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The privatization of Pakistan International Airlines (PIA) will be completed by October 1, 2024. The Privatization Commission Secretary informed the Senate Committee of the privatization during a recent meeting. This move follows directives from Prime Minister Shehbaz Sharif, who has set the deadline to ensure the process is completed on time. The government aims to …
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The National Bank of Pakistan (NBP) has reported a total income of PKR 96.8 billion for the first half of 2024. This marks a 5.1% increase from the PKR 92.2 billion recorded in the same period last year. The bank’s performance was particularly strong in the second quarter of 2024, with income reaching PKR 54.4 …
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The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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Traders across Pakistan are on strike today, protesting against the government’s new tax reforms. The strike has led to widespread business closures in major cities. Traders’ associations and political parties support the strike, highlighting their frustration with the tax policies. Political parties backing the strike include Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI), …
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Pakistan is set to host its first International Date Festival this October, following the signing of a significant agreement between the UAE Embassy and Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP). This landmark event aims to spotlight Pakistan’s date industry and foster stronger economic ties between Pakistan and the UAE. …
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The Competition Commission of Pakistan (CCP) has given its approval for the acquisition of an 8.33% shareholding in M/s. National Investment Trust Limited (NITL) by two Pakistani residents, marking a significant shift in the ownership structure of the country’s oldest and most prestigious investment management company. This transaction will result in M/s. Adamjee Foundation ceasing …
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The Korangi Association of Trade and Industry (KATI) has formally declared its support for the nationwide traders’ strike set to take place on August 28, 2024. The announcement was made in a joint statement by key figures within KATI, including President Johar Qandhari, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim …
Continue reading “KATI Backs Nationwide Traders’ Strike, Urges Govt to Address Economic Crisis”
The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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Prime Minister Shehbaz Sharif reviewed the legal and procedural aspects of dissolving the Public Works Department (PWD) on Sunday, focusing on the re-employment of diligent employees and suggesting age relaxation for those with short service tenures. During a high-level meeting, PM Sharif underscored that employees with serious corruption charges would not receive financial packages. The …
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Federal Minister for Power, Awais Leghari, announced on Monday that the ruling coalition government is exploring the installation of prepaid electricity meters, similar to those used for mobile phones. The initiative aims to combat electricity theft and improve payment reliability. In a press conference in Multan, Leghari emphasized the government’s dedication to eradicating electricity theft …
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Pakistan will be introducing new currency notes by the end of this year, according to Jameel Ahmed, Governor of the State Bank of Pakistan (SBP). The governor told the Senate Standing Committee on Finance and Revenue that all current notes from Rs. 10 to Rs. 5,000 will be replaced. The new notes will be made …
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The National Electric Power Regulatory Authority (NEPRA) has given the green light to K-Electric’s monthly Fuel Charge Adjustment (FCA) requests for May and June 2024. The FCA rates will be set at 2.59 rupees per unit for May and 3.168 rupees per unit for June, though these charges will be applied separately over the two …
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Iftikhar Ahmed Sheikh, President of the Karachi Chamber of Commerce and Industry (KCCI), has called for an immediate halt to the Tajir Dost Scheme and the withdrawal of tax notices issued to small shopkeepers. Sheikh highlighted that the scheme requires shopkeepers to pay a hefty tax of Rs60,000 per month, a sum deemed unaffordable for …
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The Pakistan Business Council (PBC) issued a stark warning on Friday, highlighting a troubling trend that has seen several multinational companies (MNCs) either planning to relocate their back offices from Pakistan or having already done so in recent months. This development is seen as a significant blow to the country’s struggling economy, which is already …
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The Karachi Chamber of Commerce and Industry (KCCI) has issued a strong appeal to the federal government, calling for immediate relief in electricity bills for the people of Sindh. In a recent statement, the KCCI emphasized the urgent need for a reduction of 14 rupees per unit in electricity tariffs, similar to the relief recently …
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K-Electric CEO Syed Moonis Abdullah Alvi has publicly addressed recent controversial remarks made by a Pakistan Tehreek-e-Insaf (PTI) member about the attire of a female employee at the company. Alvi took to X, formerly known as Twitter, to express his disappointment over the comments and to reaffirm KE’s commitment to gender equity in the workplace. …
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Gold prices in Pakistan surged to a new record on Friday, with an increase of Rs. 300 per tola, bringing the price to an unprecedented Rs. 257,700 per tola. The price for 10 grams of gold also saw a rise of Rs. 256, reaching Rs. 220,936. The Karachi Sarafa Association, which monitors local gold rates, …
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The National Savings Division conducted the much-anticipated Rs1500 Prize Bond Draw No. 99 on 15 August 2024 in Multan, a day marked with excitement and hope for thousands of Pakistanis. The event, held under the vigilant supervision of the State Bank of Pakistan, saw numerous participants eagerly awaiting the announcement of the winning numbers. Top …
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Prime Minister Shehbaz Sharif extended Independence Day greetings to the nation and announced plans for a significant reduction in electricity tariffs in the coming days. This move comes in response to widespread concerns about high electricity bills, which the Prime Minister acknowledged as one of the most pressing issues facing the country. He emphasized that …
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Sindh’s Minister of Local Government, Saeed Ghani, emphasized that individuals spreading hatred within the country are not true well-wishers of Pakistan. Speaking at a flag hoisting ceremony organized by the Korangi Association of Trade and Industry (KATI) on the occasion of Pakistan’s 77th Independence Day, Ghani expressed concern that despite the nation’s long-standing history, the …
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The federal government has launched a series of initiatives aimed at reducing electricity tariffs, acknowledging the severe financial challenges facing the country’s power sector. This move comes as part of a broader effort to address the structural issues plaguing the sector, which has long been a source of concern for both policymakers and the public. …
Continue reading “Government Considers Shutting IPPs to Cut Power Tariffs”
Pakistan may witness another notable reduction in petrol prices starting August 15, following a decline in global oil prices, Day News reported on Monday, citing sources. According to the sources, the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre. …
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