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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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At GITEX Global 2024, a significant discussion took place between H.E. Faisal Niaz Tirmazi, Pakistan’s Ambassador to the UAE, and Usman Asif, CEO of Devsinc. This meeting focused on the evolving IT landscape in the Middle East and highlighted the role of Pakistan’s tech sector in this transformation. During their conversation, they emphasized the need …
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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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Gold prices have surged sharply in both global and local markets. On Wednesday, local gold markets reported a notable increase in prices. The cost of 24-carat gold per tola rose by Rs2,200, bringing the total to Rs277,200. Meanwhile, the price per 10 grams increased by Rs1,886, reaching Rs237,654. In the international bullion market, gold prices …
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Karachi: Sindh’s Minister for Labor and Human Resources, Shahid Abdul Salam Taheem, assured industrialists that the provincial government would firmly address unlawful pressures from labor organizations. He spoke during a luncheon hosted by the Korangi Association of Trade and Industry (KATI). Taheem emphasized that the government would not tolerate industries being blackmailed by labor groups …
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The government has announced a Rs5 increase in the price of high-speed diesel (HSD), citing fluctuations in the international market. Starting midnight tonight, the price of HSD will rise from Rs246.29 to Rs251.29 per litre. However, the price of petrol will remain unchanged at Rs247.03 per litre for the next two weeks. In a notification …
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Hundreds of thousands of Pakistanis continue to choose prize bonds as their preferred investment. These bonds offer a secure way to save money with the added possibility of winning substantial prizes. The prize bond program, run by the Central Directorate of National Savings since the 1960s, operates in partnership with the State Bank of Pakistan. …
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The Federal Board of Revenue (FBR) has denied any possibility of any further extension for the income tax returns filing deadline. FBR spokesperson Bakhtiar Muhammad confirmed that the last date for filing is October 14, 2024, and no further extensions will be granted. To accommodate taxpayers, FBR offices and field formations will remain operational until …
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LAHORE: The Federal Board of Revenue (FBR) has set today, October 14, as the final deadline for filing tax returns for the financial year 2023-2024. After multiple extensions, today is the last chance for the public to submit their tax documents. On Sunday, the FBR confirmed the deadline extension in an official statement. The decision …
Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar on Sunday urged the Pakistan Tehreek-e-Insaf (PTI) to cancel its planned protest on October 15. He appealed to PTI to make this decision in the “larger national interest.” His request comes as Pakistan prepares to host the Council of Heads of Government (CHG) meeting of the …
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Pakistanis are preparing for another round of fuel price increases, potentially as high as Rs10.25 per liter for high-speed diesel (HSD), starting from October 16, 2024. The looming price hike adds to the country’s economic struggles, with inflation already affecting daily life. The Pakistan State Oil (PSO) is set to propose new fuel prices to …
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ISLAMABAD: Pakistan is set to host the 23rd Heads of Government Summit of the Shanghai Cooperation Organisation (SCO) and prepares for strict security. Prime Minister Shehbaz Sharif visited the Jinnah Convention Center on Saturday to review preparations, receiving briefings from the CDA chairman and Foreign Office officials. As the current Chair of the SCO Council …
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Pak Suzuki Motor Company has announced the new model, Suzuki Every, marking the end of decades-long production of the iconic Bolan. The company’s Bolan has been a popular choice among Pakistanis, known for its affordability and versatility. With the introduction of Every, Pak Suzuki aims to offer an innovative and modern alternative to the masses. …
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Saudi fast food giant AlBaik has expressed preliminary interest in entering the Pakistani market. This comes after the brand signed a memorandum of understanding (MoU) with Gas & Oil Pakistan Ltd (GO), which was recently acquired by Saudi Arabia’s oil giant Aramco. The news was confirmed on Friday. The MoU aims to explore establishing a …
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