Amidst alarm over the hiring of a US-based company for digitalisation of tax system in the country, Finance Minister Muhammad Aurangzeb on Monday told the National Assembly that McKinsey and company was selected after a “transparent competitive” process. MQM-P lawmaker Syed Hafezuddin while speaking on a calling attention notice had pointed out that the New York-based company had subsidiaries f
The falling interest rate has further raised auto financing to Rs249 billion at the end of February from Rs241.6bn in January. Buyers are turning towards leasing by the banks for new and used vehicles after a steep drop in interest rate to 12 per cent from 22pc in the last eight months. Auto financing started improving in August 2024, when it was Rs227.3bn. In June 2022, auto financing was at i
The two state-owned entities — Oil and Gas Development Company Ltd (OGDCL) and Mari Energies Ltd (MEL) — on Monday announced separate oil and gas discoveries in Punjab and Khyber Pakhtunkhwa, respectively. In a statement, OGDCL, the country’s largest exploration and production company, announced a significant gas and condensate discovery at its Soghri North-1 well in the Soghri Block, located i
Despite a 1,000 basis points cut in the key interest rate to 12pc since the start of the current fiscal year, the Large-Scale Manufacturing (LSM) sector continued to show sluggish performance, with production contracting by 1.22 per cent in January compared to the same month last year, according to data released by the Pakistan Bureau of Statistics on Monday. The big industry production has see
Despite a pause in interest rate cuts and a weakening rupee due to declining foreign exchange reserves, the Pakistan Stock Exchange (PSX) remained in the green zone for the fifth consecutive week, propelling above 115,000 level after almost two months. According to AKD Securities Ltd, the week started on a negative note as the State Bank of Pakistan’s Monetary Policy Committee delivered a surpr