Business

PIA privatization: “Investors from Saudi Arabia and Qatar are briefed by Pakistan.”

Published

9 months ago

Farwa

According to information provided, investors in the aviation industry in Qatar, Abu Dhabi, and Saudi Arabia were approached and given a briefing on the privatization of PIA.

According to additional sources, investors received information about “profitable” investments in the international lines operated by FIA and PIA.

Since National Airline’s debts and losses were transferred to the withholding firm prior to privatization, all of them have been paid off.

According to the sources, every obstacle to the PIA’s privatization has been removed.

It is important to note that, as the government moves on with its privatization plan, up to three Gulf nations—the United Arab Emirates, Saudi Arabia, and Qatar—have expressed interest in purchasing the financially troubled Pakistan International Airlines (PIA), according to sources.

Previously, purchasers were asked to submit proposals by May 3 for the privatization of Pakistan International Airlines (PIA).

The Pakistani government intends to sell 51 percent of the national flag carrier’s shares; the remaining 49 percent will be owned by the government. The government’s goal is to privatize solely the PIA’s aviation department.

According to the officials, the business that purchases the 51 percent of the shares would continue to hold administrative authority over PIA.

Business

In FY 2024, the federal government gives institutions Rs 437 billion.

Published

8 hours ago

Farwa

The Ministry of Finance revealed that a total of Rs 437 billion was given as support to different government agencies in Pakistan during the first half of fiscal year 2024.

Of this, Rs232 billion was set aside for subsidies to Pakistani public sector organizations. Furthermore, subsidies totaling Rs 120 billion were given to Pakistani government organizations between July and December 2023.

During the first half of the previous fiscal year, Pakistani government institutions received loans totaling Rs 85 billion. Sui Southern Gas Company in Pakistan was one of the main beneficiaries of the subsidies.

Other well-known Pakistani organizations that benefited from subsidies are Hyderabad Electric Supply Company (HESCO), which received Rs 18.34 billion, and Lahore Electric Supply Company (LESCO), which received Rs 26.24 billion. Subsidies totaling Rs11.63 billion went to the Utility Stores Corporation of Pakistan.

In addition, Power Holding received a grant of Rs88.52 billion in the first half of fiscal year 2024, followed by Pakistan Railways with Rs27.5 billion and the National Highway Authority (NHA) with Rs4 billion.

Apart from subsidies, the Pakistani federal government also gave loans, giving NHA approximately Rs 25 billion and Pakistan Steel Mills Rs 35.54 billion.

The National Transmission & Despatch Company (NTDC) received Rs6.1 billion, Printing Corporation received Rs1.2 billion, JENCO-II received Rs16.53 billion, and Radio Pakistan received Rs210 million. MEPCO, PESCO, and LESCO also received loans during this period. receiving Rs47 billion, while MEPCO (Multan Electric Power Company) received Rs42.56 billion.

A report released on December 27 by the Pakistan Bureau of Statistics states that over the past year, the cost of some goods in Pakistan has significantly increased while the cost of others has decreased.

The research claims that the price of tomatoes has increased significantly, rising by 138.53 percent (pc). Women’s sandal prices increased by 75.09 percent, while the cost of potatoes increased by 61.17 percent. Lentils, too, experienced a price surge, with chana dal increasing by 51.17 pc and mung dal by 31.51 pc.

Prices for beef increased by 24.28 percent, while those for powdered milk increased by 25.62 percent. Garlic became 17.27 pc more expensive, and cooked lentils went up by 15.10 pc. Gas charges in Pakistan have also risen by 15.52 pc, and firewood prices climbed by 13.14 pc.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

6 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

2 weeks ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.