Business

FBR finds money laundering in solar panel imports of Rs69.5 billion.

Published

3 weeks ago

Farwa

According to the comprehensive study by the Federal Bureau of Investigation, two significant corporations were involved in the purported outflow of an astounding amount of Rs72.83 billion from Pakistan.

The firms in issue reportedly imported solar panels from China, with noticeably inflated amounts shown on the official invoices. There are concerns about possible illegal financial activity after the money from these transactions was allegedly transferred to accounts in Singapore and the United Arab Emirates.

63 shipments had over-invoiced amounts, purportedly on behalf of importers, according to the probe. For each of these importing companies, a first information report has been registered. These businesses reportedly brought in solar panels valued at Rs. 72.83 billion, which they then sold for Rs. 45.61 billion.

The offices of these two companies, which were meant to be housed in the same building in Peshawar, were nonexistent, as the FBR’s investigating team shockingly discovered. Even more confusing the trail of the illegal activities were the fictitious addresses utilized for official papers.

Concerns were also raised by the income tax records of these corporations, which showed that the entities were fraudulent and had successfully embezzled Rs. 20.4 billion illegally. Against the two import companies concerned, formal complaints have been filed in response to these results.

Nonetheless, a few days ago, in Ahmedpur Sial tehsil of Jhang, a huge fraud scheme worth billions of rupees was discovered. Here, gullible residents and business owners were duped into falling for a gigantic solar panel scam.

Particularly for individuals who invested in solar energy solutions to offset their skyrocketing electricity bills, the scandal resulted in significant financial losses.

The scam, which has reportedly cost between Rs2 and Rs2.5 billion in Ahmedpur Sial alone, has severely damaged the afflicted residents, who say it has hurt them greatly. According to the victims, there may have been as much as Rs14–15 billion in fraud committed in Punjab overall.

Claiming to have started trading in solar energy after receiving large electricity bills, traders collected advance payments from customers without receiving any material. As the primary suspect in the scheme fled, the situation became even more grave for the local investors and store owners.

Today, Ahmedpur Sial’s business community is fighting to survive since their investments are gone and no items are being provided. One storekeeper bemoaned, “It has become difficult for us to continue our business,” and bemoaned the lack of attention paid to their predicament.

The chief minister of Punjab is currently being urged by the victims to act quickly. A high-level committee to look into the scam in detail and make sure the perpetrators are apprehended right away has been urged. Parties impacted expect that this will result in the return of their stolen money and the prosecution of those responsible.

Business

Report: Solar is expected to set new records this year.

Published

8 hours ago

Farwa

In 2023, there was an expected 87% increase in growth. This year’s increase is 29% over the previous one, according to the research.

The cheapest source of electricity globally is solar power, and as such, it is expanding quicker than many anticipated, according to Euan Graham, an Ember electricity data analyst.

Ember estimates demonstrate the rapid growth of solar energy: in 2024 alone, new solar capacity will surpass the 540 GW of additional coal power added globally since 2010.

Expected to add 334 GW, or 56 percent of the global total in 2024, China continues to lead the globe in this industry.

According to the survey, it is followed by the US, India, Germany, and Brazil. These five nations will account for 75% of the new solar capacity in 2024.

According to the research, maintaining the sector’s growth required grid capacity and battery storage.

“Providing enough grid capacity and developing battery storage is critical for handling electricity distribution and supporting solar outside of peak sunlight hours as solar becomes more inexpensive and accessible,” the statement stated.

“Solar power might continue to surpass forecasts for the remainder of the decade if these issues are resolved and development is sustained.”

Business

The PSX has resumed operations, achieving a gain of 970 points.

Published

1 day ago

Farwa

The optimistic close at the PSX was propelled by rumors preceding the International Monetary Fund (IMF) executive board meeting on September 25, at which the approval of a $7 billion Extended Fund Facility (EFF) is expected, stated Ahsan Mehanti of Arif Habib Commodities.

Strong economic indicators, such as increasing remittances, escalating exports, and a declining trade deficit, further bolstered investor confidence. Furthermore, the Asian Development Bank’s (ADB) commitment to a $2 billion yearly concessional loan until 2027, along with a robust rupee, significantly contributed to the market’s favorable performance, he stated.

Widespread purchasing at the PSX was noted among blue-chip stocks, with major players like Mari Petroleum (MARI), Engro Fertilizers (EFERT), United Bank Limited (UBL), Meezan Bank Limited (MEBL), and Fauji Fertilizer Company (FFC) recording substantial increases. According to Topline Securities, these stocks collectively resulted in a significant 682-point increase in the index.

Pioneer Cement Limited (PIOC) announced its fiscal year 2024 results, revealing a profits per share (EPS) of Rs 22.79 and a cash dividend of Rs 10 per share. This announcement contributed to the favorable sentiment in the market.

Trading volume surpassed 400.2 million shares, resulting in a total turnover of Rs15.9 billion. Worldcall Telecom Limited (WTL) topped the volume chart, transacting more than 32.2 million shares.

The Large Scale Manufacturing Index (LSMI) demonstrated a year-on-year (YoY) gain of 2.4% in July 2024. This expansion was propelled by multiple critical areas.

Tobacco experienced a significant increase of 90.2%, establishing it as the foremost contributor to the LSMI growth. Conversely, the automotive sector witnessed a substantial increase of 72.0%, indicating robust demand and output.

The transport equipment category experienced an 11.7% increase, signifying robust growth in the manufacturing of transport-related machinery and equipment. The other manufacturing sector experienced a gain of 10.7%, positively impacting the overall LSMI.

Nevertheless, not all industries exhibited strong performance. The leading decliner was the fabricated metal sector, which experienced an 18.4% decrease, signifying a contraction in metal product manufacturing. The electrical equipment industry experienced a substantial decline of 19.4%, indicative of reduced output levels.

In July 2024, the LSMI decreased by 2.1% on a month-on-month (MoM) basis. This fall signifies a minor contraction in manufacturing operations relative to the preceding month, although the favorable year-on-year growth.

Business

As of August 2024, Pakistan’s current account is in surplus.

Published

1 day ago

Farwa

Pakistan’s current account deficit was $161 million as of August 2023, according to figures from the central bank.

The current account deficit for the months of July and August of this year was $171 million, compared to $939 million for the same time in the previous fiscal year.

According to experts, the 40% rise in remittances is the primary cause of the current account surplus.

August saw US$ 2.9 billion in offshore remittances to Pakistan, according to experts.

Comparing July of this year to July of last year, total exports increased by 11.3% YoY to $3.01 billion. In contrast to the $3.08 billion in exports the month before, it decreased by 2.2%.

Compared to the $4.99 billion in imports recorded in July of previous year, total imports increased 12.2% YoY to $5.6 billion. Imports decreased by 1.3% over the previous month.