Fastest News Come First
Gold prices in Pakistan have risen sharply, continuing their upward trajectory. The rate of one tola gold increased by Rs. 2,200, reaching Rs. 276,900 in local markets. Similarly, the price of 10 grams of gold climbed by Rs. 1,886, now standing at Rs. 237,397. This surge mirrors international market trends, where gold prices rose by …
Continue reading “Gold Prices Hit Record High in Pakistan on Friday”
The Punjab government, in collaboration with PFVA, has unveiled a Rs. 1.5 billion investment plan to modernize the citrus industry, aiming to secure its status as Pakistan’s leading horticultural export. This transformative initiative addresses key challenges, including the impact of climate change and outdated farming practices. PFVA’s Role in Shaping the Project The Pakistan Fruit …
Continue reading “Punjab Govt Adopts PFVA Plan, Allocates Rs 1.5bn for Citrus Industry Revival”
KARACHI: The Pakistan Stock Exchange (PSX) started the new year with a record-breaking rally. The KSE-100 Index closed above the 117,000 mark after gaining nearly 1,900-point surge on Wednesday. The KSE-100 Index gained 1,881.18 points, closing at 117,008.08, marking a 1.63% increase. The index hit an intra-day high of 117,341.03, supported by strong local buying …
Continue reading “PSX Starts 2025 with Record 1,900-Point Surge”
Prime Minister Shehbaz Sharif announced on Wednesday that Pakistan successfully met its December tax target set by the International Monetary Fund (IMF), despite political unrest and economic challenges. This milestone highlights Pakistan’s commitment to fiscal stability and economic resilience, achieved through coordinated governance and strategic measures. Achieving Fiscal Targets During a federal cabinet meeting, PM …
Continue reading “Pakistan Meets IMF’s Tax Target Amid Economic Challenges”
Gold prices in 2024 hit historic highs, with international rates reaching $2,790 per ounce and local prices in Pakistan surging to Rs287,900 per tola. The rise in prices was driven by central bank purchases, especially from emerging markets, as well as escalating geopolitical tensions around the world. Key drivers behind the price surge included intensified …
Continue reading “Gold Prices Soar to Historic Highs in 2024”
ISLAMABAD: The Ministry of Religious Affairs and Interfaith Harmony has announced the Hajj Labour Quota for 2025, reserving 300 seats for low-income workers. Nominations have been invited from public and corporate sector organisations for workers in grades equivalent to Scale 1 to 9, including labourers, industrial workers, and miners. The ministry’s spokesperson, Muhammad Umar Butt, …
Continue reading “Hajj 2025: 300 Seats Allocated for Low-Income Workers”
ABU DHABI: Burjeel Holdings PLC, listed on the Abu Dhabi Stock Exchange, has fully acquired IziSpecialist, a healthcare facility in Makkah. The acquisition was completed through its subsidiary, Burjeel Saudi Arabia, for a total investment of SAR 6.5 million (AED 6.36 million). The company announced the acquisition in a press release, emphasizing its commitment to …
Continue reading “Burjeel Holdings Acquires IziSpecialist in Makkah for SAR 6.5 Million”
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has asked the government to review Rs15.28 per unit taxes on electricity. The regulator has also questioned the uniform consumer tariff policy, which it says incentivizes inefficiencies in the power sector. In its State of the Industry Report 2024, Nepra warned that high electricity costs are crippling …
Continue reading “Nepra Calls for Review of Electricity Taxes, Uniform Tariff”
Prime Minister Shehbaz Sharif will unveil the highly anticipated “Uran Pakistan” economic plan in Islamabad today. This five-year, homegrown initiative aims to transform Pakistan’s economy through sustainable growth and development, marking a pivotal moment for the country’s economic future. A Vision for Sustainable Growth Finance Minister Muhammad Aurangzeb highlighted the plan’s significance, stating that it …
Continue reading “PM to Launch “Uran Pakistan” Economic Plan to Drive Growth”
KARACHI: The government of Pakistan has secured a $300 million short-term loan from United Bank Limited (UBL) to meet its external debt repayment obligations. UBL Facilitates Loan through International Branches In a press release issued on Monday, UBL confirmed that its UAE and Bahrain branches arranged and financed the loan. The transaction underscores UBL’s capacity …
Continue reading “Pakistan Secures $300 Million Loan from UBL”
ISLAMABAD: The federal government is bracing for a tax revenue shortfall of Rs80-90 billion in December 2024, despite recent measures to enhance revenue. A presidential ordinance has imposed a 44% tax on banking sector profits. The Federal Board of Revenue (FBR) expects to collect Rs70 billion from the banking sector by December 31, 2024. This …
Continue reading “Federal Government Faces Rs80-90 Billion Tax Target Shortfall for December”
In a significant development, Saudi Arabia is set to purchase 15% of the shares of the Reko Diq project for $540 million. The federal cabinet has approved the deal, which will be completed under the Inter-Governmental Transaction Act. Payment Structure and Timeline Saudi Arabia will pay Pakistan in two installments. The first installment of $330 …
Continue reading “Saudi Arabia to Purchase 15% Shares of Reko Diq for $540 Million”
The federal government is expected to announce new petroleum prices on December 31. Diesel and kerosene oil prices may see an increase, while petrol prices are likely to remain unchanged. Sources from the Petroleum Division suggest a potential increase of more than Rs4 per litre in diesel prices. Diesel is widely used in transportation and …
Continue reading “Federal Government Set to Announce Petroleum Price Changes on December 31”
The State Bank of Pakistan (SBP) has announced that holders of Rs25,000 and Rs40,000 prize bonds must redeem them by December 31. A spokesperson for SBP emphasized that no requests for redemption or exchange will be entertained after this date. The deadline also applies to Rs15,000 and Rs7,500 prize bonds. Bondholders have been urged to …
Continue reading “SBP Sets December 31 as Final Deadline for Prize Bonds”
Gold prices in Pakistan have reached new highs today, with 24-karat gold priced at PKR 280,400 per tola. The rate for 10 grams of 24K gold on December 28, stands at PKR 240,398. For 22-karat gold, the price is PKR 257,100 per tola and PKR 220,365 for 10 grams. These rates are based on updates …
Continue reading “Gold Rate in Pakistan Today on December 28, 2024”
Rawalpindi: Pakistan International Airlines (PIA) has reintroduced another long-grounded ATR aircraft into its operational fleet. A PIA spokesperson confirmed the development on Friday, emphasizing the importance of the move in enhancing regional connectivity. The addition strengthens PIA’s operations to key destinations, including Gilgit, Sukkur, Turbat, and Gwadar. The ATR aircraft’s return marks a step forward …
Continue reading “PIA Adds Long-Grounded ATR Aircraft to Fleet”
Karachi: Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), has expressed strong support for the State Bank of Pakistan’s (SBP) newly introduced framework for exchange companies. He praised this initiative as a transformative step toward improving operational efficiency, ensuring customer security, and eliminating illegal trading in the gray market. Paracha commended …
Continue reading “Zafar Paracha Applauds SBP’s New Framework for Exchange Companies”
K-Electric has submitted a request to NEPRA to approve a refund of Rs. 4.98 per unit to its consumers. This refund is for overcharged electricity rates in November 2024. The company plans to return Rs. 7.179 billion to consumers in the February 2025 billing cycle. The refund falls under the Monthly Fuel Charges Adjustment (FCA) …
Continue reading “K-Electric Proposes Rs. 4.98 Per Unit Refund to Consumers”
China stock market saw a slight uptick on Thursday, with investors navigating thin trading volumes as the year draws to a close. The Hong Kong market remained closed for a local holiday but is set to resume trading on Friday. The blue-chip CSI300 Index rose 0.05%, while the Shanghai Composite Index climbed 0.14%. Small-cap stocks …
Continue reading “China Stocks Edge Higher in Thin Year-End Trading”
KARACHI: The State Bank of Pakistan (SBP) reported a drop of $228 million in its foreign exchange reserves, which fell to $11.85 billion during the week ending December 20. This marked the first decline after weeks of consistent increases. The SBP attributed the decrease to external debt repayments. Pakistan faces $26.1 billion in external debt repayments …
Continue reading “SBP Reserves Decline After Weeks of Growth”
The Economic Coordination Committee (ECC) has approved a comprehensive restructuring plan for Pakistan Revenue Automation Limited (PRAL). The committee has allocated Rs3.7 billion for the fiscal year 2024-25, with an additional Rs4.5 billion proposed for the next financial year, contingent on the entity’s performance evaluation. PRAL, a key IT subsidiary of the Federal Board of …
Continue reading “ECC Approves Rs3.7 Billion Restructuring Plan for PRAL”
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has ceased the guarantee business of Crescent Star Insurance Limited. The action, taken under Section 60 of the Insurance Ordinance, 2000, follows violations involving guarantees worth Rs. 229 billion issued without requisite collateral or valid reinsurance arrangements. Crescent Star failed to meet the regulatory requirements necessary …
Continue reading “SECP Shuts Down Crescent Star’s Guarantee Business Over Regulatory Violations”
Pakistan’s liquid foreign reserves dropped to $16.37 billion as of December 20, 2024. The State Bank of Pakistan (SBP) reported a decline of $228 million in its reserves during the week. The SBP holds $11.85 billion of the total reserves. Commercial banks hold $4.52 billion. Combined, the total liquid foreign reserves amount to $16.37 billion. …
Continue reading “Pakistan’s Foreign Reserves Fall to $16.37 Billion”
