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In a significant development, Saudi Arabia is set to purchase 15% of the shares of the Reko Diq project for $540 million. The federal cabinet has approved the deal, which will be completed under the Inter-Governmental Transaction Act. Payment Structure and Timeline Saudi Arabia will pay Pakistan in two installments. The first installment of $330 …
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The federal government is expected to announce new petroleum prices on December 31. Diesel and kerosene oil prices may see an increase, while petrol prices are likely to remain unchanged. Sources from the Petroleum Division suggest a potential increase of more than Rs4 per litre in diesel prices. Diesel is widely used in transportation and …
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The State Bank of Pakistan (SBP) has announced that holders of Rs25,000 and Rs40,000 prize bonds must redeem them by December 31. A spokesperson for SBP emphasized that no requests for redemption or exchange will be entertained after this date. The deadline also applies to Rs15,000 and Rs7,500 prize bonds. Bondholders have been urged to …
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Gold prices in Pakistan have reached new highs today, with 24-karat gold priced at PKR 280,400 per tola. The rate for 10 grams of 24K gold on December 28, stands at PKR 240,398. For 22-karat gold, the price is PKR 257,100 per tola and PKR 220,365 for 10 grams. These rates are based on updates …
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Rawalpindi: Pakistan International Airlines (PIA) has reintroduced another long-grounded ATR aircraft into its operational fleet. A PIA spokesperson confirmed the development on Friday, emphasizing the importance of the move in enhancing regional connectivity. The addition strengthens PIA’s operations to key destinations, including Gilgit, Sukkur, Turbat, and Gwadar. The ATR aircraft’s return marks a step forward …
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Karachi: Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), has expressed strong support for the State Bank of Pakistan’s (SBP) newly introduced framework for exchange companies. He praised this initiative as a transformative step toward improving operational efficiency, ensuring customer security, and eliminating illegal trading in the gray market. Paracha commended …
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K-Electric has submitted a request to NEPRA to approve a refund of Rs. 4.98 per unit to its consumers. This refund is for overcharged electricity rates in November 2024. The company plans to return Rs. 7.179 billion to consumers in the February 2025 billing cycle. The refund falls under the Monthly Fuel Charges Adjustment (FCA) …
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China stock market saw a slight uptick on Thursday, with investors navigating thin trading volumes as the year draws to a close. The Hong Kong market remained closed for a local holiday but is set to resume trading on Friday. The blue-chip CSI300 Index rose 0.05%, while the Shanghai Composite Index climbed 0.14%. Small-cap stocks …
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KARACHI: The State Bank of Pakistan (SBP) reported a drop of $228 million in its foreign exchange reserves, which fell to $11.85 billion during the week ending December 20. This marked the first decline after weeks of consistent increases. The SBP attributed the decrease to external debt repayments. Pakistan faces $26.1 billion in external debt repayments …
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The Economic Coordination Committee (ECC) has approved a comprehensive restructuring plan for Pakistan Revenue Automation Limited (PRAL). The committee has allocated Rs3.7 billion for the fiscal year 2024-25, with an additional Rs4.5 billion proposed for the next financial year, contingent on the entity’s performance evaluation. PRAL, a key IT subsidiary of the Federal Board of …
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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has ceased the guarantee business of Crescent Star Insurance Limited. The action, taken under Section 60 of the Insurance Ordinance, 2000, follows violations involving guarantees worth Rs. 229 billion issued without requisite collateral or valid reinsurance arrangements. Crescent Star failed to meet the regulatory requirements necessary …
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Pakistan’s liquid foreign reserves dropped to $16.37 billion as of December 20, 2024. The State Bank of Pakistan (SBP) reported a decline of $228 million in its reserves during the week. The SBP holds $11.85 billion of the total reserves. Commercial banks hold $4.52 billion. Combined, the total liquid foreign reserves amount to $16.37 billion. …
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Pakistan is set to make history at Heimtextil 2025, the world’s largest home textile exhibition. Over 270 exhibitors will represent the country in Frankfurt, Germany, from January 14th to 17th. This marks Pakistan’s largest-ever delegation to the event, highlighting its textile prowess. Pakistan Pavilion to Attract Global Buyers The Trade Development Authority of Pakistan (TDAP) …
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In a significant step toward improving travel experiences, the UAE Consulate in Karachi has partnered with the Crown Group of Companies. The agreement, signed at Jinnah International Airport, introduces exclusive services at the Majestic Lounge and Sky Majestic Lounge. These premium facilities aim to offer UAE citizens and business travelers unparalleled convenience and comfort, reinforcing …
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Capital market reforms took center stage during Advisor to Finance Minister Khurram Schehzad’s visit to the Pakistan Stock Exchange (PSX) in Karachi. Invited by PSX CEO Farrukh Sabzwari, Mr. Schehzad engaged in strategic discussions with the PSX leadership; thus, exploring ways to unlock the potential of Pakistan’s capital markets and enhance economic growth. Unlocking Market …
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The Pakistan Stock Exchange (PSX) rallied strongly on Monday. The benchmark KSE-100 Index surged by 4,411.27 points, closing at 113,924.41. This marked a 4.03% gain and the second-largest single-day increase in points in the index’s history. The market maintained a positive trajectory throughout the session. The KSE-100 hit an intraday high of 114,189.71 points. Key …
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After a mid-week crash, the Karachi stock market staged a partial recovery. Renewed buying interest helped the market, but the week closed in the negative. The KSE-100 index ended at 109,513 points, posting a 4.19% decline with a loss of 4,789 points. The week started positively as investors anticipated a policy rate cut by the …
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During the peak of the ‘dot com bubble,’ Masayoshi Son, the founder of SoftBank, suffered a staggering $70 billion loss in just one year. This remains one of the largest personal wealth declines in history. At the same time, the NASDAQ lost nearly 80% of its value, erasing trillions in market capitalization. The period was …
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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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