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On Prime Minister Shehbaz Sharif’s instructions, customs reforms have officially started. A new customs clearance system has been implemented in Karachi from December 15, 2024. This system will expand gradually to border checkpoints across Pakistan. Faceless Customs Assessment Introduced The Faceless Customs Assessment System (FAS) aims to reduce clearance time and ensure transparency. The system …
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The Federal Board of Revenue (FBR) will launch the Faceless Customs Assessment (FCA) system in Karachi on Sunday. The move is part of the FBR’s transformation plan approved by the prime minister. Centralized Assessment Begins From 12 am onwards, all import goods declarations filed at Karachi’s Appraisement Collectorates will be assessed by the newly established …
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ISLAMABAD: Startups that participated in the first season of Shark Tank Pakistan are under investigation by the Federal Board of Revenue (FBR). The investigation centers on alleged tax discrepancies. Ahmed Rauf Essa, CEO of Telemart, disclosed the matter on LinkedIn. He revealed that several startups have received tax notices and some are facing legal action …
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Gold prices in Pakistan experienced a major drop after consistent hikes earlier this week. According to the All Pakistan Gems and Jewellers Association, the price of gold per tola decreased by Rs. 5,000. Following the reduction, the new price for one tola of gold stands at Rs. 277,800. This decline brought relief to investors and …
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The federal government has decided to terminate agreements with six independent power producers (IPPs). These IPPs generate costly electricity, adding financial strain to consumers and the government. The terminated contracts cover a combined capacity of 2,396 MW. The decision is part of a broader strategy to reduce electricity tariffs and save money. Officials estimate that …
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Karachi: The Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate reserves in Khyber Pakhtunkhwa. The discovery was made at the Betani-02 (Sulent) well in Lakki Marwat district. OGDCL informed the Pakistan Stock Exchange (PSX) about the discovery on Friday. The company stated it operates the Wali Exploration License with a 100% …
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Karachi: The Deposit Protection Corporation (DPC) has released its fourth Annual Report for the fiscal year ending June 2024. The report highlights the Corporation’s financial performance, activities, and accomplishments during the year. Overview of DPC’s Mandate DPC was established under the Deposit Protection Corporation Act, 2016. It operates as a subsidiary of the State Bank …
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KARACHI: Faraz-ur-Rehman, Patron-in-Chief of the Pakistan Business Group (PBGO) and Chairman of the Pakistan Business Guild, has urged the government to slash the policy rate by 500 basis points in one go during the upcoming monetary policy announcement. He stated that this decisive move is essential for reviving the economy and fostering a business-friendly environment. …
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New York: Elon Musk has achieved a historic milestone in wealth accumulation. The Tesla and SpaceX owner is now the first person in the world to reach a net worth of $400 billion. This remarkable achievement highlights Musk’s dominance in the global business landscape. Record-Breaking Wealth American media reports confirmed that Musk set this unprecedented …
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Islamabad: Federal Minister for Petroleum Musadik Malik informed the National Assembly that the procurement of five LNG cargoes from Qatar has been postponed. Qatar also declined to supply an additional cargo in January, despite Pakistan’s request. Assembly Discusses LNG and Gas Production During a session in the National Assembly, a notice was presented to address …
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Pakistan’s agricultural exports are witnessing rapid growth, with the first consignment of tractors reaching Tanzania. This achievement marks a milestone in the country’s international trade efforts. This development highlights Pakistan’s commitment to expanding agricultural machinery trade and fostering global trade partnerships. In Tanzania, the Masai Tractor Company has partnered with Pakistani manufacturers to introduce Pakistani …
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The federal government is expected to increase petrol prices starting December 16. Rising global oil prices have pushed Pakistan to consider the hike. The revised rates will be announced on December 15 after the second fortnightly review. These new prices will remain effective until December 31. Global Oil Market Impact International crude oil prices have …
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The National Electric Power Regulatory Authority (NEPRA) has reviewed K-Electric’s October monthly Fuel Charges Adjustment (FCA). The public hearing took place at NEPRA headquarters. The Chairman of NEPRA led the session. K-Electric Proposes Reduction K-Electric proposed a reduction of 27 paisa per unit in October’s FCA. The company submitted this request to NEPRA for approval. …
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Sugar prices in Pakistan have increased by Rs. 10 to Rs. 15 per kilogram. Speculators and hoarders have been active since the start of the week. Their actions have caused a noticeable rise in sugar rates. Large retailers are now selling sugar for Rs. 130 to Rs. 135 per kilogram. The ex-mill rate has also …
The State Bank of Pakistan (SBP) reported a $12.5 million rise in its foreign exchange reserves, reaching $12.05 billion for the week ending December 6, 2024. This marks a 0.10% week-on-week (WoW) increase, according to data released on Thursday. Decline in Total Reserves Despite the uptick in SBP’s reserves, the country’s total foreign exchange reserves …
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The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to reduce the monetary policy rate by 400 basis points. KCCI President Muhammad Jawed Bilwani highlighted that this reduction would align interest rates with sustainable levels and make borrowing affordable for businesses and consumers. Inflation Drops to Lowest …
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The Senate Standing Committee on Power, led by Senator Mohsin Aziz, convened to address critical issues related to K-Electric, including persistent complaints about load-shedding and billing irregularities. The session, based on an agenda referred by the Senate, aimed to assess K-Electric’s efforts to resolve public concerns. Senator Praises Progress Senator Masroor Ahsan expressed his satisfaction …
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Islamabad: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Development Bank Institute (IsDBI), successfully hosted the Second International Islamic Capital Market Conference in Karachi. The event focused on the theme “From Tech Transformation to Realizing Sustainability: Building an Islamic Capital …
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Islamabad: Federal Minister for Commerce, Jam Kamal Khan, chaired the 11th Board Meeting of the Trade Development Authority of Pakistan (TDAP) on Thursday. The meeting focused on structural reforms, better event management, and strategic planning. The board, led by Chairman Zubair Motiwala, discussed a 14-point agenda. The meeting was attended by key members, including senators …
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Gold prices in Pakistan remain stable as of Thursday, December 12, 2024. The current rates, reported from the Pakistan Sarafa Market, are as follows: 1 Tola (24K): Rs. 285,200 10 Grams (24K): Rs. 244,520 1 Gram (24K): Rs. 24,452 These rates are consistent with those recorded on December 11, 2024. No significant changes in gold …
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Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has established the Pakistan-EU Forum. Announcing the initiative, FPCCI President Atif Ikram Sheikh stated that the Forum aims to improve economic and trade relations between Pakistan and EU countries. This step is expected to benefit the business community through enhanced cooperation and development opportunities. …
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India’s Adani Group has withdrawn its request for a $553 million loan from the United States International Development Finance Corporation (DFC). The loan was intended to finance the construction of a deep-sea port in Sri Lanka, located next to a Chinese-run facility. This move comes after a significant indictment in New York accused the conglomerate’s …
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Islamabad: MOL Group celebrated its 25th anniversary of operations in Pakistan with a gala dinner in Islamabad. Federal Minister for Commerce Jam Kamal Khan, Governor Khyber Pakhtunkhwa Faisal Kareem Kundi, and Syed Naveed Qamar attended the event. The gathering highlighted MOL Group’s significant contributions to Pakistan’s energy sector, particularly in hydrocarbon exploration and production. Minister …
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