Category: bussines

ISLAMABAD: Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry on Saturday announced plans to set up a modern Aquaculture Park at Karachi’s Korangi Fish Harbour, with an estimated cost of Rs3 billion. The minister announced while chairing a high-level meeting on the development of the blue economy, attended by Chairman Gwadar Port Authority (GPA) Noorul Haq Baloch, representatives from Korangi Fish Harbour Authority (KoFHAH), the Marine Fisheries Department (MFD), and the Balochistan Chamber of Commerce and Industry, said a press release. The estimated annual production of the 120-acre aquaculture…

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The federal cabinet has approved a 15% increase in Employees’ Old-Age Benefits Institution (EOBI) pensions, effective January 1, 2025. The cabinet’s decision was based on the recommendation of the Ministry of Overseas Pakistanis and Human Resource Development. This increase will be funded from the institution’s own resources. The meeting of the federal cabinet was held here under the chairmanship of Prime Minister Shehbaz Sharif. The prime minister directed the formation of a cabinet committee to introduce institutional reforms in EOBI. The committee will also deliberate on proposals to extend old-age…

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KARACHI: A growing number of Pakistanis are abandoning the national grid in favour of solar energy, fuelling a rooftop panel boom and alarming a government already burdened by billions of dollars in power sector debt. This quiet energy shift has moved beyond affluent suburbs, taking root in middle- and lower-income communities where households seek relief from soaring electricity bills and frequent outages. In one narrow alley of Karachi, neighbours battling the punishing summer heat crowd into Fareeda Saleem’s modest home — drawn by something rare in their lives: uninterrupted electricity.…

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The stock market rallied to near record peak on Wednesday as investor enthusiasm over robust earnings and reform-driven optimism was tempered by late-session profit-taking, despite upbeat signals from Islamabad’s engagement with Moody’s for a potential ratings upgrade. “Stocks trading at new all-time high in the earnings season rally at PSX as investors weigh strong financial results and eye likely Moody’s upgrade on strong economic recovery,” said Arif Habib Commodities Managing Director and CEO Ahsan Mehanti. “Finance minister affirmation over deliberations on resolve with industrials over FBR powers, sharing with Moody’s…

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US President Donald Trump announced on Tuesday that a 19% tariff would be imposed on goods from Indonesia as part of a new trade agreement with the Southeast Asian nation, adding that further deals were in the pipeline. He also offered fresh details on upcoming tariffs targeting pharmaceuticals. Trump, who has consistently pushed for more favourable trade terms and a reduction in the US trade deficit, described the agreement with Indonesia — a relatively small US trading partner — as part of broader efforts to recalibrate Washington’s global trade relationships.…

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The world’s richest man, Elon Musk’s electric vehicle powerhouse Tesla, officially opened its first showroom in India on Tuesday, finally entering the world’s most populous country. The move comes as the company seeks to tap into new customer bases amidst a slowdown in sales across traditional markets like the United States and Europe. first showroom By Reuters July 15, 2025 Media personnel take pictures and videos of the TESLA Model Y car at India’s first Tesla showroom in Mumbai, India, July 15, 2025. — Reuters The world’s richest man, Elon Musk’s…

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KARACHI: The Pakistan Stock Exchange closed lower on Tuesday after briefly crossing the 137,500 mark in intraday trade, as profit-taking by investors pulled the benchmark KSE-100 index down. The PSX benchmark index closed at 135,939.87 points, down 562.66 points, or 0.41%, from the previous close of 136,502.76. The day began on a strong note, carrying forward Monday’s bullish momentum as the index surged to an intraday high of 137,747.60, breaching the psychological barriers of 137,000. However, profit-taking in the latter half of the session erased early gains, dragging the index…

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ISLAMABAD: Amid a surge in retail rates, the federal government and sugar industry have agreed to fix the ex-mill price of sugar at Rs165 per kilogramme. The decision comes amid surging retail prices, which have climbed to as high as Rs200 per kg in several parts of the country, including Karachi and Peshawar. According to the Ministry of National Food Security, provincial governments have been directed to ensure the availability of sugar to consumers at the newly agreed price. “Provinces must take action to ensure that the public gets access…

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Bitcoin surpassed $120,000 for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000. Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the…

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The stock market kicked off the week with a surge as a mix of record-breaking remittances, robust foreign exchange reserves, and anticipation around corporate earnings triggered a wave of bullish sentiment across the trading floor. “Stocks trading at new all-time high amid speculations in the earnings season ahead of major earnings announcement this week. Thin inflation, surging exports, SOEs privatisation and surging global crude oil prices played catalyst role in bullish activity at PSX,” said Arif Habib Commodities Managing Director and CEO Ahsan Mehanti. up 2,202.77 points, or 1.64% By Business…

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