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Articles for tag: ADB, companies, COP28, Dr Shamshad Akhtar, insurance, Latest, privatization, pushing, secp, SLIC, stateowned

December 14, 2023

News Desk

The FM is pushing for the privatization of state-owned insurance companies

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar has advised privatization of state-owned insurance companies such as the State Life Insurance Corporation of Pakistan (SLIC) to reduce public sector dominance, attract foreign investment and provide a level playing field to the private sector to remove infiltration of insurances. which remains at less than 1% in Pakistan at present. He urged insurance companies to introduce products that provide financial security against global warming threats such as floods and droughts and called on them to invest in infrastructure projects to reduce the effects of climate change as economic uncertainty increases globally and locally.

December 8, 2023

News Desk

Osaka aims for more big companies, Paris 2024

TOKYO: A “nervous” Naomi Osaka has set her sights on a place at next year’s Paris Olympics and more Grand Slam titles after making her long-awaited return to tennis. The 26-year-old former world number one is set to return to action at the Brisbane International from the end of the month, having not played on tour since September 2022. The four-time Grand Slam champion gave birth to daughter Shai in July and has also struggled with her mental health and the pressures of tennis. She told Japanese broadcaster NHK that she feels “nervous and also happy and excited” as she

December 2, 2023

News Desk

E&P companies give poor response

Islamabad: The government has once again failed to attract domestic and foreign investors to pump capital into hydrocarbon blocks, as a chronic cyclical debt and bureaucratic hurdles hampered progress on plans to increase Pakistan’s oil and gas production. The government received a poor response in a recent round of tenders conducted to grant licenses to explore for potential hydrocarbon reserves in different locations. The Director General of Petroleum Concession (DGPC) had floated bids for 10 blocks but received bids for only six. Existing oil and gas exploration companies participated in the competition. Due to the war in Ukraine, international oil

November 28, 2023

News Desk

Foreign companies repatriate a record $272.5 million in October

KARACHI: Foreign companies operating in different sectors of Pakistan’s economy continued to freely repatriate profits to their overseas headquarters totaling $272.5 million in 39 months in a single month, October 2023. October marks the second consecutive month in which they continued to post earnings without government and central bank restrictions, sending a strong signal to global investors to start new investment projects in Pakistan. Cumulatively in the first four months (July-October) of the current financial year 2023-24, multinational corporations (MNCs) have remitted $485.4 million. This is significantly higher than the total repatriation of $331 million in the previous fiscal year

November 7, 2023

News Desk

Eight global companies offer PIA privatization services

Islamabad: Eight firms, including three among the top 20 financial advisory firms, responded to Pakistan’s request for proposal to prepare plans for the privatization and bifurcation of Pakistan International Airlines into good and bad entities. By the deadline, the Privatization Commission received technical and financial proposals from eight financial consulting firms, Privatization Minister Fawad Hassan Fawad said on Monday. The companies’ interest will boost the government’s privatization efforts. There were concerns that financial advisers might not show strong interest because of Pakistan’s poor track record of first hiring advisers and then exiting deals, including PIA. Pakistan had directly sent documents

October 31, 2023

News Desk

Pakistan Auto Show 2023 with 150+ companies

KARACHI: The Pakistan Auto Expo 2023 is set to host more than 150 companies, including Chinese and Iranian auto parts manufacturers, during its three-day run from October 27 to 29 at the Expo Center in Karachi. Organized by the Pakistan Association of Parts & Accessories Manufacturers (PAAPAM), the event will be inaugurated today (Friday) and will welcome the general public from 10:00 am. to 5:00 p.m. This year’s exhibition will be attended by various associations across the country, including All Pakistan Textile Mills Association (APTMA) and Pakistan Automobile Spare Parts Importers & Dealers Association (PASPEDA). Their participation aims to encourage

October 31, 2023

News Desk

Govt increases RLNG duty for Sui gas companies

The Nikolay Urvantsev, a ship carrying Russian liquefied natural gas (LNG), unloads gas in the port of Bilbao, Spain, March 10, 2022. — Reuters Increase due to rise in RLNG Brent prices. Ogra has cut RLNG prices seven times since January. Pakistan relies on LNG to meet almost a third of its requirements. ISLAMABAD: The government has approved an increase of up to half a dollar per MMBTU or 3.8% in re-gasified liquefied natural gas (RLNG) prices for both Sui gas companies for October 2023. The news reported on Tuesday. The Oil and Gas Regulatory Authority (Ogra) has issued a

October 31, 2023

News Desk

Pakistan begins crackdown on betting companies

A keyboard, cards, chips, dice are seen in this illustration picture, June 5, 2020. — Reuters Companies are stepping up betting activities in sports mainly cricket. Civil-military authorities working to eliminate companies: minister. Most of the surrogate companies operating from India, the source says. Islamabad: A crackdown has been launched on more than 150 proxy betting companies operating in Pakistan and causing billions of dollars in losses to the country’s economy by transferring large sums of money to “enemy” countries. The news has learned. These companies enhance gaming and betting activities on sports mainly cricket and conduct their business through

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