City Karachi Financial News

Pakistan's cash-strapped national carrier has grounded 11 aircraft, including three of its Boeing 777s, due to unavailability of funds to carry out replacement of parts. An official in the Pakis-tan International Airlines (PIA) said the top management has grounded 11 planes in the last three years as there was a financial crisis prevailing in the airline and the increase in dollar rates and petroleum products had not helped the situation. The official, who didn't want to disclose his name, said that 11 out of 31 aircraft operated by the PIA on international and domestic routes were grounded at the Karachi and Islamabad airports. «The financial crisis has meant the airlines are not in a position to purchase spare parts since last year leading to the grounding of these aircraft gradually,» he disclosed. The previous government led by Shahbaz Sharif had appointed a new MD in PIA and unveiled its plans to privatise the national airline, an announcement which has been met with fierce resistance from the various unions in the airline. Some of the unions have gone on a strike and the official said this had not helped matters as well. Two of the three wide-body Boeing 777 aircraft were grounded in 2020 and one in 2021.

Chinese citizens employed in various projects in Pakistan have been facing the ire of Baloch rebel groups for the last few years in the backdrop of severe exploitation of locals in Balochistan. Chinese development and associated infrastructure projects are leading to significant displacement of the Baloch people from their native villages.

Imran Khan, seeking bail in connection with the First Information Reports (FIRs) registered against him over violent protests, Dawn reported. On Tuesday, the Anti-Terrorism Court (ATC) of Islamabad dismissed three bail petitions and Additional District and Sessions Judge (ADSJ) Mohammad Sohail rejected six petitions seeking pre-arrest bail for Khan.

Pakistan has suspended import of Russian oil after two consignments on the grounds of “quality of crude”. The Pakistan government has blamed the quality of Russian crude for its decision even as Russian oil continues to top Indian energy imports. Refineries in Pakistan have refused to process Russian oil, as less petrol was being produced from it with 20 per cent more furnace oil compared to the Arabian crude, ET has learnt.

Associated Press reported on Sunday. The report said that Pakistan security agencies have confirmed an attack on a convoy carrying Chinese engineers, but there was no confirmation from the officials in the Pakistan government. "BLA Majeed Brigade today targeted a convoy of Chinese engineers in Gwadar.

Karachi Bakery. Founded in 1953, this bakery sits at the heart of Moazzam Jahi Market of Hyderabad. It sees thousands of customers at its doors every day who come to savour the delicacies brought by the businessman from Sindh, Khanchand Ramnani.

Some of the derailed cars on the Hazara Express train overturned in the crash near the town of Nawabshah, senior railway officer Mahmoodur Rehman Lakho said. The train was going from Karachi to Rawalpindi when the 10 cars went off the tracks near the Sarhari railway station. The derailed cars sprawled across or near the tracks in the flat, rural landscape.

At least 15 persons were killed and more than 50 were injured after a passenger train derailed in Pakistan's Sindh on Sunday. The passenger train, Hazara Express, was on its way to Rawalpindi from Karachi when the accident took place near the Sarhari Railway Station in Nawabshah area.

Pakistan cricket lost one of its most controversial, colourful and strong administrators when the indomitable Ijaz Butt passed away in his hometown, Lahore, due to health issues. The history of Pakistan cricket will remain incomplete without discussing the tenure of Butt, who passed away on Wednesday, aged 85. He played eight Tests for Pakistan and held several key administrative positions.

Pakistan's plan to import future shipments of Russian crude oil under a government-to-government (G2G) mechanism has hit a roadblock as Moscow is frustrated with the delay by Islamabad in setting up a Special Purpose Vehicle (SPV) to handle the payments and shipments. A Russian delegation visited Karachi last week to discuss the quality and pricing of its Ural grade crude oil, but was not satisfied with the progress made by Islamabad in creating the SPV, ET has learnt.

Pakistan has decided to dispatch a fresh arms consignment to Kiev coinciding with Ukrainian foreign minister Dmytro Kuleba's «emergency visit to Islamabad» this week amid depleting stockpiles slowing down the counteroffensive against Russia. ET has learnt that a merchant vessel has been berthed at the Karachi Port since last week to load nearly 200 containers of defence stores by Pakistan Ordnance Factories.

forex reserves, according to a report published by Dawn quoting sources.  Finance Minister Ishaq Dar has convened multiple meetings of the committee formed to engage foreign operators for outsourcing. He told the stakeholders to finalize formalities to outsource the operations of Islamabad International Airport (IIA) by August 12.  On Saturday, Dar chaired a meeting of the steering committee for assessing the progress of airport operations outsourcing.

Mari Mata Temple was demolished in Karachi, another Hindu temple in Pakistan became the target of vandalism. A group of assailants attacked a Hindu temple with “rocket launchers" in Sindh’s Kashmore during the early hours of Sunday. The 150-year-old Mari Mata Temple located in Karachi’s Soldier Bazaar was demolished on Saturday.

Kashmore during the early hours of Sunday. This is the second such incident of vandalism of a Hindu place of worship in less than 24 hours. The first incident took place in Karachi when the Hindu community on Saturday woke up to find the old Mari Mata Temple Soldier Bazaar had been razed to the ground, the Dawn reported.

Today, Google Doodle commemorates the birthday of Zarina Hashmi, an influential Indian American artist who would have turned 86 today. The doodle, designed by guest illustrator Tara Anand from New York, pays homage to Hashmi's artistic style by incorporating her signature geometric and minimalist abstract shapes. As per media reports, Hashmi was known for her remarkable sculptures, prints, and drawings.

earning a meagre score of 20, indicating that little progress has been made in this area over the past year. Other scores include 50 for healthcare, 38.7 for culture and environment, 75 for education and 51.8 for infrastructure. Karachi's history on the EIU's index has not been promising either.

Reuters. Though the resolution was opposed by the United States and the European Union who opined that it would conflict with their view on human rights and freedom of expression.

A contractual employee working with the Finance Ministry has been arrested for leaking confidential data. According to the police a case has been registered against the Ghaziabad resident for allegedly possessing and passing on official secrets to a contact in lieu of money. He was arrested around 7 pm on Monday following a tip off and has since been charged under the Official Secrets Act and the IT Act.

Sachin Meena and Pakistan's Seema Haider are set to embark on a new journey. On Friday, a court in Uttar Pradesh granted bail to both of them and also ordered that as long as the case continues, Seema will not change her residence and can live with Sachin. Seema Haider, a Pakistan national, was earlier arrested on July 4 for illegally crossing over into India with her four children through Nepal.

Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives.