Islamabad, Feb 14: The Pakistani rupee (PKR) appreciated against the US Dollar (USD) today, closing in green after opening at 279 in the interbank market. Throughout the trading session, the exchange rate fluctuated between 279 and 281/$, ultimately settling at 279.20, marking a gain of five paisas or 0.02 percent against the greenback. The open market saw similar stability, with rates remaining in the 279-282 range.
Author: Iqra Khan
Islamabad, Feb 14: Cordoba Logistics & Ventures Limited (PSX: CLVL) announced on Friday that the Securities and Exchange Commission of Pakistan (SECP) has granted the company permission to establish a Non-Banking Finance Company (NBFC) under the name Cordoba PE Management Limited. This new venture will focus on providing Private Equity and Venture Capital Fund Management Services, in compliance with the regulatory requirements specified in the Permission Order and relevant laws. The announcement, made in a notice to the Pakistan Stock Exchange (PSX), marks a significant step for CLVL as it diversifies its operations into the financial sector. The company, originally…
Islamabad, Feb 14: Pakistan Petroleum Limited (PPL) has announced the successful execution of the Sui Development and Production Lease (D&PL) and the Sui Petroleum Concession Agreement (PCA) with the Federal Government of Pakistan, ensuring the continued operations of the Sui Gas Field. The announcement, made through a notice to the Pakistan Stock Exchange (PSX) on Friday, highlights that the D&PL granted for the Sui Gas Field covers an area of 455.80 square kilometers, located in District Dera Bugti, Balochistan. The lease, effective from June 1, 2015, to May 31, 2025, is set for an initial term of ten years, in…
Islamabad, Feb 14: Local refineries in Pakistan have urged the Oil and Gas Regulatory Authority (OGRA) to delay the import of high-speed diesel (HSD) and motor spirit (MS) petrol until March, citing sufficient stock levels to meet the nation’s immediate fuel needs. In a letter sent to OGRA earlier this week. The managing directors of major refineries, including Pak Arab Refinery Company Limited (PARCO), Cnergyico Pakistan Limited (CNERGY), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), and Attock Refinery Limited (ATRL), emphasized that they have enough diesel and petrol in storage to cover the country’s requirements for 39 and 36…
Islamabad, Feb 14: HUBCO Green (Private) Limited, a newly established subsidiary of Hub Power Holdings Limited, has entered into a strategic partnership with Pakistan State Oil (PSO) to set up electric vehicle (EV) charging stations at multiple PSO outlets across the country. This collaboration marks a significant step in Hub Power Holdings Limited’s recent venture into the EV charging sector, as announced last year by its parent company, The Hub Power Company Limited (PSX: HUBC). The joint initiative will see HUBCO Green play a vital role in the development of EV infrastructure in Pakistan, aimed at boosting the adoption of…
Islamabad, Feb 14: In a significant restructuring of Pakistan’s tax administration, the federal government has transferred the tax policy-making authority from the Federal Board of Revenue (FBR) to a newly established Tax Policy Office within the Ministry of Finance. This move is aimed at fulfilling one of the conditions set by the International Monetary Fund (IMF) for continued financial support. A formal notification has been issued confirming the creation of the new office, which will now be responsible for the formulation of all tax policies, independent of the FBR. The Tax Policy Office will report directly to the Federal Minister…
Islamabad, Feb 14: Prime Minister Muhammad Shehbaz Sharif has emphasized the need to further enhance collaboration with the United Nations (UN) in addressing key global challenges such as sustainable development and climate change. Speaking during a courtesy call from UN Resident Coordinator in Pakistan, Mohamed Yahya, on Friday, the prime minister reaffirmed Pakistan’s strong political commitment to combating climate change in close partnership with the international community and the UN. During the meeting, Prime Minister Sharif expressed appreciation for the vital work being carried out by the UN Country Team in Pakistan, particularly in the aftermath of the devastating 2022…
Islamabad, Feb 14: Pakistan Refinery Limited (PSX: PRL) has announced that it will temporarily shut down its plant for maintenance starting on February 15, 2025. The maintenance is expected to last for approximately six days, with the plant scheduled to resume operations on February 20, 2025.
Islamabad, Feb 14: The Punjab government has outlined the eligibility criteria for its laptop distribution scheme, designed to provide digital resources to students across the province. The decision was finalized during a high-level review meeting chaired by Provincial Minister for Education, Rana Sikandar Hayat. The meeting, which also included Parliamentary Secretary for Higher Education, Ajmal Chandio, and Higher Education Department (HED) Secretary, Dr. Farrukh Naveed, focused on the rules and procedures for the initiative. Officials were instructed to expedite the process, finalize dates for the launch of the web portal, and prepare for the announcement of the merit list.
Islamabad, Feb 14: Pakistan is set to make significant strides in enhancing its internet infrastructure with the planned addition of 26.5 terabits per second (Tbps) of international connectivity. This ambitious initiative was highlighted in a written response by the Minister of State for Information Technology and Telecommunication, Shaza Fatima Khawaja, to the National Assembly. The connectivity will be facilitated through five international submarine cables, including AFRICA 1, SMW6, 2AFRICA, PEACE, and the Makran Gulf Gateway (MGG-1). These cables, operated by major players such as PTCL, Transworld Associates, LINKdotNET, and Cybernet, are designed to enhance Pakistan’s international bandwidth and provide robust…
