British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces. Impact and Scope The …

The Pakistan Stock Exchange (PSX) exhibited positive momentum on Friday, driven by an improved economic outlook and investor interest in the government’s ongoing discussions regarding the privatisation of state-owned enterprises (SOEs). The market also drew support from bullish global equity trends and the government’s commitment to reducing power tariffs. Market Performance and Trends Trading commenced with strong buying activity, and …

The federal government reduced its inflation forecast for August to a single digit on Friday, which could compel the central bank to consider a significant interest rate cut in the next monetary policy meeting. The Ministry of Finance’s monthly economic outlook projects inflation to range between 9.5% and 10.5% in August, with a further decline anticipated to 9% to 10% …

Shares at the Pakistan Stock Exchange (PSX) traded positively on Friday, with the KSE-100 benchmark index climbing over 400 points in intraday trading before closing in the green. The index increased by 138.55 points, or 0.18%, to settle at 78,488.21 points, up from the previous close of 78,349.66. Market Drivers and Performance The initial surge in the market was attributed …

Pakistan has relaxed its bidding rules to directly award a $2 billion contract to China for constructing a critical section of the Karakoram Highway, enhancing its strategic road connectivity with China. At the same time, the government approved a Rs78 billion incentive package for banks and exchange companies to boost foreign remittances. Direct Award of Road Contract to China The …

Karachi Wholesale Grocers Announce Market Closure in Tax Protest The Karachi Wholesale Grocers Association has announced a complete shutdown of Pakistan’s largest wholesale market on Saturday, August 31, to protest the government’s withholding tax policies. This decision followed an emergency meeting at Jodia Bazaar, where traders, importers, and exporters expressed their dissatisfaction with the tax measures. Consequently, the association’s move …

French authorities have formally placed Telegram CEO Pavel Durov under investigation, suspecting his involvement in criminal activities carried out on the messaging platform. The investigation, initiated by a French judge, includes allegations of complicity in facilitating illicit transactions, dissemination of child sexual abuse materials, drug trafficking, money laundering, and failure to cooperate with judicial authorities. The investigation has sparked widespread …

Antarctic Conference Highlights Alarming Climate Changes and Global Implications Nearly 1,500 academics, researchers, and scientists specializing in Antarctic studies gathered in southern Chile this week for the 11th Scientific Committee on Antarctic Research conference. The event served as a platform to share the latest research findings from the vast white continent, with discussions covering a wide range of scientific fields—from …

In a recent meeting of the Senate Standing Committee on Finance, it was revealed that Pakistani citizens have forgotten about Rs97 billion lying dormant in their bank accounts. This significant sum is spread across 10.4 million temporarily closed accounts in various banks throughout the country. Dormant Accounts and Forgotten Funds The meeting, chaired by Senator Saleem Mandviwala, highlighted that these …

FBR’s Tax Registration Drive: Progress and Challenges The Federal Board of Revenue (FBR) has been conducting a tax registration drive for nearly five months across 42 cities, successfully bringing thousands of traders onto the tax roll. However, under the Tajir Dost Scheme (TDS), the average income tax collected from an individual trader remains low at just Rs2,432 per month. Tax …