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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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Gold rates continued their upward trend on Saturday, both locally and internationally, reflecting a rise in demand. The precious metal’s price has been on a steady rise in recent days, drawing attention from investors and traders alike. Local Market Surge In the local market, the price of 24-carat gold increased by Rs1,600 per tola, pushing …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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Authorities have ordered a five-day shutdown of restaurants, wedding halls, cafes, and snooker clubs in Islamabad and Rawalpindi. This is part of the preparations for the Shanghai Cooperation Organization (SCO) summit.The closures, effective from October 12 to 16, are part of heightened security measures for the high-profile event. Station House Officers (SHOs) have started collecting …
ISLAMABAD: The federal government is moving to reduce the electricity tariff by up to Rs10 after terminating power purchase agreements with five Independent Power Producers (IPPs). This decision is expected to save the national exchequer Rs411 billion, according to officials. Energy Minister Awais Leghari announced this development during a press conference following the federal cabinet’s …
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KARACHI: The price of 24-karat gold in Pakistan was recorded at PKR 272,800 per tola on 10 October. Similarly, the price for 10 grams of 24-karat gold reached PKR 233,890. The bullion market saw these prices across major cities, including Lahore, Karachi, Islamabad, Peshawar, and Quetta. Gold Rates in Major Cities In all key cities, …
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Israel’s economy could shrink even more than anticipated, according to the Institute for National Security Studies at Tel Aviv University. Even in less severe scenarios, researchers project a drop in Israel’s gross domestic product (GDP) per capita. The decline comes as Israel’s population grows faster than its economy, leading to lower living standards. Before the …
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For the first time in over 30 years, Bill Gates is no longer among the world’s top 10 richest individuals. According to Forbes magazine, Gates now ranks 12th in terms of wealth. This drop marks the end of his long-standing position in the elite top 10 list since 1991. Gates’ decline in wealth is largely …
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The State Bank of Pakistan (SBP) witnessed a significant increase in its foreign exchange reserves this week. According to data released on Thursday, the reserves surged by over $1.1 billion in just seven days. This boost raised SBP’s reserves to $10.7 billion, marking the highest level since April 2022. The main driver of this increase …
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ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet approved significant financial measures on Thursday. This included a supplementary grant of Rs45 billion for defence and a 122 percent increase in the maximum retail price (MRP) of anti-rabies vaccines for public hospitals. The meeting was chaired by Finance Minister Muhammad Aurangzeb. Several key officials attended …
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