Author: Web Desk

Meezan Bank has dismissed reports of unauthorized transactions from customer accounts and clarified that there was no security breach. The bank explained that these transactions were not linked to any failure in their systems. They urged customers to report any suspicious activities so that a thorough investigation could be carried out.

At the D-8 Cairo Summit, Prime Minister Shehbaz Sharif emphasized that investing in youth is crucial for Pakistan’s socioeconomic progress. He stated that providing adequate education, training, and employment opportunities to the country’s youth will not only stabilize the economy but also promote social peace. The Prime Minister urged the D-8 member countries to take collective steps in this direction.

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…

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…