Pakistan International Airlines (PIA) was awarded at the 7th CSR 24 Leadership Conference in Karachi for its outstanding corporate social responsibility (CSR) efforts. The award was presented by Minister for Labour and Human Resources, Saeed Ghani, to PIA’s Head of Corporate Communications, Abdullah H. Khan, in recognition of the airline’s contributions to community welfare. The …
Category Archives: Business
Daily Crime Rate in Karachi Drops, Says Additional IG Sindh at KATI Meeting
Karachi: The daily crime rate in Karachi dropped from 252 to 107 incidents, according to Javed Alam Odho, Additional IG Sindh Police. He announced this during a Monday meeting at the Korangi Association of Trade and Industry (KATI). The reduction was achieved through improved policing and the use of CCTV cameras. The Safe City Project, …
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Denmark Delegation Eyes Investment in Pakistan’s Mining Sector
A high-level Denmark Delegation, led by FLSmidth Global CEO Mikko Keto and Danish Ambassador to Pakistan Jakob Linulf, met with Federal Commerce Minister Jam Kamal Khan to explore investment opportunities in Pakistan’s mining sector. The Danish delegation expressed strong interest in investing in Pakistan, particularly in mining zones. Minister Jam Kamal Khan highlighted the vast …
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PM Shehbaz Sharif Vows to Implement IMF Conditions
Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …
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Pakistani Rupee Slightly Devalues Against USD
The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …
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Moody’s Upgrades Ratings of Five Major Pakistani Banks
Moody’s, the global credit rating agency, has upgraded the long-term deposit ratings of five major Pakistani banks. These banks have seen their ratings rise from Caa3 to Caa2. In addition to the rating upgrade, the outlook for these banks has also been revised to positive from stable, reflecting an optimistic view of their future performance. …
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Economist Dr. Kaiser Bengali Resigns from Key Committees Over Austerity Measures
A prominent economist, Dr. Kaiser Bengali, has resigned from three major government committees in protest against the federal government’s austerity measures, according to news reported on Saturday. In his resignation letter to Finance Minister Muhammad Aurangzeb and Cabinet Secretary Kamran Afzal, Dr. Bengali expressed his dissatisfaction with the government’s approach to cost-cutting. He acknowledged that …
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Salaried Class Paid Rs. 375 Billion Taxes, Expected to Reach Rs. 450 Billion This Year
The salaried class in Pakistan paid Rs. 375 billion in taxes last year. This figure is expected to rise to Rs. 450 billion this year, according to recent data. The salaried individuals continue to be the largest contributors to the national tax pool. In stark contrast, the retail sector’s tax contributions are significantly lower. Only …
PIA Privatization to Be Finalized by October 1st
The privatization of Pakistan International Airlines (PIA) will be completed by October 1, 2024. The Privatization Commission Secretary informed the Senate Committee of the privatization during a recent meeting. This move follows directives from Prime Minister Shehbaz Sharif, who has set the deadline to ensure the process is completed on time. The government aims to …
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NBP Reports 96.8 Billion PKR Total Income, 6.6% Growth in Assets
The National Bank of Pakistan (NBP) has reported a total income of PKR 96.8 billion for the first half of 2024. This marks a 5.1% increase from the PKR 92.2 billion recorded in the same period last year. The bank’s performance was particularly strong in the second quarter of 2024, with income reaching PKR 54.4 …
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SBP Designates Domestic Systemically Important Banks (D-SIBs) for 2024
The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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Moody’s Upgrades Pakistan’s Debt Ratings Amid Improving Economic Conditions
Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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Nationwide Strike Disrupts Businesses as Traders Protest Tax Reforms
Traders across Pakistan are on strike today, protesting against the government’s new tax reforms. The strike has led to widespread business closures in major cities. Traders’ associations and political parties support the strike, highlighting their frustration with the tax policies. Political parties backing the strike include Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI), …
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Pakistan to Host First International Date Festival in October
Pakistan is set to host its first International Date Festival this October, following the signing of a significant agreement between the UAE Embassy and Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP). This landmark event aims to spotlight Pakistan’s date industry and foster stronger economic ties between Pakistan and the UAE. …
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CCP Approves Shareholding Acquisition in NIT
The Competition Commission of Pakistan (CCP) has given its approval for the acquisition of an 8.33% shareholding in M/s. National Investment Trust Limited (NITL) by two Pakistani residents, marking a significant shift in the ownership structure of the country’s oldest and most prestigious investment management company. This transaction will result in M/s. Adamjee Foundation ceasing …
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KATI Backs Nationwide Traders’ Strike, Urges Govt to Address Economic Crisis
The Korangi Association of Trade and Industry (KATI) has formally declared its support for the nationwide traders’ strike set to take place on August 28, 2024. The announcement was made in a joint statement by key figures within KATI, including President Johar Qandhari, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim …
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Pakistan Absent from IMF Agenda, Govt Still Optimistic
The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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PM Shehbaz Sharif Moves to Dissolve PWD, Emphasizes Paperless Governance
Prime Minister Shehbaz Sharif reviewed the legal and procedural aspects of dissolving the Public Works Department (PWD) on Sunday, focusing on the re-employment of diligent employees and suggesting age relaxation for those with short service tenures. During a high-level meeting, PM Sharif underscored that employees with serious corruption charges would not receive financial packages. The …
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Govt Considers Prepaid Electricity Meters to Cut Costs
Federal Minister for Power, Awais Leghari, announced on Monday that the ruling coalition government is exploring the installation of prepaid electricity meters, similar to those used for mobile phones. The initiative aims to combat electricity theft and improve payment reliability. In a press conference in Multan, Leghari emphasized the government’s dedication to eradicating electricity theft …
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Pakistan to Introduce New Currency Notes by End of the Year
Pakistan will be introducing new currency notes by the end of this year, according to Jameel Ahmed, Governor of the State Bank of Pakistan (SBP). The governor told the Senate Standing Committee on Finance and Revenue that all current notes from Rs. 10 to Rs. 5,000 will be replaced. The new notes will be made …
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NEPRA Approves K-Electric FCA Rates for May and June 2024
The National Electric Power Regulatory Authority (NEPRA) has given the green light to K-Electric’s monthly Fuel Charge Adjustment (FCA) requests for May and June 2024. The FCA rates will be set at 2.59 rupees per unit for May and 3.168 rupees per unit for June, though these charges will be applied separately over the two …
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KCCI Urges Delay of Tajir Dost Scheme and Withdrawal of Tax Notices
Iftikhar Ahmed Sheikh, President of the Karachi Chamber of Commerce and Industry (KCCI), has called for an immediate halt to the Tajir Dost Scheme and the withdrawal of tax notices issued to small shopkeepers. Sheikh highlighted that the scheme requires shopkeepers to pay a hefty tax of Rs60,000 per month, a sum deemed unaffordable for …
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Multinational Companies Exit Pakistan Due to Internet Disruptions
The Pakistan Business Council (PBC) issued a stark warning on Friday, highlighting a troubling trend that has seen several multinational companies (MNCs) either planning to relocate their back offices from Pakistan or having already done so in recent months. This development is seen as a significant blow to the country’s struggling economy, which is already …
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