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The Securities and Exchange Commission of Pakistan (SECP) has uncovered an illegal deposit-taking and investment scheme under the names Summit 4X Trade and Summit AH Experts. The scheme targeted residents of District Layyah through branch offices, WhatsApp, and phone calls. The SECP states that sponsors Abdul Hai and Summer Abbas lured investors with promises of …
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Pakistan International Airlines (PIA) expects to generate over Rs107 million in revenue from its inaugural direct flight to Paris, scheduled for January 10. The flight will depart Islamabad at 12:10 pm, signaling the return of the Paris route after a four-and-a-half-year break. The suspension came after the European Union imposed a ban on PIA flights …
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Federal Minister for Energy, Awais Leghari, announced significant progress in reducing electricity rates, with ongoing discussions with the International Monetary Fund (IMF) potentially lowering tariffs by Rs10 to 12 per unit. Speaking at the Parliament House, he revealed that renegotiations with Independent Power Producers (IPPs) have already saved the country Rs1,100 billion, directly benefiting consumers. …
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State Bank of Pakistan (SBP) Governor Jameel Ahmed expressed confidence in the country’s economic trajectory. Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, he assured that debt levels and the balance of payments remain under control. Ahmed stated that inflation is expected to decline further by January, paving the …
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K-Electric (KE), Karachi’s main electricity provider, has announced a scheduled Load Shedding on January 10, 2025. The shutdown will affect 49 out of the city’s 2,001 feeders. The maintenance work will focus on transformers in various areas. KE has confirmed that the maintenance work will take place between 8:00 AM and 6:30 PM. Residents in …
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ISLAMABAD: Senator Aimal Wali Khan made alarming claims about food safety during a Senate Standing Committee meeting on National Food Security. The Awami National Party (ANP) senator alleged that plastic rice and meat from donkeys, dogs, and frogs were being sold in Pakistan. He also cited a report stating that only 22% of milk sold …
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The Pakistani rupee strengthened marginally against the US dollar on Thursday, appreciating by 0.1% during the early hours of trading. At 10am, the rupee was trading at 278.45, gaining Re0.27 from its previous close of 278.72 on Wednesday, according to data from the State Bank of Pakistan (SBP). Pressure on Major Currencies Meanwhile, the US …
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Cement prices in Pakistan’s northern cities dropped slightly during the week ending January 2. According to the Pakistan Bureau of Statistics (PBS), the average retail price of a 50-kg cement bag in northern cities stood at Rs. 1,415, reflecting a 0.45% decline from the previous week’s price of Rs. 1,422. The price decrease marks a …
The capital market started Wednesday’s session on a positive note, making a strong recovery after two days of consecutive losses. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index rose by 1,697.54 points, or 1.46%, reaching an intraday high of 117,750.22 points. This upward correction follows a sharp drop of 2,500 points the day before, providing …
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ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Karachi on Wednesday for a day-long visit. During his time in the port city, he will attend several important meetings and inaugurate significant projects. Sindh Chief Minister Murad Ali Shah and Governor Kamran Tessori warmly received the Prime Minister upon his arrival. The Prime Minister’s schedule includes a …
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Oil prices fell on Tuesday, extending losses from the previous session. This marks a second consecutive day of decline following last week’s rally. While concerns over tightening Russian and Iranian supply amid Western sanctions helped limit the losses, broader market factors weighed on prices. Brent futures dropped by 8 cents, or 0.1%, to $76.22 per …
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Pakistan’s citrus industry has received a major boost with the removal of laboratory testing requirements for the export of oranges to Malaysia. This development is seen as a significant breakthrough, which will ease the challenges faced by Pakistani exporters. The decision follows efforts by the Sargodha Chamber of Commerce and Industry (SCCI) and government officials …
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The Pakistan Stock Exchange (PSX) began the week on a negative note as the KSE-100 index plunged by 1,332 points. Investors booked profit-taking amid worries in the gas and cement sectors. The index fell by 1.13% to close at 116,255.13 points, down from the previous session’s 117,586.98 points. Analyst Ahsan Mehanti from Arif Habib Corp …
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The Saudi Riyal (SAR) remains stable against the Pakistani Rupee (PKR) in the open market, with a buying rate of Rs 74.18 on Monday, January 6, 2025. According to a currency website, the selling rate for Saudi Riyal SAR stands at Rs 74.58 in the open market. The economic partnership between Pakistan and Saudi Arabia …
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The rate of 24-karat gold in Saudi Arabia fell to SAR 3,708 per tola on Monday, January 6, 2025. According to Forex.pk, the price for 10 grams of 24-karat gold is SAR 3,183. An ounce of gold is priced at SAR 9,900. Gold prices remain subject to global market trends. The last update was recorded …
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Prime Minister Shehbaz Sharif’s government has introduced the National Economic Transformation Plan to boost Pakistan’s economy. The plan aims to double GDP growth and reduce poverty by half within five years. It includes a projected investment of $29 billion, overseen by the Special Investment Facilitation Council (SIFC). Key investors include $10 billion from the UAE, …
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A blast targeted a passenger bus in Balochistan’s Turbat on Saturday, leaving four people dead and 32 injured. Police confirmed the incident occurred in the New Bahman area. The bus was en route from Karachi to Turbat when the explosion struck. Rabia Tariq, spokesperson for the Balochistan inspector general of police’s office, confirmed the death …
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The financial bid for outsourcing the operations of New Islamabad Airport has officially been opened. The opening ceremony took place today in Karachi at the Pakistan Airport Authority (PAA) headquarters. During the ceremony, only one company, a Turkish firm, was shortlisted to participate in the bidding process. This company’s offer has now been revealed as …
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Karachi: Mr. Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), announced that exchange companies handled a total volume of approximately USD 7.0 billion in 2024, significantly contributing to Pakistan’s economic progress and prosperity. This achievement reflects the pivotal role of exchange companies in stabilizing Pakistan’s foreign exchange market. Strengthening Foreign Reserves …
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Karachi: Mashreq Pakistan, a part of Mashreq Group, has received a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as the first digital retail bank in the country. This significant development marks a key milestone for Mashreq and underscores its commitment to driving financial inclusion and providing innovative digital banking …
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Karachi: Pakistan’s official foreign reserves have decreased, while the country’s total reserves saw a slight increase. According to the latest data from the State Bank of Pakistan, total reserves rose by $3.72 million by the week ending December 27, reaching $16.4 billion, compared to $16.37 billion in the previous week. The central bank reported a …
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Karachi: Veon Group, a global digital operator, has injected USD 15 million into Mobilink Bank. The investment aims to boost Mobilink Bank’s strategic growth, focusing on microfinance, Islamic banking, and technological advancements. The fresh capital will enable the bank to expand its offerings in Micro, Small, and Medium Enterprise (MSME) financing. The funds will also …
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Gold prices in Pakistan have risen sharply, continuing their upward trajectory. The rate of one tola gold increased by Rs. 2,200, reaching Rs. 276,900 in local markets. Similarly, the price of 10 grams of gold climbed by Rs. 1,886, now standing at Rs. 237,397. This surge mirrors international market trends, where gold prices rose by …
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