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Pakistan has signed a $500 million loan agreement with the Asian Development Bank (ADB) to strengthen its climate resilience and disaster response capacity. This initiative, under the Climate and Disaster Resilience Enhancement Programme, aims to improve Pakistan’s ability to plan, prepare, and respond to the growing challenges posed by climate change and natural disasters. Enhancing …
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The Korangi Association of Trade and Industry (KATI) has mourned the loss of Ilyas Ahmed Bilour, a former senator, ex-President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), and an influential industrialist. Known for his dedication to Pakistan’s business community, Bilour’s passing is a significant loss to the country’s trade and industry …
ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the acquisition of 50% shares in Total Parco Pakistan Limited (TPPL) by Aquashore SA, a subsidiary of Switzerland’s Gunvor Group. The shares will be transferred from TotalEnergies Marketing Services under a recently finalized Sale and Purchase Agreement. A Milestone in Petroleum Transactions This acquisition is among …
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The Securities and Exchange Commission of Pakistan (SECP) convened the first meeting of its newly formed Islamic Capital Market Development Committee (ICMDC) on November 18, 2024. The committee aims to drive innovation and growth in Pakistan’s Islamic capital markets. Dr. Irum Saba, Associate Professor at IBA, chaired the inaugural session. The committee includes industry experts, …
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ISLAMABAD: The government has decided to recover taxes from all sectors, including real estate, wholesale, and agriculture, which have previously evaded contributing their fair share. Finance Minister Muhammad Aurangzeb announced this during a televised address on Sunday. He also called for a national Charter of Environment to tackle critical issues like climate change, child stunting, …
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Islamabad: The federal government has announced that the prices of petrol and high-speed diesel (HSD) will remain unchanged for the next fortnight, starting November 16. The Finance Division issued a notification stating that the Oil and Gas Regulatory Authority (OGRA) calculated the prices of petroleum products based on international market trends over the last two …
Follow these simple steps to schedule a call in a WhatsApp group: Open WhatsApp: Launch the app on your device. Select the Group: Navigate to the group chat where you want to set up the call. Create an Event: Tap the paperclip icon, select “Event,” and then choose “Create Event.” Enter Details: Add an event …
London: Oil prices remained largely unchanged on Thursday, following earlier declines this week due to a stronger U.S. dollar and concerns over rising supply amid sluggish demand growth. At 1203 GMT, Brent crude futures gained 17 cents, reaching $72.45 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, settling at $68.57 per …
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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a warning to the public about a fake trading platform operating under the name Interactive Brokers Group (IBKR). This unregistered entity is using social media and WhatsApp groups to lure individuals with promises of high returns from trading on the Pakistan Stock Exchange (PSX) …
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Karachi: Pakistan Stock Exchange (PSX) has revealed the recipients of the prestigious Top 25 Companies Awards for 2023. These awards, launched in 1978, honor excellence in Pakistan’s corporate sector, highlighting financial performance, governance, and sustainability efforts. The Top 25 Companies Awards are based on strict pre-requisites. Companies must distribute a minimum dividend of 30% and have …
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Investor sentiment at the Pakistan Stock Exchange (PSX) remained positive on Friday, as the benchmark KSE-100 Index gained over 750 points in the first half of the trading session. This surge came after concerns over a potential mini-budget eased, contributing to growing optimism among investors. By 12pm on Friday, the KSE-100 Index was hovering at …
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ISLAMABAD: Minister of State for Finance and Revenue, Ali Pervaiz Malik, announced Thursday that the government aims to reduce the tax burden on the salaried class and withdraw taxes on milk. However, this will only be possible if the Federal Board of Revenue (FBR) succeeds in recovering Rs 300 billion to Rs 350 billion from …
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The price of gold in Pakistan experienced its second major decrease this week, falling by Rs. 5,500 per tola on Thursday. This drop comes after a similar decline earlier in the week, marking a significant reduction in the precious metal’s value. Latest Price Decrease According to the All-Sindh Sarafa Jewellers Association, the price of 24-carat …
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Employees of the Federal Board of Revenue (FBR) in Grades 1 to 16 have raised concerns about unequal reward distribution for the first quarter of FY25. They claim that the rewards were not distributed fairly among the staff. Letter Sent to Authorities In response to these concerns, FBR employees have sent a formal letter …
Sazgar Engineering Works Limited (PSX: SAZEW) has announced its approval to purchase 140 kanals of land for Rs. 1.54 billion. The land is located adjacent to Sazgar’s existing four-wheeler project. Support for Expansion This acquisition is part of Sazgar’s strategy to support its future growth. The additional land will provide space for expansion of its …
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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the Securities Managers (Licensing and Operations) Regulations, 2024. This regulatory framework aims to facilitate investment advisory in Pakistan’s securities market. Under the new regulations, qualified securities brokers are allowed to provide portfolio management services. To do this, brokers must obtain a securities manager license …
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The Pakistan Stock Exchange (PSX) saw a strong recovery on Thursday, with shares climbing more than 800 points during intraday trade. Analysts attributed the rally to improving macroeconomic stability, which encouraged investor confidence. After a slight dip on Tuesday, when the market snapped its record-breaking streak, the PSX bounced back on Wednesday with a modest …
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Islamabad: The Federal Board of Revenue (FBR) has introduced ePayment 2.0, a new tax payment system integrated into its IRIS 2.0 portal. This advanced system aims to streamline tax payments across Pakistan, making the process faster, more secure, and easier for taxpayers. The FBR launched ePayment 2.0 as part of the government’s mission to modernize …
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Islamabad: The Securities and Exchange Commission of Pakistan (SECP) registered 2,477 new companies in October 2024. This recent increase brings the total registered companies in Pakistan to 233,587, showing rising confidence in the country’s corporate sector. SECP’s digitization initiative continues to play a pivotal role, with 99% of the new company registrations processed through its …
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Islamabad: Pakistani consumers will face another increase in petrol and diesel prices in the upcoming fortnight. Rising global oil rates and elevated import costs are driving this price hike, which will add more financial pressure on consumers nationwide. Sources report that petrol prices are set to rise by Rs4 per liter, reaching Rs253 per liter, while …
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Islamabad: The Pakistani rupee (PKR) saw gains against the British Pound and other key currencies today, signaling a steady economic stance. Against the US Dollar (USD), the PKR held its position with only minor fluctuations, ending the day slightly stronger in the interbank market. The PKR closed at 277.85 against the USD in interbank …
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Islamabad: Federal Minister for Commerce Jam Kamal Khan recently met with Japanese Ambassador to Pakistan, His Excellency Mr. WADA Mitsuhiro, as the Ambassador prepared to conclude his term in Pakistan. During the meeting, Minister Jam conveyed his best wishes for Ambassador WADA’s next assignment and acknowledged his dedication to strengthening ties between Japan and …
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Karachi: The Pakistan Vanaspati Manufacturers Association (PVMA) has proudly extended congratulations to Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), on his recent election as Vice President of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI). This prestigious role for Sheikh was announced in Singapore, marking …
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