News Alert

Al-Nahang Group, an overseas Pakistani consortium, has made an impressive Rs 1 trillion bid for the privatization of Pakistan International Airlines (PIA). The proposal includes a commitment to clearing PIA’s Rs 250 billion debt and a promise to retain all employees, with no layoffs. In a bid to attract support, Al-Nahang has also proposed a 100% salary increase for PIA staff over the next 30 months. The group plans to modernize PIA’s fleet and transform it into a major engineering and maintenance hub for other airlines. This move comes amid growing competition from domestic and international bidders, including a recent interest from the Khyber Pakhtunkhwa (KP) government. #PIA #Privatization #AlNahang #OverseasPakistani #DebtSettlement #EmployeeWelfare #Aviation

Donald Trump has secured a second term as U.S. president, winning the 2024 election after a highly competitive race against Vice President Kamala Harris. Pennsylvania’s electoral votes pushed Trump to the necessary 270, marking a comeback for Republicans in the White House. At 78, Trump becomes the oldest president to take office, surpassing Biden. Trump remained steadfast, emphasizing plans for economic growth and border security. With a Republican Senate backing, he pledges a new era of prosperity starting in January. #Trump #Election #america #SecondTerm #2024 #WhiteHouse #Pennsylvania

Saudi Arabia's oil giant, aramco , has opened its second branded fuel station in Pakistan, strategically located on Embassy Road in Islamabad. Following its inaugural station in Lahore, this new facility offers a range of premium services, including an EV charging point, a modern convenience store, and a tyre shop, setting a high standard for quality and customer service. Customers have praised the station's exceptional standards and well-trained staff, hoping to see similar improvements across local stations. This expansion marks a key milestone for Aramco in Pakistan, aligning with the ongoing economic cooperation between Pakistan and Saudi Arabia, which includes significant investment projects. Aramco aims to enhance its retail presence and provide world-class fuel services in the region. #Aramco #Pakistan #FuelStation #EconomicGrowth #Investment

The National Assembly has passed two significant bills aimed at increasing the number of Supreme Court judges from 17 to 34 and amending the Supreme Court (Practice and Procedure) Ordinance, despite opposition protests. During the session, Law Minister Azam Nazeer Tarar and Defence Minister Khawaja Asif presented the bills while wearing headphones to shield themselves from opposition outbursts. Opposition members staged a protest, gathering at the speaker's dais and tearing up copies of the bills. The agenda also includes discussions on Pakistan's Rule of Law Index ranking, a motion of thanks for the President's address, and issues surrounding grounded PIA aircraft. The Senate session will cover a 39-point agenda, including the introduction of three new bills. #Pakistan #NationalAssembly #SupremeCourt #Legislation #Government

The Federal Board of Revenue (FBR) has recorded a significant increase in income tax returns, with 4.821 million filed for Tax Year 2024 as of October 26, compared to 2.407 million during the same period last year. Notably, 1.820 million of these returns reported nil income, resulting in no tax payments. In contrast, only 859,929 individuals filed nil returns in the previous year. Overall, the FBR has collected Rs. 123 billion in tax payments alongside these returns for 2024, up from Rs. 56.55 billion in 2023. Since July 1, 2023, the FBR has registered 1,161,665 individuals, with a substantial portion being nil-filers. #FBR #TaxReturns #IncomeTax #Pakistan #TaxYear2024 #TaxCompliance

Pakistan is nearing a PKR 445 billion financing deal with China to upgrade the Thakot-Raikot section of the Karakoram Highway, enhancing transport and economic activity. Discussions are underway between Pakistan's Finance Ministry, Planning Commission, and Economic Affairs Division with Chinese counterparts. The project will include high-quality bridges, reinforced slopes, and bypasses to alleviate traffic congestion. A Chinese-Pakistani joint venture is expected to secure the contract under CPEC. Prime Minister Shehbaz Sharif has been updated on progress, with a high-level delegation potentially visiting China. Additional CPEC Phase II contracts in agriculture and IT are also anticipated. #CPEC #PakistanChina #InfrastructureDevelopment #EconomicGrowth #KarakoramHighway

Justice Yahya Afridi was sworn in as the 30th Chief Justice of Pakistan during a ceremony at Aiwan-e-Sadr in Islamabad, administered by President Asif Zardari. Attendees included Prime Minister Shehbaz Sharif and military officials. Justice Afridi, born in Dera Ismail Khan on January 23, 1965, has a rich educational background, including an LL.M. from the University of Cambridge. He has served as an advocate in various capacities and was previously the Chief Justice of the Peshawar High Court. He will hold the top judicial position for the next three years following the 26th constitutional amendment. #JusticeYahyaAfridi #ChiefJustice #Pakistan

Pakistan has solidified its status as a global technology hub by being named "Tech Destination of the Year" at GITEX Global 2024 in Dubai. Minister of State for IT and Telecommunication Shaza Fatima Khawaja praised the dedication of over 200 companies, startups, and industry experts who showcased the nation’s IT capabilities. This prestigious recognition highlights Pakistan’s commitment to innovation and collaboration, with numerous companies forging key partnerships and signing MoUs with international tech leaders. Such collaborations are crucial for opening new markets and driving economic growth. The success at GITEX is expected to significantly boost Pakistan's IT industry and contribute to the national economy. #TechDestination #GITEX2024 #PakistanIT #Innovation #GlobalTechHub

The Senate has recently passed the 26th Constitutional Amendment Bill, 2024, establishing a deadline of January 1, 2028, for the abolition of Riba (interest-based banking) in Pakistan. This provision was included at the suggestion of the Jamiat Ulema-e-Islam-Fazl (JUI-F), a regional political party led by Maulana Fazl-ur-Rehman, which posed challenges for the government during the bill's presentation. The amendment modifies clause (f) of Article 38 of the Constitution, which focuses on promoting social and economic well-being. The previous wording aimed to “eliminate Riba as early as possible,” but it has now been revised to state that this should be done “as far as practicable, by the 1st of January, 2028.” #ConstitutionalAmendment #Riba #InterestFreeBanking #PakistanSenate #EconomicReform

Pakistan’s Nooh Dastgir Butt showcased his extraordinary strength at the Commonwealth Powerlifting Championship, clinching the Equipped Class title following his success in the Classic category. His remarkable journey began with a gold medal in the squat event, where he lifted an impressive 340 kg. He continued to shine in the bench press, securing another gold with a lift of 210 kg, and capped off his stellar performance with a deadlift of 300 kg, earning a third gold medal. In total, Nooh Butt lifted 850 kg to secure the Equipped title. Earlier, he also excelled in the Classic Class, winning three gold medals and one bronze, solidifying his status as a top powerlifter. #NoohDastgirButt #Powerlifting #Commonwealth #Championship #Pakistan #GoldMedal