Bloom Pakistan

26 December 2024 News Highlights

Pakistan International Airlines (PIA) has announced plans to bolster its fleet by acquiring eight new aircraft in 2025, including wide-body Boeing 777s aimed at catering to long-haul routes. The announcement was made by PIA CEO Khurram Mushtaq during a meeting with the National Assembly Standing Committee on Aviation, held at Islamabad International Airport. The eight new aircraft, including Boeing 777s, will strengthen PIA’s capacity for long-haul operations. After a four-year suspension, PIA will resume its Europe operations with a direct flight to Paris on January 10, 2025, operating twice a week. #PIA #NewAircraft #NextYear #FY2025 https://lnkd.in/dgJ4ySq8

The National Electric Power Regulatory Authority (Nepra) has made significant amendments to its regulations, offering exemptions to renewable energy projects developed under the Inter-Governmental Commercial Transactions (IGCT) Act, 2022, as well as those committed under the Indicative Generation Capacity Expansion Plan (IGCEP) 2021. The amendments, which were approved by Nepra Chairman Waseem Mukhtar and Members Amina Ahmed and Maqsood Anwar Khan, are designed to streamline the process for foreign-backed renewable energy projects. Notably, the changes aim to support the 600MW solar project by Saudi company ACWA Power in Kot Addu, which is nearing completion under the IGCT framework. #NEPRA #Exemption #ForeignFunded #Renewable #EnergyProject https://lnkd.in/dSZ7Y_6p

The Sindh Government has been engaged in discussions with the Chinese automotive giant Yutong to establish a joint-venture assembly plant in Karachi, according to Sharjeel Inam Memon, the Sindh Minister for Information, Transport, and Mass Transit. Speaking at the 18th Build Asia International Conferences and Exhibition on Tuesday at the Expo Centre, Memon highlighted that this project would create significant employment opportunities for skilled workers in the province. In addition to the assembly plant, the Sindh government is also considering launching an electric vehicle (EV) cab scheme and the importation of 100 more buses to address the growing transportation needs of the province. The provincial government is making considerable efforts to boost economic activities in Sindh, particularly with a large-scale construction project in Karachi aimed at attracting foreign investors and overseas Pakistanis. #Sindh #Govt #Negotiates #ChineseGiant #Establish #BusAssembly #plant #Karachi https://lnkd.in/dq7aHJMg

In a Treasury Bills (T-Bills) auction held on Tuesday, the cut-off yields saw an increase of up to 22 basis points. According to data from the State Bank of Pakistan (SBP), the government raised Rs. 913 billion, falling short of the initial target of Rs. 1,200 billion. Total participation in the auction amounted to Rs. 1,694 billion. The cut-off yield for the three-month T-Bills increased by 22 basis points, reaching 11.9999%, the same rate observed on November 11. The six-month T-Bills remained unchanged at 11.99%, while the yield on the 12-month T-Bills rose by 7 basis points, reaching 12.2977% compared to 12.2999% in the previous auction. #Govt #Secures #TreasuryBills https://lnkd.in/dyf8DwMx

Bilawal Bhutto-Zardari, Chairman of the Pakistan Peoples Party (PPP), distanced himself from the government’s policies on internet governance and climate change during a speech at the convocation of the University of Sindh in Jamshoro on Monday. He advocated for a ‘bill of rights’ for the digital age and stressed the importance of revisiting the country’s development spending to address the growing challenges posed by climate change. In his address, Bhutto-Zardari emphasized the need to protect the rights of citizens in the digital age, particularly the youth. He argued that, much like the control of physical infrastructure in the past, the government now seeks to control digital resources, including bandwidth, optical fibre, and wireless internet. He pointed out that this attempt to control the internet reflected fears of the government that, if the youth harnessed the power of the internet, they would demand their rights. #Bilawal #BillOfRight #DigitalAge https://lnkd.in/dixHxTx5

Hockey has long been regarded as Pakistan’s national sport, with a rich history of success in international competitions. However, in recent years, the sport has faced significant challenges, leading to a decline in its popularity and performance. Despite the hurdles, there remains hope for a revival, driven by efforts to reignite passion for the game and restore its former glory. The primary challenges facing hockey in Pakistan include lack of investment, outdated infrastructure, and insufficient grassroots development. The team missed the 2024 Summer Olympics in Paris for the third time in a row. The last Olympic medal Pakistan won was in the 1992 Barcelona Games, and it has been forty years since they last won gold at the 1984 Summer Olympics in Los Angeles. #Hockey #Pakistan #Reviving #NationalGame https://lnkd.in/deDHxKTG

Pakistan and Coca-Cola İçecek (CCI) have joined hands in a bid to boost foreign investment and expand business opportunities within the country. This collaboration was the focal point of a recent meeting between Kareem Yahi, CEO of CCI, and Abdul Aleem Khan, the Federal Minister for Board of Investment, Privatization, and Communications. The discussion centred on various investment-related issues, with a particular emphasis on promoting business growth in Pakistan. Yahi expressed confidence in taking advantage of the opportunities available in the country, underlining Coca-Cola İçecek’s commitment to increasing its investment in Pakistan. #Pakistan #CCI #Partner #Boost #ForeignInvestment #BusinessGrowth https://lnkd.in/dG3WuBAD

Nissan Motor Co., Ltd. ("Nissan"), Honda Motor Co., Ltd. ("Honda"), and Mitsubishi Motors Corporation ("Mitsubishi Motors") have signed a memorandum of understanding (MOU) to explore the possibility of Mitsubishi Motors’ participation, involvement, and synergy sharing in relation to the business integration through the establishment of a joint holding company outlined in an MOU signed between Nissan and Honda. #Honda #Nissan #Mitsubishi #Mergingn #3rdLargest #Automakers

The Pakistani rupee (PKR) strengthened against the US Dollar (USD) in the interbank market today, closing at 278.47, marking a marginal appreciation of 0.03% or nine paisas The PKR traded within the 278-279 range throughout the session and remained stable against the greenback. In the open market, rates across currency counters hovered between 278 and 281 per USD. On a fiscal year-to-date basis, the PKR has seen a slight depreciation of 0.13%, reflecting relative stability in recent weeks. #Rebounds #USDollar #Euro #Pound #Australia #Dollar #Rupee https://lnkd.in/dSh_7SgV