Prime Minister Shehbaz Sharif has approved a major tariff reform, capping customs duty at a maximum of 15% and phasing out additional and regulatory duties over the next four to five years. The announcement was made following a high-level meeting on the National Tariff Policy held on Friday. The reform aims to make imports more […]
Business
Medicine sales cross Rs1 trillion in Pakistan, but people still struggle to afford treatment
Pakistan’s retail pharmaceutical market has crossed Rs1.049 trillion in sales by March 2025. This marks a 20.6% increase in rupee terms and over 23% in dollar terms. However, this growth came mainly from rising medicine prices. According to global data firm IQVIA, the actual number of medicines sold only increased by 3.6% over the year. […]
Aramco posts over 97 billion riyals profit in first quarter of 2025
RIYADH – Saudi oil giant Aramco reported a net profit of 97.54 billion Saudi Riyals in the first quarter of 2025, according to data released by the company on Sunday. The company’s Q1 2025 profit shows a 4.6% decrease compared to the same period last year. However, it marks a 16% increase when compared to […]
Buffett backs Japanese trading firms, plans long-term hold
Warren Buffett has strongly supported Berkshire Hathaway’s investment in five major Japanese trading houses. The total investment reached $23.5 billion by the end of 2024. Buffett said Berkshire has no plans to sell the shares, even over the next 50 years. He praised the companies for treating Berkshire well and said their main role now […]
New ordinance aims to boost tax collection and curb evasion
The government has issued the Tax Laws (Amendment) Ordinance 2025 to improve tax recovery and stop revenue losses. It comes after a sharp drop in revenue targets. The ordinance changes key sections of the Income Tax Ordinance 2001 and the Federal Excise Act 2005. It allows Inland Revenue Officers to monitor production, supply, and inventory […]
Cement exports rise 29% as local demand stays low in Pakistan
Pakistan’s cement exports grew by nearly 29% to 7.4 million tons in the first ten months of the fiscal year. However, total cement dispatches stayed almost unchanged due to weak domestic demand. According to the All Pakistan Cement Manufacturers Association (APCMA), overall dispatches reached 37.336 million tons, slightly down by 0.32% from last year. Domestic […]
TikTok fined €530 million by EU for data privacy violations
TikTok has been hit with a €530 million ($600 million) fine by the EU’s Data Protection Commissioner (DPC). The penalty comes after the platform failed to meet EU standards in protecting user data. The DPC found that TikTok allowed personal data to be accessed by staff in China, which raised concerns about potential access by […]
Pakistan’s foreign reserves rise slightly to $15.25 billion: SBP
The State Bank of Pakistan (SBP) reported a $9 million increase in foreign exchange reserves, reaching $10.21 billion as of April 25. This small gain comes after a sharp drop of $367 million the previous week. Pakistan’s total liquid foreign reserves now stand at $15.25 billion. Of this, commercial banks hold $5.04 billion, while the […]
Dollar steady as markets await key U.S. jobs and economic data
The U.S. dollar held firm on Monday as traders paused ahead of crucial economic data due this week. At 143.57 yen and $1.1360 per euro, the greenback has found temporary support despite a tough month. So far in April, the dollar has fallen over 4% against both the euro and yen, shaken by trade tensions […]
IBM to invest $150 billion in U.S. to boost quantum computing
IBM has announced a $150 billion investment in the United States over the next five years, focusing heavily on quantum technology. The company aims to expand local manufacturing of quantum computers and mainframes to support critical applications. Over $30 billion of the investment will go toward quantum and mainframe production facilities. This move aligns with […]