Business
Oil tumbles as US-Iran peace talks offer glimmer of hope
Oil prices fell and global financial markets steadied on Monday as hints of progress emerged from US-Iran talks in Switzerland, helping calm concerns that negotiations were breaking down.
Brent crude retreated from early gains to trade down 0.4% at $80.17 a barrel while US crude was 1.2% higher at $77.52. Both benchmarks are still significantly below peaks seen during the conflict.
The market response came after Qatar and Pakistan — the mediators — said “encouraging progress” had been made after nearly 18 hours of discussions between US and Iranian officials.
S&P 500 futures trimmed previous losses to trade 0.2% lower, while Nasdaq futures sank 0.3%. In Europe, Euro Stoxx 50 futures fell 0.1%, DAX futures were flat and FTSE futures gained 0.1%.
The top-level meeting comes after a week in which both sides signed a memorandum of understanding which was put to the test over the weekend when Iran said it had shut the Strait of Hormuz accusing Israel of breaking a ceasefire in Lebanon. Mediation in Switzerland has made significant progress in ending the crisis in Lebanon, Iranian Foreign Minister Abbas Araghchi said in a post on X.
Iranian media said the Islamic Republic suspended talks after Trump’s threat, but sources indicated talks continued into the early hours of Monday in Switzerland.
According to a senior U.S. official involved in the talks, the subjects discussed included procedures to ensure the strait remains open and how to enforce the ceasefire between Israel and Hezbollah in southern Lebanon.
Business
For three days, Pakistan lowers the price of petrol and diesel.
For a three-day period starting on August 1, the government has announced a slight decrease in the cost of petroleum products, including gasoline and high-speed diesel (HSD).
The Petroleum Division said that the price of high-speed diesel has been lowered by Rs0.66 per litre, resulting in a new retail price of Rs392.38 per litre.
Additionally, the price of gasoline has been lowered by Rs0.12 per litre, to Rs336.03 per litre.
According to the letter, the updated pricing will go into effect between August 1 and August 3.
According to the administration, the little cut was taken after accounting for both domestic economic and budgetary factors as well as global oil costs.
In light of persistent economic pressures and swings in the world’s crude oil markets, the most recent adjustment provides customers with little respite.
The most recent update comes after the government regularly reviews fuel costs, which are decided by the currency rate, domestic tax laws, and global market trends.
Business
FBR surpasses its July revenue goal by Rs40 billion.
In July 2026, the Federal Board of Revenue (FBR) collected Rs820 billion in net revenue, exceeding the monthly target by Rs40 billion.
The July tax collection target was set at Rs780 billion, but net receipts came in at Rs820 billion, according to FBR documents.
According to the papers, gross tax collections for the month totaled Rs918 billion. Net receipts were Rs820 billion after Rs98 billion of this sum was reimbursed to taxpayers under different refund categories.
Gross collections under the income tax head was Rs343 billion. Net income tax revenues fell short of the objective of Rs323 billion, coming in at Rs308 billion after the payment of Rs35 billion in refunds.
In July, sales tax collections came to Rs413 billion, while sales tax refunds were Rs53 billion.
The Federal Excise Duty (FED) collected Rs48 billion, compared to the objective of Rs47 billion, according to the FBR.
In July 2026, customs duty receipts totaled Rs115 billion, surpassing the designated objective of Rs105 billion by Rs10 billion.
Business
Foreign investors return to PSX after almost two years
Foreign investors became net purchasers at the Pakistan Stock Exchange (PSX) for the first time in almost two years, indicating restored confidence in the country’s capital market at the beginning of the current fiscal year.
According to official data, foreign investors invested $34.4 million in the PSX in July 2026, a significant reversal from June 2026 when they sold $180 million worth of shares and pulled money out of the market.
The data showed that foreign investors were net buyers for the first time in nearly 23 months, with banking and exploration companies receiving the greatest investment in the month.
Foreign investors made investments in the banking sector to the tune of $13.8 million during July, while investments in exploration businesses amounted to $6.7 million.
However, the data also revealed that international investors preferred to dispose of cement stocks over the same period.
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