Category: bussines

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.…

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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…

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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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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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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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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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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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Macroeconomic uncertainty continued to weigh on the Pakistan Stock Exchange (PSX) on Tuesday, as heightened volatility persisted a day after the State Bank of Pakistan’s (SBP) decision to maintain the key policy rate at 10.5%. In the morning, trading commenced on a positive note, with the benchmark index gaining momentum in early hours; however, the optimism proved short-lived as selling pressure dominated key sectors. Automobile assemblers, cement, fertiliser, oil and gas exploration companies, oil marketing companies (OMC), power generation, and refinery stocks remained under pressure throughout the session. Read More: Business…

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ISLAMABAD: A Chinese technology delegation has expressed interest in exploring long-term partnerships and investment opportunities in Pakistan’s information technology sector, citing the country’s expanding digital ecosystem and the availability of skilled human resources. The two-member delegation from the Leviathan Group, which specialises in big data centres, advanced digital solutions and smart technologies, conveyed its interest during a meeting with Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, according to a news release. The delegation comprised Mingqian Sun, Chief Executive Officer of Leviathan Technologies, and Dinglin Mei, the group’s…

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