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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 …
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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 …
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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 …
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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. …
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Pakistan is set to make history at Heimtextil 2025, the world’s largest home textile exhibition. Over 270 exhibitors will represent the country in Frankfurt, Germany, from January 14th to 17th. This marks Pakistan’s largest-ever delegation to the event, highlighting its textile prowess. Pakistan Pavilion to Attract Global Buyers The Trade Development Authority of Pakistan (TDAP) …
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In a significant step toward improving travel experiences, the UAE Consulate in Karachi has partnered with the Crown Group of Companies. The agreement, signed at Jinnah International Airport, introduces exclusive services at the Majestic Lounge and Sky Majestic Lounge. These premium facilities aim to offer UAE citizens and business travelers unparalleled convenience and comfort, reinforcing …
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Capital market reforms took center stage during Advisor to Finance Minister Khurram Schehzad’s visit to the Pakistan Stock Exchange (PSX) in Karachi. Invited by PSX CEO Farrukh Sabzwari, Mr. Schehzad engaged in strategic discussions with the PSX leadership; thus, exploring ways to unlock the potential of Pakistan’s capital markets and enhance economic growth. Unlocking Market …
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The Pakistan Stock Exchange (PSX) rallied strongly on Monday. The benchmark KSE-100 Index surged by 4,411.27 points, closing at 113,924.41. This marked a 4.03% gain and the second-largest single-day increase in points in the index’s history. The market maintained a positive trajectory throughout the session. The KSE-100 hit an intraday high of 114,189.71 points. Key …
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After a mid-week crash, the Karachi stock market staged a partial recovery. Renewed buying interest helped the market, but the week closed in the negative. The KSE-100 index ended at 109,513 points, posting a 4.19% decline with a loss of 4,789 points. The week started positively as investors anticipated a policy rate cut by the …
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During the peak of the ‘dot com bubble,’ Masayoshi Son, the founder of SoftBank, suffered a staggering $70 billion loss in just one year. This remains one of the largest personal wealth declines in history. At the same time, the NASDAQ lost nearly 80% of its value, erasing trillions in market capitalization. The period was …
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The Competition Commission of Pakistan (CCP) has imposed fines of Rs. 75 million each on Unilever Pakistan and Friesland Campina Engro. The companies faced penalties for falsely marketing their frozen desserts as “ice cream.” The CCP acted after receiving a complaint from the manufacturer of Hico. The complaint alleged deceptive advertising by Omore and Walls. …
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H.E. Cemal Sangu, Consul General of Türkiye, emphasized the need for strong efforts by both Türkiye and Pakistan’s private sectors to increase bilateral trade and investment. He was speaking at a meeting with a delegation from the Employers Federation of Pakistan (EFP) at the Turkish Consulate General. Mr. Sangu stressed the importance of taking pragmatic …
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Karachi: Sheikh Omar Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has urged Malaysia to reduce its export duty on palm oil. This reduction is expected to boost trade between the two countries and benefit the palm oil import sector in Pakistan. The proposal was made during a meeting between PVMA members and Malaysia’s …
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Karachi: In the first five months of the current fiscal year, foreign investors increased their repatriation of profits and dividends by a significant 112%. This surge reflects improved economic conditions and growing investor confidence in Pakistan. According to the State Bank of Pakistan, foreign investors sent back $1.129 billion in profits and dividends from July …
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Karachi: The Karachi Chamber of Commerce and Industry (KCCI) President, Javed Balwani, has strongly opposed the Oil and Gas Regulatory Authority (OGRA)’s proposal to raise gas tariff for Sui Southern Gas Company Limited (SSGC). He criticized the move as unjust, arguing it would add to the burden on industries and the public already grappling with …
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Karachi: Emirates, the world’s largest international airline, has introduced a new travel store in Karachi. This marks the airline as the first in Western Asia to bring the experiential retail concept to the region. The store spans 183 square meters and is located in the prominent Sky Tower on Abdul Sattar Edhi Avenue, Clifton. It offers …
Meezan Bank has refunded at least ten customers who fell victim to unauthorized debit card transactions following a reported data breach. These incidents surfaced amid concerns of a potential third-party compromise. The bank clarified that its internal systems remain secure. It attributed the issue to customers sharing their card details on unsecured websites or apps …
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Gold prices in the local bullion market saw a notable decline on Thursday. The price of one tola gold dropped by Rs. 2,600. It now stands at Rs. 273,600. The price of 10 grams of gold also decreased by Rs. 2,229. It is now priced at Rs. 234,311. The international gold market also reported a …
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Islamabad: Finance Minister Muhammad Aurangzeb presented the Tax Law Amendment Bill 2024-25 in the National Assembly. The bill aims to impose stricter rules on non-filers. The proposed amendments ban non-filers from buying vehicles above 800cc. They can only purchase motorcycles, rickshaws, and tractors. This move seeks to limit high-value transactions by those outside the tax …
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Defense Minister Khawaja Muhammad Asif stated that Pakistan would not need the International Monetary Fund (IMF) if half the country’s corruption ended. He made this statement while addressing the Sialkot Chamber of Commerce. Khawaja Asif assured the industrial community that he understands their challenges. He acknowledged that the country is in a tough economic phase. …
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Finance Minister Muhammad Aurangzeb said on Wednesday that the foundation for macroeconomic stability has been established. He cited improvements in key indicators such as a surplus current account, rising remittances, increasing exports, and higher foreign exchange reserves. Inflation has also dropped to its lowest level in six years. Policies Drive Sustainable Growth Speaking at the …
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The Indian rupee hit a record low on Wednesday. It fell to 84.9550 against the U.S. dollar before closing at 84.9525, down 0.07%. Strong dollar demand from importers and outflows from local equities added pressure. Weakness in regional currencies further weighed on the rupee. This trend came ahead of the U.S. Federal Reserve’s policy decision. …
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The Pakistan Stock Exchange (PSX) experienced a historic downturn on Wednesday. Intense selling pressure led to a sharp drop in the KSE-100 Index. During the trading session, the index plunged by 3,964 points. By the end of the day, the market lost three psychological levels, closing at 111,070 points. Market Capitalization Shrinks by Rs. 437 …
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