The Karachi Port Trust (KPT) manages Pakistan’s largest seaport, which is not only a center of national trade but also holds international significance. Recently, allegations of corruption have surfaced regarding KPT’s dredging contract, causing many bidders to express concerns over possible foul play. The dredging process is essential for increasing the depth of ports to allow larger vessels to dock. However, in this contract, violations of relevant rules and improper tendering have led some companies to feel that they are being treated unfairly. The accusations suggest that the results of the contract decision may have been altered to favor certain…
Author: Web Desk
In Pakistan, the outflow of dollars has surged by 112% over five months. From July to November 2024, the total dollar outflow amounted to $1.129 billion, compared to $532 million in the same period last year. This jump has been attributed to higher remittances and support from international financial institutions like the IMF and World Bank. The food sector alone accounted for the largest share at $247 million, followed by the financial, energy, tobacco, and oil sectors.
India witnessed record gold imports in November 2024, with an increase of about 20%, reaching nearly 1,200 tons. The surge has been attributed to a calculation error that inflated the figures. Authorities confirmed that the actual amount of gold imported was lower, but the erroneous data led to discrepancies in trade analysis. Gold demand in India traditionally rises during the winter season, and this error could potentially affect global market prices.
The government of Pakistan approved supplementary grants amounting to Rs 44 billion during the Economic Coordination Committee (ECC) meeting, showcasing the effectiveness of its economic policies. Finance Minister Muhammad Aurangzeb highlighted the current account surplus, lower inflation, and rising business confidence, all of which indicated macroeconomic stability. A significant portion of the grants, including Rs 536 million for the Ministry of Information and Broadcasting, was allocated to promote the government’s economic achievements. Moreover, the ECC approved subsidies for imported urea and other measures to aid economic growth.
The US Federal Reserve has decided to cut its key interest rate by a quarter point in a bid to further stabilize the economy and improve financial conditions. This move indicates that the government is taking additional steps to boost economic growth. The decision was made amid signs of improvement in the economic situation, though the economy is still facing tough challenges. This rate cut could lead to a softer US dollar and may increase investor interest. Financial experts believe that this decision will benefit small businesses and borrowers, while posing a challenge for banks and financial institutions. Moreover, experts…
Canadian mining giant Barrick Gold has filed for international arbitration to resolve a dispute with the Malian government over the Loulo-Gounkoto gold mine. The conflict stems from new mining regulations introduced by Mali, which Barrick Gold believes could lead to the closure of the mine. The company has expressed its concerns over these regulations, claiming that they could severely affect the mine’s production. In response to the dispute, Mali’s government has issued an arrest warrant for Barrick’s CEO, as tensions between the two parties escalate. Mali has also introduced higher taxes on gold mining operations, which it says will boost…
An anti-terrorism court in Rawalpindi has indicted Shah Mehmood Qureshi, Ali Amin Gandapur, and 14 others in the GHQ attack case. The charges relate to the violent events of May 9, 2023, when protesters targeted various sensitive locations. During the proceedings, the prosecution alleged that the accused planned the attack and incited agitators to damage the GHQ building. The accused, however, denied the charges and termed the case as politically motivated. The court has directed all accused to present evidence in their defense at the next hearing. Additionally, instructions have been issued to expedite the case proceedings for an early…
Pakistan Tehreek-e-Insaf (PTI) has dismissed Salman Ahmad from the party following his critical post on social media regarding Imran Khan’s family. A PTI spokesperson stated that the party will not tolerate any irresponsible or negative actions, regardless of who they come from within the party. According to the spokesperson, Salman Ahmad’s post harmed the party’s reputation, prompting the decision to take action against him. This move highlights the importance of internal discipline and accountability within PTI. The party has sent a clear message to its members that any unethical or irresponsible behavior will not be tolerated.
The Association of Electronic Media Editors and News Directors (AEMEND) has expressed deep concern over the ongoing suppression of dissent and freedom of expression in Pakistan. The organization stated that every possible tactic is being employed to target journalists, media houses, and independent voices. In its statement, AEMEND highlighted that these actions not only undermine freedom of expression but also violate constitutional rights. The association called on the government to allow independent media to operate freely and uphold democratic values. AEMEND noted that tactics such as legal actions, threats, and coercion are being used to stifle dissent, which is detrimental…
Prime Minister Shehbaz Sharif, during the D-8 Summit, emphasized the importance of empowering youth and supporting small and medium enterprises (SMEs) for economic growth. He urged member states to take initiatives to harness the potential of youth and create business opportunities through modern technology. The PM highlighted that youth are the backbone of any nation and stressed the need for collaborative policies to utilize their skills effectively. He also proposed enhancing trade relations and cooperation in the digital economy among D-8 member countries. Shehbaz Sharif noted that SMEs are the backbone of the economy, and supporting them could achieve sustainable…
