Category: Popular News

Oil up on hopes of positive US-China trade talks

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Oil falls

NEW YORK: Oil prices edged up 1% to a seven-week high on Tuesday on hopes trade talks between the US and China – the world’s two biggest economies – will result in a deal that could support global economic growth and boost oil demand. Brent crude futures rose 81 cents, or 1.2%, to $67.85 a barrel by 11:22 a.m. EDT (1522 GMT), while US West Texas Intermediate crude rose 83 cents, or 1.3%, to $66.12. Those gains pushed both crude benchmarks into technically overbought territory for the first time since…

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Oil rises to 7-week high on US-China trade deal

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Oil price

LONDON: Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world’s two largest economies. Brent crude futures were up $1.15, or 1.7%, to $68.02 a barrel at 1249 GMT, while U.S. West Texas Intermediate crude was up $1.31, or 2%, to $66.29. At that level, WTI reached its highest in more than two months. Trump said Beijing would supply magnets and rare earth minerals and…

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Petroleum Carbon Levy Introduced as Pakistan Ups Climate Budget to 8.2pc

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petrol-price

ISLAMABAD: In a major policy shift to fund climate adaptation and discourage fossil fuel use, the federal government has proposed a Rs2.5 per liter carbon levy on petrol, high-speed diesel, and furnace oil in the FY2025-26 budget. This levy will double to Rs5 per litre in the following fiscal year. Additionally, a petroleum levy on furnace oil will also be enforced. This new carbon pricing measure is part of Pakistan’s broader climate strategy, reflected in the allocation of 8.2 per cent of the development budget and 6.9 per cent of…

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Budget FY26: Relief for Salaried Class, New Taxes on Solar Panels, E-Commerce, and Property

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Budget-2025

Finance Minister Muhammad Aurangzeb unveiled the federal budget for FY2025-26, aiming for 4.2% GDP growth and setting a record tax collection target of Rs14,131 billion. The budget offers significant relief for Pakistan’s salaried class while expanding the tax net to include sectors like solar energy, e-commerce, and property. Salaried Class Relief Aurangzeb announced revised income tax slabs with reduced rates across all tiers: A 10% salary hike was also announced for government employees (Grade 1–22). The minister emphasized that these measures aim to retain talent and prevent brain drain. Pension…

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Budget 2025–26: Austerity Budget Offers Modest Relief Amid Tight Fiscal Goals

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2025-2026

ISLAMABAD: In line with the International Monetary Fund’s (IMF) fiscal consolidation demands, Finance Minister Muhammad Aurangzeb on Tuesday presented a tightly constrained federal budget for FY2025–26. Despite stringent measures, the government extended limited relief to salaried individuals and offered targeted incentives to revive the struggling industrial, real estate, and construction sectors. While some concessions were announced, new burdens were also introduced. These include a carbon levy of Rs2.5 per litre on petrol, diesel, and furnace oil — set to double in FY2026–27 — a 5% tax on pensions exceeding Rs10…

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