Minister chairs meeting for establishment of Sovereign Wealth Fund By: APP on October 10, 2024A high-level meeting to discuss the establishment of Pakistan’s Sovereign Wealth Fund (PSWF) was convened under the chairmanship of Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal. According to press release issued by the ministry of planning, the meeting was attended by a delegation from consulting company Alvarez and Marsal that included MD […]
PIA privatisation stalled as bidders demand full ownership By: Agencies on October 10, 2024The privatisation of Pakistan International Airlines (PIA) has once again hit snags after the six bidding companies demanded 100% share ownership instead of the previously discussed 60%. Concerns have also been raised regarding employee contracts, which propose a three-year tenure without pension benefits. PIA sources indicate that the Privatisation Commission is struggling to address these […]
Gold prices dip further by Rs.500 per tola By: APP on October 10, 2024The per tola price of 24 karat gold decreased by Rs.500 and was sold at Rs.271,200 on Thursday compared to its sale at Rs. 271,700 on last trading day. The price of 10 grams of 24 karat gold also decreased by Rs. 429 to Rs. 232,510 from Rs. 232,939 whereas the price of 10 gram […]
Rupee marginally weakens against US dollar By: Agencies on October 10, 2024The Pakistani rupee ended marginally weaker against the US dollar, depreciating 0.02% in the inter-bank market on Thursday. At close, the currency settled at 277.79, a loss of Re0.07 against the greenback. On Wednesday, the rupee had settled at 277.72, according to the State Bank of Pakistan (SBP). Internationally, the US dollar traded near a […]
Rs3.4tr sales tax evasion uncovered By: APP on October 10, 2024Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said here Thursday that there was about Rs 3.4 trillion Sales Tax evasion out of a total Rs 7 trillion tax theft in different sectors of the economy. The minister was addressing a press conference along with the Chairman Federal Board of Revenue (FBR), Rashid Mahmood […]
Asian markets track Wall St record as Hong Kong, Shanghai stabilise By: APP on October 10, 2024Hong Kong, Oct 10 (AFP/APP):Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong surging after China’s central bank unveiled a facility to boost liquidity for firms to buy stocks. The yen sat around two-month lows after taking a hit in the wake of minutes showing Federal Reserve decision-makers were […]
Pakistan showcases IT sector’s potential at Tech Week Singapore By: APP on October 10, 2024Pakistan’s vibrant technology sector took center stage at Tech Week Singapore 2024, as leading companies from the country presented their cutting-edge software and IT solutions. Pakistan’s High Commissioner to Singapore Rabia Shafiq inaugurated the Pakistani Pavilion, commending the participants for their commitment to driving innovation and fostering international collaboration. “Pakistan’s IT exports have surpassed $3.2 […]
Govt financing small, medium, large dams to address water scarcity By: APP on October 10, 2024The Federal Government is financing the construction of various small, medium, and large dams/reservoirs in the country through the Public Sector Development Program (PSDP) to address growing water scarcity and drought. Scores of such projects have been planned to store surplus water which becomes available during the flood season and to provide the same for […]
Overseas workers remittances record 29pc surge: SBP By: News Desk on October 10, 2024Inflow of overseas workers’ remittances clocked in at $2.849 billion in September, a massive 29% higher on a year-on-year (YoY) basis when compared with $2.208 billion in the same month of the previous year, showed data released on Wednesday by the State Bank of Pakistan (SBP). On a month-on-month (MoM) basis, the inflow in September […]
Changing economy’s DNA must for inclusive, sustainable growth: FM By: APP on October 10, 2024Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Wednesday reaffirmed the government’s commitment to implementing its reform agenda and meeting structural benchmarks to lend permanence to macroeconomic stability, promote inclusive, sustainable growth and end Pakistan’s reliance on external borrowing. He made it clear that the only way this goal could be successfully […]