ISLAMABAD, JULY 31: China has demanded a higher interest rate on its outstanding dues and a solid schedule to clear payments to Chinese Independent Power Producers (IPPs) if Pakistan wants the debt rollover. If not, China wants a further interest rate hike of up to 2 percent. Bloom Pakistan was informed by sources in the Finance Ministry that Pakistan is likely to get $12 billion in debt rolled over from China, Saudi Arabia, and the United Arab Emirates soon. The government of Pakistan is asking allies and bilateral allies to desist from pressuring them to pay more interest. Notably, the…
Author: Mawadat Fatima
ISLAMABAD, JULY 31: On Wednesday, the price of gold increased in Pakistan and once again approached the all-time high. The price of 24 carat gold climbed by Rs. 1,200 per tola to Rs. 253,500, while the price of 10 kilos grew by Rs. 1,029 to Rs. 216,306. These figures are based on statistics released by the Karachi Sarafa Association. The local market saw a 400 per tola decrease in the price of precious metal yesterday, but on Monday, there was a 200 per tola gain in price. As of 06:32 GMT, spot gold was up 0.7 percent on the foreign…
ISLAMABAD, JULY 31: Many people have hope when the UK announced attractive measures for international students, especially those who would begin their studies in September 2024. Speaking at the London Embassy Education Conference, Education Secretary Bridget Phillipson emphasized the UK’s dedication to helping overseas students. These people have bravery. They take a leap of faith to explore new possibilities and learn new skills by moving to a new culture that is far from their homes and family. We will do all in our power to support them in their endeavors, and I am incredibly delighted that so many have chosen…
ISLAMABAD, JULY 31: On Wednesday, internet services face outage across Pakistan. Authorities are evaluating the issue, to know the precise source of disruption. Authorities indicated that the issue is probably not exclusive to the local networks but rather has to do with foreign traffic. Bloom Pakistan sought We can confirm that the PTCL network is experiencing data outages in a number of locations, which is affecting connection. Our staff are currently attempting to identify and fix the problem as soon as possible. The stock exchange also shut down due to the internet issue. Meanwhile, Meta platforms, such as Facebook, WhatsApp,…
ISLAMABAD, JULY 31: Malik Amjad Zubair Tiwana, the chairman of the Federal Board of Revenue (FBR), has asked to retire early since he and the Prime Minister’s Office could not come to an agreement (PMO). In their most recent encounters, Shehbaz Sharif frequently chastised Tiwana for her performance. Even the chairman’s Monday meeting at PM House was skipped. Six months before he would have been superannuated, on August 15th, Tiwana has decided to retire. Due to persistent pressure and meddling from the PMO, he had been mulling this step even prior to the budget. On Monday night, Tiwana also submitted…
ISLAMABAD, JULY 31: RAMALLAH: Mahmud Abbas, the president of Palestine, called the death of Hamas leader Ismail Haniyeh a “cowardly act” on Wednesday and encouraged his people to fight Israel together. According to a statement from Abbas’s office, “President Mahmud Abbas of the State of Palestine strongly condemned the assassination of Hamas leader Ismail Haniyeh, deeming it a cowardly act and a serious escalation.” “He called on our people and their armed forces to come together, exercise patience, and resist the Israeli occupation.” The murder of Ismail Haniyeh, the chairman of Hamas, in Tehran has been denounced by international leaders.…
ISLAMABAD, JULY 31: In another move away from its long-standing ultra-loose monetary policies, the Bank of Japan raised its main interest rate on Wednesday for just the second time in 17 years. The central bank said in a statement that it had abandoned its unconventional negative rate policy, which was intended to spur economic development, and had instead set an interest rate of 0.25 percent, up from about zero to 0.1 percent. Following a two-day policy meeting, it made its decision, which sent the yen temporarily into a brief bull market before it fell to levels over 153 per dollar.…
ISLAMABAD, JULY 31: Pakistan’s “C” short-term rating and “CCC+” long-term sovereign credit rating have been confirmed by Standard & Poor (S&P Global Ratings). The long-term rating has a steady outlook. The rating agency stated, “Our transfer & convertibility assessment remains at ‘CCC+.” It went on to say that the steady outlook weighs the risks to Pakistan’s fiscal performance and external financial situation over the next 12 months against the likelihood of ongoing support from bilateral and multilateral partners. If Pakistan’s external indicators suddenly worsen or if fiscal deficits increase to a point where they surpass the financing capability of the…
ISLAMABAD, JULY 31: Data from the Pakistan Telecommunication Authority (PTA) shows that by the end of June 2024, there were 192.53 million cellular users, up from 192.32 million at the end of May 2024. According to data from the regulator, Pakistan had a rise in 3G and 4G customers from 133.26 million at the end of May 2024 to 134.87 million by the end of June. Cellular tele density, or the number of connections per 100 people in the nation, was constant at 79 percent by the end of June, while Next Generation Mobile Service (NGMS) penetration rose from 55.07…
ISLAMABAD, JULY 29: The World Test Championship (WTC) Finals are rapidly approaching, and Pakistan must win seven of their next nine matches to qualify, which puts significant pressure on the cutoff percentages. Australia and India are currently ranked highly in the World Test Championship; to qualify for the finals, they must both win 58% of their matches. This raises the stakes for the remaining competitors, who must surpass either Australia or India with a victory percentage of at least 60%. West Indies have a difficult journey even if they are still in the hunt. They can only win up to…
