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The Competition Commission of Pakistan (CCP) has imposed fines of Rs. 75 million each on Unilever Pakistan and Friesland Campina Engro. The companies faced penalties for falsely marketing their frozen desserts as “ice cream.” The CCP acted after receiving a complaint from the manufacturer of Hico. The complaint alleged deceptive advertising by Omore and Walls. …
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H.E. Cemal Sangu, Consul General of Türkiye, emphasized the need for strong efforts by both Türkiye and Pakistan’s private sectors to increase bilateral trade and investment. He was speaking at a meeting with a delegation from the Employers Federation of Pakistan (EFP) at the Turkish Consulate General. Mr. Sangu stressed the importance of taking pragmatic …
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Karachi: Sheikh Omar Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has urged Malaysia to reduce its export duty on palm oil. This reduction is expected to boost trade between the two countries and benefit the palm oil import sector in Pakistan. The proposal was made during a meeting between PVMA members and Malaysia’s …
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Karachi: In the first five months of the current fiscal year, foreign investors increased their repatriation of profits and dividends by a significant 112%. This surge reflects improved economic conditions and growing investor confidence in Pakistan. According to the State Bank of Pakistan, foreign investors sent back $1.129 billion in profits and dividends from July …
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Karachi: The Karachi Chamber of Commerce and Industry (KCCI) President, Javed Balwani, has strongly opposed the Oil and Gas Regulatory Authority (OGRA)’s proposal to raise gas tariff for Sui Southern Gas Company Limited (SSGC). He criticized the move as unjust, arguing it would add to the burden on industries and the public already grappling with …
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Karachi: Emirates, the world’s largest international airline, has introduced a new travel store in Karachi. This marks the airline as the first in Western Asia to bring the experiential retail concept to the region. The store spans 183 square meters and is located in the prominent Sky Tower on Abdul Sattar Edhi Avenue, Clifton. It offers …
Meezan Bank has refunded at least ten customers who fell victim to unauthorized debit card transactions following a reported data breach. These incidents surfaced amid concerns of a potential third-party compromise. The bank clarified that its internal systems remain secure. It attributed the issue to customers sharing their card details on unsecured websites or apps …
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Gold prices in the local bullion market saw a notable decline on Thursday. The price of one tola gold dropped by Rs. 2,600. It now stands at Rs. 273,600. The price of 10 grams of gold also decreased by Rs. 2,229. It is now priced at Rs. 234,311. The international gold market also reported a …
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Islamabad: Finance Minister Muhammad Aurangzeb presented the Tax Law Amendment Bill 2024-25 in the National Assembly. The bill aims to impose stricter rules on non-filers. The proposed amendments ban non-filers from buying vehicles above 800cc. They can only purchase motorcycles, rickshaws, and tractors. This move seeks to limit high-value transactions by those outside the tax …
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Defense Minister Khawaja Muhammad Asif stated that Pakistan would not need the International Monetary Fund (IMF) if half the country’s corruption ended. He made this statement while addressing the Sialkot Chamber of Commerce. Khawaja Asif assured the industrial community that he understands their challenges. He acknowledged that the country is in a tough economic phase. …
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Finance Minister Muhammad Aurangzeb said on Wednesday that the foundation for macroeconomic stability has been established. He cited improvements in key indicators such as a surplus current account, rising remittances, increasing exports, and higher foreign exchange reserves. Inflation has also dropped to its lowest level in six years. Policies Drive Sustainable Growth Speaking at the …
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The Indian rupee hit a record low on Wednesday. It fell to 84.9550 against the U.S. dollar before closing at 84.9525, down 0.07%. Strong dollar demand from importers and outflows from local equities added pressure. Weakness in regional currencies further weighed on the rupee. This trend came ahead of the U.S. Federal Reserve’s policy decision. …
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The Pakistan Stock Exchange (PSX) experienced a historic downturn on Wednesday. Intense selling pressure led to a sharp drop in the KSE-100 Index. During the trading session, the index plunged by 3,964 points. By the end of the day, the market lost three psychological levels, closing at 111,070 points. Market Capitalization Shrinks by Rs. 437 …
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Islamabad: Pakistan’s public sector companies have earned a remarkable profit of 102 billion rupees in the first half of the last fiscal year. This achievement comes with the support of the Special Investment Facilitation Council (SIFC). The performance reflects a solid improvement in the financial stability of government institutions. Increase in Revenue According to reports, …
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Barcelona: Hutchison Ports BEST has achieved two major milestones to enhance its operations and strengthen its position in the global port industry. The first of seven new automated blocks is now operational. Once all blocks are completed by early 2025, the terminal’s yard-storage capacity will increase by 25%. This upgrade will allow the terminal to handle …
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Karachi: Pakistan’s economy showed a positive trend in November 2024. The State Bank of Pakistan reported a current account surplus of $729 million. This is the highest surplus since February 2015. Highest Surplus in Nine Years The current account surplus marks a significant milestone for the country. The last time Pakistan recorded a surplus this …
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KARACHI: Pakistan’s crippling debt crisis has sparked intense debate among experts. While some advocate default and restructuring, others back the International Monetary Fund’s (IMF) strict austerity program. However, both approaches are flawed, say financial analysts. Instead, they propose a third way to steer the country out of its debt spiral. Rising Debt and Crushing Repayments …
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The Pakistan Stock Exchange (PSX) saw a strong start to the week, with the 100-index reaching a historic high of 116,169 points on Monday. The day marked a significant achievement, reflecting the continued investor confidence in the market. Steady Growth on Tuesday On Tuesday, the positive trend persisted. The market opened with a 766-point increase, …
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The remittances sent by overseas Pakistanis through Roshan Digital Accounts (RDA) have crossed $9.138 billion since the launch of the initiative. The State Bank of Pakistan (SBP) reported this significant achievement on Monday. Between September 2020 and November 2024, Roshan Digital Accounts proved to be a reliable channel for remittances. In November 2024 alone, overseas …
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The State Bank of Pakistan (SBP) announced a major cut in its policy rate on December 16, 2024. The Monetary Policy Committee (MPC) reduced the rate by 200 basis points, bringing it down to 13%. The decision will take effect from December 17, 2024. Inflation Eases to 4.9% Headline inflation dropped to 4.9% year-on-year in …
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The Pakistan Stock Exchange (PSX) achieved a historic milestone on Monday. The benchmark KSE-100 Index surged past the 116,000 mark for the first time, gaining nearly 1,900 points in a single session. The KSE-100 Index rose by 1,867.61 points or 1.63%, settling at 116,169.41 by market close. During the session, the index hit an intra-day …
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The government announced a decrease in the prices of High-Speed Diesel (HSD) and Kerosene Oil on December 15, 2024. The new prices will come into effect on December 16, 2024. The price of High-Speed Diesel has been reduced by PKR 3.05 per liter. This brings the new price of HSD to PKR 255.38 per liter. …
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The Pakistan Stock Exchange (PSX) experienced a significant increase in initial public offerings (IPOs) in 2024. The bourse saw seven IPOs this year, including two on the GEM Board. This marked a sharp rise from just one IPO in the previous year. The total amount raised from investors through the seven offerings in 2024 was …
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