Latest news with #SyedAsimMunir
Business Recorder
2 days ago
- Business
- Business Recorder
Strong start at PSX amid COAS assurance, KSE-100 up nearly 700 points
Positive sentiments prevailed at the Pakistan Stock Exchange (PSX) on Wednesday, as assurance from Field Marshal Asim Munir to the business community boosted investor confidence, with the benchmark KSE-100 Index gaining nearly 700 points during the opening minutes of trading. At 9:35am, the benchmark index was hovering at 140,082.55 level, an increase of 662.94 points or 0.48%. Buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, NRL, MARI, OGDC, PPL, POL, SNGPL and SSGC traded in the green. On Tuesday, PSX surged as investor sentiment strengthened. Confidence rose after a meeting between business leaders and Field Marshal Asim Munir coupled with the government's Senate majority win further eased political uncertainty. The benchmark KSE-100 Index surged by 1,202 points or 0.87% to close at 139,419.62 points. In a key development, Field Marshal Syed Asim Munir on Tuesday assured the country's business community of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday. During the meeting, COAS Munir instructed the Federal Board of Revenue (FBR) to have dialogue with businessmen over arrest powers, penalties. 'The business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, of arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,' the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) statement read. Internationally, a rally in Japanese shares led Asian markets on Wednesday after President Donald Trump announced a trade deal with Japan and fuelled hopes of more to come, tempering the disappointment from US earnings that highlighted the drag from higher tariffs. Trump late on Tuesday said a trade deal with Tokyo will include Japan paying a lower 15% tariff on shipments to the US. It followed an agreement with the Philippines that will see the US collect a 19% tariff rate on imports from there. Japan's Nikkei jumped 2.6% on Wednesday as shares of automakers surged on news that the deal lowers the auto tariff to 15%, from a proposed 25%. Mazda Motor rallied 17% while Toyota Motor jumped 11%. EUROSTOXX 50 futures rose 0.8%, while Wall Street futures were up about 0.1%. In another positive development, US and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips edged up 0.3% and Hong Kong's Hang Seng index gained 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6% This is an intra-day update
Business Recorder
2 days ago
- Business
- Business Recorder
Sections pertaining to arrest, detention be held in abeyance: APTMA says salutes COAS for his support
LAHORE: The All Pakistan Textile Mills Association (APTMA) extends its deepest and most heartfelt gratitude to Field Marshal Syed Asim Munir, NI (M) for graciously meeting with a business delegation led by Dr Gohar Ejaz, HI, SI (Civ). 'We salute the Field Marshall's exemplary commitment to engaging with the business community and industry, demonstrating both patience and concern for economic issues faced by the businesses and people of Pakistan.' During the highly constructive meeting, the delegation commended the government and SIFC's monumental efforts that have brought much-needed economic stability to the country and thanked the Army Chief for his unwavering support and resolve. It presented a comprehensive overview of the challenges faced by the industrial sector, with particular emphasis on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers. Tax laws: PM directs formation of arrest powers review panel We are immensely thankful to Field Marshall Munir for immediately directing that the new provisions, particularly those added under Sections 37A and 37B of the Sales Tax Act, 1990 pertaining to arrest and detention, be held in abeyance, and for instructing the FBR to enter meaningful, solution-oriented dialogue with stakeholders and address their concerns. The GHQ will oversee progress through the Special Investment Facilitation Council (SIFC), fostering an environment of collaboration and trust. The delegation called for interest rates to be brought down in line with inflation to stimulate businesses and economic activity. It also highlighted the significant delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton, cotton yarn, and fabric from the scheme and imposition of an 18% sales tax on their imports. Field Marshal Munir assured the delegation that these measures, as announced in the Finance Minister's budget speech, will be implemented without delay. APTMA is grateful for the Field Marshall's attention to unsustainable electricity prices that are burdening manufacturers and businesses across the country. We appreciate his ongoing commitment to securing more competitive electricity rates for consumers nationwide, with special emphasis on revitalizing the industrial and export sectors. His unwavering support is a testament to his overarching vision to propel Pakistan's economic landscape to new heights. On behalf of the entire textile sector and business community, APTMA once again extends its profound gratitude to Field Marshal Syed Asim Munir NI (M) for his visionary leadership and steadfast dedication to Pakistan's progress and growth. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
COAS Munir instructs FBR to have dialogue with businessmen over arrest powers, penalties: FPCCI
While focusing on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh with the trade and industry's delegation met Chief of Army Staff (COAS) Field Marshal Syed Asim Munir, NI (M). who assured them of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday. The development comes days after Pakistan's two largest cities - Karachi and Lahore - faced partial and complete market closures over a strike call by traders against what they called 'anti-business' tax measures introduced in the Finance Act 2025. Karachi, Lahore hit by strike against 'anti-business' tax measures In the Finance Act, the government expanded the FBR powers with Sections 37A and 37B, which empower the tax authority officials with arbitrary arrests; Section 21(S), which imposes harsh penalties on cash transactions of Rs200,000 or more; mandatory digital invoicing under SRO 709; and the imposition of e-Bilty under Section 40(C). 'Mr Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,' the FPCCI statement read. The statement further said the delegation had presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the FBR's powers. 'Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust.' The business community's delegation also called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton and cotton yarn from the scheme; and, imposition of an 18% sales tax on their imports, according to FPCCI statement.
Business Recorder
6 days ago
- Politics
- Business Recorder
Pakistan, Libya agree to enhance defence ties
RAWALPINDI: Pakistan and Libya have agreed to enhance defence cooperation through industrial collaboration and exchange of technical expertise to counter emerging security challenges. The development came during a high-level meeting between Lieutenant General Saddam Khalifa Haftar, Commander-in-Chief of the Libyan Armed Forces, and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir, at General Headquarters (GHQ) on Thursday. According to the Inter-Services Public Relations (ISPR), the discussions focused on matters of mutual interest, evolving regional dynamics, and defence collaboration. Earlier, upon his arrival at GHQ, the Libyan commander was presented with a guard of honour and laid a floral wreath at Yadgar-e-Shuhada to pay tribute to the martyrs of the Pakistan Army. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Politics
- Business Recorder
Libyan army chief meets Chief Marshal Munir, vows defence cooperation
Commander-in-Chief of the Libyan Armed Forces, Lieutenant General Saddam Khalifa Haftar, called on Chief of Army Staff (COAS) Field Marshal Syed Asim Munir at the General Headquarters (GHQ) on Friday, the military's media wing said. During the meeting, the two military leaders discussed matters of mutual interest, regional developments, security challenges, and avenues for enhanced defence cooperation. According to the Inter-Services Public Relations (ISPR), both sides agreed to collaborate in the defence industrial domain and exchange technical expertise to deal with emerging security threats. Pakistan, Indonesia reaffirm defence cooperation Earlier, Lieutenant General Haftar was welcomed at GHQ with a guard of honour by a smartly turned-out contingent of the Pakistan Army. He also laid a floral wreath at the Yadgar-e-Shuhada (Martyrs' Monument) to pay tribute to the sacrifices of Pakistani soldiers.
