ISLAMABAD: Pakistan International Airlines Corp. suffered losses totaling about Rs22 billion from prolonged aircraft groundings, according to audit officials who briefed lawmakers this week on a litany of financial and operational missteps at the struggling carrier.
Economy
Dubai developer Damac courts Pakistan with blockchain, AI and tokenization expertise
ISLAMABAD: A delegation from Dubai’s Damac Group pitched technical know-how in tokenising real-world assets, blockchain platforms and artificial intelligence to the government, as the South Asian nation pushes ahead with digital reforms to lure foreign investment.
Defence Minister Asif says arms exports tested in India conflict could cut reliance on IMF bailouts
ISLAMABAD: Defence minister Khawaja Asif said on Tuesday that a surge in orders for the country’s fighter jets, spurred by its military performance in a brief but intense conflict with India last year, could soon make international bailouts unnecessary, potentially allowing Islamabad to break free from its longstanding dependence on the International Monetary Fund.
Govt freezes gas prices for six months to shield consumers from winter costs
ISLAMABAD: Pakistan’s government will hold natural gas prices steady for the next six months, delivering a reprieve to households and industries battered by soaring energy costs, even as the sector’s circular debt balloons to more than Rs3 trillion.
UBL overtakes OGDC as Pakistan’s most valuable listed firm at $4.6 billion
KARACHI: United Bank Ltd. has vaulted to the top spot among Pakistan’s listed companies, with its market capitalisation swelling to Rs1.28 trillion ($4.6 billion) on Tuesday, eclipsing longtime leader Oil & Gas Development Co.
Pakistan’s central govt debt falls in July–Nov as currency gains offset domestic rise
ISLAMABAD: Pakistan’s central government debt declined in the first five months of the fiscal year as a stronger rupee and debt repayments helped ease the burden of foreign borrowings, even as domestic obligations ticked higher amid controlled spending.
Pakistan’s services exports surge 17 percent on tech boom, outpacing goods shipments
ISLAMABAD: Pakistan’s exports of services jumped 16.77% in the first five months of the fiscal year, propelled by a sharp rise in information technology shipments that helped the sector buck the uneven performance seen in commodity sales.
Pakistan grants Bangladesh carrier Karachi flight rights amid thawing ties
ISLAMABAD: Pakistan has given Bangladesh’s national airline permission to start flights between Dhaka and Karachi, marking a fresh step in rebuilding relations between the two nations more than five decades after their bitter split.
Pakistan plans $5 billion Roosevelt Hotel redevelopment in New York joint venture
ISLAMABAD: Pakistan is pushing ahead with plans to transform its shuttered Roosevelt Hotel in midtown Manhattan into a high-rise tower through a joint venture that could involve as much as $5 billion in equity and debt financing, according to a top government official.
Pakistan maps Rs472 billion in off-budget risks from public-private projects
ISLAMABAD: The Ministry of Finance has rolled out its inaugural framework to monitor fiscal risks tied to public-private partnerships (PPP), revealing that contingent liabilities and guarantees from such projects expose the public sector to about Rs472.3 billion in potential payouts.