Islamabad, Feb 5: Saudi Arabia has approved a memorandum of understanding (MoU) with Pakistan aimed at curbing money laundering and terror financing, marking a significant step in bolstering financial security and cooperative ties between the two nations. The decision was made during a Saudi cabinet session chaired by Crown Prince Mohammed bin Salman, as reported by the Saudi Press Agency. The MoU will facilitate the exchange of financial intelligence and enhance investigative cooperation on offenses related to money laundering and terror financing. This agreement underscores the commitment of both countries to strengthen regulatory frameworks and international collaboration in combating financial…
Author: Iqra Khan
Islamabad, Feb 5: The Ministry of Foreign Affairs affirms that the Kingdom of Saudi Arabia’s position on the establishment of a Palestinian state is firm and unwavering. His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister clearly and unequivocally reaffirmed this stance during his speech at the opening of the first session of the ninth term of the Shura Council on September 18, 2024. His Royal Highness emphasized that Saudi Arabia will continue its relentless efforts to establish an independent Palestinian state with East Jerusalem as its capital, and will not establish diplomatic…
Islamabad, Feb 5: UNHCR, the UN Refugee Agency and IOM, the International Organization for Migration, are concerned about recent developments requiring Afghan nationals in Pakistan to relocate from Islamabad Capital Territory (ICT) and Rawalpindi or else face deportation. The two agencies are seeking clarity over the modality and timeframe of this relocation. While UNHCR and IOM recognise that states may choose to limit freedom of movement for foreigners, including refugees, we jointly urge the Government of Pakistan to implement any relocation measures with due consideration for human rights standards, including due process, and the legal status of Proof of Registration…
Islamabad, Feb 4: The Directorate General of Customs Valuation in Karachi has issued new customs values for the import of Lithium Ion Batteries, following concerns over significant under-invoicing by certain importers. The new customs values, which came into effect on Tuesday, will be applicable to Lithium Ion Batteries in categories IP-20, IP-21, and IP-65, for the assessment of duty and taxes. However, these revised values do not apply to batteries intended for mobile phones, laptops, tablets, and similar devices. The revision follows multiple complaints from stakeholders about the under-invoicing of Lithium-ion batteries, prompting an investigation by the directorate. In response…
Islamabad, Feb 4: The Pakistan Stock Exchange (PSX) experienced a bearish trend on Tuesday, with the 100-Index shedding 809.63 points, or a 0.72 percent decline. The index closed at 111,935.38 points, down from 112,745.01 points recorded during the last trading session. On the trading front, a total of 436,325,053 shares were exchanged, marking an increase from the 401,456,556 shares traded on the previous day. The value of the shares transacted stood at Rs. 23.225 billion, up from Rs. 20.351 billion on the prior day, indicating a rise in trading activity despite the overall market downturn. Out of the 440 companies…
Islamabad, Feb 4: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Pakistan Banks’ Association (PBA), has launched a series of capacity-building sessions to ensure the effective implementation of the Electronic Mortgage Register (EMR). These sessions are designed to provide banking professionals with the necessary knowledge and skills to utilize the new EMR portal efficiently. The second session in this initiative took place at the Islamic Chamber of Commerce in Karachi and was attended by various stakeholders from the banking and financial sectors. SECP officials delivered a comprehensive presentation on the EMR system, showcasing its advanced features…
Islamabad, Feb 4: Allied Bank Limited (ABL) has reported a profit-after-tax (PAT) of Rs. 44.4 billion for the calendar year 2024, reflecting a 7 percent increase compared to the previous year. Key highlights from ABL’s financial performance: Final Dividend: ABL announced a final dividend of Rs. 4 per share (40%), in addition to interim dividends of Rs. 12 per share (120%). Net Interest Income: The bank’s Net Interest Income (NII) for CY24 stood at Rs. 115.4 billion, a 2 percent increase YoY from Rs. 112.9 billion. The increase in interest earned was 5.5 percent, while interest expense grew by 7…
Islamabad, Feb 4: The Prime Minister’s Youth Loan Scheme has been expanded to offer more opportunities for young people in Pakistan. The latest update, announced by Rana Mashhood Ahmad Khan, Special Assistant to the Prime Minister on Youth Affairs, now allows young individuals not only to obtain loans for business ventures but also for purchasing laptops. As per the new policy, students aged 18 to 30 who are enrolled in Higher Education Commission (HEC)-approved institutions can apply for loans to purchase laptops. This move aims to support students in their academic and professional pursuits by providing them with the tools…
Islamabad, Feb 4: The Khyber Pakhtunkhwa (KP) government has officially abolished the son quota system for government job recruitment, as per a notification issued on Tuesday. The revised policy eliminates the provision that previously allowed children of deceased or incapacitated government employees to secure jobs under a special quota. The government has amended recruitment, promotion, and transfer rules, removing Clause 4 of Rule 10 and partially abolishing Clause 2. Under the previous system, children of government employees who had passed away or were unable to continue working due to health reasons were eligible for preferential employment. With this policy shift,…
Islamabad, Feb 4: Saudi Arabia’s Ministry of Hajj and Umrah has announced that residents of Gulf Cooperation Council (GCC) countries can now perform Umrah using various visa options, including transit and tourist visas, in addition to the traditional Umrah visa. This move aims to simplify the pilgrimage process and improve accessibility for GCC residents. The transit visa allows travelers to stay in the Kingdom for up to 96 hours. The ministry also emphasized that visitors wishing to pray at Al Rawdah Al-Sharif in the Prophet’s Mosque in Medina must secure prior reservations through the Nusuk application.
