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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 …
Continue reading “PM Shehbaz Sharif Moves to Dissolve PWD, Emphasizes Paperless Governance”
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 …
Continue reading “Govt Considers Prepaid Electricity Meters to Cut Costs”
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 …
Continue reading “NEPRA Approves K-Electric FCA Rates for May and June 2024”
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 …
Continue reading “Multinational Companies Exit Pakistan Due to Internet Disruptions”
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 …
Continue reading “KCCI Urges Govt to Provide Relief in Electricity Bills for Sindh”
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. …
Continue reading “KE CEO Moonis Alvi Condemns Remarks Against Female Employee”
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 …
Continue reading “PM Shehbaz Sharif Promises Major Electricity Tariff Cut”
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 …
Continue reading “Sindh Minister Saeed Ghani Urges Unity on Pakistan’s 77th Independence Day”
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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The Chief Minister of Sindh, Syed Murad Ali Shah, visited Indus Motor Company’s (IMC) manufacturing facility at Port Qasim Authority, Karachi on 12th August 2024, underscoring Sindh government’s commitment to continue fostering large-scale industrial growth in the province. During his visit, Chief Minister Shah toured IMC’s state-of-the-art manufacturing facility and was briefed on the latest …
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The Korangi Association of Trade and Industry (KATI) has called on the government to immediately release a pending PKR 33 billion electricity subsidy crucial for Karachi’s industrial sector. Addressing an emergency press conference, KATI President Johar Qandhari emphasized the urgent need to address the discrimination faced by Karachi’s industries, which have been deprived of a …
Continue reading “KATI Demands Release of PKR 33 Billion Electricity Subsidy”
The government is planning to impose a price equalization levy, also known as a surcharge, on the gas produced at wellheads. This move aims to help cover the costs of subsidies for residential consumers and certain industrial sectors, easing the burden on the federal budget by Rs10-15 billion each year. This initiative is part of …
Continue reading “Govt Plans New Gas Surcharge to Support Energy Reforms”
Prime Minister Shehbaz Sharif announced on Friday that the next phase of the Pak-China ties will focus heavily on business-to-business (B2B) partnerships, particularly in the industrial sector. Speaking to representatives of international companies operating in Pakistan, he emphasized the importance of transforming the close friendship between Pakistan and China into deeper economic cooperation. The Prime …
Continue reading “PM Shehbaz Emphasizes Strengthening Economic Pak-China Ties”
The National Electric Power Regulatory Authority (Nepra) has announced an increase in electricity tariffs by Rs 2.56 per unit. This hike, effective from August, is expected to generate an additional Rs 33 billion from consumers across Pakistan. The new tariff is part of the monthly fuel cost adjustment (FCA) for June and will be reflected …
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Federal Tax Ombudsman Dr. Asif Mahmood Jah has announced the opening of a help desk at the Korangi Association of Trade and Industry (KATI) to address tax issues faced by industrialists. This initiative aims to raise awareness among the public and business community about the services offered by the Federal Tax Ombudsman (FTO). Dr. Jah …
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The trade relationship between Pakistan and Morocco holds significant promise, as noted by Ambassador Mohamed Karmoune of Morocco. Speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), the Ambassador expressed optimism about increasing the current trade volume to over $232 million. The event saw the participation of key figures …
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