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Karachi: The daily crime rate in Karachi dropped from 252 to 107 incidents, according to Javed Alam Odho, Additional IG Sindh Police. He announced this during a Monday meeting at the Korangi Association of Trade and Industry (KATI). The reduction was achieved through improved policing and the use of CCTV cameras. The Safe City Project, …
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A high-level Denmark Delegation, led by FLSmidth Global CEO Mikko Keto and Danish Ambassador to Pakistan Jakob Linulf, met with Federal Commerce Minister Jam Kamal Khan to explore investment opportunities in Pakistan’s mining sector. The Danish delegation expressed strong interest in investing in Pakistan, particularly in mining zones. Minister Jam Kamal Khan highlighted the vast …
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Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …
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The Pakistani Rupee (PKR) slightly devalued by Rs 0.6 against the US Dollar in interbank trading on Tuesday, closing at Rs 278.70. This marks a minor decline from the previous day’s closing rate of Rs 278.64. According to news reports, The Forex Association of Pakistan (FAP) reported that in the open market, the buying and …
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Moody’s, the global credit rating agency, has upgraded the long-term deposit ratings of five major Pakistani banks. These banks have seen their ratings rise from Caa3 to Caa2. In addition to the rating upgrade, the outlook for these banks has also been revised to positive from stable, reflecting an optimistic view of their future performance. …
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A prominent economist, Dr. Kaiser Bengali, has resigned from three major government committees in protest against the federal government’s austerity measures, according to news reported on Saturday. In his resignation letter to Finance Minister Muhammad Aurangzeb and Cabinet Secretary Kamran Afzal, Dr. Bengali expressed his dissatisfaction with the government’s approach to cost-cutting. He acknowledged that …
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The salaried class in Pakistan paid Rs. 375 billion in taxes last year. This figure is expected to rise to Rs. 450 billion this year, according to recent data. The salaried individuals continue to be the largest contributors to the national tax pool. In stark contrast, the retail sector’s tax contributions are significantly lower. Only …
The privatization of Pakistan International Airlines (PIA) will be completed by October 1, 2024. The Privatization Commission Secretary informed the Senate Committee of the privatization during a recent meeting. This move follows directives from Prime Minister Shehbaz Sharif, who has set the deadline to ensure the process is completed on time. The government aims to …
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The National Bank of Pakistan (NBP) has reported a total income of PKR 96.8 billion for the first half of 2024. This marks a 5.1% increase from the PKR 92.2 billion recorded in the same period last year. The bank’s performance was particularly strong in the second quarter of 2024, with income reaching PKR 54.4 …
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The State Bank of Pakistan (SBP) has designated Domestic Systemically Important Banks (D-SIBs) for the year 2024. This decision is part of the ongoing effort to ensure financial stability in the country and aligns with the framework introduced by the SBP in April 2018. The framework is designed to meet international standards while considering both …
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Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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Traders across Pakistan are on strike today, protesting against the government’s new tax reforms. The strike has led to widespread business closures in major cities. Traders’ associations and political parties support the strike, highlighting their frustration with the tax policies. Political parties backing the strike include Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI), …
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Pakistan is set to host its first International Date Festival this October, following the signing of a significant agreement between the UAE Embassy and Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP). This landmark event aims to spotlight Pakistan’s date industry and foster stronger economic ties between Pakistan and the UAE. …
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The Competition Commission of Pakistan (CCP) has given its approval for the acquisition of an 8.33% shareholding in M/s. National Investment Trust Limited (NITL) by two Pakistani residents, marking a significant shift in the ownership structure of the country’s oldest and most prestigious investment management company. This transaction will result in M/s. Adamjee Foundation ceasing …
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The Korangi Association of Trade and Industry (KATI) has formally declared its support for the nationwide traders’ strike set to take place on August 28, 2024. The announcement was made in a joint statement by key figures within KATI, including President Johar Qandhari, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim …
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The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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Prime Minister Shehbaz Sharif reviewed the legal and procedural aspects of dissolving the Public Works Department (PWD) on Sunday, focusing on the re-employment of diligent employees and suggesting age relaxation for those with short service tenures. During a high-level meeting, PM Sharif underscored that employees with serious corruption charges would not receive financial packages. The …
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Federal Minister for Power, Awais Leghari, announced on Monday that the ruling coalition government is exploring the installation of prepaid electricity meters, similar to those used for mobile phones. The initiative aims to combat electricity theft and improve payment reliability. In a press conference in Multan, Leghari emphasized the government’s dedication to eradicating electricity theft …
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Pakistan will be introducing new currency notes by the end of this year, according to Jameel Ahmed, Governor of the State Bank of Pakistan (SBP). The governor told the Senate Standing Committee on Finance and Revenue that all current notes from Rs. 10 to Rs. 5,000 will be replaced. The new notes will be made …
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The National Electric Power Regulatory Authority (NEPRA) has given the green light to K-Electric’s monthly Fuel Charge Adjustment (FCA) requests for May and June 2024. The FCA rates will be set at 2.59 rupees per unit for May and 3.168 rupees per unit for June, though these charges will be applied separately over the two …
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Iftikhar Ahmed Sheikh, President of the Karachi Chamber of Commerce and Industry (KCCI), has called for an immediate halt to the Tajir Dost Scheme and the withdrawal of tax notices issued to small shopkeepers. Sheikh highlighted that the scheme requires shopkeepers to pay a hefty tax of Rs60,000 per month, a sum deemed unaffordable for …
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The Pakistan Business Council (PBC) issued a stark warning on Friday, highlighting a troubling trend that has seen several multinational companies (MNCs) either planning to relocate their back offices from Pakistan or having already done so in recent months. This development is seen as a significant blow to the country’s struggling economy, which is already …
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The Karachi Chamber of Commerce and Industry (KCCI) has issued a strong appeal to the federal government, calling for immediate relief in electricity bills for the people of Sindh. In a recent statement, the KCCI emphasized the urgent need for a reduction of 14 rupees per unit in electricity tariffs, similar to the relief recently …
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