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ARY NEWS

Anjum Wahab

  • OICCI survey reveals business confidence boost in Pakistan

    OICCI survey reveals business confidence boost in Pakistan

    The Overseas Investors Chamber of Commerce and Industry (OICCI) has announced the results of its Business Confidence Index (BCI) Survey Wave 26, conducted across Pakistan in October and November 2024, ARY News reported.

    The survey reveals a 9 percent (pc) improvement in business confidence, though the overall index remains negative at -5pc. This is a significant improvement compared to the -14pc recorded in the previous survey conducted in March and April 2024.

    Key factors contributing to this improvement include positive economic growth, a stable exchange rate, and a notable decline in inflation. The services sector experienced the most significant recovery, with confidence rising from -14 pc in the last survey to +2pc in the current one. The manufacturing sector showed an improvement from -15pc to -3pc. However, the retail/wholesale sector saw a decline, with confidence dropping from -15pc to -18pc.

    OICCI President Yusuf Hussain commented that the improved index reflects resilience in Pakistan’s business environment despite existing challenges.

    He highlighted the government’s bold measures to comply with IMF Extended Fund Facility (EFF) regulations, which have led to better international risk ratings, improved foreign exchange reserves, a stable exchange rate, and reduced inflation, fostering a more positive business environment.

    However, he also emphasized the need for better management of challenges such as rising costs, particularly in the energy sector, higher taxes, and inconsistent policies. Strengthened engagement between policymakers and the industry could attract local and foreign investment, enhancing business confidence and creating employment opportunities.

    The survey also revealed a rise in optimism for the next six months, with 43pc of respondents expressing positive expectations compared to 34pc in the last survey. Key drivers of this optimism include global market growth, improved government policies, reduced inflation, better law and order, and economic progress.

    OICCI Secretary General Muhammad Abdul Aleem noted that despite the improvements, the index reflects cautious optimism among businesses. He highlighted that the score for new investment plans remains concerning, with a drop from -12pc in the previous survey to -23pc in the current one. While 66pc of respondents viewed business conditions negatively over the past six months, this marks an improvement from 76pc in the previous survey.

    Persistent challenges such as high inflation, political instability, rising fuel costs, and ineffective trade policies remain critical concerns. The survey also indicates an increase in foreign investors’ confidence, with their perception rising from -4pc in the last survey to +6pc in the current one.

    The BCI survey results represent the views of key stakeholders accounting for approximately 80pc of Pakistan’s GDP. It covers regional, national, sectoral, and company-level business environments, with 41pc of respondents from the manufacturing sector, 35pc from services, and 24pc from the retail/wholesale sector.

    Read More: Pakistan’s inflation hits three-year low in 2024

    Earlier, Pakistan’s economy showed remarkable improvement, with inflation reaching its lowest level in 3.5 years, according to the Consumer Confidence Index Survey for the fourth quarter of 2024.

    According to reports, the survey highlights significant economic progress over the past year, marked by consistent growth in the Pakistan Stock Market (PSX).

    The report also noted the establishment of several economic records during the fourth quarter and projected further improvements in the coming months.

    It revealed a fourfold increase in the number of citizens who view the country’s economic condition as strong since September 2023. Additionally, 19 percent (pc) of respondents expect further economic improvements within the next six months.

    For the first time, Pakistan surpassed Turkey in the global consumer confidence index. Confidence in job security continues to rise, with household purchasing power increasing by six points. Trust in local economic conditions grew by 20pc, accompanied by a notable decline in public skepticism.

    The Ipsos Global Consumer Confidence Index, a critical survey that gauges consumers’ economic conditions and investment potential, emphasized Pakistan’s growing economic stability and resilience.

     

  • New tax imposed on marriage halls

    New tax imposed on marriage halls

    ISLAMABAD: The Federal Board of Revenue (FBR) has decided that marriage halls in Pakistan will now have to pay a 10% withholding tax on booking and rental charges, ARY News reported.

    As per details, this development came after a meeting between the FBR and the marriage hall association, where both sides agreed on the new tax.

    The 10% withholding tax will be collected in addition to the rental charges, and the tax amount will not be borne by the marriage hall owners.

    According to the president of the marriage hall association, this move aims to increase revenue collection and streamline tax payments in the marriage hall industry.

    The implementation of this tax is expected to contribute to the government’s efforts to increase revenue collection and improve tax compliance.

    The development came after the Federal Board of Revenue failed to reach its tax target collection for November 2024.

    The International Monetary Fund (IMF) could demand a mini budget from Pakistan if the tax collection authority would fail to attain its target of December, according to sources.

    Despite heavy taxes imposed, the FBR failing to reach to tax targets with overall 343 billion rupees shortfall in tax collection, sources said.

    The taxation authority has collected Rs 852 billion during November 2024 against the monthly target of Rs1,003 billion, leaving a gap of Rs151 billion.

    Also read: Finance Minister asserts strict measures to increase tax revenue

    Sources said that the tax collection shortfall of last four months was Rs 192 billion.

    The FBR has collected Rs4,292 billion during first five months of 2024-25 against the assigned target of Rs 4,639 billion set for July-November of the current fiscal year, reflecting a shortfall of Rs344 billion.

    The taxation authority has collected Rs851 billion in November 2024 against Rs736 billion collection in November 2023, an increase of Rs 115 billion.

  • K-Electric shuts power supply to Pakistan Railways

    K-Electric shuts power supply to Pakistan Railways

    KARACHI: The ongoing dispute between K-Electric (KE) and Pakistan Railways over unpaid bills has led to significant disruptions in the railway system, ARY News reported

    According to reports, the lack of electricity supply has caused major operational setbacks, including the shutdown of Karachi’s railway booking system.

    DS Pakistan Railways, Nasir Khalili, stated that the power outage has resulted in a collapse of the online booking system and the automatic signalling system, which are essential for smooth operations.

    He added that K-Electric has been issued a notice to clear its outstanding dues, warning that if the payment is not made, Pakistan Railways will also withhold payment to K-Electrics.

    Khalili highlighted that passengers will suffer as a consequence of the power cuts.

    On the other hand, KE’s spokesperson responded by emphasising that the continued power supply to Pakistan Railways is not feasible without payment.

    K-Electric claims that Pakistan Railways owes over Rs 430 million for 31 connections and must pay its dues immediately for electricity restoration.

    The spokesperson also mentioned that multiple reminders had been issued to Railway officials prior to the power shutdown.

    The situation has further escalated, leading to disruptions in services and raising concerns for passengers who rely on the railway network.

    Read More: K-Electric disconnect power supply to Pakistan Railways offices

    A similar incident like this happened back in August 2024 when K-Electric, the sole provider of power to the port city, disconnected the electricity supply to Pakistan Railways offices over unpaid dues.

    As per details, the sources stated that K-Electric disconnected the electricity supply to City Railway Station and the Railways colonies on unpaid dues of over Rs 200 million.

    The power disconnection affected the railways booking office, and engine loco shed, the sources said.

  • PPL makes major discovery of gas, condensate in Sindh

    PPL makes major discovery of gas, condensate in Sindh

    Karachi: Pakistan Petroleum Limited (PPL) has achieved another important milestone with the discovery of gas and condensate at Pateji-X1 well, in the Shah Bandar Block, located in the Sujawal district of Sindh, ARY News reported.

    This PPL discovery marks the fourth consecutive hydrocarbon find in the block, where PPL holds a 63 percent (pc) working interest (WI). Its joint venture partners include Mari Petroleum Company Limited (32 pc WI), Sindh Energy Holding Company Limited, and Government Holdings (Private) Limited (2.5 pc WI).

    After the initial discovery in the Upper Sand (D-Sand) layer, further exploration confirmed a promising hydrocarbon zone. Testing based on drilling results showed a flow rate of 12.4 million cubic feet per day (mmcfd) of gas and 196 barrels per day (bbl/d) of condensate from the C-Sand layer at a wellhead pressure of 2,551 pounds per square inch (PSI).

    Pateji-X1 was started on October 11, 2024, after detailed geological and geophysical studies, with drilling reaching a depth of 2,475 meters to evaluate the Lower Goru Formation’s potential.

    This ongoing discovery highlights PPL’s technical expertise and its commitment to strengthening Pakistan’s energy security. The new reserves are expected to increase the country’s supply of hydrocarbons, reduce dependence on expensive energy imports, and save valuable foreign exchange.

    Read More: OGDCL announces new gas discovery in Sindh’s Khairpur district

    Back in September of this year, the OGDCL announced a new gas discovery in Sindh’s Khairpur district.

    Oil and Gas Development Company Limited (OGDCL) has announced a significant gas discovery in the Sawan South Block as the Akhiro-1 exploratory well.

    The OGDCL revealed that the Sawan South Joint Venture, consisting of OGDCL, United Energy Pakistan Limited, Government Holding Private Limited and Sindh Energy Holding Limited, has made this successful gas discovery at the Akhiro-1 well.

    The exploratory well, Akhiro-1, was drilled to a total depth of 12,442 feet. Upon testing, the well demonstrated promising results, producing approximately 10 Million Standard Cubic Feet per Day (MMSCFD) of gas. The wellhead flowing pressure registered at 4,000 pounds per square inch, confirming the well’s capacity for substantial gas output.

  • Pakistan Railways post record revenue growth

    Pakistan Railways post record revenue growth

    KARACHI: Pakistan Railways has reported an unprecedented surge in revenue, achieving a historic benchmark in its financial performance, ARY News reported. 

    According to Pakistan Railways CEO Aamir Ali Baloch, the state-owned enterprise generated Rs 33 billion in revenue over the past five months, reflecting a 14 percent (pc) year-on-year growth compared to the Rs 29 billion recorded during the same period last year.

    This represents an incremental revenue gain of over Rs 4 billion, underscoring enhanced operational efficiency and strategic revenue optimization.

    In addition, the CEO highlighted encouraging prospects for the Main Line-1 (ML-1) project, indicating that groundwork is expected to commence by March 2025, positioning the organisation for long-term infrastructure growth and profitability.

    The robust financial performance cements Pakistan Railways’ trajectory towards sustainable development and operational resilience within the transport sector.

    In June 2024, Pakistan Railways achieved a record high in revenue, with the organisation reporting earnings of Rs 88 billion at the end of the financial year 2023-24.

    Read More: Pakistan Railways reaches record revenue during FY 2023-24

    During the last year, the revenue of Pakistan Railways increased to more than Rs 88 billion, up from the previous Rs 63 billion, marking a 40 percent increase in revenue compared to the last financial year.

    Such revenue has never been recorded in the history of Pakistan Railways.

    Initially, the government set a revenue target of Rs 73 billion for the department at the beginning of the financial year.

    The department earned Rs 47 billion from passenger trains, Rs 28 billion from goods vehicles, and more than Rs 13 billion from land and other sources.

    CEO Aamir Baloch credited this achievement to the tireless work of the employees and expressed determination to increase the income to Rs 1 trillion next financial year.

  • Karachi business community announces new airline

    Karachi business community announces new airline

    KARACHI: The business community of Karachi has announced the launch of a new airline, ‘Air Karachi,’ ARY News reported.

    According to reports, businessman Hanif Gohar revealed that the airline has been registered with the Securities and Exchange Commission of Pakistan (SECP), and a request for a licence has been submitted to the federal government.

    In the initial phase, Air Karachi plans to lease three aircraft. Retired Air Vice Marshal Imran, formerly of the Southern Command, has been appointed as the airline’s CEO.

    Hanif Gohar further stated that the project is being initiated with an investment of Rs 5 billion, with each shareholder contributing Rs 50 million.

    Read More: New airlines seek CAA nod to operate flights in Pakistan

    It is pertinent to note that several new airlines were considering to launch operations in various cities in Pakistan back in September 2024, as per CAA.

    New local airlines including Jet Green, Q Airways, and Go Green Air had approached the CAA for licences and permits, according to sources.

    Air Indus has also contacted the Civil Aviation Authority to resume flight operations, sources revealed. Q Aviation and Liberty Air, have also applied for licences from the CAA to launch flight operations in Pakistan.

    The CAA officials said the large number of licence applications is significant for the country’s economy.

    The influx of new airlines will provide passengers with better travel options, along with increased foreign exchange in the aviation sector and new job opportunities.

    It is to be noted that three private companies namely, Airblue, SereneAir and AirSial are already operating in Pakistan.

    Back in May, the Civil Aviation Authority (CAA) unveiled a six-month performance report of airlines, operating domestically, including Pakistan International Airline (PIA).

    According to the s report of CAA, covering the period from July to December 2023, Pakistan International Airlines (PIA), secured the fourth position in the rankings with departure and arrival ratio stood at 89.32 percent, indicating room for further enhancement in operational efficiency.

  • NADRA to install self-service machines for citizens

    NADRA to install self-service machines for citizens

    KARACHI: The National Database and Registration Authority (NADRA) announced its plan to establish self-service kiosks, self-service machines, in Karachi aimed at streamlining the renewal process for expired smart national identity cards (NICs) and the re-issuance of NICs.

    The initiative is designed to enable citizens to conveniently acquire their NICs without facing long queues and extended waiting periods. Furthermore, citizens will have the capability to perform biometric verification, capture photographs, and submit necessary documents for the application of smart computerised NICs without the need of an operator.

    Through these automated kiosks, citizens will be able to finalise the application procedures for both the renewal of NICs and the re-issuance of lost cards.

    Initially, this service will be available at NADRA mega centers, with future plans to expand to railway stations, airports, shopping malls, and educational institutions.

    After submitting their details, citizens can expect to receive their NICs, B-Forms, and other documents at the address provided within 15 days.

    Following a successful testing period, these self-service machines will be installed at Karachi’s Mega Centers before being extended to further sites. NADRA intends to incorporate a point-of-sale (POS) system in the upcoming phase to enable credit or debit card payments.

    Read also: NADRA to assist KE in identity verification of consumers

    Earlier, NADRA introduced its advanced biometric innovations during its maiden appearance at the IDEAS 2024 in Karachi.

    During the exhibition, the NADRA displayed featured ‘state-of-the-art’ biometrics registration and verification devices, which have been locally assembled through joint development efforts of NADRA Technologies Limited and National Radio and Telecom Corporation، a press statement issued here read.

    The authority added that these devices include locally assembled all-in-one handheld biometric tablet, mobile enrollment kits, self-enrollment kiosks and a contactless iris camera.

    “These devices have been designed to support modern national ID systems, enhance border control mechanisms, and streamline public service delivery, with a focus on usability, security, durability and affordability.”

  • PSX soars to all-time high, crosses 99,000 mark

    PSX soars to all-time high, crosses 99,000 mark

    The Pakistan Stock Exchange (PSX) continued its bullish momentum on Friday, achieving a historic milestone as the KSE-100 index crossed 99,000-point mark.

    As per details, the bencmark KSE-100 index reached an all-time high of 99,085 points during intra-day trading, surpassing its previous close of 97,328.39 points.

    On Thursday, the KSE-100 index gained 1,781.94 points, or 1.86 per cent to settle at 97,328.39 points at the closing of the stock market.

    A total of 969.9 million shares were traded during the day at the PSX, from the previous day’s turnover of 1.13 billion.

    The price of shares stood at Rs35.16 billion as against Rs37.48 billion on the last trading day.

    Analysts at Topline Securities said that the Pakistan Stock Exchange demonstrated a bullish trajectory, as KSE-100 reached an intraday high of 97,437 points.

    “Investor confidence was boosted following the Army Chief’s meeting with the business community. Additionally, aggressive buying in the fertilizer sector, particularly in FFC and FFBL, contributed to the positive momentum,” they added.

    Read more: In a historic first, PSX breaches 97,000 mark

    As many as 457 scrips were active in the stock market, out of which, 249 recorded gains and 167 witnessed losses, while the share price of 41 companies remained unchanged.

    Pakistan Services Limited remained the top gainer, recording an increase of Rs80.17 to close at Rs882.84, followed by Haleon Pakistan Limited which recorded an increase of Rs80.13 to settle at Rs882.45 at the closing of the PSX.

    On the flip side, Rafhan Maize Products Company Limited recorded a decline of Rs137.27 to reach Rs7,956.29 while Nestle Pakistan Limited shed Rs74.86 to reach Rs6,616.31 at the closing of the stock market.

  • In a historic first, PSX breaches 97,000 mark

    In a historic first, PSX breaches 97,000 mark

    The Pakistan Stock Exchange (PSX) reached new peaks as it crossed the 97,000 mark during intraday trading on Thursday.

    During intraday trading, the benchmark KSE-100 index 1,721.02 points to reach 97,267.476 level for the first time in history of Pakistan.

    According to the market experts, investors are positively responding to recent cut in policy rate and improving national economy.

    KSE 100’s continuous rally highlights Pakistan’s improving economic prospects and the appeal of its equity markets.

    Read more: PSX maintains bullish trend as KSE-100 gains 861 point

    It may be noted here that American monthly Bloomberg magazine forecasted a vigorous 27% growth for Pakistan Stock Exchange by the end of next year, thanks to stabilizing economic indicators and a steady currency as key drivers.

    It highlighted that the Pakistan Stock Exchange-100 Index ranked as the second-best performer globally this year, underscoring its recent resilience.

  • Made in Pakistan HAIDER Tank showcased at ‘IDEAS 2024’

    Made in Pakistan HAIDER Tank showcased at ‘IDEAS 2024’

    KARACHI: Made-in-Pakistan Haider Battle Tank, equipped with advanced features, was showcased at the four-day International Defence Exhibition and Seminar (IDEAS) 2024 held in the port city of Karachi.

    The HAIDER tank is being highlighted as a representation of advancing defense capabilities and technological know-how, aiming to transform modern armored warfare. This heavily fortified combat vehicle measures 33.1 feet in length, 11.2 feet in width, and 7.5 feet in height.

    The HAIDER Tank is engineered to traverse both challenging landscapes and city settings, powered by a strong turbocharged engine that enables speeds of up to 70 km per hour.

     

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    It is built for prolonged missions, capable of operating for extended periods without the necessity for frequent refueling. Its state-of-the-art systems, along with next-generation fire control and targeting capabilities, render it a formidable asset in combat situations.

    Read also: Traffic plan announced for IDEAS 2024 in Karachi

    The evolution of modern warfare underscores the enhanced capabilities of the defense sector, marking a significant advancement in domestic military manufacturing and demonstrating HIT’s prowess in fulfilling contemporary conflict demands with innovative technology.

    IDEAS 2024

    The 12th edition of IDEAS 2024 started on 19 November at the Expo Center. Emphasizing the crucial role of the Special Investment Facilitation Council (SIFC), ‘IDEAS 2024’ aims to enhance the presence of Pakistan’s defense industry on the international platform. This event showcases a wide array of state-of-the-art defense assets, such as armaments, armored vehicles, combat aircraft, helicopters, naval vessels, submarines, and advanced drone technologies. Advancements in missile systems, cybersecurity, satellite technology, and electronic warfare highlight Pakistan’s expanding capabilities in defense manufacturing.