Pakistan has extended the deadline for submitting Expressions of Interest (EoIs) to acquire Pakistan International Airlines Corp. Ltd. (PIACL) by two weeks to June 19, 2025, as the government seeks to attract more strategic investors and close the long-delayed privatization of its debt-laden national carrier, an official told The Newser. The extension — pushed from…
Senators warn of capital flight, urge reforms as penalties rise and enforcement tightens Pakistan’s top tax authority confirmed that a growing number of businesses are shifting operations to Dubai to escape high tax burdens, a revelation that alarmed lawmakers and renewed calls for urgent reform to stem capital flight. Hamid Attique Sarwar, Member Inland Revenue…
Lahore firm’s global push lifts stock 67%, outpaces KSE-100 Pak Elektron Ltd (PSX: PAEL) is expanding its global reach with growing exports to the United States and the launch of a smart meter assembly plant in Nigeria. The Lahore-based electrical equipment manufacturer has rallied more than 67% in one year, handily beating the KSE-100 Index,…
Petroleum minister, PM back industry push to fix sales tax snag threatening refinery modernization The government has assured the refinery sector that their tax issues will be resolved in the upcoming budget that was affecting the refineries and oil marketing companies, as the petroleum minister has taken up this issue with the ministry of Finance…
Petroleum Minister Pledges Pro-Business PushFDI jumps in April as government woos American investors with promises of reforms Pakistan’s Petroleum Minister, Ali Pervaiz Malik, vowed to maintain a pro-business trajectory, signaling stronger investor support and regulatory reforms as Islamabad looks to revive foreign investor confidence—especially among U.S.-linked firms. Speaking in Lahore, on Saturday, Malik—who previously served…
Government awards 13 new blocks for exploration in Sindh and Balochistan ISLAMABAD — In a significant boost to foreign investment in Pakistan’s energy sector, the government has awarded oil and gas exploration rights to Turkish Petroleum Overseas Company (TPOC) in Sindh and Balochistan, official sources confirmed on Friday. TPOC, a state-owned Turkish energy firm, will…
Pak Elektron Limited (PEL), Pakistan’s leading power equipment and appliances manufacturer, is making its first major footprint in Africa by establishing a smart energy meter assembly plant in Nigeria, in partnership with a local business giant. The move signals PEL’s ambition to tap into Africa’s rising energy demand and position itself as a key player…
NEPRA Orders KE Probe; Karachi Traders Say ‘No More Surcharges’ ISLAMABAD: Business leaders and industrialists in Karachi on Thursday launched a scathing attack on K-Electric (KE), vowing not to pay “a single penny” in surcharges related to the company’s Rs76 billion write-off claims, while accusing the utility of sending bogus bills to defaulted consumers dating…
The Special Investment Facilitation Council (SIFC) and the Public Procurement Regulatory Authority (PPRA) have formally conveyed their decisions to Pakistan International Bulk Terminal Ltd., clearing the Karachi-based operator to handle exports of copper, gold, and other high-value minerals from Barrick Gold Corp.’s $6 billion Reko Diq project. “We have received the decisions, and we have…
A drone strike in the Shamozai area of Katlang, just 30 kilometers from the Punjab Regiment Center in Mardan, killed at least 10 civilians, including women and shepherds, triggering outrage among locals, sources said Saturday. Following the strike, protesters placed bodies on the Swat Motorway, blocking traffic and condemning the attack. Reports suggest that a…
Honda Atlas Cars Pakistan has achieved a historic milestone by exporting its first-ever batch of completely built-up (CBU) units, with 40 Honda City 1.2L vehicles dispatched to Japan. The landmark export underscores Pakistan’s growing role in the global automotive industry and aligns with the government’s vision of boosting industrial and export-led growth. Special Assistant to…
Islamabad, Pakistan: Former Pakistani Prime Minister and Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan has been nominated for the Nobel Peace Prize, a Norwegian political group announced. The nomination was put forward by members of the Pakistan World Alliance (PWA), who belong to Norway’s Partiet Sentrum political party, according to the group. This is not the…
Imagine an AI buddy who’s smart and fun. That’s Grok 3, built by xAI. Launched on February 17, 2025, it helps humans explore and learn. Created by Elon Musk’s team, it’s like a helpful friend. Let’s dive into what it does now and what’s coming next. What Grok 3 Can Do Today Grok 3 is…
Micro nuclear reactors delivering 5MW for 100 months are set to revolutionize energy for data centers. Microsoft and Oracle explore nuclear options, with Westinghouse’s eVinci reactor leading the innovation push.
Scientists have raised alarms about a new, highly contagious Covid-19 strain, XEC, which is now spreading across Europe. First detected in Germany in June, the XEC variant has since been identified in 13 other countries, including the UK. It is expected to become the dominant strain as colder weather sets in, following a summer surge…
Unauthorized Payments Made to Shakil Ahmad Sheikh, Muhammad Haroon Rashid Dar, Najam Sethi, and Aizad Sayid The Pakistan Cricket Board (PCB) paid Rs 16.386 million in unauthorized meeting and daily allowances to members of its Board of Governors (BOG) and Management Committee during the 2022-23 fiscal year, an audit revealed. The payments exceeded the entitlements…
Pakistan Targets $25 Billion IT exports in Five Years Tech giant Google has announced plans to produce 500,000 Chromebooks in Pakistan by 2026. The announcement was marked by the presentation of the first locally manufactured Chromebook to Prime Minister Shehbaz Sharif during a ceremony on Thursday. At the “Agay Barho: A Google for Pakistan Event,”…
Pakistan has the lowest allocation for agriculture Research and Development (R&D) among South Asian Nations, allocating just 0.12 percent of its Agricultural GDP. With the lowest spending among the SAARC countries, Islamabad also facing challenges in securing international grants for this sector, noted the Senate Standing Committee on Food Security and Research on Wednesday. The…
Pakistan’s leading oil and gas exploration company, Oil & Gas Development Company Limited (OGDCL), announced Wednesday that it has officially joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, to promote sustainable development. By becoming a member of the UNGC, OGDCL aligns itself with a global network of more than 17,000…
A group claiming responsibility for hacking software company CDK Global is demanding tens of millions of dollars in ransom, according to Bloomberg. CDK, which provides critical software to car dealerships across North America, is reportedly considering paying the ransom, though discussions are ongoing. The cyber outage has now entered its third consecutive day, severely impacting…
The Ministry of Industries and Production on Thursday ordered a third-party audit of local fertilizer companies to determine production costs, aiming for transparency and fair pricing within the industry. Besides, Islamabad also eyes Turkmenistan trade including urea imports. Federal Minister for Industries and Production Rana Tanveer Hussain announced this initiative during a Fertilizer Review…
Pakistan Refinery Limited (PRL) is taking a significant step to enhance its refining capabilities through its Refinery Expansion & Upgrade Project (REUP). Senior management from PRL recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions. On November 16 last year, Pakistan Refinery Limited (PRL) signed an upgrade agreement with…
The Uprise Group has thrown its hat into the ring for the privatization bid for the national flag career, Pakistan International Airlines (PIA), spearheaded by Pakistani seasoned entrepreneur Tabassum Pardesi. Pardesi, renowned for her pioneering role in the aviation industry, now leads the Uprise Group. This conglomerate encompasses Uprise Markets, Uprise Africa, and Uprise Aviation….
The Competition Commission of Pakistan (CCP) has granted approval to the share acquisition in Unity Foods company of Pakistan by four acquirers, including a Singapore-based investment holding company. The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four acquirers. One of the acquirers is M/s. Wilmar Pakistan…