MediaLine Pakistan

The Pakistani rupee (PKR) was stable against the US Dollar today after opening trade at 278 in the interbank market.

It was largely stable and closed in green against the greenback. However, it managed to post some gains against other major currencies today.

The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today.

The PKR appreciated by 0.004 percent to close at 278.18 after gaining one paisa against the dollar today.

On a fiscal year-to-date basis, the rupee has so far appreciated by 2.8 percent.

Overall, the rupee is down nearly Rs. 50.98 since January 2023. Since April 2022, it is down Rs. 94.98 against the greenback. As per the exchange rate movements seen during the session, the PKR gained one paisa today.

Today’s trends reflect positive news coming out of the Finance Division on current policy-level talks with the International Monetary Fund for a new and much bigger loan program.

Despite
talks still at an early stage, Pakistan is expected to strike an agreement with the Washington-based lender for a new four-year program of up to $8 billion by the end of July 2024.

The PKR was stable against some of the other major currencies in the interbank market today. It was stable against the Saudi Riyal (SAR) and the UAE Dirham (AED) and gained seven paisas against the Canadian Dollar (CAD).

Meanwhile, it lost one paisa against the Australian Dollar (AUD), 11 paisas against the British Pound (GBP), and 15 paisas against the Euro (EUR) in today’s interbank currency market.

Source: Pro Pakistani

The Emirates Group has announced its best-ever financial performance for the fiscal year 2023-24, reporting a record profit of AED 18.7 billion ($5.1 billion), up 71 percent from the previous year.

The Group’s revenue rose by 15 percent to AED 137.3 billion ($37.4 billion), driven by strong customer demand across its various businesses.

The year concluded with the Group holding its highest-ever cash balance of AED 47.1 billion ($12.8 billion) and declaring a dividend of AED 4.0 billion ($1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).

Emirates Airlines reported a record profit of AED 17.2 billion ($4.7 billion), up 63 percent from the previous year, with revenue increasing by 13 percent to AED 121.2 billion ($33.0 billion). The airline saw a 20 percent increase in capacity, bringing it closer to pre-pandemic levels, and expanded its global network and partnerships. The airline also invested significantly in new aircraft, facilities, technology, and products to enhance its services.

dnata, the Group’s airport services provider, reported a profit of AED 1.4 billion ($0.4 billion), a substantial increase from the previous year’s AED 331 million ($90 million). Revenue for dnata rose by 29 percent to a record AED 19.2 billion ($5.2 billion), reflecting increased flight and travel activity. The company expanded its customer portfolio, added new lounge facilities globally, and invested in new equipment and technologies to improve its operations.

The Emirates Group continued its focus on sustainability and environmental initiatives throughout 2023-24. Emirates signed new agreements to use sustainable aviation fuel and operated a demonstration flight using 100 percent SAF in one engine.

dnata increased its fleet of electric and hybrid ground support equipment and implemented various eco-friendly initiatives. The Group also invested in people development and expanded its ESG reporting, positioning itself strongly for future growth and sustainability efforts.

Source: Pro Pakistani

Pakistan Stock Exchange (PSX) closed at a new all-time high in today’s session after crossing 74,500, summiting the previous high of 73,799 recorded on Monday.

Similar to yesterday’s trends, positive vibes from the International Monetary Fund kept up the momentum.

Equities closed the day’s affairs at 74,531, up 732 points or 0.99 percent. An encouraging buying spree throughout today’s session helped the index cross and close in the new territory.

The KMI 30 index gained 1,687 points settling at 123,918, while the KSE All share index increased by 376 points to close at 48,311.

Top Volumes

The highest participation was witnessed in Cnergyico PK Limited (PSX: CNERGY) with over 34.3 million shares traded, followed by WorldCall Telecom Limited (PSX: WTL) and K-Electric Limited (PSX: KEL). The scrips had 29.89 million shares and 28.16 million shares traded, respectively.

SCRIP PRICE HIGH LOW CHANGE VOLUME

CNERGY 4.59 4.84 4.58 -0.11 34,381,501

WTL 1.44 1.48 1.43 -0.04 29,893,984

KEL 4.67 4.7 4.56 – 28,167
,436

PAEL 27.7 28.25 26.91 0.14 19,885,214

FFL 10.01 10.29 9.97 0.08 19,548,427

OGDC 139.9 140.1 134.75 4.59 18,217,177

TPLP 11.8 12.08 11.6 -0.04 15,848,960

Source: Pro Pakistani

A high-level meeting chaired by Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal was held in Islamabad to discuss issues of agriculture and electricity sector impeding the well-being of people in Balochistan.

The meeting was attended by Federal Minister for Energy Sardar Owais Leghari, Federal Minister for Maritime Affairs Qaiser Ahmad Sheikh, and Secretary Power, along with top federal and provincial officials.

The planning minister affirmed to expedite the conversion process of agricultural tube wells to solar energy in Balochistan. ‘The well-being of the people of Balochistan is our first priority. All resources are being utilized to ensure timely completion of federal development projects in Balochistan,’ he said.

Chief Minister Safraz Bugti discussed the severe difficulties faced by farmers as a result of the electricity shortage in the province. ‘Improving power transmission and supply is imperative for the agriculture sector’, Sarfaraz Bugti stated.

Highlighting the n
eed to adopt alternative energy sources to ensure electricity supply, he suggested that solar energy harvesting and solar tube wells can improve the agriculture sector. He further assured that the provincial government is aware of its responsibility to remove hurdles facing farmers in the province. ‘Stopping electricity theft is the responsibility of all of us. Our government will ensure measures to stop electricity theft,’ the chief minister stated.

The planning minister advised the Power Division and the Provincial Government of Balochistan to prepare a road map and strategy for the transfer of underground tube wells to solar energy and implement it soon.

Moreover, he instructed the key officials during the meeting to start an awareness campaign to educate the public on electricity theft.

Instructing relevant departments to take strict measures against people involved in electricity theft, the minister said, ‘Electricity theft and non-payment of bills are major causes of load shedding; legal action shoul
d be taken against electricity thieves.’

Source: Pro Pakistani

Islamabad High Court has temporarily stopped the federal government from initiating the nationwide blocking process of SIMs of over 500,000 non-filers.

A notice has been issued to the federal government in this regard, with the next hearing on the matter scheduled for May 27, 2024.

IHC Chief Justice Aamir Fariiq issued an injunction in response to a writ petition filed by a prominent telecom operator. The petition challenged Clause 114-B of the Income Tax Ordinance and the Federal Board of Revenue’s (FBR) Income Tax General Orders against non-filers.

The petitioner argued that the tax regulator’s new-found authority violated the fundamental right to freedom of business under Article 18 of the Constitution. He said the government does not have the power to block people’s phones under this constitutional provision and called it coercive.

The petitioner warned that if implemented, this law would allow the government to deprive citizens of services in other business areas as well.

This comes just days after
most telecom operators succumbed to government pressure and agreed to initiate the manual blocking process of SIMs in small batches till full automation of the system.

Telecom operators last week started sending messages to non-filers regarding the blocking of SIMs for intimation purposes.

Source: Pro Pakistani

Minister of State for IT and Telecommunication Shaza Fatima said that the government is aiming to take IT exports to $25 billion.

‘Technology has a very important role in every field as no section can progress without technology’, said the minister while addressing HBL P@SHA CXO Meetup here on Monday.

Shaza Fatima noted that information technology has a pivotal role in the economic uplift of the country. She said that the government is committed to the promotion of the IT sector.

She said that Pakistan has a young, tech-savvy population, a dynamic startup ecosystem, and a growing appetite for digital solutions. By harnessing the power of digital transformation, we can unlock immense potential for a robust digital economy and create new jobs, foster innovation, and attract foreign investment. She emphasized the need for joint efforts to increase IT exports.

She said that the Ministry of IT has set the target of taking IT exports to $25 billion.

Under the vision of the Prime Minister of Pakistan, the priv
ate sector is being fully facilitated, she added.

She said that issues in IT industry will be resolved. She said that the digitalization process has started in the country and the government is committed for digitalization in the country. She added that collaborative efforts are needed to build a digital future that is inclusive, sustainable, and secure.

Shaza Fatima said that under the Prime Minister’s National Digitalization Plan, the economy, governance, and society are being digitalized.

She remarked that we can create a more transparent and efficient government by leveraging e-government solutions.

Additional Secretary (Incharge), MoITT Capt (Retd) Muhammad Mahmood, and Chairman P@SHA Mohammad Zohaib Khan also addressed the ceremony.

Source: Pro Pakistani

Prime Minister Muhammad Shahbaz Sharif chaired a meeting to review the affairs of the Ministry of Privatization and the Privatization Commission. During this session, the Roadmap of Privatization Program 2024-2029 was unveiled.

The meeting was informed that the pre-qualification process for the privatization of Pakistan International Airlines (PIA) will be completed by the end of May. Also, consultations on the sale of the Roosevelt Hotel are ongoing.

To ensure transparency, the Prime Minister mandated that the privatization process, including the bidding for PIA, be broadcast live. This live coverage will also extend to the stages of privatizing other institutions.

The privatization program for 2024-2029 includes electricity distribution companies (DISCOs). The government is also negotiating with the United Arab Emirates to pawn off First Women Bank Limited.

Meeting participants agreed that priority will be given to privatizing loss-making enterprises to enhance efficiency and reduce fiscal burdens. To
facilitate this, a pre-qualified panel of experts will be on the Privatization Commission to accelerate the process.

Prime Minister Sharif announced that all state-owned enterprises, except for strategic entities, would be privatized. This decision applies to both profit-making and loss-making enterprises. He emphasized that the government’s role is to create a business-friendly environment rather than operate businesses directly.

Sharif highlighted the benefits of privatizing these enterprises, noting that it would save taxpayer money and improve the quality of public services. He directed all federal ministries to support and collaborate with the Privatization Commission to expedite the process.

The meeting was attended by key ministers and senior government officials, including the Minister for Defense Khawaja Asif, Finance Minister Muhammad Aurangzeb, and others.

Source: Pro Pakistani

The International Monetary Fund (IMF) Mission isn’t happy with shortcomings in the implementation of the track and trace system by the Federal Board of Revenue (FBR), reliable sources told ProPakistani.

These concerns have been shared by the Washington-based lending agency during its current discussions with FBR authorities on tax structure and administration.

Sources said the IMF has requested a detailed implementation report on the track and trace system and set a deadline for its complete adoption across five major sectors in the country.

The lender has urged for the track and trace system to be fully operational by next fiscal year.

While discussions are still at the policy level, both parties have agreed to accelerate reforms to expand the tax net and prevent tax evasion.

The IMF Mission will suggest more plans to address revenue shortfall today, sources added.

Source: Pro Pakistani