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Bitcoin rallied overnight, reaching a new all-time high as former President Donald Trump claimed victory over Vice President Kamala Harris in the U.S. presidential election. The flagship cryptocurrency surged to $75,000 late Tuesday, smashing its previous record. By Wednesday, it was trading 6% higher at $73,841, according to Coin Metrics. This rally pushes Bitcoin past …
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The International Monetary Fund (IMF) will send a mission to Pakistan next week, four months ahead of the planned review. The IMF aims to assess Pakistan’s performance in implementing conditions linked to the $7 billion bailout package approved earlier this year. Diplomatic sources say this early visit underscores the program’s importance for the IMF, especially …
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Karachi: The Pakistan Stock Exchange (PSX) has announced the appointment of Mr. Farrukh H. Sabzwari as its new Chief Executive Officer (CEO). The official announcement came earlier today through a PSX Notice. Mr. Sabzwari will take charge on November 18, 2024, succeeding the outgoing CEO. Over 25 Years in Investment Banking Mr. Sabzwari brings more …
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Karachi: The Pakistan Business Forum (PBF) has urged the government to take swift and comprehensive measures for economic reform. The forum emphasized that these changes are crucial for achieving stability and long-term growth. Malik Khuda Baksh, President of PBF Karachi, highlighted the urgent need for steady economic management to steer Pakistan’s economy out of crisis. …
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LAHORE: The Punjab government announced on Monday that it will not pursue the acquisition of Pakistan International Airlines (PIA). This decision comes amid a significant shift in the privatization landscape of the struggling national carrier. No Plans for PIA Purchase Punjab Information Minister Azma Bokhari confirmed during a press conference that the provincial government has …
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved a circular debt management plan for the fiscal year 2024-25 on Monday. This plan aims to reduce liabilities in the power sector and enhance financial sustainability. Meeting Highlights Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the ECC meeting. Several key agenda items …
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The recent 2.5% cut in the State Bank of Pakistan’s (SBP) policy rate has prompted a mixed response from the business leaders, calling for further reductions to drive economic growth. Industry stakeholders argue that the current rate remains high and limits the potential for business expansion, urging the SBP to aim for a single-digit interest …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) met today to announce a significant policy change. The MPC decided to cut the policy rate by 250 basis points, lowering it to 15 percent. This reduction will take effect from November 5, 2024. Inflation Trends The MPC observed a notable decline in …
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The Pakistan Stock Exchange (PSX) saw another day of impressive rise, with the benchmark KSE-100 Index surging by nearly 1,250 points during intra-day trading on Monday. By 3:30 pm, the KSE-100 stood at 92,105.87, up 1,246.02 points, or 1.37%. The index hit an intra-day peak of 92,159.08 as investor sentiment remained high. Key Sectors Drive …
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The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is set to announce its key interest rate decision shortly. Many analysts are anticipating a substantial cut of 200 basis points (bps). This move follows recent reductions aimed at stimulating economic growth amid slowing inflation and declining oil prices. Background of Recent Rate …
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ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
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The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility criteria for the appointment of Chief Financial Officers (CFOs) in insurance companies. The SECP announced this change in a new S.R.O. 1586(I)/2024, amending the Code of Corporate Governance for Insurers, 2016. This regulatory update was released on Saturday, with changes aimed at strengthening …
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The Khyber Pakhtunkhwa (KP) government has shown interest in buying Pakistan International Airlines (PIA). KP’s Board of Investment and Trade (KP-BOIT) vice chairman, Hassan Masood Kunwar, sent a letter to Federal Minister for Privatisation, Aleem Khan. In it, KP-BOIT assured the federal government that it would bid higher than the current Rs10 billion offer by …
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Warren Buffett, Berkshire Hathaway’s legendary investor, is now holding over $325 billion in cash, as the company continues trimming its Apple holdings while generating substantial profits from its diverse business portfolio. Berkshire’s deliberate move away from Apple stock, its largest investment, signals a strategic shift and bolsters cash reserves, leaving analysts speculating about Buffett’s next …
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Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
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KARACHI: Amid a significant slowdown in inflation, business leaders have urged the State Bank of Pakistan (SBP) to cut policy rate by 300 to 500 basis points. They believe that such a cut is essential to revive trade and industrial activities in the country. The SBP’s Monetary Policy Committee (MPC) is set to meet on …
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Karachi: The 12th International Defence Exhibition and Seminar (IDEAS), known as IDEAS 2024, will take place at the Karachi Expo Center from November 19 to 22. This event is a major platform for the global defense industry, drawing exhibitors, officials, and visitors worldwide. IDEAS is one of the largest defense exhibitions in the region, positioning Pakistan …
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The government has proposed a new financial model to 18 independent power producers (IPPs). This plan aims to significantly reduce their capacity payments and recover “excess profits” made by these companies in the past. Senior managers from three IPPs and a government official shared these developments with Dawn. A government task force is currently renegotiating …
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Qatar has pledged a $3 billion investment in Pakistan. This move aims to support the economy and create new opportunities for citizens. Information Minister Attaullah Tarar announced the news. He said Qatar’s investment will span multiple sectors to fuel economic growth. A Qatari delegation will soon visit Pakistan to set these plans in motion. Wave …
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Pakistan’s trade deficit experienced a notable reduction of over 30% in October 2024, dropping to $1.498 billion compared to $2.174 billion in the same month last year. This substantial decrease reflects an ongoing improvement in the country’s trade balance, supported by rising exports and falling imports. Exports Show 11% Growth Year-on-Year One of the key …
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The Pakistani rupee showed marginal appreciation against the US dollar on Friday, appreciating by 0.06% during the early hours of trading in the inter-bank market. As of 10 AM, the rupee was valued at 277.68, gaining Re0.17 against the greenback. This uptick marks a positive change after the rupee settled at 277.85 the previous day, …
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KARACHI: Gold prices in Pakistan fell sharply on Friday, reflecting a decline in international rates. In the local market, the price of gold per tola dropped by Rs2,500, reaching Rs284,700. The latest data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) indicated that 10 grams of gold was sold at Rs244,084, marking a decrease …
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ISLAMABAD: United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has taken a significant step toward expanding its operations. On Friday, UBL submitted an offer to Silkbank Limited for an amalgamation, aiming to merge Silkbank into UBL. This announcement marks a pivotal moment in the banking sector. UBL shared the development with its stakeholders …
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