For the second day in a row, gold prices have declined in both international and local markets. In the global bullion market, the price per ounce dropped by $8, settling at $2,726. This downward trend reflects ongoing fluctuations in the precious metals market amid broader economic shifts. In local markets, the price of 24-karat gold …
Category Archives: Business
Stocks Surge to New Heights Amid Positive Economic Outlook
The stocks, on Thursday, soared to an intraday high of over 88,300 points. Investors showed strong interest in rate-sensitive sectors, anticipating significant monetary policy easing from the central bank. The overall economic outlook remains upbeat, driving investor confidence. The benchmark KSE-100 index surged by 1,125.84 points, or 1.29%, reaching 88,320.37 points around 1 PM. This …
Continue reading “Stocks Surge to New Heights Amid Positive Economic Outlook”
Gold Hits Record High in Pakistan as Global Prices Surge
KARACHI: Gold surged by Rs2,000 on Wednesday, reaching a new all-time high of Rs285,400 per tola (11.66 grams). This marked the seventh consecutive day of record-breaking gains, driven by global market trends. Meanwhile, the Pakistani rupee remained stable against the US dollar at Rs277.73 in the inter-bank market for the second day in a row. …
Continue reading “Gold Hits Record High in Pakistan as Global Prices Surge”
PIA’s Final Auction Set for October 30 After Initial Delays
The government has officially set October 30, 2024, as the date for the final auction of Pakistan International Airlines (PIA), following several delays. This announcement came on Wednesday during the seventh session of the National Assembly. Auction Delayed Due to Low Bidder Interest Initially, the privatisation process was scheduled to conclude on October 1, 2024. …
Continue reading “PIA’s Final Auction Set for October 30 After Initial Delays”
Apple Declares iPhone 17 to Be “Most Ambitious Product”
Apple has made a significant announcement regarding its hardware engineering team, with three executives being promoted to vice president roles. This reshuffling comes amid a series of leadership changes and is part of Apple’s ongoing strategy to innovate and restructure. John Ternus, Apple’s head of hardware engineering, has promoted Richard Dinh, Dave Pakula, and Donny …
Continue reading “Apple Declares iPhone 17 to Be “Most Ambitious Product””
KSE-100 Index Soars Past 87,000 Points at Pakistan Stock Exchange
Shares at the Pakistan Stock Exchange (PSX) reached a new all-time high on Wednesday. The benchmark KSE-100 index crossed the 87,000-point barrier, closing at 87,194.53 points. This marked an increase of 727.96 points or 0.84% from the previous close of 86,466.57 points. The index even reached an intraday high of 87,309.22 points. Mohammed Sohail, CEO …
Continue reading “KSE-100 Index Soars Past 87,000 Points at Pakistan Stock Exchange”
TEXPO Pakistan 2024 Kicks Off with International Participation
The 5th edition of TEXPO Pakistan 2024 began on 23rd October in Karachi. Federal Minister for Commerce Jam Kamal inaugurated the event at Expo Center Karachi. Governor of KPK Faisal Karim Kundi and Sindh Chief Minister Syed Murad Ali Shah also attended the opening ceremony. Key figures such as TDAP Chief Executive Muhammad Zubair Motiwala …
Continue reading “TEXPO Pakistan 2024 Kicks Off with International Participation”
Pakistan Gets Encouraging Response from China on Debt Reprofiling
Finance Minister Muhammad Aurangzeb said Pakistan is getting an “encouraging” response from China on its request to reprofile power sector debt. Speaking to Bloomberg at the IMF and World Bank meetings, he mentioned that discussions had started. So far, the response has been positive. However, he added that the talks are still in their early …
Continue reading “Pakistan Gets Encouraging Response from China on Debt Reprofiling”
Japan Shares Fall as Elections and Earnings Take Center Stage
Japan’s stock market saw a shares fall on Tuesday, with the Nikkei 225 falling by 1.39% as investors focused on upcoming national elections and key corporate earnings reports. Concerns about both domestic and U.S. political events contributed to the drop, while China’s markets showed marginal gains. China Sees Slight Gains Amid Earnings Season In China, …
Continue reading “Japan Shares Fall as Elections and Earnings Take Center Stage”
PSX Hits All-Time High Amid Post-26th Amendment Gains
KARACHI: The Pakistan Stock Exchange (PSX) surged to a new all-time high on Tuesday, driven by strong post-26th Amendment gains. The KSE-100 index rose 409 points, or 0.48%, to close at 86,466, surpassing yesterday’s close of 86,057. Early in the day, the index reached a new peak, climbing 798 points to 86,846 during intraday trading. …
Continue reading “PSX Hits All-Time High Amid Post-26th Amendment Gains”
Pakistani Delegation Briefs IMF on Fiscal and Energy Reforms
ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
Continue reading “Pakistani Delegation Briefs IMF on Fiscal and Energy Reforms”
Sindh Government Sets Minimum Wage at Rs37,000 for Workers
KARACHI: The Sindh government has officially notified a new minimum wage of Rs37,000 per month for workers, effective from July 2024. sources reported the announcement on Tuesday. According to the notification, all industrial and business firms in the province must comply with the new minimum wage standard. Employers are required to ensure their workers receive …
Continue reading “Sindh Government Sets Minimum Wage at Rs37,000 for Workers”
26th Constitutional Amendment Bill Sets Deadline for Interest-Free Banking by 2028
The recently passed 26th Constitutional Amendment Bill, 2024, has set a firm deadline of January 1, 2028, to eliminate interest-based banking (Riba) in Pakistan. The decision reflects a major shift towards an Islamic banking system, in line with religious principles. Moreover, the Jamiat Ulema-e-Islam-Fazl (JUI-F), led by Maulana Fazl-ur-Rehman, played a pivotal role in pushing …
Gold Prices in Pakistan Rises on Monday
Gold prices in Pakistan rose on Monday, according to data from FXStreet. The price per gram surged to PKR 24,325.02, compared to PKR 24,246.26 on Friday. Similarly, the price of gold per tola jumped to PKR 283,721.20 from PKR 282,803.60 on Friday. Gold prices for other units also saw an increase on Monday. For 10 …
Top Countries by GDP per Hour Worked
The data from the International Labour Organization (ILO) highlighted, on October 18, 2024, the world’s top countries by GDP per hour worked. The measure, known as labor productivity, shows the efficiency of workers in producing output relative to hours worked. This data provides key insights into economic growth and human capital efficiency. Labor Productivity Overview …
Punjab Introduces New Price Control Mechanism
In a significant move to tackle inflation, Punjab Chief Minister Maryam Nawaz Sharif has approved a new price control mechanism aligned with international standards. During a recent meeting, she ordered the establishment of a special monitoring unit (SMU) to be fully operational within six months. The meeting provided a comprehensive briefing on the new mechanism …
Continue reading “Punjab Introduces New Price Control Mechanism”
Devsinc CEO Promotes Pakistan’s IT Vision at GITEX 2024
At GITEX Global 2024, a significant discussion took place between H.E. Faisal Niaz Tirmazi, Pakistan’s Ambassador to the UAE, and Usman Asif, CEO of Devsinc. This meeting focused on the evolving IT landscape in the Middle East and highlighted the role of Pakistan’s tech sector in this transformation. During their conversation, they emphasized the need …
Continue reading “Devsinc CEO Promotes Pakistan’s IT Vision at GITEX 2024”
Malir Industrial Park to Boost Karachi’s Economy and Job Market
KARACHI: Brigadier Muhammad Asad, the Administrator of the Pakistan Economic Zone Development and Management Company (PEZDMC), announced plans for the Malir Industrial Park (MIP) during a visit to the Korangi Association of Trade and Industry (KATI). The park aims to jumpstart industrial activity and foster economic stability in Karachi. Brigadier Asad revealed that land allotment …
Continue reading “Malir Industrial Park to Boost Karachi’s Economy and Job Market”
K-Electric Tests 500 kV KKI Grid for Reliable Power in Karachi
KARACHI: K-Electric has launched its state-of-the-art 500 kV KKI Grid, enabling the dispatch of reliable and affordable electricity from the National Grid to Karachi. This significant interconnection aims to enhance energy security for local industries and the southern region. The project marks a pivotal milestone for Karachi’s energy infrastructure. The KKI Grid is expected to …
Continue reading “K-Electric Tests 500 kV KKI Grid for Reliable Power in Karachi”
Pakistani Rupee Gains Against US Dollar, Forex Reserves Rise
KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at …
Continue reading “Pakistani Rupee Gains Against US Dollar, Forex Reserves Rise”
Mega Motors and BYD Finalize Deal to Produce Electric Cars in Pakistan
Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (PSX: HUBC), has finalized a landmark deal with China’s BYD Auto Industry Company Limited. The agreement aims to manufacture, market, distribute, and sell BYD electric passenger vehicles in Pakistan. This partnership marks a significant step toward boosting the country’s electric vehicle (EV) …
Continue reading “Mega Motors and BYD Finalize Deal to Produce Electric Cars in Pakistan”
PSX Crosses PKR 1 Trillion Mark in GoP Ijarah Sukuk Issuance
KARACHI: The Pakistan Stock Exchange (PSX) has achieved a significant milestone by surpassing the PKR 1 trillion mark in the issuance of GoP Ijarah Sukuk (GIS). This landmark achievement was reached after the successful conclusion of the 13th GIS auction on September 16, 2024, which raised an additional PKR 207 billion for the Ministry of …
Continue reading “PSX Crosses PKR 1 Trillion Mark in GoP Ijarah Sukuk Issuance”
Raast Hits PKR 20 Trillion in Digital Transactions
Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days. This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. …
Continue reading “Raast Hits PKR 20 Trillion in Digital Transactions”