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KARACHI: Brigadier Muhammad Asad, the Administrator of the Pakistan Economic Zone Development and Management Company (PEZDMC), announced plans for the Malir Industrial Park (MIP) during a visit to the Korangi Association of Trade and Industry (KATI). The park aims to jumpstart industrial activity and foster economic stability in Karachi. Brigadier Asad revealed that land allotment …
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KARACHI: K-Electric has launched its state-of-the-art 500 kV KKI Grid, enabling the dispatch of reliable and affordable electricity from the National Grid to Karachi. This significant interconnection aims to enhance energy security for local industries and the southern region. The project marks a pivotal milestone for Karachi’s energy infrastructure. The KKI Grid is expected to …
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KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at …
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Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (PSX: HUBC), has finalized a landmark deal with China’s BYD Auto Industry Company Limited. The agreement aims to manufacture, market, distribute, and sell BYD electric passenger vehicles in Pakistan. This partnership marks a significant step toward boosting the country’s electric vehicle (EV) …
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KARACHI: The Pakistan Stock Exchange (PSX) has achieved a significant milestone by surpassing the PKR 1 trillion mark in the issuance of GoP Ijarah Sukuk (GIS). This landmark achievement was reached after the successful conclusion of the 13th GIS auction on September 16, 2024, which raised an additional PKR 207 billion for the Ministry of …
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Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days. This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. …
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The State Bank of Pakistan (SBP) released the Annual Report on the State of Pakistan’s Economy for the fiscal year 2023-24 today. According to the Report, Pakistan’s macroeconomic conditions improved, supported by stabilization policies, successful engagement with the IMF, reduced uncertainty, and favourable global economic environment. The increase in domestic agricultural productivity also contributed to …
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The Federal Investigation Agency (FIA) has arrested a key suspect involved in a multimillion fraud case in Jaranwala. The suspect, Atif Shehzad, was apprehended while withdrawing money from an ATM. During the arrest, the FIA recovered 64 debit cards from various banks, two packets of ATM cards, and a mobile phone. The discovery highlights the …
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ISLAMABAD: The Central Directorate of National Savings, also known as Qaumi Bachat Bank, has reduced the profit rates on several certificates starting from October 2024. The profit rate on Regular Income Certificates (RICs) has been lowered to 12.72 percent. This change reduces the monthly profit to Rs1,220 on an investment of Rs100,000 from the Qaumi …
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Prime Minister Shehbaz Sharif has proposed introducing a common currency for the Shanghai Cooperation Organization (SCO) member countries. He made this suggestion during the 23rd SCO Heads of Government meeting, held virtually. In his address, Sharif emphasized the importance of economic cooperation among SCO nations. He stated that a unified currency would facilitate smoother trade …
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