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The Reko Diq copper and gold project in Pakistan is expected to generate an impressive $74 billion in free cash flow over 37 years, according to Barrick Gold CEO Mark Bristow. Project Overview Reko Diq, located in Balochistan, is a joint venture between Barrick Gold (holding a 50% stake) and the governments of Pakistan and …
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Federal Board of Revenue (FBR) Chairman Rashid Langrial acknowledged ongoing corruption within the department on Tuesday. He made the admission during a briefing to the National Assembly’s Standing Committee on Finance. Langrial also shared details about new reforms to expand the tax base and curb illegal practices. FBR Implements Reforms to Tackle Tax Evasion Rashid …
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Pakistan made waves at the Future Minerals Forum (FMF) in Riyadh on January 17, presenting itself as a global mining powerhouse. The event showcased the country’s untapped mineral wealth through a captivating film, Beneath the Surface: Pakistan’s Mining Renaissance. The documentary highlighted Pakistan’s rich reserves of gemstones, non-metallic minerals, industrial minerals, metals, and rare-earth elements, …
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The State Bank of Pakistan (SBP) is set to reveal its much-anticipated monetary policy decision on Monday, January 27, 2025. The Monetary Policy Committee (MPC) will convene earlier in the day to deliberate on the policy direction. Governor SBP, Jameel Ahmad, will address a press conference after the meeting to announce the decision. This announcement …
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The dollar dipped, and global markets remained cautious as Donald Trump began his second term as U.S. President. Investors anticipate significant policy announcements in the coming hours, potentially shaping global economic directions. Meanwhile, Bitcoin hit a record high near $109,000, signaling growing optimism in the cryptocurrency market. Stocks Show Mixed Movements Global stocks opened the …
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Pakistani pilgrims performing Hajj in 2025 will collectively spend approximately Rs9.94 billion on sacrificial animals, according to sources within the Ministry of Religious Affairs (MoRA). Each pilgrim under the government Hajj scheme is contributing Rs55,500 for this religious obligation. Over 35,000 pilgrims have already deposited Rs1.94 billion for the sacrifice, demonstrating the organized efforts to …
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KARACHI: The Pakistan Stock Exchange (PSX) maintained its positive trajectory on Monday, as the benchmark KSE-100 index gained 572.73 points. The index closed at 115,844.82 points, up 0.5% from the previous session’s 115,272.08. The market witnessed a turnover of 675.04 million shares, up from 549.58 million shares in the last session. The value of traded …
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The stock market closed the week on a high note, signaling optimism for continued growth. Political unpredictability and rising crude oil prices caused fluctuations throughout the week, but appealing valuations and improving economic indicators helped maintain investor interest. Analysts anticipate strong financial results in the upcoming earnings season, further boosting market confidence. Positive Week-End Performance …
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A new cryptocurrency, $TRUMP, has taken the Solana blockchain by storm, achieving an $8 billion market cap within hours of its launch. Allegedly tied to President-elect Donald Trump, the coin has sparked both excitement and skepticism across the crypto community. Meteoric Rise on Solana The $TRUMP token, branded as the “Official Trump Meme Coin,” was …
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The International Monetary Fund (IMF) has downgraded Pakistan’s GDP growth projection for 2025 to 3%. The previous forecast, made three months ago, projected a growth rate of 3.2%. The revision was part of the IMF’s “World Economic Outlook Update.” The report focused on global growth trends and uncertainties. The IMF did not specify reasons for …
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Karachi, January 17, 2025 – The Pakistan Stock Exchange (PSX) and 1LINK (Pvt) Limited have entered into a strategic agreement to enhance the book building process by introducing advanced online payment solutions. The revamped Book Building System (BBS) will allow participants to make seamless payments exceeding Rs 1 million through the 1LINK 1BILL platform. This …
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On Thursday, the Pakistan Mercantile Exchange (PMEX) reported a total traded value of PKR 47.941 billion, showcasing significant activity in metals, energy, COTS (Cash Over-the-Counter Swaps), and indices. The volume of trades reached 33,319 lots, reflecting robust participation across various segments. Gold, as the leading commodity, contributed significantly to the day’s performance, reinforcing its position …
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Telenor Pakistan has teamed up with the Travel Agents Association of Pakistan (TAAP) to revolutionize connectivity for international travelers. The collaboration introduces the Travel SIM, offering seamless communication and affordable roaming solutions to travelers heading abroad. This innovative partnership promises to simplify connectivity while addressing the unique needs of Pakistani travelers. Affordable Connectivity for Travelers …
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Gold prices have maintained a bullish trajectory, benefiting from the Federal Reserve’s recent dovish stance. After hitting a five-week high earlier this week, the yellow metal eased slightly on Friday due to profit-taking. Despite this dip, gold remains well-positioned for gains, supported by expectations of further policy easing and weak U.S. economic data. Fed Rate …
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The Pakistan Stock Exchange (PSX) witnessed an electrifying trading session on Friday, with the benchmark KSE-100 index soaring by over 1,200 points in intraday trading. The index closed at 115,057.71, marking an impressive rise of 1,220.97 points (1.05%), reflecting newfound investor confidence. Key Drivers Behind the Rally The market’s upward trajectory was largely driven by …
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The Pakistan Pavilion at the Future Minerals Forum (FMF) in Riyadh attracted widespread interest on the event’s second day. The forum, attended by over 20,000 visitors, brought together ministers, mining professionals, investors, and academics from around the world. The Pakistan Pavilion stood out with its vibrant design and informative exhibits. Visitors praised its presentation, with …
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Prime Minister Shehbaz Sharif has directed authorities to expedite the Federal Board of Revenue’s (FBR) legal efforts to conclude under-trial tax revenue cases promptly. Chairing a review meeting on Thursday, the prime minister emphasized the need for swift action to resolve pending cases. He instructed the hiring of reputed lawyers to represent the FBR in …
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DP World and NLC have launched a weekly feeder service between Dubai’s Jebel Ali Port and Karachi. This initiative marks a major milestone in Pakistan’s shipping and maritime trade. The service aims to enhance the movement of containers between the two cities efficiently. The inauguration event took place at Port Qasim. Sultan Ahmed bin Sulayem, …
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Pakistan’s foreign exchange reserves saw an increase of $73.1 million, bringing the total reserves to $16.45 billion. This rise, attributed to a surge in remittances, reflects a positive shift in the country’s economic stability and forex management. Weekly Growth in Reserves According to the State Bank of Pakistan (SBP), the country’s total reserves grew from …
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The United Arab Emirates (UAE) has extended the maturity of its two deposits worth $1 billion each, held in the State Bank of Pakistan. These deposits, originally set to mature in January 2025, will now be rolled over for an additional year. This move highlights the UAE’s support for Pakistan during its ongoing economic recovery …
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The Pakistan Airports Authority (PAA) has refuted claims that a financial bid for outsourcing the operations of Islamabad International Airport has been approved. The PAA issued a statement clarifying that reports regarding the approval of the bid from the T.E.R.G. consortium were “baseless” and “misleading.” Clarification from the PAA In its statement, the PAA’s spokesperson …
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The federal government has yet to make a final decision regarding the proposed increase in gas tariffs for Captive Power Plants (CPPs). The delay comes despite pressure from various quarters, including the International Monetary Fund (IMF). Petroleum Division Suggests Gas Supply Disconnection The Petroleum Division had initially recommended disconnecting gas supplies to CPPs as an …
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The much-anticipated results of the Rs 750 prize bond draw for January 2025 were announced on Wednesday by the National Savings Division in Karachi. Major Winners First Prize: Rs 1,500,000 Winning Bond Number: 271541 Second Prizes: Rs 500,000 each Winning Bond Numbers: 0317904, 496553, 80066 Third Prizes: Rs 9,300 each Total Winners: 1,696 Prize Bond …
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