Category Archives: Business

Sindh Govt to Support Vanaspati Manufacturers’ Expansion in Karachi

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 …

Continue reading “Sindh Govt to Support Vanaspati Manufacturers’ Expansion in Karachi”

Hafiz Naeem Demands Rs30 Reduction in Petrol Prices

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 …

Continue reading “Hafiz Naeem Demands Rs30 Reduction in Petrol Prices”

Pakistan’s Economic Plan with IMF Faces Challenges

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 …

Continue reading “Pakistan’s Economic Plan with IMF Faces Challenges”

Final Bidding Process for PIA Privatization Today

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 …

Continue reading “Final Bidding Process for PIA Privatization Today”

Pakistani Rupee Holds Steady Against US Dollar on Wednesday

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 …

Continue reading “Pakistani Rupee Holds Steady Against US Dollar on Wednesday”

Profit-Taking Drags Down PSX, Erases Intra-Day Gains

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, …

Continue reading “Profit-Taking Drags Down PSX, Erases Intra-Day Gains”

FBR Raises Property Valuation Rates in 56 Cities

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 …

Continue reading “FBR Raises Property Valuation Rates in 56 Cities”

Aramco Enters Pakistan with Launch of First Branded Fuel Station

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 …

Continue reading “Aramco Enters Pakistan with Launch of First Branded Fuel Station”

Pakistani Rupee Shows Stability, Gains Slightly Against US Dollar

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 …

Continue reading “Pakistani Rupee Shows Stability, Gains Slightly Against US Dollar”

PSX Surges as Bullish Trend Pushes KSE-100 Index Past 91,000

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 …

Continue reading “PSX Surges as Bullish Trend Pushes KSE-100 Index Past 91,000”

JPMorgan Sues Customers Over Exploitation of ATM Glitch

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. …

Continue reading “JPMorgan Sues Customers Over Exploitation of ATM Glitch”

Pakistan Likely to See Drop in Petrol, Diesel Prices

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 …

Continue reading “Pakistan Likely to See Drop in Petrol, Diesel Prices”

Bank of England Considers Digital Currency Amid Tech Firm Competition

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 …

Continue reading “Bank of England Considers Digital Currency Amid Tech Firm Competition”

FBR Proposes Major Amendments to Vehicle Import Rules for Tourists

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 …

Continue reading “FBR Proposes Major Amendments to Vehicle Import Rules for Tourists”

Gold Prices Drop in Pakistan on Monday

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, …

Continue reading “Gold Prices Drop in Pakistan on Monday”

PTCL Group Faces Mounting Losses Despite Revenue Growth

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 …

Continue reading “PTCL Group Faces Mounting Losses Despite Revenue Growth”

NEPRA Approves Rs3.03 Per Unit Electricity Hike for Karachi

The National Electric Power Regulatory Authority (NEPRA) has hiked electricity rates for Karachi by Rs3.03 per unit. This increase, announced as part of the monthly fuel price adjustment for July 2024, will impact consumers in Karachi under K-Electric. K-Electric initially sought a rate hike of Rs3.09 per unit, citing increased fuel costs. NEPRA reviewed the …

Continue reading “NEPRA Approves Rs3.03 Per Unit Electricity Hike for Karachi”

FBR Introduces Daily Update System for Active Taxpayers List

Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8 The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their …

Continue reading “FBR Introduces Daily Update System for Active Taxpayers List”

Gold Prices Continue to Decline

For the second day in a row, gold prices have declined in both international and local markets. In the global bullion market, the price per ounce dropped by $8, settling at $2,726. This downward trend reflects ongoing fluctuations in the precious metals market amid broader economic shifts. In local markets, the price of 24-karat gold …

Continue reading “Gold Prices Continue to Decline”

Stocks Surge to New Heights Amid Positive Economic Outlook

The stocks, on Thursday, soared to an intraday high of over 88,300 points. Investors showed strong interest in rate-sensitive sectors, anticipating significant monetary policy easing from the central bank. The overall economic outlook remains upbeat, driving investor confidence. The benchmark KSE-100 index surged by 1,125.84 points, or 1.29%, reaching 88,320.37 points around 1 PM. This …

Continue reading “Stocks Surge to New Heights Amid Positive Economic Outlook”

Gold Hits Record High in Pakistan as Global Prices Surge

KARACHI: Gold surged by Rs2,000 on Wednesday, reaching a new all-time high of Rs285,400 per tola (11.66 grams). This marked the seventh consecutive day of record-breaking gains, driven by global market trends. Meanwhile, the Pakistani rupee remained stable against the US dollar at Rs277.73 in the inter-bank market for the second day in a row. …

Continue reading “Gold Hits Record High in Pakistan as Global Prices Surge”

PIA’s Final Auction Set for October 30 After Initial Delays

The government has officially set October 30, 2024, as the date for the final auction of Pakistan International Airlines (PIA), following several delays. This announcement came on Wednesday during the seventh session of the National Assembly. Auction Delayed Due to Low Bidder Interest Initially, the privatisation process was scheduled to conclude on October 1, 2024. …

Continue reading “PIA’s Final Auction Set for October 30 After Initial Delays”

Apple Declares iPhone 17 to Be “Most Ambitious Product”

Apple has made a significant announcement regarding its hardware engineering team, with three executives being promoted to vice president roles. This reshuffling comes amid a series of leadership changes and is part of Apple’s ongoing strategy to innovate and restructure. John Ternus, Apple’s head of hardware engineering, has promoted Richard Dinh, Dave Pakula, and Donny …

Continue reading “Apple Declares iPhone 17 to Be “Most Ambitious Product””

Exit mobile version