WASHINGTON: The uncertainty created by Russia’s invasion of Ukraine and its impact on the global economy is piling more complexity onto the US central bank’s already tough fight to contain rising prices. Soaring energy and food costs have pushed inflation in the world’s largest economy to the highest pace in four decades, and the Federal … Read more
WASHINGTON: The uncertainty created by Russia’s invasion of Ukraine and its impact on the global economy is piling more complexity onto the US central bank’s already tough fight to contain rising prices. Soaring energy and food costs have pushed inflation in the world’s largest economy to the highest pace in four decades, and the Federal … Read more
WASHINGTON: Soaring US inflation rates are “not acceptable” but the health of the world’s largest economy is fundamentally sound thanks to policies that have mitigated the impact of the pandemic, Treasury Secretary Janet Yellen told AFP. Yellen conceded in an interview she is “concerned” about inflation running at its highest level in decades, and warned … Read more
WASHINGTON: Top officials at the US Federal Reserve will be banned from holding individual stocks, bonds, cryptocurrencies and certain other investments under new rules adopted on Friday, after controversial trading activity led to high-profile resignations last year. Under the regulations adopted unanimously by the policy setting Federal Open Market Committee (FOMC), central bank leaders including … Read more
WASHINGTON: An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said. In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal … Read more
WASHINGTON: After contracting in 2020, US economic growth saw its biggest increase since 1984 with a rebound to 5.7 per cent in 2021, the second year of the Covid-19 pandemic, the government reported. But the hit from the Omicron variant of the virus held down the recovery in the final quarter of the year, when … Read more
KARACHI: High dollar demand for external payments, depleting foreign exchange reserves and the rising oil prices in the international market are likely to keep the Pakistani rupee under pressure, experts said. However, they brushed off speculation that the rupee may fall to 200 against the dollar. “The Federal Board of Revenue (FBR) had issued notices … Read more
WASHINGTON: For most of last year, investors priced in a temporary rise in inflation in the United States given the unsteady economic recovery and a slow unravelling of supply bottlenecks. Now sentiment has shifted. Prices are rising at the fastest pace in almost four decades and the tight labor market has started to feed into … Read more
NEW YORK: Federal Reserve vice chair Richard Clarida announced on Monday he will exit the US central bank early; following questions over his equity trading activity early in the Covid-19 pandemic. Clarida, whose term on the Board of Governors was set to expire on January 31, will instead resign on January 14. He gave no explanation … Read more
WASHINGTON: Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned on Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said that for now global … Read more
WASHINGTON: Federal Reserve officials last month were concerned about the Omicron impact, but believed the US economy had recovered enough from the pandemic downturn that interest rate hikes could come sooner than expected, according to minutes of the December meeting released Wednesday. The document provides a behind-the-scenes look at the deliberations of the Fed’s policy committee, … Read more
The Large Taxpayers Office (LTO), Karachi has registered a sharp increase of 53 per cent during the first five months (July-November) of the fiscal year 2021/22, owing to a significant rise in the collection of both direct and indirect taxes. According to the official numbers made available to BOL News, the net collection of the … Read more
With inflation expected to remain high for some time, the US central bank is likely to raise interest rates soon after it ends its bond-buying programme in March, a Federal Reserve board member said on Friday. The Fed earlier this week announced it will accelerate the end to its stimulus programme after inflation last month … Read more
KARACHI: The Large Taxpayers Office (LTO), Karachi has registered a sharp increase of 53 per cent during the first five months (July-November) of the fiscal year 2021/22, owing to a significant rise in the collection of both direct and indirect taxes. According to the official numbers made available to BOL News, the net collection of the … Read more
WASHINGTON: The Chinese economy, weighed down by electricity shortages and a vast real estate crisis, has lost its lustre recently, to the point where economists are starting to question its impact on the global growth it has helped drive for more than 20 years. The difficulties of the real estate sector in China triggered by … Read more
KARACHI: Fauji Cement Company Limited (FCCL) has announced a net profit of Rs3.47 billion, translating into the earnings per share (EPS) of Rs2.52 for the year ended June 30, 2021, compared with the loss of Rs59.38 million and the loss per share of 4 paisas in the previous year. The company did not announce any … Read more
KARACHI: The automobile sales registered a whopping 215 percent growth in volumes to reach 20,311 units in May 2021, compared with 6,454 units sold in the corresponding period of the last year, in the wake of the lockdown in May 2020. Cumulatively, the volumes rose 62 percent during the 11 months of FY21. “The massive … Read more
Tobacco causes more than 170,000 deaths each year in the country, now government took it as a serious concern and in consultation with the Ministry of Health, the Federal Board of Revenue (FBR) has decided to impose Federal Excise Duty (FED) on cigarettes in the next federal budget. According to the details, the purpose of … Read more
