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The State Bank of Pakistan (SBP) released the Annual Report on the State of Pakistan’s Economy for the fiscal year 2023-24 today. According to the Report, Pakistan’s macroeconomic conditions improved, supported by stabilization policies, successful engagement with the IMF, reduced uncertainty, and favourable global economic environment. The increase in domestic agricultural productivity also contributed to …
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The Federal Investigation Agency (FIA) has arrested a key suspect involved in a multimillion fraud case in Jaranwala. The suspect, Atif Shehzad, was apprehended while withdrawing money from an ATM. During the arrest, the FIA recovered 64 debit cards from various banks, two packets of ATM cards, and a mobile phone. The discovery highlights the …
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ISLAMABAD: The Central Directorate of National Savings, also known as Qaumi Bachat Bank, has reduced the profit rates on several certificates starting from October 2024. The profit rate on Regular Income Certificates (RICs) has been lowered to 12.72 percent. This change reduces the monthly profit to Rs1,220 on an investment of Rs100,000 from the Qaumi …
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Prime Minister Shehbaz Sharif has proposed introducing a common currency for the Shanghai Cooperation Organization (SCO) member countries. He made this suggestion during the 23rd SCO Heads of Government meeting, held virtually. In his address, Sharif emphasized the importance of economic cooperation among SCO nations. He stated that a unified currency would facilitate smoother trade …
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Gold prices have surged sharply in both global and local markets. On Wednesday, local gold markets reported a notable increase in prices. The cost of 24-carat gold per tola rose by Rs2,200, bringing the total to Rs277,200. Meanwhile, the price per 10 grams increased by Rs1,886, reaching Rs237,654. In the international bullion market, gold prices …
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Karachi: Sindh’s Minister for Labor and Human Resources, Shahid Abdul Salam Taheem, assured industrialists that the provincial government would firmly address unlawful pressures from labor organizations. He spoke during a luncheon hosted by the Korangi Association of Trade and Industry (KATI). Taheem emphasized that the government would not tolerate industries being blackmailed by labor groups …
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The government has announced a Rs5 increase in the price of high-speed diesel (HSD), citing fluctuations in the international market. Starting midnight tonight, the price of HSD will rise from Rs246.29 to Rs251.29 per litre. However, the price of petrol will remain unchanged at Rs247.03 per litre for the next two weeks. In a notification …
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Hundreds of thousands of Pakistanis continue to choose prize bonds as their preferred investment. These bonds offer a secure way to save money with the added possibility of winning substantial prizes. The prize bond program, run by the Central Directorate of National Savings since the 1960s, operates in partnership with the State Bank of Pakistan. …
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The Federal Board of Revenue (FBR) has denied any possibility of any further extension for the income tax returns filing deadline. FBR spokesperson Bakhtiar Muhammad confirmed that the last date for filing is October 14, 2024, and no further extensions will be granted. To accommodate taxpayers, FBR offices and field formations will remain operational until …
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LAHORE: The Federal Board of Revenue (FBR) has set today, October 14, as the final deadline for filing tax returns for the financial year 2023-2024. After multiple extensions, today is the last chance for the public to submit their tax documents. On Sunday, the FBR confirmed the deadline extension in an official statement. The decision …
Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar on Sunday urged the Pakistan Tehreek-e-Insaf (PTI) to cancel its planned protest on October 15. He appealed to PTI to make this decision in the “larger national interest.” His request comes as Pakistan prepares to host the Council of Heads of Government (CHG) meeting of the …
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Pakistanis are preparing for another round of fuel price increases, potentially as high as Rs10.25 per liter for high-speed diesel (HSD), starting from October 16, 2024. The looming price hike adds to the country’s economic struggles, with inflation already affecting daily life. The Pakistan State Oil (PSO) is set to propose new fuel prices to …
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ISLAMABAD: Pakistan is set to host the 23rd Heads of Government Summit of the Shanghai Cooperation Organisation (SCO) and prepares for strict security. Prime Minister Shehbaz Sharif visited the Jinnah Convention Center on Saturday to review preparations, receiving briefings from the CDA chairman and Foreign Office officials. As the current Chair of the SCO Council …
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Pak Suzuki Motor Company has announced the new model, Suzuki Every, marking the end of decades-long production of the iconic Bolan. The company’s Bolan has been a popular choice among Pakistanis, known for its affordability and versatility. With the introduction of Every, Pak Suzuki aims to offer an innovative and modern alternative to the masses. …
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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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