Most Authentic News Source
The Pakistan Stock Exchange (PSX) has officially delisted Engro Corporation Limited (ENGRO). The delisting took effect on Tuesday, January 14, 2025. The PSX announced the delisting in a formal notification. The decision follows the implementation of a Scheme of Arrangement. This scheme involved the merger of Engro Corporation Limited (ENGRO) with Engro Holdings Limited (ENGROH). …
Continue reading “ENGRO Corporation Delisted from Pakistan Stock Exchange”
The Federal Cabinet has approved revised agreements with 14 Independent Power Producers (IPPs). The meeting, chaired by Prime Minister Shehbaz Sharif in Islamabad, endorsed a proposal to cut the profit and costs of these IPPs by 802 billion rupees. A deduction of 35 billion rupees will be made from the additional profits earned by IPPs …
Continue reading “Federal Cabinet Approves Revised Deals with IPPs”
The World Bank has committed $20 billion to Pakistan under a 10-year Country Partnership Framework (CPF). The decision was approved with 19 out of 24 directors voting in favor. This significant financial support aims to address key developmental challenges in Pakistan and boost the country’s economic stability. Approximately three-quarters of the $20 billion will be …
Continue reading “World Bank Pledges $20 Billion for Pakistan’s Development”
Karachi: In the global market, gold prices decreased by $14, bringing the rate to $2,661 per ounce. Meanwhile, in the local Sarafa (jewelry) market, the price of gold fell by Rs. 1,400 per tola, now standing at Rs. 277,900 per tola. Similarly, the price of 10 grams of gold dropped by Rs. 1,201, reaching Rs. …
Continue reading “Gold Prices Drop in Global and Pakistani Markets”
Muhammad Hanif Gohar, Chairman of Gohar Group and CEO of Air Karachi, recently visited Airbus headquarters in Dubai. The visit aimed to strengthen Air Karachi’s future in aviation. During the high-profile meeting, Gohar discussed the airline’s expansion plans and aircraft acquisition with senior Airbus officials. Strategic Meeting on Aircraft Procurement The primary focus of the …
Continue reading “Muhammad Hanif Gohar Visits Airbus Headquarters in Dubai”
Gold prices experienced a drop on Monday as the US Dollar (USD) soared to its highest level in over two years. This shift followed a strong U.S. jobs report last week, which reinforced expectations that the Federal Reserve will remain cautious about cutting interest rates this year. Gold Prices Decline Amid Stronger USD Spot gold …
Continue reading “Gold Prices Drop as US Dollar Reaches Two-Year High”
The State Bank of Pakistan (SBP) has reinforced its dedication to advancing financial inclusion by fostering strong partnerships with global and domestic stakeholders. Governor SBP, Mr. Jameel Ahmad, highlighted this commitment during a bilateral meeting with Dr. Alfred Hannig, CEO of the Alliance for Financial Inclusion (AFI), held in Karachi on January 13, 2025. The …
Continue reading “SBP Governor Reaffirms Commitment to Boost Financial Inclusion”
The Reserve Bank of India (RBI) likely sold dollars on Monday to stabilize the rupee. The Indian currency hit an all-time low of 86.39 per U.S. dollar in early trade. Traders reported that state-run banks were seen offering dollars, likely on RBI’s instructions. Rupee Hits Record Low The rupee slumped to 86.39, its weakest level …
Continue reading “RBI Intervenes as Rupee Hits Record Low Against Dollar”
Pakistan and China have reaffirmed their commitment to the high-quality development of the China-Pakistan Economic Corridor (CPEC) 2.0, emphasizing industrialization, Special Economic Zones (SEZs), clean energy, agriculture, and livelihood projects. The renewed focus on CPEC underscores its vital role in fostering regional connectivity, mutual cooperation, and shared prosperity. Progress in CPEC 2.0 The announcement came …
Continue reading “Pakistan and China Commit to Advancing CPEC 2.0”
ISLAMABAD: The Ministry of Finance has ordered the abolition of vacant and redundant posts lying idle for more than three years. The decision aims to reduce government expenses in line with the Financial Management and Powers of PAOs Regulations, 2021. A circular issued by the Finance Division directed all ministries, divisions, and departments to identify …
Continue reading “Finance Ministry Orders Abolishment of Idle Posts to Cut Expenses”
The Federal Investigation Agency (FIA) arrested an officer for allegedly accepting a $2,000 bribe from Romanian technicians aboard a foreign vessel at Port Qasim. The accused, former FIA Immigration in-charge ASI Attaullah Memon, and his colleague Zohaib, initially demanded $4,000. However, they later settled for $2,000. The technicians had traveled from India’s Mundra Port to …
Continue reading “FIA Officer Accepts Bribe from Romanian Technicians, Gets Arrested”
The Federal Board of Revenue (FBR) has started issuing a new Expression of Interest (EOI) to select companies for advanced cargo tracking and monitoring technologies. This follows the discontinuation of services by the previous operator, which managed the system since 2013. The FBR said the decision was made after a thorough review and legal procedures. …
Continue reading “FBR Initiates Process for New Cargo Tracking System”
The State Bank of Pakistan’s (SBP) foreign exchange reserves saw a small decline of $15.3 million, or 0.13%, during the week ending January 3, 2025. The total reserves held by SBP stood at approximately $11.7 billion. This week-on-week (WoW) decrease was revealed in a report issued by the central bank on Thursday. Although the reserves …
Continue reading “SBP Foreign Exchange Reserves Drop Slightly”
The Securities and Exchange Commission of Pakistan (SECP) has uncovered an illegal deposit-taking and investment scheme under the names Summit 4X Trade and Summit AH Experts. The scheme targeted residents of District Layyah through branch offices, WhatsApp, and phone calls. The SECP states that sponsors Abdul Hai and Summer Abbas lured investors with promises of …
Continue reading “SECP Uncovers Fraudulent Investment Scheme Targeting Layyah Residents”
Pakistan International Airlines (PIA) expects to generate over Rs107 million in revenue from its inaugural direct flight to Paris, scheduled for January 10. The flight will depart Islamabad at 12:10 pm, signaling the return of the Paris route after a four-and-a-half-year break. The suspension came after the European Union imposed a ban on PIA flights …
Continue reading “PIA’s Inaugural Direct Flight to Paris Set to Boost Revenue”
Federal Minister for Energy, Awais Leghari, announced significant progress in reducing electricity rates, with ongoing discussions with the International Monetary Fund (IMF) potentially lowering tariffs by Rs10 to 12 per unit. Speaking at the Parliament House, he revealed that renegotiations with Independent Power Producers (IPPs) have already saved the country Rs1,100 billion, directly benefiting consumers. …
Continue reading “Government Announces Electricity Tariff Cuts Amid Talks with IMF”
State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed confidence in the country’s economic trajectory. Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, he assured that debt levels and the balance of payments remain under control. Ahmed stated that inflation is expected to decline further by January, paving the …
Continue reading “Inflation Is Expected to Decline Further by January: Governor SBP”
K-Electric (KE), Karachi’s main electricity provider, has announced a scheduled Load Shedding on January 10, 2025. The shutdown will affect 49 out of the city’s 2,001 feeders. The maintenance work will focus on transformers in various areas. KE has confirmed that the maintenance work will take place between 8:00 AM and 6:30 PM. Residents in …
Continue reading “K-Electric Announces Scheduled Load Shedding in Karachi on January 10”
ISLAMABAD: Senator Aimal Wali Khan made alarming claims about food safety during a Senate Standing Committee meeting on National Food Security. The Awami National Party (ANP) senator alleged that plastic rice and meat from donkeys, dogs, and frogs were being sold in Pakistan. He also cited a report stating that only 22% of milk sold …
Continue reading “Shocking Claims on Food Quality in Pakistan”
The Pakistani rupee strengthened marginally against the US dollar on Thursday, appreciating by 0.1% during the early hours of trading. At 10am, the rupee was trading at 278.45, gaining Re0.27 from its previous close of 278.72 on Wednesday, according to data from the State Bank of Pakistan (SBP). Pressure on Major Currencies Meanwhile, the US …
Continue reading “Rupee Appreciates by 0.1% in Inter-Bank Market on Thursday”
Cement prices in Pakistan’s northern cities dropped slightly during the week ending January 2. According to the Pakistan Bureau of Statistics (PBS), the average retail price of a 50-kg cement bag in northern cities stood at Rs. 1,415, reflecting a 0.45% decline from the previous week’s price of Rs. 1,422. The price decrease marks a …
The capital market started Wednesday’s session on a positive note, making a strong recovery after two days of consecutive losses. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index rose by 1,697.54 points, or 1.46%, reaching an intraday high of 117,750.22 points. This upward correction follows a sharp drop of 2,500 points the day before, providing …
Continue reading “KSE-100 Index Recovers After 2 Days of Losses”
ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Karachi on Wednesday for a day-long visit. During his time in the port city, he will attend several important meetings and inaugurate significant projects. Sindh Chief Minister Murad Ali Shah and Governor Kamran Tessori warmly received the Prime Minister upon his arrival. The Prime Minister’s schedule includes a …
Continue reading “Prime Minister Shehbaz Sharif’s Day-Long Visit to Karachi”
