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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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Karachi: The National Electric Power Regulatory Authority (NEPRA) is considering the possibility of restricting public hearings. During a recent public hearing on K-Electric’s September Fuel Charge Adjustment (FCA), an intense criticism from a Jamaat-e-Islami representative, turning the discussion into a political matter, led NEPRA members and the chairman to express frustration. Indicating potential limits on …
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ISLAMABAD: The National Energy Administration (NEA) of China has expressed a willingness, in principle, to establish an ad hoc working group. This group will facilitate discussions on converting three imported coal-fired power plants to local coal. Power Division’s Efforts The Power Division is currently finalizing a sectoral plan. This plan supports the Government of Pakistan’s …
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) raised concerns on Thursday regarding negotiations with Independent Power Producers (IPPs). These discussions could negatively impact investment in Pakistan. Nepra members expressed their worries during a public hearing on the provisional Fuel Charges Adjustment (FCA) for K-Electric for September 2024. K-Electric has requested a negative adjustment of …
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KARACHI: Jazz, a major telecom operator in Pakistan, completed its second unsecured, privately placed Sukuk issuance, raising PKR 15 billion. This short-term Sukuk, backed by Askari Bank, was oversubscribed by four times, indicating strong demand from non-bank investors and confidence in Jazz’s market position. Largest Short-Term Sukuk in Telecom Sector The Sukuk issuance is the largest …
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KARACHI: For the first time in Pakistan, a retired passenger aircraft, a Boeing 737, was transported by road from Karachi to Hyderabad on Thursday, creating an unusual sight and sparking interest among locals. The retired Boeing 737 covered a 154-kilometer journey, carried on a specially designed truck and trailer. The transport took around two and …
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KARACHI: The Sindh government has pledged full support to Vanaspati manufacturers, particularly those from Punjab, to expand their industrial footprint in Karachi. Sindh’s Minister for Industry and Commerce, Jam Ikram Dharejo, outlined the government’s plans during a Pakistan Vanaspati Manufacturers Association (PVMA) general body meeting, committing to provide the necessary infrastructure, security, and utility services …
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KARACHI: Jamaat-e-Islami (JI) chief Hafiz Naeemur Rehman has called on the government to cut petrol prices by Rs30 per litre. He based this demand on the recent decline in global crude oil prices, which have now fallen below $67 per barrel. Rehman highlighted that the government can leverage these reduced costs to ease financial strain …
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Pakistan’s economic plan, agreed with the International Monetary Fund (IMF), is under strain. Shifting targets, like growth and inflation rates, have prompted Islamabad to seek IMF adjustments on the eve of its first review under the $7 billion Extended Fund Facility (EFF). Major changes in economic indicators are affecting Pakistan’s fiscal performance. The Federal Board …
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The final bidding process for the privatization of Pakistan International Airlines (PIA) is set to occur today in Islamabad. Reports from aviation sources indicate that all preparations for this crucial event are complete. Officials have finalized arrangements at a private hotel in the capital. This bidding process marks a significant step in the government’s efforts …
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The Pakistani rupee maintained a steady stance against the US dollar during interbank trading on Wednesday, showing a slight appreciation. By 10:20 am, the rupee traded at 277.65, gaining Re0.09 against the dollar. The rupee had closed at 277.74 on Tuesday, as per data from the State Bank of Pakistan (SBP). This minor gain of …
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The Pakistan Stock Exchange (PSX), on Wednesday, experienced a sharp downturn as profit-taking erased all intra-day gains, pushing stocks into negative territory. The benchmark KSE-100 Index, which had surged to new highs earlier, fell back under selling pressure as investors cashed in on recent gains. KSE-100 Index Slips After Scaling New Highs At 2:55 pm, …
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The Federal Board of Revenue (FBR) has significantly increased property valuation rates for immovable properties across Pakistan. As reported on Wednesday, the property valuation rates have been adjusted to 75% of actual market rates. This change will take effect from November 1, 2024. This decision by the FBR aims to boost revenue collection and reduce …
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Aramco marked its entry into Pakistan’s fuel market by launching its first branded retail station in Lahore. This milestone follows Aramco’s strategic acquisition of a 40% stake in Gas & Oil Pakistan (GO) Limited, a significant player in Pakistan’s downstream sector with over 1,200 stations nationwide. This partnership signifies Aramco’s commitment to delivering premium fuel …
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The Pakistani rupee has shown stability against the US dollar on Tuesday, showing a slight appreciation in early trading hours. By 9:50 am, the rupee traded at 277.63, marking a gain of Re0.05 against the greenback in the inter-bank market. This slight uptick followed Monday’s close, where the rupee had settled at 277.68, according to …
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The Pakistan Stock Exchange (PSX) continued its bullish trend on Tuesday as the benchmark KSE-100 Index surged past the 91,000 level during intra-day trading. By 1:20 pm, the KSE-100 was trading at 91,334.46, gaining 1,138.95 points or 1.26%. Investors poured capital into index-heavy sectors, with significant buying activity seen in cement and banking stocks, fueling …
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JPMorgan Chase has filed multiple lawsuits against individuals and businesses accused of exploiting a viral ATM glitch that allowed them to withdraw large sums from checks before they cleared. The lawsuits, initiated on Monday, target two individuals and two businesses in Houston, Miami, and Los Angeles, seeking recovery of over $661,000 in allegedly misappropriated funds. …
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Petrol and diesel prices in Pakistan may decrease in early November due to a recent drop in global crude oil prices, officials have indicated. If implemented, this reduction would provide relief for Pakistani consumers, who continue to grapple with high inflation. Officials have projected a price cut of Rs2 to 3 per litre for petroleum …
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The Bank of England (BoE) is pushing forward with its exploration of a digital currency accessible to the public, as concerns grow over commercial banks’ lack of innovation in the face of competition from tech firms. Despite his reluctance, Governor Andrew Bailey emphasized on Saturday the necessity of preparing for a central bank digital currency …
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The Federal Board of Revenue (FBR) in Pakistan has issued a draft amendment to the Customs Rules 2001. The amendment focuses on updating temporary import rules for vehicles brought into Pakistan by foreign tourists. The FBR is seeking to introduce these changes to streamline the process and maintain proper regulatory oversight. Duty-Free Stay for Three …
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Gold prices fell in Pakistan on Monday, according to FXStreet data. The price per gram of gold dropped to PKR 24,435.33, compared to PKR 24,572.89 on Friday. The latest figures reveal a downward shift in the market. Significant Price Decrease for Tola The price for a tola of gold, a common unit used in Pakistan, …
ISLAMABAD: PTCL Group, Pakistan’s largest telecom entity, is grappling with financial struggles despite increasing revenues. Much like other troubled state-owned companies, including Pakistan Steel Mills, PIA, and Pakistan Railways, PTCL is facing mounting losses. The latest financial results reveal a revenue increase of 15.3% to Rs160.6 billion for the first nine months of 2024 compared …
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