Latest news with #EhsanMalik
Business Recorder
29-06-2025
- Business
- Business Recorder
Pakistan Business Council complains against FBR member
ISLAMABAD: Pakistan Business Council (PBC) has lodged a strong protest with Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial against alleged rude behaviour of FBR Member Inland Revenue (Policy) during meetings of the Anomalies Committees. Ehsan Malik, Chairman Anomalies Committee (Business) in a letter to FBR Chairman said that despite repeated requests the meetings of the Anomalies Committees were not called early enough to allow changes in the fiscal bill, nor was the Member IR (Policy) available to start the meeting on time or to attend it for more than ten minutes. 'We were informed that he had urgent matters to attend to. Members of the Anomalies Committee were kept waiting from 2 pm to 2.45 pm on June 24th and then after a ten-minute presence, the Member IR (Policy) was called out, leaving no one from the FBR in the room. Members of the Committee waited for another 45 minutes before starting the discussion. Member IR (Policy) did not join the meeting till its conclusion. 'The Anomalies Committee (Business) was established by you and was composed of the Presidents and CEOs of eleven leading Chambers and business bodies of Pakistan. Besides their own businesses, the members have important matters concerning their constituents to take care of. Their time is valuable. Keeping them waiting was rude and disrespectful. Only taxpayers can have anomalies in budget proposals, and they must be heard. At my request, the members abstained from resigning and walking out of the meeting. 'I am attaching the minutes of the meeting that we had to conduct without the Member IR (Policy). You will note many anomalies that need to be addressed. Kindly let us know how you intend to deal with these, now that the Finance Bill has been passed. Finally, we appreciate the way the Customs meeting was held.' Copyright Business Recorder, 2025
Business Recorder
28-06-2025
- Business
- Business Recorder
PBC complains against FBR member
ISLAMABAD: Pakistan Business Council (PBC) has lodged a strong protest with Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial against alleged rude behaviour of FBR Member Inland Revenue (Policy) during meetings of the Anomalies Committees. Ehsan Malik, Chairman Anomalies Committee (Business) in a letter to FBR Chairman said that despite repeated requests the meetings of the Anomalies Committees were not called early enough to allow changes in the fiscal bill, nor was the Member IR (Policy) available to start the meeting on time or to attend it for more than ten minutes. 'We were informed that he had urgent matters to attend to. Members of the Anomalies Committee were kept waiting from 2 pm to 2.45 pm on June 24th and then after a ten-minute presence, the Member IR (Policy) was called out, leaving no one from the FBR in the room. Members of the Committee waited for another 45 minutes before starting the discussion. Member IR (Policy) did not join the meeting till its conclusion. 'The Anomalies Committee (Business) was established by you and was composed of the Presidents and CEOs of eleven leading Chambers and business bodies of Pakistan. Besides their own businesses, the members have important matters concerning their constituents to take care of. Their time is valuable. Keeping them waiting was rude and disrespectful. Only taxpayers can have anomalies in budget proposals, and they must be heard. At my request, the members abstained from resigning and walking out of the meeting. 'I am attaching the minutes of the meeting that we had to conduct without the Member IR (Policy). You will note many anomalies that need to be addressed. Kindly let us know how you intend to deal with these, now that the Finance Bill has been passed. Finally, we appreciate the way the Customs meeting was held.' Copyright Business Recorder, 2025
Indian Express
07-05-2025
- Business
- Indian Express
‘Operation Sindoor' impact: Pakistan stock market index KSE100 tanks 1,000 points after India strikes PoK
The Pakistan Stock Exchange on Wednesday recovered from early losses to tank 1,000 points after reports of an Indian strike on terror camps in Pakistan-occupied Kashmir (PoK). The Pakistan Stock Exchange's flagship KSE100 index opened 6,560.82 points lower at 107,007.68, down 5.78 per cent on Wednesday. It was down 1,211 points or 1.07 per cent to 112,356.89 at 11:21 am on Wednesday. To be sure, the KSE 100 closed in red on Tuesday even after a rate cut by the State Bank of Pakistan, according to a note posted by brokerage Arif Habib Ltd on social media platform X. The exchange closed 533.73 points lower on Tuesday. The Indian armed forces launched 'Operation Sindoor' on terror infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir, the Defence Ministry said in an official statement on Wednesday. The terror attacks against India have been planned and carried out from these facilities, it added. No Pakistani military facilities were targeted during the attack. 'These steps come in the wake of the barbaric Pahalgam terrorist attack in which 25 Indians and 1 Nepali citizen were murdered,' the Defence Ministry stated. Amid broader economic challenges, KSE100 remains in red Investors remained bearish on Tuesday amid strong ongoing border tensions, the Dawn Pakistan reported, citing analysts. A Moody's report cautioning that India-Pakistan tensions could affect Pakistan's economic stability also weighed on the KSE100. The Pakistan Indus Water Authority also alleged on Tuesday that India had blocked 90 per cent of the water flows from the Chenab river, Pakistani daily the Dawn reported. Drawing on historic market trends for May, SIA Equities in a note on historic trends in the KSE100 stated bears have had an upper hand since 2010 in eight instances while the indices have been bullish in seven years. Moody's warns against impact of India-Pak tensions An escalation in India-Pakistan tensions is expected to 'weigh on Pakistan's growth and hamper the government's ongoing fiscal consolidation,' rating agency Moody's said in its report. It could also affect Pakistan's access to external financing while exerting pressure on its foreign exchange reserves, according to the report. On May 9, the IMF's executive board will meet Pakistani officials for a fresh credit line of $1.3 billion to Islamabad under the climate resilience loan programme. The IMF will also review the ongoing $7 billion bailout package extended to Pakistan. State Bank of Pakistan cuts key rate The State Bank of Pakistan, the neighbouring country's central bank, slashed the key rate by 100 basis points to 11 per cent on Tuesday. While the KSE100 surged over 900 points in response to this development on Tuesday, the trend reversed soon and the key Pakistani index closed over 500 points lower. Pakistan Business Council CEO Ehsan Malik said the quantum of rate cut by SBP was inadequate citing expanding trade deficit due to a rise in imports, the Dawn reported. Malik said trade uncertainty, geopolitical tensions, and pressure on the exchange rate were also reasons for urging the SBP to bring the key rate down to a single digit. Pakistan's industry was expecting a 500 bps rate cut to 7 per cent, said Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry, the Dawn reported. The policy rate commanded a premium compared to the Consumer Price Index of inflation in Pakistan, which stood at 0.30 per cent in April, he added. 'Pakistani industries continue to suffer under unsustainably high borrowing costs,' said Karachi Chamber of Commerce and Industry president Muhammad Jawed Bilwani, while comparing SBP's policy rate with neighbouring India's (6 per cent) and that of Bangladesh (10 per cent) among other countries in the region, the Dawn reported.
Business Recorder
07-05-2025
- Business
- Business Recorder
Rising protectionism could derail trade flows: PBC chief
KARACHI: Ehsan Malik, Chairman of the Pakistan Business Council (PBC), has cautioned against the global rise in protectionism, particularly US tariffs, warning that such moves could derail trade flows. Speaking at the German Chamber of Commerce Abroad (AHK) gathering, hosted by the Consulate General of the Federal Republic of Germany on Tuesday, Malik emphasised that tariffs not only distort resource allocation but also undermine consumer value and sustainable job creation. He also highlighted Pakistan's fragile but improving macroeconomic outlook. He pointed to the country's ongoing IMF program, improved foreign exchange reserves, sharply higher remittances, and the lowest fiscal deficit in 20 years as signs of stabilisation. 'We're seeing early signs of recovery,' he said, adding that Pakistan has also benefited from low global fuel costs and a strong wheat crop, contributing to the lowest inflation in years. However, he warned that much work remains. Political uncertainty, regional unrest, and stalled reforms continue to pose significant risks. He criticized the lack of coordinated economic leadership and called for urgent reforms to unlock foreign direct investment and support business growth. On US tariffs, Malik underlined the importance of the American market, noting its $27.7 trillion GDP and massive consumer base. 'The US cannot be ignored. Tariffs may be a tool, but the objective must be fair and balanced trade,' he said. Malik stressed that Pakistan's tax-to-GDP ratio should not be the sole focus. Instead, fiscal policy must aim to foster investment, support exports, and create jobs. 'Tax collection is the outcome of smart policy—not the starting point,' he remarked. German Consul General Rüdiger Lotz welcomed participants at the event, acknowledging the complex global landscape. 'The geopolitical situation is not easy — we all know the world is facing significant challenges,' he remarked. He noted that the world is changing rapidly, and Europe, including Germany, is actively seeking new paths for energy security, trade, and stability in response to these geopolitical shifts. 'Europe in general and Germany in particular, continue to believe in an open and globalised world economy,' he emphasised, adding that the imposition of tariffs is the wrong response to economic crises. Consul General Lotz also highlighted Germany's ongoing focus on domestic investment, especially in infrastructure, education, schools, and healthcare. He acknowledged that business relations between Germany and Pakistan are improving, and noted that political stability in Pakistan would lead to greater economic stability, further strengthening bilateral ties. The event featured the a panel discussion titled 'US Tariffs – Implications and Opportunities for the Pakistani Economy.' The discussion explored opportunities for Pakistan arising from shifting global trade patterns and tariff realignments, as well as the investment, financing, and logistics challenges tied to sustaining competitive exports amid market volatility. Panelists also addressed evolving policy signals from major trading partners and their implications for Pakistan's economic strategy. The panel included Ehsan Malik (CEO, Pakistan Business Council), Yousaf Bashir (Country Representative, Commerzbank Pakistan), and Fahd Jafri (Country Manager, Hapag-Lloyd Pakistan). Copyright Business Recorder, 2025
Reuters
25-04-2025
- Business
- Reuters
India-Pakistan trade faces new blow after Kashmir attack, diplomatic rift
NEW DELHI/ISLAMABAD, April 25 (Reuters) - India and Pakistan's reciprocal actions following the killing of 26 men by suspected militants at a tourist spot in Kashmir are set to further curtail trade, which has more than halved since 2018, trade analysts and exporters said. Here are key trade issues between the two countries: BILATERAL TRADE India-Pakistan trade relations deteriorated following the suspension of diplomatic ties in 2019 after India conducted a military strike in Pakistan in retaliation for a suicide bombing by militants in Kashmir that killed at least 40 Indian paramilitary police. Bilateral trade fell to $1.2 billion in 2024 from a peak of nearly $3 billion in 2018. India exported about $500 million worth of goods to Pakistan during the April 2024-January 2025 period, mostly pharmaceuticals, chemicals, sugar and auto parts, while imports stood at just $0.42 million, Indian trade ministry data showed. Islamabad on Thursday closed its air space for Indian airlines and suspended all trade ties with India - including routes through third countries and transit of goods to other nations - after India closed the Attari check post, a key trade route with Pakistan, a day earlier. This will have a negative impact particularly on Pakistan's pharma sector, if supplies from India are affected, said Ehsan Malik, CEO of Pakistan Business Council. TRADE VIA THIRD COUNTRIES In 2019, India revoked Pakistan's Most Favoured Nation (MFN) status - which allowed lower tariff rates - prompting trade to shift through third countries. With official trade channels blocked, trade worth billions of dollars in re-exports has emerged via the UAE and Singapore, according to the Global Trade Research Initiative (GTRI), a Delhi-based think tank. This too could be affected, potentially driving up prices of medicines, tea and fertiliser, analysts said. AIR TRAFFIC India's top two carriers IndiGo and Air India said some of their international routes, including to the United States and Europe, would be affected by the closure of Pakistani airspace, leading to higher fuel costs, extended flight times and diversions. IMPACT ON TRADE WITH AFGHANISTAN India's imports of goods such as agricultural products from Afghanistan — estimated at about $640 million a year — will be hit by the ban on transit through Pakistan, said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO). However, exports, which typically move via sea routes, are unlikely to be affected. "The ban on trade may affect some exporters, but in the current scenario, trading with or through a hostile country is not desirable," he said.
