April 26, 2024 (MLN): The Power Division has refuted media reports claiming that the government has imposed a fixed tax on solar power, as revealed in the latest notification from the Information Ministry today. In a statement, the power division stated there is no truth in the news of solar power fixed tax. The Central Power Purchasing Agency or Power Division has not sent any such summary to the government in this regard. The power division said the Net Metering Policy of 2017 was aimed at promoting alternative energy in the system and there has been a phase where the solarization has ..read more

April 26, 2024 (MLN): The Steering Committee on the Digitalization of the Federal Board of Revenue (FBR) on Friday approved the top proposal from McKinsey and Company, a globally renowned consulting firm, for the digitalization project. The committee reviewed the progress made so far in the digitalization of FBR's operations and explored the avenues to further enhance efficiency and transparency of tax administration across the country. The Finance Minister reaffirmed the government's commitment to collaborate with the private sector and all relevant stakeholders in propelling Pakistan t ..read more

April 26, 2024 (MLN): The two maintenance schemes approved by the National Highway Authority (NHA) for the functional overlay on 52 km length from Thehri to Ranipur with allocation of Rs498 Million in Annual Maintenance Plan 2023-24 are under procurement and their financial bids were opened on April 24, 2024. Federal Minister for Communications Mr Abdul Aleem Khan revealed on Friday while highlighting the steps being taken by the government to improve the road condition and reduce the inconvenience to the travellers on old N-5 section. He further informed that the executio ..read more

April 26, 2024 (MLN): Pakistan now stands ready to play its pivotal role in fostering an enabling environment for Islamic finance, one that encourages innovation, promotes investor confidence, and ensures the integrity and stability of our financial system, Tariq Naseem, Head of Islamic Finance at SECP stated yesterday. According to a press release issued yesterday, he made these remarks during the closing of the three-day capacity-building workshop jointly organized by the SECP and IFSB on Islamic Capital Markets. He further shared a comprehensive roadmap for capacity building in Islami ..read more

April 26, 2024 (MLN): The benchmark KSE-100 index closed sixth consecutive week in green, gaining 1,833 points or 2.58% to another record high of 72,743. Meanwhile, the Pakistani Rupee recorded a marginal decline of 0.03% WoW. In USD terms, the KSE-100 index gained 2.55% WoW. Throughout the week, KSE-100 traded in a range of 1,980 points, between a high of 72,862 (+1953) and a low of 70,882 (-27) points. KSE-100's average traded volume was recorded at 359 million shares worth Rs16.95 billion, marking an increase of 56.10% WoW in the number of shares and 31.69% WoW in traded value. Moreover ..read more

April 26, 2024 (MLN): The International Air Transport Association (IATA) has called on Pakistan to immediately release airline revenues, worth $399 million, that are being held in contravention of international agreements. “The situation has become severe with airlines unable to repatriate over $720m ($399m in Pakistan and $323m in Bangladesh) of revenues earned in these markets,” read the statement issued by IATA. “The timely repatriation of revenues to their home countries is critical for payment of dollar denominated expenses such as lease agreements, spare parts, overflight fees, and ..read more

April 26, 2024 (MLN): UBL Currency Exchange has signed a Mergers and acquisitions (M&A) transaction to acquire assets of Wallstreet Exchange (Pvt) Ltd. This marks a landmark M&A transaction in the exchange industry, said Arif Habib Limited who served as the Financial Advisor for this M&A transaction. Wallstreet Exchange is one of the largest exchange companies in Pakistan with a countrywide footprint spread across 48 branches. Copyright Mettis Link News Posted on: 2024-04-26T18:19:01+05:00 The post UBL Currency Exchange to take over Wallstreet Exchange appeared first on Metti ..read more

April 26, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has introduced a new digital platform, SECP-XS, to promptly resolve user queries and concerns. Following the successful introduction of the eZfile, the new fully automated corporate registry, SECP recognizes the need for a seamless mechanism to address user concerns and queries, said a press release issued on Friday. SECP-XS is offering a user-friendly platform for reporting, managing, and resolving issues related to regulatory compliance and statutory processes. SECP-XS is a centralized platform that seeks t ..read more

April 26, 2024 (MLN): The benchmark KSE-100 index surged another 771.35 points or 1.07% to close Friday's trading session at a record high of 72,742.75. The index traded in a range of 1,098.23 points showing an intraday high of 72,862.41 (+891.01) and a low of 71,764.18 (-207.22) points. The total volume of the KSE-100 index was 302.352 million shares. Of the 100 index companies 59 closed up, 40 closed down, while 1 remained untraded. KSE-100 index was supported by Fertilizer with 400.45, Commercial Banks with 169.81, Power Generation & Distribution with 103.57, Cement with 89 ..read more

April 26, 2024 (MLN): Prime Minister Muhammad Shehbaz Sharif will attend the World Economic Forum (WEF) special meeting on Global Collaboration, Growth and Energy being held in Riyadh, Saudi Arabia from April 28 to 29. At her weekly media briefing in Islamabad today, Foreign Office Spokesperson Mumtaz Zahra Baloch said Foreign Minister Mohammad Ishaq Dar will also accompany the Prime Minister during the visit. She said they have received the invitations from the Crown Prince of Saudi Arabia Muhammad bin Salman bin Abdulaziz Al-Saud, and Professor Klaus Schwab, the Founder and Execut ..read more