Islamabad, Dec 5: Federal Energy Minister Owais Leghari has announced that Pakistan and Russia will begin a trial freight train service in March 2025, marking a significant step in strengthening economic and political ties between the two nations. Bilateral Relations: Minister Leghari emphasized that Pakistan’s engagement with Russia is driven by national interests, free from external influences. He clarified that the partnership is for Pakistan’s benefit and not dictated by any external powers. East-West Dynamics: The minister dismissed the idea of viewing Pakistan-Russia relations through an East-West lens, stressing that Pakistan is open to collaboration with all its partners for…
Author: Mawadat Fatima
Islamabad, Dec 5: A 4.8-magnitude earthquake was felt in parts of Punjab on Thursday, ARY News reported, quoting the National Seismic Monitoring Centre. Following the tremors, people came out of their houses in fear by reciting Kalma-e-Tayyaba. The National Seismic Monitoring Centre (NSMC) confirmed that tremors were felt in parts of Punjab including Gujrat, Jhelum, Nankana Sahib, Jalalpur Bhatian, Wazirabad, Shahkot, Bhalwal The NSMC said the earthquake of 4.8 magnitude had a depth of 15 kilometers with epicenter near Kharian. However, no loss of life or property was reported in its wake. Earlier in August, a 4.5 magnitude earthquake was…
Islamabad, Dec 5: Tax advisory firm Tola Associates has argued that the International Monetary Fund’s (IMF) market-based exchange rate policy has caused the Pakistani Rupee to be overvalued by Rs. 67 against the US Dollar. The firm claims that without IMF restrictions, the rupee-dollar exchange rate would have been Rs. 211.5 by October 2024. Impact on Inflation and Interest Rates: Tola Associates suggests that at a rate of Rs. 211.5, inflation for July-October 2024 could have reversed into a 4.67% deflation, with interest rates dropping below 2%. This scenario could have saved Pakistan Rs. 6.4 trillion for economic development. Debt…
Islamabad, Dec 5: Sir Don Bradman’s iconic Baggy Green cap, worn during his final Test series in 1947-48 against India, has been sold at auction for an extraordinary AUD 479,700 (over 70 million Pakistani rupees). This cap holds historical significance as the only surviving Baggy Green from Bradman’s farewell home series. Bradman’s Performance: During the series, Bradman scored 715 runs across six innings, including three centuries and a double century, marking a historic moment in his career. Legacy and Auction: The cap was originally given to Pankaj Kumar Gupta, the manager of the Indian team, as a personal gift. It…
Islamabad, Dec 5: In 2024, the Government of Pakistan raised Rs. 2 trillion through 15 Sukuk auctions conducted via the PSX auction system. The largest amount of Rs. 353 billion was raised in the final auction of the year on December 3, 2024, with 60% of funds coming from 10-year Sukuk. Breakdown by Tenor: 38% (Rs. 0.8 trillion) was raised in 5-year Sukuk, with 74% in variable rate Sukuk and 26% in fixed rate. The second-largest amount, Rs. 548 billion (28% of the total), was raised in 1-year discounted Sukuk. Participation and Yield Trends: The total participation in the 15…
Islamabad, Dec 5: The federal government’s total public debt stock increased by 10.6% on a year-on-year (YoY) basis in October 2024, reaching Rs. 69.114 trillion, up from Rs. 62.483 trillion in October 2023. On a month-on-month basis, however, the debt stock saw a decrease of 0.7%, dropping by Rs. 456 billion from Rs. 69.570 trillion in September 2024. The domestic debt of the central government rose by 16.9%, from Rs. 40.41 trillion in October 2023 to Rs. 47.23 trillion in October 2024, although it decreased by 0.6% compared to the previous month. The long-term public debt increased from Rs. 31.293…
Islamabad, Dec 5: The Federal Board of Revenue (FBR) has updated the customs/export value for seasonal fruits, including Kino, for the period from December 1, 2024, to May 15, 2025. This revision comes at a time when exporters of seasonal fruits are facing significant delays in refund processing. Starting this winter season, exporters of Kino will be required to pay taxes based on new export values in US dollars. The Directorate General of Customs Valuation Karachi issued a new valuation ruling (4 of 2024) on Thursday, setting the Export (freight on board) FOB value for Mandarins (including tangerines and satsumas)…
Islamabad, Dec 5: Hub Power Holdings Limited (HPHL), a fully owned subsidiary of The Hub Power Company Limited (PSX: HUBC), has entered into a shareholder’s agreement with Mega Conglomerate (Private) Limited (MCPL). As part of the agreement, MCPL will acquire a 50% stake in Mega Motor Company (Private) Limited, according to a filing by HUBC on Thursday. The purpose of the transaction is to leverage the combined expertise of both HPHL and MCPL, aiming to enhance their business venture with BYD Auto Industry Company Limited. The agreement’s completion is contingent upon obtaining the required regulatory approvals and consents.
Islamabad, Dec 5: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi awarded a cash prize of PKR 10 million to the Pakistan blind cricket team for their historic victory in the T20 Blind Cricket World Cup 2024. The ceremony took place at the National Cricket Academy, Gaddafi Stadium, Lahore. Speaking at the event, Chairman Naqvi praised the team for their dedication and hard work, which led to the remarkable achievement. He highlighted how the victory brought pride to the nation and underscored PCB’s commitment to supporting such initiatives. Additionally, the Chairman announced a grant of PKR 20 million for the Blind…
Islamabad, Dec 5: The Higher Education Commission (HEC), through its Higher Education Development Program in Pakistan (HEDP), is integrating advanced technology solutions called Maktab into local universities. Under this initiative, five additional universities have joined HEC’s effort to digitize operations ranging from student admissions to graduation. This automation aims to streamline the entire student lifecycle, reduce operational expenses, and offer modern academic services at highly subsidized rates. Currently, 11 universities have already implemented Maktab, with training sessions conducted in September and November. Recently, the University of Narowal, Emerson University Multan, Women University Mardan, Shuhada-e-Army Public School University of Technology Nowshera,…
