Mr. Muhammad Ali has taken charge as the caretaker Minister for Energy, Power & Petroleum.
Mr. Muhammad Ali has over 30 years of domestic and international work experience in the public and private sectors, including as Chairman of the Securities and Exchange Commission of Pakistan. He also chaired the Committee on Power Sector Audit, Circular Debt Resolution and Future Roadmap which prepared a detailed report for reforming Pakistan’s power sector, and was member of the negotiation team which successfully negotiated revised power tariff and signed the MoUs with private power producers.
Mr. Ali is founder of some of the leading companies in Pakistan including Inbox Business Technologies, Converge Technologies, Elixir Securities and Al-Shaheer Corporation (Meat One is the consumer brand). He has also worked and set up firms in the USA, Canada and UAE, and served on Boards of leading Pakistani corporates, stock exchange, credit rating agency, Federal Board of Revenues’ Tax Advisory Group and Government of Pakistan’s Economic Coordination Committee of the Cabinet. He also Chaired the Committee on Power Sector Audit, Circular Debt Resolution and Future Roadmap which prepared a detailed report for reforming Pakistan’s power sector, and was member of the negotiation team which successfully negotiated revised power tariff and signed the MoUs with private power producers.
From 2011-2013, Ali served as the Chairman of the Securities and Exchange Commission of Pakistan (SECP), the apex regulator for the corporate, insurance and financial sector of the country other than banking, where he successfully revamped the capital market and corporate governance landscape of Pakistan by ensuring successful passage and implementation of various laws through the country’s Parliament. He is credited with the development of a revised and fully automated capital gains tax regime in capital markets. In 2019, the Government of Pakistan tasked Ali to head a Committee to undertake a detailed audit of the power sector of Pakistan, consequent to which he also helped in the successful re-negotiation of power purchase agreements between the Government and the Independent Power Producers, which is expected to lead to substantial savings of public money and lowered power tariffs in the country.
Ali is an MBA from IBA, University of Karachi, LLM from University of Toronto and a Mid-Career MPA from the Harvard Kennedy School of Government.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|