ISLAMABAD: Pakistan has granted a Rs50 billion annual income tax exemption to two government departments, violating the International Monetary Fund (IMF) programme and its own tax law. This decision faced resistance from tax authorities despite being approved through two Acts of Parliament. Official documents show that the Pakistan Civil Aviation Authority (PCCA) and Pakistan Airports […]
HONG KONG: China’s Alibaba Cloud on Thursday said it will slash prices of some of its products by as much as 55%, its most severe price cut to date, amid intensifying competition to attract heavy users, particularly artificial intelligence (AI) software developers. This would be the second time the cloud arm of Chinese e-commerce leader […]
KARACHI: The stabilising Pakistani currency on Friday slightly depreciated to Rs279.19 against the US dollar in the inter-bank market, coming down from over four-month high in the wake of a decline in the central bank’s foreign currency reserves below $8 billion. According to State Bank of Pakistan’s (SBP) data, the rupee ticked down 0.02%, or […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
