Author: capital

ADB approves re-tendering of Rawalpindi’s Dream Water Project

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RAWALPINDI: The Asian Development Bank (ADB) has allowed re-tendering of two out of four lots of its Rs33.95 billion loan-funded Dream Water Supply Project in Rawalpindi by terminating the awarded contracts worth Rs20.40 billion. The bank has issued a No Objection Letter (NOL) to the Water and Sanitation Agency (WASA) and the Project Management Unit, permitting them to re-award the contracts. The re-tendering process is expected to result in savings of approximately Rs2 billion. The dispute over the contracts of the two lots had been ongoing for the past year.…

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PTI stages sit-in at Supreme Court over denial of access to Imran Khan

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ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leaders staged a sit-in outside the Supreme Court on Friday, demanding access to party founder and former premier Imran Khan and highlighting concerns over his medical treatment. The sit-in followed an overnight protest outside Adiala Jail, after the party filed a formal petition in the Islamabad High Court seeking access to the detained leader. Security at the Supreme Court was tightened ahead of the PTI leaders’ arrival, with extra personnel and prisoner vans deployed around the complex. Read: K-P CM Sohail Afridi, PTI end Adiala sit-in, turn…

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Petition seeks criminal case against Punjab minister, DC over mother and daughter’s manhole deaths

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LAHORE: A petition has been filed in the Lahore High Court seeking registration of a criminal case against Punjab Information Minister Azam Bukhari, the Deputy Commissioner of Lahore, and other officials for allegedly spreading false information regarding the deaths of a mother and daughter who fell into an open manhole near Bhati Gate. The petition noted that more than 10,000 manhole covers are stolen in Lahore annually, yet effective preventive measures remain absent. It argued that the police registration of an FIR under Section 322 is inadequate, as the deaths…

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Shehbaz Sharif cuts industrial electricity tariffs by Rs4, Export Financing Scheme rate halved

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Prime Minister Shehbaz Sharif on Friday announced a series of measures aimed at supporting Pakistan’s industrial sector and export-led growth. Electricity tariffs for industries have been cut by Rs4.04 per unit, wheeling charges lowered to Rs9 per unit to allow industries to sell power to neighboring units, and the Export Financing Scheme rate for exporters reduced from 7.5% to 4.5%. Speaking at a ceremony in Islamabad honoring the country’s top businessmen and exporters, the Prime Minister said, “If it were up to me, I would have reduced it by another…

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Pakistan launches AI tool to catch child predators online

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ISLAMABAD: Pakistan’s National Cyber Crime Investigation Agency has launched an AI-enabled investigative tool aimed at strengthening the country’s ability to detect, prioritise and investigate online child sexual exploitation and abuse. The system, named Katalyst, was developed through a partnership between the Ministry of Interior and Narcotics Control and the UK-Pakistan Serious Crime and Law Enforcement (UPSCALE) Programme, funded by the British High Commission, and was formally launched at an event in Islamabad. Read: Musk wants to put AI data centres in space Pakistan’s Minister of State for Interior and Narcotics Control,…

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Govt, FPCCI sign MoU under Uraan Pakistan

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ISLAMABAD: The federal government and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have signed a memorandum of understanding (MoU) to cooperate in achieving economic targets under the Uraan Pakistan programme. According to details, the MoU was signed at a ceremony held at the FPCCI President Secretariat by Federal Minister for Planning Ahsan Iqbal and FPCCI President Atif Ikram Sheikh. Under the MoU, the government and the business community will work jointly to translate into action the government’s vision of turning Pakistan into a $3 trillion economy by…

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Gold crosses Rs551,500/tola on economic, geopolitical uncertainty

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KARACHI: Gold prices in Pakistan surged to an all-time high on Wednesday, crossing Rs551,500 per tola, following a sharp rally in global bullion markets where gold topped $5,300 per ounce for the first time. The surge was driven by economic uncertainty, a weakening US dollar, and investor concerns over the independence of the Federal Reserve ahead of its policy announcement. In the local market, gold per tola jumped Rs21,100 to Rs551,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, 10-gram gold rose by Rs18,090 to Rs472,961. The…

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Pakistan offers Turkiye rice exports at competitive rates

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ISLAMABAD: Pakistan is fully prepared to supply both Basmati and non-Basmati rice to Turkiye at internationally competitive rates and Turkiye can consider increasing imports as Pakistan’s primary objective is to enhance volumes rather than maximise prices in order to safeguard farmer incomes and sustain the agricultural value chain. Federal Minister for Commerce Jam Kamal Khan stated this during a meeting with Turkish Ambassador Dr Irfan Nezirolu. The meeting was held on the directives of Prime Minister Shehbaz Sharif, who has called for strengthening agricultural exports, particularly rice, amid intensifying global…

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Government pitches mineral sector

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ISLAMABAD: Pakistan and China on Wednesday underscored plans to deepen cooperation in the mineral sector, positioning mining and downstream processing as a new pillar of bilateral economic engagement, as officials and businesses from both sides gathered at the Pak-China Mineral Cooperation Forum in Islamabad. The forum, held at the Jinnah Convention Centre and organised by the China Chamber of Commerce in Pakistan (CCCPK), brought together federal ministers, diplomats, regulators and industry representatives to discuss policy frameworks, investment opportunities and technological collaboration across the mineral value chain. According to an official…

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Every Pakistani owes Rs333,000

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ISLAMABAD: The debt burden of every Pakistani increased by 13% to Rs333,000 in the last fiscal year, while public debt remained a “challenge” due to a budget deficit that exceeded the statutory limit by Rs3 trillion, according to a Fiscal Policy Statement presented to Parliament. Debt per capita increased from Rs294,098 in fiscal year 2023-24 to Rs333,041 in fiscal year 2024-25, the annual Fiscal Policy Statement of the Ministry of Finance stated. Under the Fiscal Responsibility and Debt Limitation Act (FRDL), the ministry is legally bound to submit this statement…

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