ISLAMABAD, july26: Today marks the 1-year anniversary of my arrival in Pakistan. And what a year it’s been! It’s a country that I’d always wanted to live in, with a wonderful reputation in the UK thanks to its warm hospitality, natural beauty, rich cultural heritage and culinary delights. It has not disappointed. I feel lucky to be able to hike in some of the most beautiful parts of the world, regularly taking advantage of the Margalla Hills on my doorstep, and some special weekends to Nathia Gali. While it wasn’t the year for either of our cricket teams, it didn’t…
Author: Mawadat Fatima
ISLAMABAD, july26: For the fiscal year 2024–2025, the Federal Board of Revenue (FBR) has reduced its annual tax collection target by a little amount, from Rs. 12.97 trillion to Rs. 12.913 trillion. FBR and the IMF have reached a consensus on quarterly and monthly goals to reach the revised objective of Rs. 12.91 trillion by June 2025. With precise monthly objectives of Rs. 656 billion for July, Rs. 898 billion for August, and Rs. 1.098 trillion for September, the FBR has set a tax collection target of Rs. 2.642 trillion for the July-September FY25. When the FBR rationalized spending, the IMF…
ISLAMABAD, july26: Government-owned power distribution companies (Discos) have requested an additional fuel cost adjustment (FCA) of Rs2.63 per unit in order to collect about Rs35 billion more from customers in the upcoming billing cycle for the energy consumed in June. This is due to the recent rise in base prices. A formal appeal seeking an increase of Rs2.63 per kilowatt-hour (unit) over the reference rate of Rs7.14 per unit being paid to customers was submitted with the regulator by the electricity division subsidiary, Central electricity Purchasing Agency (CPPA), in June. Despite the fact that about 75% of the power supply…
Islamabad, JULY25: The interbank market saw the Pakistani rupee (PKR) open at 278 today, although it later gained ground versus the US dollar. It closed the green versus the greenback after being steady all day. During today’s session, it recorded gains versus the majority of the other major currencies. Before closing at the same level, the interbank rate spent most of the day at 278/$. Today’s open market rates were rigidly set at 278 across many currency counters. The PKR gained nine paisas versus the dollar today, strengthening by 0.03 percent to settle at 278.4. Thus far this fiscal year,…
Islamabad, JULY25: An investigation into the Pakistan Telecommunication Authority’s (PTA) purported inability to collect billions of rupees in unpaid debt from telecom firms has been launched by the National Accountability Bureau (NAB). The NAB’s Karachi division initiated the investigation and is looking for documentation of the telecom firms’ payments as well as specifics regarding the overdue money. The PTA’s Director General of Licensing has received a call-up notice from NAB asking him to appear before the inquiry committee with all pertinent records and documentation. The notification requests information about the outstanding balances, payment histories, communications with telecom providers, and case-related…
Islamabad, JULY25: Apple is reportedly working on a foldable phone in the shape of a clamshell, while Huawei is pushing the envelope with a tri-fold device. The market for foldable phones would benefit greatly from this, since other firms have already entered the fray, including Samsung, Xiaomi, OnePlus, Motorola, and numerous more. Multiple Mate series phones from Huawei has foldable displays. The source claims that Huawei is preparing to release a smartphone that splits into three halves before the end of this year, in spite of US restrictions. The business is getting ready for mass production now that a prototype…
Islamabad, JULY25: According to the most recent study, the nation’s company owners are growing increasingly gloomy about their future due to ongoing political unrest and the new tax-heavy budget, branding Prime Minister Shehbaz Sharif’s administration as a “worse” manager of the economy. In order to create its Gallup Business Confidence Index report, Gallup Pakistan polled 454 small, medium, and large business owners from more than 30 districts in the second quarter of 2024. The results were negative for all three strands. According to the poll, the country’s direction, future business scenario, and existing business situation all saw a four to…
Islamabad, JULY25: Under the Chief Minister’s electric bike project, there have been notable gains in the efforts to improve women’s travel freedom. A plan for charging station establishment is included in this program, and the Bank of Punjab will be responsible for setting them up. Rafia Haider, DC Lahore, went over the layout and plan, giving Liberty Parking Plaza and other public spaces priority for these installations. The original plan to install a charging station at Liberty Chowk was, however, rejected by DC Haider because to concerns about increased traffic and the lack of public benefit from a roadside placement.…
Islamabad, JULY25: The expected capacity payments to independent power producers (IPPs) for the current fiscal year 2024–25 (FY25) has been finalized by the federal government. According to official projections, several power plants would get capacity payments totaling Rs. 2,091 billion for the fiscal year 2024–2025, A total of Rs. 465 billion in capacity payments would be given to nuclear units. Capacity payments to hydropower projects would total Rs. 446 billion, while payments to imported coal power plants will total Rs. 395 billion. Similarly, capacity payments of Rs. 256 billion would be given to Thar Coal projects. It is expected that…
Islamabad, JULY25: The price of gold decreased by the same amount on Thursday following a gain of Rs. 2,300 per tola on Wednesday. The price of 24 carats of gold decreased by Rs. 2,300 per tola to Rs. 255,500, while the price of 10 kilos decreased by Rs. 1,972 to Rs. 214,763, according to statistics released by the Karachi Sarafa Association. By 07:25 GMT, spot gold was down 1% on the foreign market to $2,372.74 per ounce, while US gold futures were down 2.1 percent to $2,366.00. It is important to note that the price of the precious metal reached an…