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Petrol and diesel prices in Pakistan may decrease in early November due to a recent drop in global crude oil prices, officials have indicated. If implemented, this reduction would provide relief for Pakistani consumers, who continue to grapple with high inflation. Officials have projected a price cut of Rs2 to 3 per litre for petroleum …
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The Bank of England (BoE) is pushing forward with its exploration of a digital currency accessible to the public, as concerns grow over commercial banks’ lack of innovation in the face of competition from tech firms. Despite his reluctance, Governor Andrew Bailey emphasized on Saturday the necessity of preparing for a central bank digital currency …
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The Federal Board of Revenue (FBR) in Pakistan has issued a draft amendment to the Customs Rules 2001. The amendment focuses on updating temporary import rules for vehicles brought into Pakistan by foreign tourists. The FBR is seeking to introduce these changes to streamline the process and maintain proper regulatory oversight. Duty-Free Stay for Three …
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Gold prices fell in Pakistan on Monday, according to FXStreet data. The price per gram of gold dropped to PKR 24,435.33, compared to PKR 24,572.89 on Friday. The latest figures reveal a downward shift in the market. Significant Price Decrease for Tola The price for a tola of gold, a common unit used in Pakistan, …
ISLAMABAD: PTCL Group, Pakistan’s largest telecom entity, is grappling with financial struggles despite increasing revenues. Much like other troubled state-owned companies, including Pakistan Steel Mills, PIA, and Pakistan Railways, PTCL is facing mounting losses. The latest financial results reveal a revenue increase of 15.3% to Rs160.6 billion for the first nine months of 2024 compared …
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The National Electric Power Regulatory Authority (NEPRA) has hiked electricity rates for Karachi by Rs3.03 per unit. This increase, announced as part of the monthly fuel price adjustment for July 2024, will impact consumers in Karachi under K-Electric. K-Electric initially sought a rate hike of Rs3.09 per unit, citing increased fuel costs. NEPRA reviewed the …
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Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8 The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their …
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For the second day in a row, gold prices have declined in both international and local markets. In the global bullion market, the price per ounce dropped by $8, settling at $2,726. This downward trend reflects ongoing fluctuations in the precious metals market amid broader economic shifts. In local markets, the price of 24-karat gold …
The stocks, on Thursday, soared to an intraday high of over 88,300 points. Investors showed strong interest in rate-sensitive sectors, anticipating significant monetary policy easing from the central bank. The overall economic outlook remains upbeat, driving investor confidence. The benchmark KSE-100 index surged by 1,125.84 points, or 1.29%, reaching 88,320.37 points around 1 PM. This …
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KARACHI: Gold surged by Rs2,000 on Wednesday, reaching a new all-time high of Rs285,400 per tola (11.66 grams). This marked the seventh consecutive day of record-breaking gains, driven by global market trends. Meanwhile, the Pakistani rupee remained stable against the US dollar at Rs277.73 in the inter-bank market for the second day in a row. …
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The government has officially set October 30, 2024, as the date for the final auction of Pakistan International Airlines (PIA), following several delays. This announcement came on Wednesday during the seventh session of the National Assembly. Auction Delayed Due to Low Bidder Interest Initially, the privatisation process was scheduled to conclude on October 1, 2024. …
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Apple has made a significant announcement regarding its hardware engineering team, with three executives being promoted to vice president roles. This reshuffling comes amid a series of leadership changes and is part of Apple’s ongoing strategy to innovate and restructure. John Ternus, Apple’s head of hardware engineering, has promoted Richard Dinh, Dave Pakula, and Donny …
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Shares at the Pakistan Stock Exchange (PSX) reached a new all-time high on Wednesday. The benchmark KSE-100 index crossed the 87,000-point barrier, closing at 87,194.53 points. This marked an increase of 727.96 points or 0.84% from the previous close of 86,466.57 points. The index even reached an intraday high of 87,309.22 points. Mohammed Sohail, CEO …
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The 5th edition of TEXPO Pakistan 2024 began on 23rd October in Karachi. Federal Minister for Commerce Jam Kamal inaugurated the event at Expo Center Karachi. Governor of KPK Faisal Karim Kundi and Sindh Chief Minister Syed Murad Ali Shah also attended the opening ceremony. Key figures such as TDAP Chief Executive Muhammad Zubair Motiwala …
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Finance Minister Muhammad Aurangzeb said Pakistan is getting an “encouraging” response from China on its request to reprofile power sector debt. Speaking to Bloomberg at the IMF and World Bank meetings, he mentioned that discussions had started. So far, the response has been positive. However, he added that the talks are still in their early …
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Japan’s stock market saw a shares fall on Tuesday, with the Nikkei 225 falling by 1.39% as investors focused on upcoming national elections and key corporate earnings reports. Concerns about both domestic and U.S. political events contributed to the drop, while China’s markets showed marginal gains. China Sees Slight Gains Amid Earnings Season In China, …
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KARACHI: The Pakistan Stock Exchange (PSX) surged to a new all-time high on Tuesday, driven by strong post-26th Amendment gains. The KSE-100 index rose 409 points, or 0.48%, to close at 86,466, surpassing yesterday’s close of 86,057. Early in the day, the index reached a new peak, climbing 798 points to 86,846 during intraday trading. …
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ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
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KARACHI: The Sindh government has officially notified a new minimum wage of Rs37,000 per month for workers, effective from July 2024. sources reported the announcement on Tuesday. According to the notification, all industrial and business firms in the province must comply with the new minimum wage standard. Employers are required to ensure their workers receive …
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The recently passed 26th Constitutional Amendment Bill, 2024, has set a firm deadline of January 1, 2028, to eliminate interest-based banking (Riba) in Pakistan. The decision reflects a major shift towards an Islamic banking system, in line with religious principles. Moreover, the Jamiat Ulema-e-Islam-Fazl (JUI-F), led by Maulana Fazl-ur-Rehman, played a pivotal role in pushing …
Gold prices in Pakistan rose on Monday, according to data from FXStreet. The price per gram surged to PKR 24,325.02, compared to PKR 24,246.26 on Friday. Similarly, the price of gold per tola jumped to PKR 283,721.20 from PKR 282,803.60 on Friday. Gold prices for other units also saw an increase on Monday. For 10 …
The data from the International Labour Organization (ILO) highlighted, on October 18, 2024, the world’s top countries by GDP per hour worked. The measure, known as labor productivity, shows the efficiency of workers in producing output relative to hours worked. This data provides key insights into economic growth and human capital efficiency. Labor Productivity Overview …
In a significant move to tackle inflation, Punjab Chief Minister Maryam Nawaz Sharif has approved a new price control mechanism aligned with international standards. During a recent meeting, she ordered the establishment of a special monitoring unit (SMU) to be fully operational within six months. The meeting provided a comprehensive briefing on the new mechanism …
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