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KARACHI: Pakistan’s crippling debt crisis has sparked intense debate among experts. While some advocate default and restructuring, others back the International Monetary Fund’s (IMF) strict austerity program. However, both approaches are flawed, say financial analysts. Instead, they propose a third way to steer the country out of its debt spiral. Rising Debt and Crushing Repayments …
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The Pakistan Stock Exchange (PSX) saw a strong start to the week, with the 100-index reaching a historic high of 116,169 points on Monday. The day marked a significant achievement, reflecting the continued investor confidence in the market. Steady Growth on Tuesday On Tuesday, the positive trend persisted. The market opened with a 766-point increase, …
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The remittances sent by overseas Pakistanis through Roshan Digital Accounts (RDA) have crossed $9.138 billion since the launch of the initiative. The State Bank of Pakistan (SBP) reported this significant achievement on Monday. Between September 2020 and November 2024, Roshan Digital Accounts proved to be a reliable channel for remittances. In November 2024 alone, overseas …
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The State Bank of Pakistan (SBP) announced a major cut in its policy rate on December 16, 2024. The Monetary Policy Committee (MPC) reduced the rate by 200 basis points, bringing it down to 13%. The decision will take effect from December 17, 2024. Inflation Eases to 4.9% Headline inflation dropped to 4.9% year-on-year in …
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The Pakistan Stock Exchange (PSX) achieved a historic milestone on Monday. The benchmark KSE-100 Index surged past the 116,000 mark for the first time, gaining nearly 1,900 points in a single session. The KSE-100 Index rose by 1,867.61 points or 1.63%, settling at 116,169.41 by market close. During the session, the index hit an intra-day …
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The government announced a decrease in the prices of High-Speed Diesel (HSD) and Kerosene Oil on December 15, 2024. The new prices will come into effect on December 16, 2024. The price of High-Speed Diesel has been reduced by PKR 3.05 per liter. This brings the new price of HSD to PKR 255.38 per liter. …
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The Pakistan Stock Exchange (PSX) experienced a significant increase in initial public offerings (IPOs) in 2024. The bourse saw seven IPOs this year, including two on the GEM Board. This marked a sharp rise from just one IPO in the previous year. The total amount raised from investors through the seven offerings in 2024 was …
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On Prime Minister Shehbaz Sharif’s instructions, customs reforms have officially started. A new customs clearance system has been implemented in Karachi from December 15, 2024. This system will expand gradually to border checkpoints across Pakistan. Faceless Customs Assessment Introduced The Faceless Customs Assessment System (FAS) aims to reduce clearance time and ensure transparency. The system …
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The Federal Board of Revenue (FBR) will launch the Faceless Customs Assessment (FCA) system in Karachi on Sunday. The move is part of the FBR’s transformation plan approved by the prime minister. Centralized Assessment Begins From 12 am onwards, all import goods declarations filed at Karachi’s Appraisement Collectorates will be assessed by the newly established …
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ISLAMABAD: Startups that participated in the first season of Shark Tank Pakistan are under investigation by the Federal Board of Revenue (FBR). The investigation centers on alleged tax discrepancies. Ahmed Rauf Essa, CEO of Telemart, disclosed the matter on LinkedIn. He revealed that several startups have received tax notices and some are facing legal action …
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Gold prices in Pakistan experienced a major drop after consistent hikes earlier this week. According to the All Pakistan Gems and Jewellers Association, the price of gold per tola decreased by Rs. 5,000. Following the reduction, the new price for one tola of gold stands at Rs. 277,800. This decline brought relief to investors and …
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The federal government has decided to terminate agreements with six independent power producers (IPPs). These IPPs generate costly electricity, adding financial strain to consumers and the government. The terminated contracts cover a combined capacity of 2,396 MW. The decision is part of a broader strategy to reduce electricity tariffs and save money. Officials estimate that …
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Karachi: The Oil and Gas Development Company Limited (OGDCL) has discovered gas and condensate reserves in Khyber Pakhtunkhwa. The discovery was made at the Betani-02 (Sulent) well in Lakki Marwat district. OGDCL informed the Pakistan Stock Exchange (PSX) about the discovery on Friday. The company stated it operates the Wali Exploration License with a 100% …
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Karachi: The Deposit Protection Corporation (DPC) has released its fourth Annual Report for the fiscal year ending June 2024. The report highlights the Corporation’s financial performance, activities, and accomplishments during the year. Overview of DPC’s Mandate DPC was established under the Deposit Protection Corporation Act, 2016. It operates as a subsidiary of the State Bank …
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KARACHI: Faraz-ur-Rehman, Patron-in-Chief of the Pakistan Business Group (PBGO) and Chairman of the Pakistan Business Guild, has urged the government to slash the policy rate by 500 basis points in one go during the upcoming monetary policy announcement. He stated that this decisive move is essential for reviving the economy and fostering a business-friendly environment. …
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New York: Elon Musk has achieved a historic milestone in wealth accumulation. The Tesla and SpaceX owner is now the first person in the world to reach a net worth of $400 billion. This remarkable achievement highlights Musk’s dominance in the global business landscape. Record-Breaking Wealth American media reports confirmed that Musk set this unprecedented …
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Islamabad: Federal Minister for Petroleum Musadik Malik informed the National Assembly that the procurement of five LNG cargoes from Qatar has been postponed. Qatar also declined to supply an additional cargo in January, despite Pakistan’s request. Assembly Discusses LNG and Gas Production During a session in the National Assembly, a notice was presented to address …
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Pakistan’s agricultural exports are witnessing rapid growth, with the first consignment of tractors reaching Tanzania. This achievement marks a milestone in the country’s international trade efforts. This development highlights Pakistan’s commitment to expanding agricultural machinery trade and fostering global trade partnerships. In Tanzania, the Masai Tractor Company has partnered with Pakistani manufacturers to introduce Pakistani …
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The federal government is expected to increase petrol prices starting December 16. Rising global oil prices have pushed Pakistan to consider the hike. The revised rates will be announced on December 15 after the second fortnightly review. These new prices will remain effective until December 31. Global Oil Market Impact International crude oil prices have …
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The National Electric Power Regulatory Authority (NEPRA) has reviewed K-Electric’s October monthly Fuel Charges Adjustment (FCA). The public hearing took place at NEPRA headquarters. The Chairman of NEPRA led the session. K-Electric Proposes Reduction K-Electric proposed a reduction of 27 paisa per unit in October’s FCA. The company submitted this request to NEPRA for approval. …
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Sugar prices in Pakistan have increased by Rs. 10 to Rs. 15 per kilogram. Speculators and hoarders have been active since the start of the week. Their actions have caused a noticeable rise in sugar rates. Large retailers are now selling sugar for Rs. 130 to Rs. 135 per kilogram. The ex-mill rate has also …
The State Bank of Pakistan (SBP) reported a $12.5 million rise in its foreign exchange reserves, reaching $12.05 billion for the week ending December 6, 2024. This marks a 0.10% week-on-week (WoW) increase, according to data released on Thursday. Decline in Total Reserves Despite the uptick in SBP’s reserves, the country’s total foreign exchange reserves …
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The Karachi Chamber of Commerce and Industry (KCCI) has called on the State Bank of Pakistan (SBP) to reduce the monetary policy rate by 400 basis points. KCCI President Muhammad Jawed Bilwani highlighted that this reduction would align interest rates with sustainable levels and make borrowing affordable for businesses and consumers. Inflation Drops to Lowest …
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