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The United Arab Emirates (UAE) has taken a significant step towards expanding its investments in Pakistan. UAE’s focus areas include shipping, port efficiency, logistics, and customs digitisation. During a high-profile meeting in Islamabad on Friday, the two nations signed four Memorandums of Understanding (MoUs). These agreements, signed with the Abu Dhabi Ports Group, target cooperation …
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The Federal Board of Revenue (FBR) reported a slight decline in income tax refunds for the fiscal year 2023-24. The FBR paid out Rs. 53.13 billion in income tax refunds, marking a 1.7% decrease from Rs. 54.07 billion in the previous fiscal year. Despite the decline in income tax refunds, overall refunds and customs rebates …
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Overseas Pakistanis, in October 2024, sent a record $3.05 billion in remittances, marking Pakistan’s highest-ever monthly inflows. The remittance surge shows a 29% increase compared to $2.46 billion in October last year and a 7% rise from September 2024. According to Topline Securities, these record inflows will help stabilize the Pakistani rupee and contain the …
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Gold prices in Pakistan saw a sharp increase of Rs. 2,000 per tola on Friday. The All-Sindh Sarafa Jewellers Association reported that prices climbed to Rs. 278,800 per tola. The hike follows a sudden drop in the previous day’s rates, reflecting the fluctuating nature of the precious metals market. The price for 10 grams of …
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Karachi: Fly Jinnah, Pakistan’s low-cost carrier, is celebrating its second anniversary since the launch of its operations in 2022. The airline has marked two years of successful service, growth, and a strong commitment to providing affordable and reliable air travel across Pakistan and beyond. Since its inception, Fly Jinnah has made significant strides in the …
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KARACHI: Pakistan’s foreign exchange reserves, managed by the State Bank of Pakistan (SBP), climbed by $18 million to reach $11.17 billion during the week ending November 1, 2024. This marks the 15th consecutive week of reserve growth, according to the central bank’s latest weekly update. Despite the steady increase in reserves, the Pakistani rupee continued …
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KARACHI: Investors at the Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as the KSE-100 index jumped by nearly 500 points, reaching a new all-time high. This rally was fueled by expectations of a credit ratings upgrade, upcoming Saudi investments, and increased foreign interest through MSCI index inclusions. The market saw a positive …
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KARACHI: A routine tax inspection escalated into a tense situation in Karachi as Federal Board of Revenue (FBR) officials were held captive by staff members at a wedding hall on Dalmia Road. The incident occurred during a standard investigation into potential tax discrepancies at the venue. The inspection was initiated after suspicions arose regarding the …
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In a widely anticipated move, the US Federal Reserve has cut its federal funds rate by 25 basis points, bringing it down to a range of 4.50%-4.75%. This marks the Fed’s second consecutive rate cut, as policymakers grow more confident that inflation is gradually approaching their target of 2%. Inflation Expectations Drive Rate Cut The …
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Pakistan’s economy took a hit after losing a $25 million export order due to a anti-national campaign led by NGOs against cigarette exports. The campaign, coupled with delays in issuing a crucial Statutory Regulatory Order (SRO), resulted in the cancellation of a lucrative contract. Bangladesh swiftly capitalized on Pakistan’s delay, securing the $75 million annual …
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