ISLAMABAD, June 11(ABC): Government on Friday has increased income tax threshold (per year) from Rs600,000 to Rs1.2 million. Finance Minister Miftah Ismail has unveiled the federal budget with a total outlay of Rs9.5 trillion in the National Assembly. The proposal about income tax effectively means there will be no income tax on individuals earning up to Rs100,000 a month. Major …

WASHINGTON, June 11(ABC): US consumer prices accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in nearly 40-1/2 years, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflation. The faster-than-expected increase in inflation last month reported …

ISLAMABAD, June 08(ABC): The coalition government, which came into power just months ago, may unveil over Rs9 trillion budget. Sources privy with the development, said that a major chunk of the new budget will be spent only on debt servicing of Rs3523 billion and Rs1586 billion will be allocated for defense. The finance ministry will have to borrow over Rs4 …

LAHORE, June 08(ABC): Punjab government on Tuesday prepared first draft of development budget in which it was proposed to allocate Rs640 billion in the development budget. According to the details, it has been recommended to allocate up to 35% of the budget for South Punjab and it was also proposed to start 13 mega development projects in Punjab while development …

SINGAPORE: Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world’s top consumer. Brent crude futures for August were down 77 cents, or 0.6%, at $122.30 a barrel as of 0448 GMT after a 0.4% decline the …

ISLAMABAD, June 08(ABC): Minister for Planning and Development, Ahsan Iqbal Tuesday said that the Central Development Working Party (CDWP) has approved Rs 250 billion Chashma Right Bank Canal (lift cum gravity), and referred with recommendation to the Executive Committee of National Economic Council (ECNEC) for further approval. Addressing a press conference, the minister said, the project that was lingering on …

ISLAMABAD, June 08(ABC): The price of 24 karat per tola gold witnessed an increase of Rs 12,50 per tola and was sold at Rs 143,250 on Tuesday against its sale at Rs 142,000 the previous day in the local market. The price of 10 gram 24 karat and 22 karat gold also increased by Rs.1072 and was sold at Rs.122,814 …

HONG KONG, June08(ABC): Asian markets rallied Wednesday, building on a hearty performance on Wall Street and helped by the reopening in China, though analysts continue to warn of near-term volatility caused by surging inflation, rising interest rates and the Ukraine war. Equities have enjoyed some respite in recent weeks from a painful sell-off caused by central bank monetary tightening — …

KARACHI, June 10(ABC): Pakistan’s foreign exchange reserves continued the downtrend as the total amount held by the country dropped to $15.2 billion, the latest data from the State Bank of Pakistan (SBP) showed Thursday. The total liquid foreign reserves held by the country stood at $15,176.5 million as of June 3, after the reserves declined by $594.9 million or 3.77%, compared …

LAHORE, June 07(ABC): Newly appointed Trade Officers of Pakistan have sought assistance and cooperation from the All Pakistan Textile Mills Association (APTMA) in upsurging textile exports of the country and exploring investment potential in the textile sector. A 14-member delegation of officers selected from different occupational groups for posting in Pakistani missions abroad as Consul Generals, Ministers, Consulars and attachés …