rose 6 cents to […]

Business
March 29, 2024

Two Sessions fosters stronger Pak-China ties

PHOTO: REUTERS BEIJING: Pakistani experts have lauded the significance of the “Two Sessions” in fostering global economic stability in the context of jointly building the Belt and Road Initiative, particularly China-Pakistan Economic Corridor (CPEC) initiatives. They believe that the foreign policies and incentives for foreigners in China during these sessions are pivotal in enhancing economic […]

Business
March 29, 2024

Nisab fixed at Rs135,179, up 31% from last year

KARACHI: The Ministry of Poverty Alleviation and Social Safety has notified Rs135,179 as the Nisab of zakat – the minimum amount in bank accounts on which zakat will be deducted on the eve of first Ramazan, which will fall either on March 12 or 13, depending on the sighting of the moon. Banks will deduct […]

Business
March 28, 2024

Bankman-Fried sentenced to 25 years for FTX fraud

Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall. US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried’s […]

Business
March 28, 2024

DG Customs for streamlining processes

KARACHI: Director General (DG) Customs Valuation Karachi, Mirza Mubashir Baig, has said that Customs is addressing issues holistically, employing technology adoption as the primary tool to resolve grievances and complaints of the business community in a fair and transparent manner. He mentioned that the department aims to reduce the review time gradually from 30 days […]

Business
March 28, 2024

Gas utility increases LPG imports to stabilise prices

KARACHI: Pakistani households have been left at the mercy of liquefied petroleum gas (LPG) black marketers, who are demanding significantly higher prices in the range of Rs300-400 per kg from consumers, who need the fuel to run their kitchens. The consumers, especially in the hilly areas of Gilgit-Baltistan (G-B), are being forced to pay exorbitant […]

Business
March 28, 2024

Rs1.2tr sought for power subsidies

ISLAMABAD: Despite phenomenally increasing electricity prices, the Ministry of Energy has sought a colossal Rs1.23 trillion in power subsidies for the next fiscal year, an increase of 26% over the allocation this year. Funds are sought for mostly covering the difference between consumer prices and generation costs and for subsidies for Azad Jammu and Kashmir […]

Business
March 28, 2024

SIFC to push ahead with plan to develop chip industry

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has geared up to press ahead with the plan of developing a multibillion-dollar chip design and semiconductor industry in Pakistan. Sources told The Express Tribune that the government would be required to provide tax incentives and other facilitating programmes to foreign companies, especially Chinese and US investors, to […]

Business
March 28, 2024

Visa, Mastercard reach $30 billion settlement

NEW YORK: Visa and Mastercard reached an estimated $30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices. The antitrust settlement announced on Tuesday is one of the largest in US history, and if it receives court approval would resolve […]