After rejecting the other competitive bidder, the government allegedly outsourced the Islamabad International Airport to its preferred foreign consortium. As part of a new $7 billion loan program, the International Monetary Fund (IMF) has recommended transferring control of Pakistani airports to the private sector for the first time. Danish Janjua told The Express Tribune that his group was denied arbitrary access to the public-private partnership (PPP) project at Islamabad International Airport. He claimed that his consortium team made it to the designated room for tender submission near Karachi International Airport on time, even though they had to go through lengthy…
Author: Hasnain Abid Khanzada
Despite gains in the banking sector and positive economic developments, the Pakistan Stock Exchange (PSX) ended the volatile session with a close that was almost flat, with a gain of just 5.30 points. The State Bank of Pakistan’s (SBP) revision to the small and medium-sized enterprise (SME) exposure limit and high remittances of $2.8 billion for September contributed to the day’s positive start. By afternoon, those factors had pushed the KSE-100 index to its intraday high of 86,451.42 points. However, profit-taking caused the index to fall from its peak, making it difficult to maintain above 86,000. Consequently, toward the end…
Late-session selling erased earlier gains, causing the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) to close 216 points lower on Thursday. The index fell 0.25 percent to 85,453.22 points after fluctuating throughout the day. The number of shares traded on the all-share index decreased to 503.75 million, with PTCL taking the lead with 52.24 million. Topline Securities observed a tug-of-war between bears and bulls, with the latter prevailing as a result of significant energy sector developments. Both Hub Power Company Limited (HUBCO) and Lalpir Power Limited (LPL), independent power producers (IPPs), announced the early termination of their contracts…
KARACHI: In September 2024, worker remittances from Pakistanis living outside the country reached $2.85 billion. According to data released by the State Bank of Pakistan (SBP), this brought the total amount of remittances to a record $8.8 billion in the first quarter of the fiscal year 2024–25. The country’s import-dependent economy will be supported by these substantial inflows, which are anticipated to assist in maintaining foreign exchange reserves and stabilizing the rupee. They will also be crucial in limiting the current account deficit and ensuring that maturing foreign debt is paid back on time. When compared to September 2023, the…
ISLAMABAD: Rashid Langrial, Chairman of the Federal Board of Revenue (FBR), has issued a clear warning that large-scale action against non-filers will begin after November 1. On Thursday, Langrial disclosed to the media in Islamabad that more than four million income tax returns had been filed, which is a doubling of the number from last year. He reiterated that the deadline to submit income tax returns is October 14 and stated, “There will be no extension in the deadline for submitting income tax returns.” “We have complete data on non-filers, and action will begin on a large scale from November,”…
GAZA: The Palestinian territory’s civil defense agency said on Wednesday that the Israeli army increased its shelling of northern Gaza and shut down roads, making it impossible for aid to get there. Palestinian medical personnel reported that Israeli forces continued their assault on the Jabalia refugee camp in the north of the enclave, which included at least 18 fatalities from overnight military strikes on Gaza. According to the Palestinian Civil Emergency Service, it has received unconfirmed reports that a number of Palestinians may have been killed in Jabalia and other parts of northern Gaza, but it is unable to reach…
WASHINGTON: The legal team of Dr. Aafia Siddiqui, who was sentenced for allegedly attacking US personnel, has been granted access to new, private evidence by a US judge that could help a clemency request. The order, which was issued by US District Judge Richard M. Berman, allows Ms. Siddiqui’s lawyers to access crucial discovery materials from 2009 under strict conditions because they contain information that, if improperly disclosed, “could… pose a threat to public safety and the national security.” One of the lawyers working toward Ms. Siddiqui’s release, Clive Stafford Smith, said he had retrieved “compelling new evidence about the…
Los Angeles officials announced on Wednesday that three residents of the Antelope Valley had been arrested in connection with an armed robbery that took place earlier this year outside of a Palmdale bank branch. The heist, which a bank security guard allegedly helped organize, occurred as a couple was picking up $200,000 in cash. According to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), Jerry Wimbley Jr., a 21-year-old Lancaster man, Roman Isaiah Smith, a 24-year-old Lancaster man, and Tyjana Grayes, a 24-year-old Palmdale woman, were taken into custody in connection with the allegations made in a seven-count federal…
On Wednesday, Ratan Tata, the former chairman of the Tata Group who, through a series of high-profile acquisitions, elevated a sluggish and sprawling Indian conglomerate to the global stage, passed away. He was 86. Ratan Tata was born in Bombay on December 28, 1937. He was adopted by his grandmother, Navajbai Tata, through the JN Petit Parsi Orphanage when his parents split up when he was 10 years old. He went to Campion School in Mumbai, Cathedral and John Connon School in Mumbai, Bishop Cotton School in Shimla, Riverdale Country School in New York City, Cornell University, and Harvard Business…
After a “complex” sale process, Unilever announced on Thursday that it had sold its Russian business to Arnest Group. This makes Unilever the latest multinational corporation to exit Russia since its invasion of Ukraine. According to Unilever, which is based in the UK and owns brands like Dove soap and Hellmann’s mayonnaise, the sale includes all of its business, as well as four factories in Russia and Belarus. The Financial Times cited unidentified sources to report that the sale was worth 568.41 million euros, though the terms of the deal were not made public. Unilever did not confirm the reported…
