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Gold prices remained steady today in both global and local markets. In the international bullion market, the price of gold per ounce stayed at $2683, showing no movement from previous levels. In the local bullion market, the price of 24-carat gold per tola held steady at Rs278,800. This follows a significant rise yesterday, when the …
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The United Arab Emirates (UAE) has taken a significant step towards expanding its investments in Pakistan. UAE’s focus areas include shipping, port efficiency, logistics, and customs digitisation. During a high-profile meeting in Islamabad on Friday, the two nations signed four Memorandums of Understanding (MoUs). These agreements, signed with the Abu Dhabi Ports Group, target cooperation …
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The Federal Board of Revenue (FBR) reported a slight decline in income tax refunds for the fiscal year 2023-24. The FBR paid out Rs. 53.13 billion in income tax refunds, marking a 1.7% decrease from Rs. 54.07 billion in the previous fiscal year. Despite the decline in income tax refunds, overall refunds and customs rebates …
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Overseas Pakistanis, in October 2024, sent a record $3.05 billion in remittances, marking Pakistan’s highest-ever monthly inflows. The remittance surge shows a 29% increase compared to $2.46 billion in October last year and a 7% rise from September 2024. According to Topline Securities, these record inflows will help stabilize the Pakistani rupee and contain the …
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Gold prices in Pakistan saw a sharp increase of Rs. 2,000 per tola on Friday. The All-Sindh Sarafa Jewellers Association reported that prices climbed to Rs. 278,800 per tola. The hike follows a sudden drop in the previous day’s rates, reflecting the fluctuating nature of the precious metals market. The price for 10 grams of …
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Karachi: Fly Jinnah, Pakistan’s low-cost carrier, is celebrating its second anniversary since the launch of its operations in 2022. The airline has marked two years of successful service, growth, and a strong commitment to providing affordable and reliable air travel across Pakistan and beyond. Since its inception, Fly Jinnah has made significant strides in the …
KARACHI: Pakistan’s foreign exchange reserves, managed by the State Bank of Pakistan (SBP), climbed by $18 million to reach $11.17 billion during the week ending November 1, 2024. This marks the 15th consecutive week of reserve growth, according to the central bank’s latest weekly update. Despite the steady increase in reserves, the Pakistani rupee continued …
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KARACHI: Investors at the Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as the KSE-100 index jumped by nearly 500 points, reaching a new all-time high. This rally was fueled by expectations of a credit ratings upgrade, upcoming Saudi investments, and increased foreign interest through MSCI index inclusions. The market saw a positive …
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KARACHI: A routine tax inspection escalated into a tense situation in Karachi as Federal Board of Revenue (FBR) officials were held captive by staff members at a wedding hall on Dalmia Road. The incident occurred during a standard investigation into potential tax discrepancies at the venue. The inspection was initiated after suspicions arose regarding the …
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In a widely anticipated move, the US Federal Reserve has cut its federal funds rate by 25 basis points, bringing it down to a range of 4.50%-4.75%. This marks the Fed’s second consecutive rate cut, as policymakers grow more confident that inflation is gradually approaching their target of 2%. Inflation Expectations Drive Rate Cut The …
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Pakistan’s economy took a hit after losing a $25 million export order due to a anti-national campaign led by NGOs against cigarette exports. The campaign, coupled with delays in issuing a crucial Statutory Regulatory Order (SRO), resulted in the cancellation of a lucrative contract. Bangladesh swiftly capitalized on Pakistan’s delay, securing the $75 million annual …
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KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) made a strong recovery on Thursday, rising by nearly 500 points at market close. The index gained 499.05 points, or 0.54%, to end at 92,520.49 points. This marked an improvement from the previous day’s closing of 92,021.44 points. Trading Volume and Value A total of …
Karachi: Emirates Group has announced a record-breaking financial performance for the first half of the fiscal year, achieving a profit before tax of AED 10.4 billion (US$ 2.8 billion). This marks a 1% increase from the previous year, despite the new UAE corporate income tax. Total revenue rose by 5% to AED 70.8 billion (US$ …
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Karachi: Pakistan’s foreign exchange reserves fell below the $16 billion mark this week, as reported by the State Bank of Pakistan (SBP). The decline marks a $117.2 million drop in total reserves within just one week, indicating ongoing financial pressures. The State Bank announced that as of November 1, total reserves stood at $15.9318 billion, …
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ISLAMABAD: In a major development, overseas Pakistani investment group Al-Nahang has offered over Rs 1.25 trillion for the privatization of Pakistan International Airlines (PIA). This bold move comes as PIA faces deep financial struggles and increasing privatization talks. Al-Nahang sent their proposal via email to several high-ranking officials, including the Minister of Privatization, the Minister …
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ISLAMABAD: Sidr honey from Khyber Pakhtunkhwa (KP) has reached Malaysia for the first time. This shift from traditional Middle Eastern markets brings hope for growth in KP’s honey industry. The beekeeping sector, however, has faced limited expansion in recent years. The export to Malaysia marks a significant step for KP’s honey industry. Historically, KP has …
The National Electric Power Regulatory Authority (NEPRA) has approved a fuel charge adjustment (FCA) reduction of PKR 1.28 per unit for the month of September 2024. This decision was taken after the Central Power Purchasing Agency-Guarantee (CPPA-G) submitted a request to NEPRA. The CPPA-G had initially asked for a PKR 0.71 per unit decrease in …
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US stocks experienced a sharp rise on Wednesday after Donald Trump was projected to win the 2024 presidential election. The Dow Jones Industrial Average soared by 1,309 points, or 3%, reaching a new high. This marks the first time the Dow has gained over 1,000 points in a single day since November 2022. If the …
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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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