Fastest News Come First
In a widely anticipated move, the US Federal Reserve has cut its federal funds rate by 25 basis points, bringing it down to a range of 4.50%-4.75%. This marks the Fed’s second consecutive rate cut, as policymakers grow more confident that inflation is gradually approaching their target of 2%. Inflation Expectations Drive Rate Cut The …
Continue reading “US Fed Cuts Interest Rates by 25 Basis Points”
Pakistan’s economy took a hit after losing a $25 million export order due to a anti-national campaign led by NGOs against cigarette exports. The campaign, coupled with delays in issuing a crucial Statutory Regulatory Order (SRO), resulted in the cancellation of a lucrative contract. Bangladesh swiftly capitalized on Pakistan’s delay, securing the $75 million annual …
Continue reading “Loss of $25 Million in Exports Due to NGOs’ Anti-National Campaign”
KARACHI: The KSE-100 index of the Pakistan Stock Exchange (PSX) made a strong recovery on Thursday, rising by nearly 500 points at market close. The index gained 499.05 points, or 0.54%, to end at 92,520.49 points. This marked an improvement from the previous day’s closing of 92,021.44 points. Trading Volume and Value A total of …
Karachi: Emirates Group has announced a record-breaking financial performance for the first half of the fiscal year, achieving a profit before tax of AED 10.4 billion (US$ 2.8 billion). This marks a 1% increase from the previous year, despite the new UAE corporate income tax. Total revenue rose by 5% to AED 70.8 billion (US$ …
Continue reading “Emirates Group Reports Record Half-Year Profits Amid Strong Customer Demand”
Karachi: Pakistan’s foreign exchange reserves fell below the $16 billion mark this week, as reported by the State Bank of Pakistan (SBP). The decline marks a $117.2 million drop in total reserves within just one week, indicating ongoing financial pressures. The State Bank announced that as of November 1, total reserves stood at $15.9318 billion, …
Continue reading “Pakistan’s Foreign Exchange Reserves Dip Below $16 Billion”
ISLAMABAD: In a major development, overseas Pakistani investment group Al-Nahang has offered over Rs 1.25 trillion for the privatization of Pakistan International Airlines (PIA). This bold move comes as PIA faces deep financial struggles and increasing privatization talks. Al-Nahang sent their proposal via email to several high-ranking officials, including the Minister of Privatization, the Minister …
Continue reading “Overseas Pakistani Group Offers Rs 1.25 Trillion for PIA Privatization”
ISLAMABAD: Sidr honey from Khyber Pakhtunkhwa (KP) has reached Malaysia for the first time. This shift from traditional Middle Eastern markets brings hope for growth in KP’s honey industry. The beekeeping sector, however, has faced limited expansion in recent years. The export to Malaysia marks a significant step for KP’s honey industry. Historically, KP has …
The National Electric Power Regulatory Authority (NEPRA) has approved a fuel charge adjustment (FCA) reduction of PKR 1.28 per unit for the month of September 2024. This decision was taken after the Central Power Purchasing Agency-Guarantee (CPPA-G) submitted a request to NEPRA. The CPPA-G had initially asked for a PKR 0.71 per unit decrease in …
Continue reading “NEPRA Cuts Fuel Charges to Ease Electricity Costs for September”
US stocks experienced a sharp rise on Wednesday after Donald Trump was projected to win the 2024 presidential election. The Dow Jones Industrial Average soared by 1,309 points, or 3%, reaching a new high. This marks the first time the Dow has gained over 1,000 points in a single day since November 2022. If the …
Continue reading “US Stocks Surge Following Trump’s Election Victory”
Bitcoin rallied overnight, reaching a new all-time high as former President Donald Trump claimed victory over Vice President Kamala Harris in the U.S. presidential election. The flagship cryptocurrency surged to $75,000 late Tuesday, smashing its previous record. By Wednesday, it was trading 6% higher at $73,841, according to Coin Metrics. This rally pushes Bitcoin past …
Continue reading “Bitcoin Hits Record High After Trump Wins Election”
The International Monetary Fund (IMF) will send a mission to Pakistan next week, four months ahead of the planned review. The IMF aims to assess Pakistan’s performance in implementing conditions linked to the $7 billion bailout package approved earlier this year. Diplomatic sources say this early visit underscores the program’s importance for the IMF, especially …
Continue reading “IMF Mission to Arrive in Pakistan Early to Review $7 Billion Bailout Package”
Karachi: The Pakistan Stock Exchange (PSX) has announced the appointment of Mr. Farrukh H. Sabzwari as its new Chief Executive Officer (CEO). The official announcement came earlier today through a PSX Notice. Mr. Sabzwari will take charge on November 18, 2024, succeeding the outgoing CEO. Over 25 Years in Investment Banking Mr. Sabzwari brings more …
Continue reading “PSX Appoints Farrukh H. Sabzwari as New CEO”
Karachi: The Pakistan Business Forum (PBF) has urged the government to take swift and comprehensive measures for economic reform. The forum emphasized that these changes are crucial for achieving stability and long-term growth. Malik Khuda Baksh, President of PBF Karachi, highlighted the urgent need for steady economic management to steer Pakistan’s economy out of crisis. …
Continue reading “Pakistan Business Forum Calls for Immediate Economic Reform”
LAHORE: The Punjab government announced on Monday that it will not pursue the acquisition of Pakistan International Airlines (PIA). This decision comes amid a significant shift in the privatization landscape of the struggling national carrier. No Plans for PIA Purchase Punjab Information Minister Azma Bokhari confirmed during a press conference that the provincial government has …
Continue reading “Punjab Government Backs Off from PIA Acquisition”
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved a circular debt management plan for the fiscal year 2024-25 on Monday. This plan aims to reduce liabilities in the power sector and enhance financial sustainability. Meeting Highlights Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the ECC meeting. Several key agenda items …
Continue reading “ECC Approves Circular Debt Management Plan for 2024-25”
The recent 2.5% cut in the State Bank of Pakistan’s (SBP) policy rate has prompted a mixed response from the business leaders, calling for further reductions to drive economic growth. Industry stakeholders argue that the current rate remains high and limits the potential for business expansion, urging the SBP to aim for a single-digit interest …
Continue reading “Business Leaders Urge Deeper Rate Cuts to Drive Economic Growth”
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) met today to announce a significant policy change. The MPC decided to cut the policy rate by 250 basis points, lowering it to 15 percent. This reduction will take effect from November 5, 2024. Inflation Trends The MPC observed a notable decline in …
Continue reading “SBP Monetary Policy Committee Announces Major Rate Cut”
The Pakistan Stock Exchange (PSX) saw another day of impressive rise, with the benchmark KSE-100 Index surging by nearly 1,250 points during intra-day trading on Monday. By 3:30 pm, the KSE-100 stood at 92,105.87, up 1,246.02 points, or 1.37%. The index hit an intra-day peak of 92,159.08 as investor sentiment remained high. Key Sectors Drive …
Continue reading “Pakistan Stock Exchange Rises Amid Strong Buying, MPC Rate Cut Anticipation”
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is set to announce its key interest rate decision shortly. Many analysts are anticipating a substantial cut of 200 basis points (bps). This move follows recent reductions aimed at stimulating economic growth amid slowing inflation and declining oil prices. Background of Recent Rate …
Continue reading “SBP Expected to Announce Key Interest Rate Decision”
ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
Continue reading “IMF Pushes Pakistan for More Revenue Measures”
The Securities and Exchange Commission of Pakistan (SECP) has revised the eligibility criteria for the appointment of Chief Financial Officers (CFOs) in insurance companies. The SECP announced this change in a new S.R.O. 1586(I)/2024, amending the Code of Corporate Governance for Insurers, 2016. This regulatory update was released on Saturday, with changes aimed at strengthening …
Continue reading “SECP Updates Eligibility Criteria for Insurance CFOs”
The Khyber Pakhtunkhwa (KP) government has shown interest in buying Pakistan International Airlines (PIA). KP’s Board of Investment and Trade (KP-BOIT) vice chairman, Hassan Masood Kunwar, sent a letter to Federal Minister for Privatisation, Aleem Khan. In it, KP-BOIT assured the federal government that it would bid higher than the current Rs10 billion offer by …
Continue reading “KP Government Shows Interest in Acquiring PIA”
Warren Buffett, Berkshire Hathaway’s legendary investor, is now holding over $325 billion in cash, as the company continues trimming its Apple holdings while generating substantial profits from its diverse business portfolio. Berkshire’s deliberate move away from Apple stock, its largest investment, signals a strategic shift and bolsters cash reserves, leaving analysts speculating about Buffett’s next …
Continue reading “Warren Buffett Amasses $325 Billion in Cash Amid Apple Stock Sales”
