ISLAMABAD: Pakistan and Rwanda have agreed to move toward direct trade and shipping links as part of broader efforts to deepen bilateral economic cooperation, with both sides identifying supply chain connectivity and reduced transit costs as immediate priorities. The understanding emerged during the Rwanda Coffee Festival held in Islamabad, which was inaugurated by Federal Minister for Commerce Jam Kamal Khan. On the sidelines of the event, Kamal Khan held talks with Rwanda’s Minister of Trade and Industry Prudence Sebahizi, during which the two sides agreed to establish direct supply chains,…
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AD Ports to review KPT cargo tariffs
ISLAMABAD: AD Ports Group, a UAE-based logistics company, has agreed to review existing terminal cargo handling charges following Pakistan’s demand for a reduction in fees at Karachi Port, aimed at making port operations more competitive and business-friendly. The federal government has constituted a negotiation committee to engage with AD Ports Group on the issue of cargo handling charges. The committee comprises Chairman Karachi Port Trust (KPT) Rear Admiral Shahid Ahmed, along with the country representative of AD Ports Group. The committee is expected to submit its recommendations within seven days.…
Read MoreTop SOEs see profits slide 15% to Rs622b as governance fails
ISLAMABAD: The combined profitability of Pakistan’s top 15 state-owned companies decreased last year to a mere Rs622 billion, and there was only one firm with annual profits exceeding Rs100 billion, according to a new report by the Ministry of Finance. The report, which has been approved by a cabinet committee, also pointed out serious flaws in the governance structures of all the public sector companies, including the ineffectiveness of their boards. It added that there was weak oversight by audit and risk committees of these boards. According to the State-Owned…
Read MoreNAB tightens noose in RDA scam case
RAWALPINDI: In a mega financial scandal involving the alleged transfer of over Rs2 billion through CDRs from the official accounts of the Rawalpindi Development Authority (RDA) and contractors’ security deposits, the National Accountability Bureau (NAB) has tightened the noose around 48 individuals, including the current RDA director general, eight former DGs, and other senior officials. According to letters issued by NAB, asset details have been sought from the director generals of multiple development authorities, including CDA Islamabad, Gwadar, Lahore, Karachi, Malir, Peshawar, Quetta, and RDA. Those asked to provide details…
Read MoreADB approves re-tendering of Rawalpindi’s Dream Water Project
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.…
Read MorePTI stages sit-in at Supreme Court over denial of access to Imran Khan
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…
Read MorePetition seeks criminal case against Punjab minister, DC over mother and daughter’s manhole deaths
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…
Read MoreShehbaz Sharif cuts industrial electricity tariffs by Rs4, Export Financing Scheme rate halved
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…
Read MorePakistan launches AI tool to catch child predators online
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,…
Read MoreGovt, FPCCI sign MoU under Uraan Pakistan
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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