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The Securities and Exchange Commission of Pakistan (SECP) has approved a comprehensive Strategic Action Plan 2024-2026 to promote Islamic finance and phase out Riba by 2028. The initiative aims to transform non-bank financial sectors by enabling a smooth transition to Sharia-compliant financial practices. Roadmap for Islamic Finance Growth The Strategic Action Plan, prepared by the …
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The latest gold and silver rates in Pakistan reveal fluctuations in the precious metals market. Both gold and silver prices continue to capture attention, reflecting changes in the international and domestic markets. On Tuesday, December 10, 2024, the per tola price of 24-karat gold reached Rs. 283,000 in the local market. This rate, provided by …
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The Pakistan Stock Exchange (PSX) achieved a major milestone on Monday as the KSE-100 index crossed the 111,00 points for the first time in history. Investors celebrated the record-breaking rally, which reflected growing confidence in Pakistan’s financial markets. Opening Rally Boosts Market The market began the day with a strong rally. The KSE-100 index surged …
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The Pakistan Stock Exchange (PSX) achieved a historic milestone as the KSE-100 Index crossed the 110,000-point mark during trading on Monday. The index surged by an impressive 1,211 points in intraday trading, reflecting strong investor confidence and a robust market trend. Investors Celebrate Market Momentum The record-breaking performance has boosted investor sentiment. Analysts attribute the …
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The Securities and Exchange Commission of Pakistan (SECP) has taken a major step in reforming the insolvency and debt enforcement framework by successfully concluding a comprehensive stakeholder consultation. The consultation underscored the significance of strengthening Pakistan’s legal and regulatory systems to ensure efficient debt resolution and a robust insolvency regime. Judicial Support for Debt Resolution …
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Gold prices experienced a notable dip on Saturday, both internationally and in local markets, signaling an opportunity for buyers amid fluctuating market conditions. The keyword gold prices captures the central theme of this market shift. Global Gold Rates Drop In the international bullion market, gold prices fell by $3 per ounce, settling at $2,632. This …
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Islamabad: The Ministry of Energy has successfully renegotiated a power purchase agreement with Safe Power Company, sources confirmed. The company’s board approved changes to the agreement, introducing a revised tariff structure aligned with the Task Force’s proposed rates. Safe Power Company will now follow the “Take and Pay” tariff, ensuring more reliable payment terms. The …
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Friday approved the Winter Package proposed by the federal government, offering discounts to consumers on additional electricity usage. The package is aimed at promoting energy efficiency during the colder months, with reduced rates for domestic, industrial, and commercial consumers. Discounts for Domestic and Industrial Consumers Under …
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Bitcoin, the world’s leading cryptocurrency, reached a milestone by surpassing $100,000 for the first time, signaling a significant moment in the digital asset market. This surge comes as traders celebrated former President Donald Trump’s selection of a pro-crypto advocate to lead the U.S. Securities and Exchange Commission (SEC). The news has fueled expectations of a …
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Islamabad: The Securities and Exchange Commission of Pakistan (SECP) inaugurated a two-day consultative conference on insolvency and debt enforcement laws in Islamabad. The event brought together Finance Minister Senator Muhammad Aurangzeb, judges from all high courts, international experts, lawyers, and policymakers to discuss critical reforms. Finance Minister Highlights Reform Priorities Finance Minister Muhammad Aurangzeb delivered the …
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Karachi: Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has urged the government to address challenges in the edible oil supply chain by reducing duties on alternative oils like soybean, canola, and sunflower oil. This measure, he emphasized, would diversify imports and reduce Pakistan’s dependence on palm oil, which dominates the country’s …
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Karachi: The Federal Investigation Agency (FIA) Corporate Crime Circle raided a jewellery shop in Clifton, Karachi, and uncovered an illegal currency exchange operation. The raid led to the recovery of $40,000 and Rs 2.3 million in cash. Two Suspects Arrested Authorities arrested two suspects, Mumtaz Shaukat and Khalid Ayub, for their involvement in the unauthorized …
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The Kingdom of Saudi Arabia has extended the $3 billion deposit placed with the State Bank of Pakistan (SBP). The deposit, which was set to mature on December 5, 2024, will now remain for another year. The extension comes through the Saudi Fund for Development (SFD) and reflects Saudi Arabia’s ongoing support for Pakistan’s economy. …
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The Pakistan Stock Exchange (PSX) continued its strong upward momentum on Thursday. The 100-Index recorded a significant increase, highlighting growing investor confidence in the market. The trading session opened at 105,104 points. By the end of the day, the 100-Index surged to 108,238 points, gaining a massive 3,134 points. During the day, the index achieved …
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Gold prices have risen both globally and locally, reflecting fluctuations in international markets. In the global bullion market, the price of gold per ounce saw an increase of $7, bringing it to $2,640. This rise comes amid ongoing changes in the global economic landscape, affecting investors and traders worldwide. In the local market, gold prices …
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Islamabad: Federal Minister for Industries and Commerce, Jam Kamal Khan, announced the formation of a committee to draft an edible oil policy. The initiative aims to enhance local production and increase exports of ghee and edible oils. He shared this commitment during a meeting with Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Sheikh Umer Rehan and …
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Pakistan’s inflation rate in November recorded its lowest level in 6.5 years, standing at 4.9%, according to the Pakistan Bureau of Statistics (PBS). This significant drop marks a steady decline from a staggering 38% peak last year. With the State Bank of Pakistan (SBP) scheduled to review its policy rate on December 16, currently set at …
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KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) continued its upward momentum, closing above the 103,000 mark on Monday. The index gained 1,917.63 points, a 1.89% increase, to settle at 103,274.95 points. This marked a significant rise from the previous close of 101,357.32 points. The PSX witnessed record participation with a trading volume …
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KARACHI: The National Electric Power Regulatory Authority (NEPRA) has announced an 18-paisa per unit reduction in electricity prices for Karachi consumers. This reduction falls under the September 2024 monthly adjustment and will reflect in December bills. Reduction Not Applicable to Small-Scale Consumers The relief, however, excludes consumers who use up to 300 units per month. …
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The federal government raised petroleum costs on Saturday for the next fortnight. Petrol now costs Rs252.1 per litre, while high-speed diesel (HSD) is priced at Rs258.43 per litre. Petrol prices increased by Rs3.72 per litre, and HSD saw a Rs3.29 per litre hike. These adjustments come despite hopes that prices would remain stable due to …
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Unsafe working conditions at Amazon’s warehouse in Manesar, Haryana, have sparked legal action and scrutiny over the retail giant’s labor practices. Allegations of inadequate safety measures, unreasonable work targets, and harsh monitoring have led the local government to take Amazon to court. The case highlights growing concerns about worker welfare in Amazon’s vast fulfillment network across …
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The Pakistani rupee remained stable against the US dollar on Friday, showing a slight gain of 0.01% during early trading hours. By 10 a.m., the rupee was trading at 278.03, an increase of 0.01 from the previous day’s closing rate of 278.04, as reported by the State Bank of Pakistan (SBP). Global Currency Trends Yen …
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The federal government is considering revising petroleum product prices for the fortnight starting December 1, 2024. This move is linked to rising global oil prices, according to Oil Marketing Companies (OMCs). Petrol prices may increase by Rs3.00 per litre, rising from Rs248.38 to Rs251.38 per litre. High-speed diesel (HSD) prices could also climb by Rs2.87 …
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