Islamabad, Sep 2: According to the most recent PSW evaluation report, 76% of exports from Pakistan are handled by the port city of Karachi, which includes Port Qasim, Karachi Port East and West, and MCC Port Qasim. With a sizeable 40.4 percent of all exports, Port Qasim (PQA) is in the lead, followed by Karachi Port (KPT) with 34.3 percent. The Islamabad Air Freight Unit, which primarily transports surgical supplies and medications, is the second busiest port, after Lahore Air Freight Unit, which oversees around 8.1 percent of Pakistan’s overall exports. The contribution from Lahore Air Freight unit is 8.1%,…
Author: Mawadat Fatima
Islamabad, Sep 2: A selection board has been established by Prime Minister Shehbaz Sharif to choose the Secretary of Information Technology and Telecommunication (MoIT&T) from the open market. Ahad Cheema, the federal minister for economic affairs, will serve as the chairman of the five-member selection board. Additional members include Cabinet Division Secretary Kamran Ali Afzal, Establishment Division Secretary Inamullah Dharejo, Secretary for Commerce Jawad Paul, and Minister of State for IT and Telecom Division Shaza Fatima Khawaja. Applications from qualified individuals were requested by the Establishment Division for the Secretary of Information and Telecommunications post. The Additional Secretary Establishment Division…
Islamabad, Sep 2: The nation’s workforce is uneasy about the federal government’s decision to privatize the only state-owned mining corporation, Pakistan Mineral Development Corporation (PMDC). Even though PMDC is profitable to the tune of billions of rupees and deposits billions of dollars in earnings with the Federal Board of earnings, the cabinet last week approved PMDC’s privatization. It is important to note that PMDC is the only mining firm controlled by the federal government that operates in every province and has been in business for more than 50 years. The company oversees eighteen mining ventures around the country, comprising two…
Islamabad, Sep 2: Pakistan’s fast bowlers have seen a marked decrease in both their overall performance and bowling pace over the last two years. Pakistani pacers have significantly slowed down since 2022, averaging only 38.78 mph, in sharp contrast to their prior highs. Concerns regarding the survival of Pakistan’s fast bowling legacy have been raised by the fact that their efficiency on the field has decreased along with their speed reduction. The pacers from Pakistan have played in 17 Test matches in the past two years, taking 116 wickets between them. Over the past two years, Shaheen Afridi and Naseem…
Islamabad, Sep 2: Blue-Ex Limited (PSX: GEMBLUEX) is scheduled to transition from the GEM Board to the Pakistan Stock Exchange’s main board. During its meeting last week, the company’s Board of Directors approved the company’s migration from the PSX GEM Board to its Main Board, subject to compliance and regulatory approvals from both PSX and SECP in accordance with the Companies Act of 2017 and all other applicable laws. The board also approved the company’s purchase of a target company’s intangible assets and its domestic e-commerce and last-mile logistics businesses, pending completion of due diligence and final agreement. The company’s…
Islamabad, Sep 2: The Public Sector Development Program (PSDP) 2024–25 allocation for the National Highways Authority (NHA) was cut by the government just two months into the fiscal year, from Rs. 180.284 billion to Rs. 161.264 billion, or about 12 percent, out of concern that it would impede or delay project execution and lead to cost escalation. The funding for current programs was cut from Rs. 167.8 billion to Rs. 149.280 billion, while the funding for new programs was cut from Rs. 12.484 billion to Rs. 11.984 billion. For the building of the 30-6 kilometer, 6-lane, split, walled Hyderabad-Sukkur Motorway,…
Islamabad, Sep 2: A historic directive from Federal Tax Ombudsman (FTO) Dr. Asif Jah, directing the Federal Board of Revenue (FBR) to censure the officers who used coercive measures (bank attachment recovery) while the appeal was pending before the first appellate forum, has been confirmed by President Asif Ali Zardari. Usman Iqbal Aujla, a taxpayer from Gujranwala, had filed a complaint against FBR personnel for mishandling his money and taking it out of his bank accounts without following the proper legal procedures. The complaint was made through advocate Waheed Shahbaz Butt. Following an extensive investigation and in-depth hearings before Advisor…
Islamabad, Sep 2: The first two months of 2024–25 had a shortfall in tax collection for the Federal Board of Revenue (FBR) of Rs. 98 billion, with net collection of Rs. 1,456 billion compared to the target of Rs. 1,554 billion for the same time. The FBR reported on Sunday that it has received gross receipts for the months of July and August 2024 totaling Rs. 1,588 billion. In order to help the exporters with their liquidity issues, refunds totaling Rs. 132 billion—a 44% increase over previous year—were given to them in addition to the Rs. 1,456 billion in net…
Islamabad, Sep 1: Governor of the State Bank of Pakistan (SBP) Jameel Ahmed receives a salary of Rs. 4 million a month, which is significantly (60 percent) more than that of his predecessor, Dr. Reza Baqir, who was paid Rs. 2.5 million. This week, the National Assembly was notified that the current governor of the central bank gets paid at least Rs. 1.5 million more than the governor who preceded him. The total package offered by Jameel Ahmed includes some nice extras like maintenance and furnishing, rental allowance, two cars with free 600 gallons of gas each, and the choice…
Islamabad, Sep 1: LAHORE: According to ARY News, the Lahore Electric Supply Company (LESCO) has taken severe measures against its staff members who were implicated in power theft. According to information, up to 101 workers have lost their jobs in the last six months due to allegations that they stole electricity. A LESCO representative stated that thus far, ten employees have been placed under custody, while numerous others have had their employment terminated due to serious accusations against them. Furthermore, a few workers have experienced layoffs and had their yearly raises revoked. The Punjab Energy Department said on April 7…