Author: Admin

President NBP, Rehmat Ali Hasnie, Highlights Path Forward for Pakistan’s Financial Sector

Admin
Future-Summit

Mr. Rehmat Ali Hasnie, President of NBP, emphasized the crucial role of the financial sector in driving Pakistan’s economic growth in his recent session at The Future Summit. He highlighted that the financial sector must be viewed as more than just basic banking access, as it forms the foundation for economic resilience and empowerment. He mentioned that integrating everyone into the economic fabric can ensure equitable participation for prosperity. Despite initiatives like branchless banking improving account ownership rates, nearly half of Pakistan’s population remains unbanked. Mr. Hasnie noted the need…

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UAE CG Releases Green Turtle Hatchlings at Hawkesbay, Urges Responsible Tourism

Admin
Consul-General

KARACHI: UAE Consul General in Karachi, Bakhit Atiq al-Rumaithi, participated as the chief guest in a conservation event at Turtle Beach, Hawkesbay, where he released green turtle hatchlings into the Arabian Sea. The event, organized by the Sindh Wildlife Department (SWD), aimed to promote environmental protection and marine life conservation. The SWD’s Deputy Conservator, Mumtaz Soomro, and Marine Turtle Unit In-Charge, Ashfaq Memon, were also present. Al-Rumaithi, after viewing a documentary on green turtles that migrate to Pakistan’s shores for breeding, released a hatchling, symbolizing the start of its journey…

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Solar Power Surge Cuts Demand and Revenue for DISCOs Amid Rising Electricity Costs

Admin
Solar-Power

LAHORE: As rising electricity tariffs burden consumers, a growing shift to solar power has led to a 17% decrease in grid electricity demand, causing significant revenue losses for Pakistan’s power distribution companies (DISCOs). To counteract this trend, the government introduced the Bijli Sahulat Package on Friday, offering an 18-50% discount on additional electricity usage from December to February for residential, commercial, and industrial consumers. The discounts vary by category and consumption slab, aiming to incentivize greater power usage during winter months. Electricity rates in Pakistan have surged by over 50%…

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Saudi Aramco Q3 Profit Falls 15% Amid Lower Oil Prices, Dividend Remains Steady

Admin
Saudi-Aramco

DUBAI: Saudi Aramco reported a 15.4% decline in third-quarter profit, with net income at $27.6 billion, impacted by lower crude prices and reduced refining margins. Despite the profit dip, the oil giant maintained its substantial dividend at $31.1 billion for the quarter, including $10.8 billion in performance-linked payouts. This third-quarter performance surpassed analysts’ estimates, including Citi’s projection of $26.3 billion. Aramco’s dividend policy combines performance-linked payouts with a base dividend, ensuring steady returns even when earnings fluctuate. The Saudi government, directly holding 81.5% of Aramco, relies on these dividends, along…

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Petroleum Sector, Imported Vehicles Lead Customs Duty Collection in 2023-24

Admin
Petroleum-Sector

ISLAMABAD: The petroleum sector and imported vehicles were the leading contributors to customs duty revenue in 2023-24, according to a report by the Federal Board of Revenue (FBR). Customs duty collection showed a strong recovery, growing by 18.5% to reach Rs 1,104.1 billion, up from Rs 931.7 billion in the previous fiscal year. This revenue contributed approximately 12% of total FBR collections. The petroleum, oil, and lubricants (POL) sector led with a 29.1% share of total customs duties, marking a 14.1% increase. Imported vehicles followed with an 11.0% share and…

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