Latest news with #LDO
Business Mayor
5 days ago
- Business
- Business Mayor
Altcoins surge! XMR, AAVE, and WLD outperform as Bitcoin holds support
Bitcoin, at press time, was consolidating above $109,000, showing resilience within the upper Bollinger Band range. The RSI was at at 67.71 – hovering near overbought territory – A sign of strong bullish momentum without immediate signs of exhaustion. Meanwhile, the OBV remained flat – A sign of a pause in buying pressure, despite recent gains. Source: TradingView This steady range-trading in Bitcoin has opened the door for capital rotation into altcoins like XMR, AAVE, and WLD. With BTC holding support and volatility compressing across the board, traders might be increasingly willing to chase higher returns in riskier assets. Especially since Bitcoin serves as a stable anchor for the market. WLD breaks out, but… Worldcoin has climbed by over 35% in the past two weeks, consolidating above $1.43 with its bullish momentum still intact. The RSI was at 63.94 at press time, reflecting steady upward pressure without overbought signals. However, the CMF remained slightly negative, indicating a potential drop in sustained buying power. Source: TradingView This, after the broader privacy coin sector advanced by over 3%, pushing its combined valuation past $10 billion. While the sector-wide rally did offer some respite, WLD's muted on-chain flows do raise some questions about whether it can maintain its gains without stronger capital inflows. XMR hits overdrive, but is a cool-off coming? Monero surged to $411, mirroring the broader privacy coin rally that pushed the sector past a $10 billion valuation. However, its daily RSI soared to 81.86 – firmly in overbought territory – raising caution about a potential short-term correction. The MACD was bullish, with wide separation between signal lines, reinforcing the strength of the uptrend. Source: TradingView Still, the slight dip in daily volume hinted at waning momentum. While XMR has clearly benefited from the privacy coin narrative, traders may want to brace for consolidation or a retest unless fresh catalysts emerge to support sustained vertical price action. Read More Lido breaks out: Is $4 the next target for LDO? AAVE joins the rally, but signs hinted at exhaustion AAVE climbed to $267, extending gains from its mid-May breakout and riding the sector-wide upswing in privacy and DeFi-linked tokens. However, with the RSI at 71.57, the asset entered overbought territory – Often a precursor to short-term pullbacks. Source: TradingView Despite solid momentum and higher lows supporting the uptrend, the recent string of small-bodied candles alluded to indecision creeping in. With volume slightly falling too, bulls may need a fresh catalyst to sustain the climb. A brief consolidation phase could be healthy, especially after the nearly 80% rally seen over the past month.
Business Recorder
21-05-2025
- Business
- Business Recorder
Pakistan govt set to slap GST on POL products, hike petroleum levy
ISLAMABAD: The government has reportedly decided to increase the petroleum levy from Rs80 to Rs90 per litre and to impose a 3–5 percent General Sales Tax (GST) on petroleum products to support local refineries, well-informed sources told Business Recorder. The move also aims at ensuring the timely implementation of fortnightly petroleum price revisions. The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet on May 13, 2025, and was subsequently ratified by the Federal Cabinet on May 20, 2025. During a briefing to the ECC, the Petroleum Division explained that petroleum products—including Mogas, diesel, kerosene, and light diesel oil (LDO)—had been classified as 'exempt' under the Finance Act 2024-25. As a result, input sales tax became a cost burden for refineries and Oil Marketing Companies (OMCs), amounting to approximately Rs34 billion for FY 2024-25. Last 3-1/2 months of FY25: petroleum levy hike by Rs18.02 to generate Rs90bn revenue This cost cannot be passed on to consumers due to government-regulated petroleum pricing, which is determined by the Oil and Gas Regulatory Authority (OGRA) under federal policy. A draft proposal to levy a 3–5 percent GST on motor spirit (MS) and high-speed diesel (HSD) was developed in consultation with the oil industry, the Ministry of Finance, and the Federal Board of Revenue (FBR). However, it could not be implemented due to the lack of agreement with the International Monetary Fund (IMF) on taxing these products at reduced GST rates. Applying the standard 18 percent GST would result in a price increase of approximately Rs45 per litre for MS and HSD, which the government considers undesirable. Any change to the GST rate would require prior consultation with the IMF and approval from Parliament. In addition to the GST matter, the ECC also approved an increase in margins for OMCs and petroleum dealers by Rs1.13 and Rs1.40 per litre, respectively, to ensure the sustainability of the oil supply chain. OGRA's initial recommendations on the matter were reviewed, and certain amendments were made before final approval. To partially address the financial issue of the refineries, OMCs and Dealers, the following proposals were submitted for consideration: (i) since the petroleum products (Mogas, Diesel, Kerosene and LDO) are exempted from sales tax during current financial year, the refineries and OMCs' unadjusted sales tax during July 2024-June 2025 of these products may be compensated through IFEM (estimated Rs34 billion). The amount may be recovered in 12 months and recovery of this item will cease from the 13th month automatically; (ii) for FY 2025-26, 3-5 percent sales tax Mogas/HSD products may be imposed through Finance Act, however, in case the products remain exempted from sales tax in the FY 2025-26, the unadjusted sales tax may continue to be compensated through IFEM as a fall back option to keep the oil supply chain sustainable; (iii) the margins of OMCs and Petroleum Dealers may be enhanced to keep their business sustainable; and (iv) OGRA will develop a mechanism for adjustment of GST claims for above period and effective utilization of digitization cost along-with implementation timelines within one month of approval. Full cost of the digitization will be borne by OMCs throughout the supply chain including outlets. The Petroleum Division further briefed the forum that on the basis of these proposals, indicative impact on prices of MS and HSD will be as follows: (i) refinery and OMCs' unadjusted sales tax (Rs28 billion for July-April, 2024-25) and (Rs6 billion for May –June, 2025) recovery timeframe at Rs1.87 per litre; (ii) OMCs margins (including digitization cost) will have an impact of Rs1.13 per litre; and (iii) Petroleum Dealer's Margin, Rs1.12 per unit. Total impact will be Rs4.12 per litre. However, after discussion, the ECC decided that OMCs' and Refineries unadjusted sales tax of FY25 may be compensated from May 16, 2025, through IFEM (estimated Rs34 billion to be verified by OGRA). The amount may be recovered till end of FY26 on the following rates and recovery of this item will cease subsequently after: (i) HSD sales tax adjustment at Rs2.09 per litre; and (ii) Mogas, Rs1.07 per litre. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
Govt set to slap GST on POL products, hike petroleum levy
ISLAMABAD: The government has reportedly decided to increase the petroleum levy from Rs80 to Rs90 per litre and to impose a 3–5 percent General Sales Tax (GST) on petroleum products to support local refineries, well-informed sources told Business Recorder. The move also aims at ensuring the timely implementation of fortnightly petroleum price revisions. The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet on May 13, 2025, and was subsequently ratified by the Federal Cabinet on May 20, 2025. During a briefing to the ECC, the Petroleum Division explained that petroleum products—including Mogas, diesel, kerosene, and light diesel oil (LDO)—had been classified as 'exempt' under the Finance Act 2024-25. As a result, input sales tax became a cost burden for refineries and Oil Marketing Companies (OMCs), amounting to approximately Rs34 billion for FY 2024-25. Last 3-1/2 months of FY25: petroleum levy hike by Rs18.02 to generate Rs90bn revenue This cost cannot be passed on to consumers due to government-regulated petroleum pricing, which is determined by the Oil and Gas Regulatory Authority (OGRA) under federal policy. A draft proposal to levy a 3–5 percent GST on motor spirit (MS) and high-speed diesel (HSD) was developed in consultation with the oil industry, the Ministry of Finance, and the Federal Board of Revenue (FBR). However, it could not be implemented due to the lack of agreement with the International Monetary Fund (IMF) on taxing these products at reduced GST rates. Applying the standard 18 percent GST would result in a price increase of approximately Rs45 per litre for MS and HSD, which the government considers undesirable. Any change to the GST rate would require prior consultation with the IMF and approval from Parliament. In addition to the GST matter, the ECC also approved an increase in margins for OMCs and petroleum dealers by Rs1.13 and Rs1.40 per litre, respectively, to ensure the sustainability of the oil supply chain. OGRA's initial recommendations on the matter were reviewed, and certain amendments were made before final approval. To partially address the financial issue of the refineries, OMCs and Dealers, the following proposals were submitted for consideration: (i) since the petroleum products (Mogas, Diesel, Kerosene and LDO) are exempted from sales tax during current financial year, the refineries and OMCs' unadjusted sales tax during July 2024-June 2025 of these products may be compensated through IFEM (estimated Rs34 billion). The amount may be recovered in 12 months and recovery of this item will cease from the 13th month automatically; (ii) for FY 2025-26, 3-5 percent sales tax Mogas/HSD products may be imposed through Finance Act, however, in case the products remain exempted from sales tax in the FY 2025-26, the unadjusted sales tax may continue to be compensated through IFEM as a fall back option to keep the oil supply chain sustainable; (iii) the margins of OMCs and Petroleum Dealers may be enhanced to keep their business sustainable; and (iv) OGRA will develop a mechanism for adjustment of GST claims for above period and effective utilization of digitization cost along-with implementation timelines within one month of approval. Full cost of the digitization will be borne by OMCs throughout the supply chain including outlets. The Petroleum Division further briefed the forum that on the basis of these proposals, indicative impact on prices of MS and HSD will be as follows: (i) refinery and OMCs' unadjusted sales tax (Rs28 billion for July-April, 2024-25) and (Rs6 billion for May –June, 2025) recovery timeframe at Rs1.87 per litre; (ii) OMCs margins (including digitization cost) will have an impact of Rs1.13 per litre; and (iii) Petroleum Dealer's Margin, Rs1.12 per unit. Total impact will be Rs4.12 per litre. However, after discussion, the ECC decided that OMCs' and Refineries unadjusted sales tax of FY25 may be compensated from May 16, 2025, through IFEM (estimated Rs34 billion to be verified by OGRA). The amount may be recovered till end of FY26 on the following rates and recovery of this item will cease subsequently after: (i) HSD sales tax adjustment at Rs2.09 per litre; and (ii) Mogas, Rs1.07 per litre. Copyright Business Recorder, 2025
Express Tribune
14-05-2025
- Business
- Express Tribune
PM's approval sought for increasing oil margins
Listen to article The Petroleum Division has sought the endorsement of Prime Minister Shahbaz Sharif for increasing profit margins of oil marketing companies (OMCs) and dealers and settling the losses of refineries. Sources said that the Petroleum Division had tabled a summary before the Economic Coordination Committee (ECC), seeking an increase of Rs1.18 per litre in margins for the OMCs and dealers. It also sought approval for the recovery of financial losses of oil refineries and OMCs amounting to Rs34 billion due to sales tax exemption on petroleum products. It proposed that the oil industry should be allowed to charge Rs1.87 per litre through the inland freight equalisation margin (IFEM) to recover the losses of Rs34 billion. The third proposal was that the government should impose a 5% general sales tax (GST) on petroleum products in the upcoming budget for fiscal year 2025-26 to shield the oil industry from losses in the wake of sales tax exemption. Sources said that the ECC had agreed to those proposals, but sought the consent of the prime minister. They said that the first two proposals should be implemented immediately, while the third, pertaining to the imposition of sales tax, was linked to the International Monetary Fund (IMF). Therefore, the government may implement it in the upcoming budget. The ECC was informed that petroleum products – motor gasoline (Mogas), high-speed diesel (HSD), kerosene and light diesel oil (LDO) – had been classified as "exempted" under the Finance Act 2024. As a result, the input sales tax has become a cost incurred by the refineries and OMCs (estimated at Rs34 billion for financial year 2024-25) and it cannot be recovered through product prices, as these are regulated and fixed by the Oil and Gas Regulatory Authority (Ogra) under the government's policy. A draft proposal to levy 3-5% sales tax on motor spirit (MS) and HSD had been prepared in consultation with the oil industry, Finance Division and Federal Board of Revenue (FBR). However, it could not be implemented due to the IMF's refusal to allow the reduced GST on those products. It may be noted that the standard GST rate of 18% for MS/HSD will result in a price increase of around Rs45 per litre, which is not desirable. Any changes in the sales tax rate will require prior consultation with the IMF as well as approval from parliament. Additionally, the OMCs and petroleum dealers have requested an increase in their margins on MS and HSD. In this regard, Ogra has recommended an increase of Rs1.13 and Rs1.40 per litre, respectively, to ensure the sustainability of oil supply chain. Ogra's recommendations have been reviewed and certain amendments have been suggested in the summary. To partially address the financial issues of refineries, OMCs and dealers, the following proposals have been submitted for consideration: The Petroleum Division said that since petroleum products (Mogas, diesel, kerosene and LDO) were exempt from sales tax during the current financial year, the unadjusted sales tax for refineries and OMCs from July 2024 to June 2025 on those products may be compensated through the IFEM (estimated at Rs34 billion). The amount may be recovered over 12 months. It was further highlighted that for FY26, a 3-5% sales tax on the aforementioned products may be imposed through the Finance Act. However, in case these products remain exempt from sales tax, the unadjusted sales tax may continue to be compensated through the IFEM as a fallback option to keep the oil supply chain sustainable. The margins of OMCs and petroleum dealers may be enhanced to maintain their business viability. The Petroleum Division said that Ogra would develop a mechanism for the adjustment of GST claims for the above period and ensure effective utilisation of digitisation costs, along with implementation timelines, within one month of approval. The full cost of digitisation will be borne by the OMCs throughout the oil supply chain, including at outlets.
Yahoo
13-05-2025
- Business
- Yahoo
Lido Proposes a Bold Governance Model to Give stETH Holders a Say in Protocol Decisions
Lido Finance, Ethereum's largest liquid staking platform by locked value, has introduced a proposal that grants staked ether (stETH) holders direct voting power alongside existing DAO tokenholders. The upgrade, dubbed Lido Improvement Proposal (LIP) 28, outlines a dual governance system allowing stETH holders — those who stake ETH via Lido and receive a liquid token in return — to participate in a veto mechanism on key protocol decisions. Currently, only holders of LDO, Lido's governance token, have a say in how the protocol evolves. Under the new system, stETH holders could veto certain proposals approved by LDO tokenholders, though the veto would not enable them to push proposals through unilaterally. The proposed system is framed as a mechanism to increase accountability and decentralization, especially as Lido continues to dominate Ethereum's staking landscape. Over 25% of all ETH is staked on the network running through its infrastructure. The Dual Governance system adds a special timelock contract between Lido DAO's decisions and their execution, giving stETH holders a way to intervene if they strongly oppose a proposal. The "dynamic" time lock is necessary because it is how on-chain governance technically works behind the scenes. In the current system, decisions don't take effect right away, as there is a set period before they're executed. That gives users time to react if they don't agree with certain changes. However, Ethereum staking is different because one can't quickly unstake or withdraw ETH, even with the current timelock. It takes time, liquidity is complex, and there is often a queue that could take several days to clear. The new proposal wants to tackle that. The proposed dynamic timelock assumes that, as enough users, who aren't satisfied with a proposed change, deposit their stETH (or wrapped stETH and withdrawal of NFTs) into a designated escrow contract for withdrawal, the timelock duration begins to increase — this is called crossing the 'first seal' (set at 1% of total Lido ETH staked). If discontent continues and deposits cross the 'second seal' threshold (10% of Lido's ETH TVL), a "rage quit" is triggered: execution of the DAO's decision is completely blocked until all protesting stakers have had the chance to withdraw their ETH. This creates a sort of safety valve — allowing stakers to signal objection and exit — while still giving the DAO time to respond or cancel the contentious action. The plan comes as Ethereum has surged more than 30% over the past week, riding momentum from its Pectra upgrade, which introduced execution-layer reforms to improve scalability and efficiency. The rally has sparked renewed attention on Ethereum-native applications like Lido, which is critical in capital flow and validator participation across the chain — and directly impacts ETH market structure. The LIP-28 proposal is still in its discussion phase, with a formal on-chain vote expected in the coming weeks. If approved, the change could shift how governance is distributed across Ethereum's staking ecosystem, setting a precedent for other DeFi protocols seeking to include users, not just tokenholders, in decision-making. Lido's other competitors include Rocket Pool and Frax Ether. LDO prices have risen 6.5% in the past 24 hours, while the CoinDesk 20 Index, a broader market gauge, climbed 2.5%.
