ISLAMABAD, AUGUST 9: The interbank rate remained at 278/$ for the majority of the day before closing at that level. Open market rates across multiple currency counters were strictly at the 278 level today. The Pakistani rupee (PKR) gained some ground against the US Dollar today, marking the second day in a row. It was stable all day and closed in the green against the greenback. Meanwhile, it posted gains against most of the other major currencies during the session. The PKR gained 13 paisas versus the dollar today, or 0.05 percent, and ended the day at 278.55. Thus far…
Author: Mawadat Fatima
ISLAMABAD, AUGUST 9: In July 2024, remittances from Pakistanis living abroad climbed by 47.6% to $3 billion, compared to $2 billion in inflows during the same month in the previous fiscal year. Remittances decreased by 5% month over month, meanwhile, in contrast to the $3.16 billion in inflows that were reported last month, or June 2024. With inflows surpassing $3 billion in the preceding two months, remittances have stayed at or above the $3 billion mark for the third consecutive month. In July 2024, Saudi Arabia ($761 million), the United Arab Emirates ($611 million), the United Kingdom ($443 million), and…
ISLAMABAD, AUGUST 9: In a meeting today, the board of directors of Fauji Fertilizer bin Qasim Limited (PSX: FFBL) approved the sale of the company’s 166 acres of Pindi Bhattian land to the Fauji Foundation. According to the December 2023 report, the land cost Rs. 270 million, while the fair value was estimated to be Rs. 500 million. According to the report, this land was compelled to be worth Rs. 375 million. According to a brief study by Topline Securities, this development will have an eligible/minimal impact on FFBL profitability. From this property, the corporation was receiving rental income of…
ISLAMABAD, AUGUST 9: The federal government has made the decision to recruit a secretary from the private sector for the Ministry of Information Technology and Telecommunication, with a potential salary package of up to Rs. 2 million. Through a recent announcement, the Establishment Division has invited applicants for the contract post. With a minimum of 20 years of experience in the IT and telecom sectors, including 12 years in senior management roles, and a bachelor’s or master’s degree in engineering, computer science, or a similar discipline, the ideal applicant should meet the requirements. With this nomination, the IT and communications…
The Sindh Education Foundation (SEF) was instructed by Chief Minister Syed Murad Ali Shah on Thursday to set up 300 virtual “micro-schools” with the goal of enrolling 300,000 out-of-school children and employing more than 600 female learning facilitators. He also gave his approval for a Rs. 800 million funding for this project. Education Minister Syed Sardar Shah, Chief Secretary Asif Hyder Shah, Planning and Development Chairman Najam Shah, School Education Secretary Zahid Abbasi, Finance Secretary Fayaz Jatoi, SEF Managing Director Kazi Kabir, and board members Qaisar Bengali, Dr. Qazi Masood, and Dr. Mohammad Memon were present at the SEF board…
ISLAMABAD, AUGUST 9: Bolan Castings Limited (PSX: BCL) notified the primary stock exchange on Friday that it would be temporarily suspending manufacturing starting next week. The company is seeing a decline in sales as a result of the sharp decline in orders from our clients. Therefore, starting on Monday, August 12, 2024, and ending on Friday, August 16, 2024, the management of the company has decided to temporarily suspend the company’s production activities, the company said in a stock filing. The business produces and markets casting for automobile and tractor parts. The business is a division of Millat Tractors Ltd.…
ISLAMABAD, AUGUST 9: Peshawar Board female students achieved an incredible feat by taking the top three spots in the secondary school certificate (SSC) exams, which were released on Thursday. They did better than their counterparts from the province’s eight school boards. Chief Minister Ali Amin Gandapur was the chief guest at the SSC results announcement ceremony, which took place at the Chief Minister’s residence. He gave diplomas and shields to the top 51 pupils across several boards. With 1176 out of 1200 points, three girls from Peshawar Model Girls High School-II, Dilzak Road, took first place in the overall SSC…
ISLAMABAD, AUGUST 9: A fuel charges adjustment (FCA) increases of up to Rs. 2.56 per unit has been approved by the National Electric Power Regulatory Authority (NEPRA); these increases would be collected in August bills. Power users will bear an extra financial burden of Rs. 33.45 billion as a result of this increase. When the 18% general sales tax (GST) is taken into consideration, this burden might increase to Rs. 39 billion. The difference between what was previously charged and the true cost of producing electricity is what led to the adjustment. Higher prices for oil and LNG, as well…
ISLAMABAD, AUGUST 9: After the recent rains, dengue infections have increased in Punjab, where 20 people have tested positive for the virus in the last week. Experts in public health have cautioned that the accumulation of stagnant water in ponds, roadways, rooftops, and open areas following rainy seasons may lead to a further rise in instances. According to official records, within the past 30 days, 57 dengue cases have been recorded in Punjab. On the other hand, some officials claim that the health authorities might not be providing an exact count of dengue cases. They believe that the real figure…
ISLAMABAD, AUGUST 9: Message from HE Hamad Obaid Alzaabi UAE Ambassador in Islamabad I extend heartfelt congratulations to the people of the Islamic Republic of Pakistan on Arshad Nadeem’s historic gold medal at the Paris Olympics by record-breaking 92.97-metre throw. This victory is a testament to the talent and determination of the Pakistani people that brings immense pride to Pakistan and inspires athletes globally. As the UAE Ambassador, I am proud to witness such milestones in our brotherly nation
