Browsing: Business

The Federal Board of Revenue (FBR) surpassed its November 2023 tax collection target with Rs. 736 billion, demonstrating a 38 percent growth. Over the first five months, FBR collected Rs. 3,484 billion, exceeding the set target despite a 54 percent rise in refunds and issuing three million tax notices to non-filers for improved compliance.

Tetra Pak Pakistan collaborates with WWF for the sixth year to educate 10,000 students across 50 schools on sustainability through engaging activities and recycling initiatives, fostering environmental responsibility from a young age.

The Pakistani rupee showed resilience by gaining 13 paisas against the US Dollar for the second consecutive day, closing at 285.39. Amid broader depreciation trends since January 2023, discussions with the IMF are in progress to formulate a new bailout program, recognizing Pakistan’s current economic challenges.

Pakistan’s interim government is set to slash petrol and diesel prices by up to Rs20 per litre in early December, responding to the recent decline in global oil prices. This move aims to alleviate inflationary pressures on the public, offering relief amidst economic challenges.

Nestlé Pakistan was honored at the SDPI Sustainability Awards for empowering rural women and implementing Smart Soil Moisture Sensors, demonstrating a commitment to gender equity and sustainable agriculture. These initiatives align with Nestlé’s broader goal of environmental responsibility and sustainability.

Costa Coffee, in collaboration with Gerry’s Group, unveils its third store in Islamabad, Pakistan, promising a rich coffee experience and inviting ambiance for the diverse community. The grand opening event, attended by notable figures, emphasizes the brand’s commitment to elevating coffee culture in the heart of the capital.

Honda has unveiled its electric scooter ‘BENLEY e’ in Pakistan, focusing on test marketing for organizational fleets before a potential public release in about a year, with an anticipated price of Rs. 900,000. The move signals Honda’s entry into the country’s evolving electric vehicle market.

The Pakistan Stock Exchange surged by over 470 points, breaking the 61,000-point barrier, fueled by positive factors like a successful IMF review and expectations of a rate cut, while the Pakistani currency faces pressure from import payments.

Pakistan awaits potential relief at the pump as OGRA considers a significant reduction in petrol and diesel prices, driven by the global dip in oil prices. The anticipated announcement on December 1st could bring economic respite for consumers amid international market fluctuations.

The Pakistan Stock Exchange soared to a new pinnacle, surpassing 60,000 points with a 1.37% surge in the KSE-100 index, marking a remarkable 50% gain in 2023. CEO Mohammed Sohail attributed the rapid rise to the market’s low valuation, stating that such a recovery was expected with a PE of 3-4.