Business Archives - Page 14 of 37

SECP Hosts Conference on Insolvency and Debt Enforcement

Islamabad: The Securities and Exchange Commission of Pakistan (SECP) inaugurated a two-day consultative conference on insolvency and debt enforcement laws in Islamabad. The event brought together Finance Minister Senator Muhammad Aurangzeb, judges from all high courts, international experts, lawyers, and policymakers to discuss critical reforms. Finance Minister Highlights Reform Priorities Finance Minister Muhammad Aurangzeb delivered the …

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PVMA Chairman Urges Duty Cuts to Ensure Edible Oil Supply Stability

Karachi: Sheikh Umer Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has urged the government to address challenges in the edible oil supply chain by reducing duties on alternative oils like soybean, canola, and sunflower oil. This measure, he emphasized, would diversify imports and reduce Pakistan’s dependence on palm oil, which dominates the country’s …

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FIA Raids Clifton Jewellery Shop, Uncovers Illegal Currency Exchange

Karachi: The Federal Investigation Agency (FIA) Corporate Crime Circle raided a jewellery shop in Clifton, Karachi, and uncovered an illegal currency exchange operation. The raid led to the recovery of $40,000 and Rs 2.3 million in cash. Two Suspects Arrested Authorities arrested two suspects, Mumtaz Shaukat and Khalid Ayub, for their involvement in the unauthorized …

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KSA Extends $3 Billion Deposit to Support Pakistan’s Economy

The Kingdom of Saudi Arabia has extended the $3 billion deposit placed with the State Bank of Pakistan (SBP). The deposit, which was set to mature on December 5, 2024, will now remain for another year. The extension comes through the Saudi Fund for Development (SFD) and reflects Saudi Arabia’s ongoing support for Pakistan’s economy. …

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Pakistan Stock Exchange Breaks Records as 100-Index Soars

The Pakistan Stock Exchange (PSX) continued its strong upward momentum on Thursday. The 100-Index recorded a significant increase, highlighting growing investor confidence in the market. The trading session opened at 105,104 points. By the end of the day, the 100-Index surged to 108,238 points, gaining a massive 3,134 points. During the day, the index achieved …

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Gold Prices Surge Globally and Locally, PSX Sees Positive Gains

Gold prices have risen both globally and locally, reflecting fluctuations in international markets. In the global bullion market, the price of gold per ounce saw an increase of $7, bringing it to $2,640. This rise comes amid ongoing changes in the global economic landscape, affecting investors and traders worldwide. In the local market, gold prices …

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Govt to Introduce Edible Oil Policy to Boost Production and Exports

Islamabad: Federal Minister for Industries and Commerce, Jam Kamal Khan, announced the formation of a committee to draft an edible oil policy. The initiative aims to enhance local production and increase exports of ghee and edible oils. He shared this commitment during a meeting with Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Sheikh Umer Rehan and …

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Inflation Rate Hits 6.5-Year Low at 4.9% in November

Pakistan’s inflation rate in November recorded its lowest level in 6.5 years, standing at 4.9%, according to the Pakistan Bureau of Statistics (PBS). This significant drop marks a steady decline from a staggering 38% peak last year. With the State Bank of Pakistan (SBP) scheduled to review its policy rate on December 16, currently set at …

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KSE-100 Index Crosses 103,000 Mark in Historic Surge

KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) continued its upward momentum, closing above the 103,000 mark on Monday. The index gained 1,917.63 points, a 1.89% increase, to settle at 103,274.95 points. This marked a significant rise from the previous close of 101,357.32 points. The PSX witnessed record participation with a trading volume …

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NEPRA Announces 18 Paisa Per Unit Reduction for Karachi Consumers

KARACHI: The National Electric Power Regulatory Authority (NEPRA) has announced an 18-paisa per unit reduction in electricity prices for Karachi consumers. This reduction falls under the September 2024 monthly adjustment and will reflect in December bills. Reduction Not Applicable to Small-Scale Consumers The relief, however, excludes consumers who use up to 300 units per month. …

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Petrol and Diesel Costs Increase, Adding to Inflation Woes

The federal government raised petroleum costs on Saturday for the next fortnight. Petrol now costs Rs252.1 per litre, while high-speed diesel (HSD) is priced at Rs258.43 per litre. Petrol prices increased by Rs3.72 per litre, and HSD saw a Rs3.29 per litre hike. These adjustments come despite hopes that prices would remain stable due to …

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Amazon’s Indian Warehouse Faces Court Over Unsafe Conditions

Unsafe working conditions at Amazon’s warehouse in Manesar, Haryana, have sparked legal action and scrutiny over the retail giant’s labor practices. Allegations of inadequate safety measures, unreasonable work targets, and harsh monitoring have led the local government to take Amazon to court. The case highlights growing concerns about worker welfare in Amazon’s vast fulfillment network across …

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Pakistani Rupee Holds Steady Against US Dollar

The Pakistani rupee remained stable against the US dollar on Friday, showing a slight gain of 0.01% during early trading hours. By 10 a.m., the rupee was trading at 278.03, an increase of 0.01 from the previous day’s closing rate of 278.04, as reported by the State Bank of Pakistan (SBP). Global Currency Trends Yen …

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Govt Considers Adjusting Petroleum Prices from Dec 1

The federal government is considering revising petroleum product prices for the fortnight starting December 1, 2024. This move is linked to rising global oil prices, according to Oil Marketing Companies (OMCs). Petrol prices may increase by Rs3.00 per litre, rising from Rs248.38 to Rs251.38 per litre. High-speed diesel (HSD) prices could also climb by Rs2.87 …

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Banks to Remain Open on Weekend for Hajj Applications

To assist intending pilgrims for Hajj 2025, the State Bank of Pakistan has announced that 15 designated banks will remain open on Saturday, November 30, and Sunday, December 1, 2024. This decision follows a request from the Ministry of Religious Affairs & Interfaith Harmony. The goal is to help pilgrims submit their Hajj applications and …

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PSX Surges Past 100,000 Points, Hits Historic Milestone

Karachi: Shares at the Pakistan Stock Exchange (PSX) surged over 900 points on Thursday, pushing the KSE-100 Index past the 100,000-point milestone for the first time in history. The index jumped by 947.32 points, or 0.95%, to reach 100,216.57 points at 9:35 AM, up from the previous close of 99,269.25 points. Unprecedented Growth Amid Recovery …

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Karachi Set to Benefit from Affordable Solar Power

Karachi could soon enjoy a major energy breakthrough with affordable solar power on the horizon. The Kot Addu Power Company Limited (Kapco) has proposed supplying electricity to K-Electric at a remarkably low rate of Rs9.8 per unit. This offer, if accepted, could significantly reduce energy costs for Karachi residents and transform the city’s energy landscape. Kapco’s Proposal: …

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Nepra Reviews Negative FCA Request Amid Potential Tariff Hike

The National Electric Power Regulatory Authority (Nepra) revealed on Tuesday that a proposed negative fuel cost adjustment (FCA) could lead to a tariff increase of 26 paise per unit in December. The adjustment request, submitted by ex-Wapda distribution companies (Discos), aims to reflect fuel cost changes for October. A Nepra official explained during a public …

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Adani Group Faces Turmoil Amid Bribery Allegations

The Adani Group, one of India’s largest conglomerates, faces a storm of controversy following bribery allegations. US authorities charged the group’s billionaire chairman, Gautam Adani, and seven others with paying $265 million in bribes to Indian officials. The charges, which include misleading public statements, cast a shadow over the group’s ambitious projects and global reputation. …

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Hyundai and Kia Recall Over 208,000 EVs for Power Loss Issue

Hyundai and Kia have announced a major recall of more than 208,000 electric vehicles (EVs) due to a critical power loss issue. The recall aims to address a defect in the charging control unit that could lead to a sudden loss of drive power, posing a significant safety risk. This move highlights the automakers’ commitment …

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Solar Expansion Drives Tariff Hike for Non-Adopters

The rapid adoption of solar energy in Pakistan has led to significant cost shifts for non-solar power consumers, resulting in an additional Rs200 billion burden in fiscal year 2023-24. The report “The Distributed Divide – How Solar Expansion Affects Non-Adopting Consumers and Utility Economics,” highlights the growing need for regulatory reforms to address these solar-driven …

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PPL Named Top Corporate Donor for 19th Consecutive Year

ISLAMABAD: Pakistan Petroleum Limited (PPL) has once again secured its position as one of Pakistan’s largest corporate donors. The Pakistan Centre for Philanthropy (PCP) recognized PPL for its Corporate Social Responsibility (CSR) contributions in 2022. This marks the 19th consecutive year the company has received this honor. PPL’s CSR contributions for the financial year 2023-24 …

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Pakistan Stock Exchange Welcomes 10,001 New Investors in October

The Pakistan Stock Exchange (PSX) experienced a significant rise in investors registrations in October 2024. According to data from the National Clearing Company of Pakistan Limited (NCCPL), 10,001 new accounts were registered during the month. This marked a 17% month-on-month increase. Active Accounts Reach 345,290 The surge in registrations has pushed the total number of …

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