IDEAS 2024: A Strategic Alliance Between Defense R&D and Civilian Innovation
KARACHI, November 20 2024: Around the globe, governments have historically driven innovation ecosystems, often using…
Spotify Reports Remarkable Q3 2024 Growth with 19% Revenue Surge and Expanding User
KARACHI, November 13 2024: Spotify, the world’s leading audio streaming subscription service, announced another robust quarter with its Q3 2024 earnings report, underscoring the platform’s global appeal and solidifying its position as the most widely used streaming service worldwide. For the quarter ending in September, Spotify reported an impressive 111% increase year-over-year in monthly active…
Experts Warn: Sleep Deprivation a Hidden Culprit in Many Diseases and Mental Disorders
KARACHI, November 13 2024: In an enlightening session at Dow International Medical College titled “Reviews of Sleep Medicine,” medical experts underscored the detrimental impacts of sleep deprivation on mental and physical health. Led by Dr. Mansoor Ahmed, a Principal Investigator at ClinRè, USA, and former Director of the Cleveland Sleep and Research Center, the session…
Meezan Bank and CashNow Set New Standards in Islamic Supply Chain Finance
KARACHI, November 13, 2024: Meezan Bank, Pakistan’s premier Islamic bank, has partnered with CashNow, the country’s leading supply chain finance platform, to introduce an innovative Shariah-compliant digital supply chain finance solution. The collaboration was formalized through a Memorandum of Understanding (MoU) signed at Meezan Bank’s Head Office, and attended by senior representatives from both organizations….
SECP Reports Robust Growth with the Registration of 2,477 New Companies
ISLAMABAD, November 13, 2024: The Securities and Exchange Commission of Pakistan (SECP) has reported the registration of 2,477 new companies in October 2024, raising the total number of companies in Pakistan to 233,587. This substantial growth highlights rising confidence in Pakistan’s corporate sector and a positive trend in its expansion. Continuing its focus on digitization,…
Fauji Foundation Halts Acquisition Plans for Agha Steel
ISLAMABAD, November 12 2024: In a significant development within Pakistan’s industrial sector, the Fauji Foundation has decided to withdraw from its proposed acquisition of a controlling stake in Agha Steel Industries Limited. The announcement, made to the Pakistan Stock Exchange (PSX) on Tuesday, cited inconclusive negotiations with sellers as the primary reason for the decision….
Standard Chartered Bank Pakistan Enhances Airline Industry Efficiency
KARACHI, November 12 2024: Standard Chartered Bank (SCB) Pakistan has made a significant stride in the financial and travel sectors by launching a customized IATA EASY PAY solution tailored specifically for Pakistan’s market. This innovative solution aims to simplify the billing and settlement process for IATA (International Air Transport Association) Agents, transforming how airline tickets…
Aga Khan University Hospital Launches Pakistan’s First Locally Made 3D-Printed Bone Implants
KARACHI, November 12 2024: The Aga Khan University Hospital (AKUH) has made a groundbreaking advancement in healthcare by introducing 3D-printed PEEK implants, a high-performance, customized bone replacement option now accessible in Pakistan. Designed and manufactured in-house by AKUH experts, these implants mark a transformative step towards enhancing healthcare quality, affordability, and accessibility for patients needing…
Lucky Cement Limited Corporate Briefing Key Takeaways
KARACHI, November 12 2024: Lucky Cement Ltd (LUCK) held a corporate briefing, sharing insights into its current performance and future strategies. Here are the main takeaways: This update reflects Lucky Cement’s ongoing strategies and outlook for growth amidst challenging market conditions. The company’s focus on diverse income streams and efficient operations, particularly in energy, highlights…
Abhi and TPL Corp Secure Approval to Acquire FINCA Microfinance Bank
Karachi, Pakistan – 12th November 2024: Abhi Private Limited and TPL Corp Limited have received the State Bank of Pakistan’s approval for a joint acquisition of FINCA Microfinance Bank Limited, marking a milestone in financial inclusion efforts across the country. This alliance leverages FINCA’s extensive microfinance expertise, Abhi’s cutting-edge digital financial solutions, and TPL Corp’s…
Pak-Qatar Asset Management Company Limited Declares Monthly Dividend for Pak-Qatar
Karachi, 12 November 2024: Pak-Qatar Asset Management Company Limited (PQAMC), a premier Shariah-compliant asset management firm and part of Pakistan’s pioneering Islamic finance group, has announced a dividend of PKR 1.9730 per unit for its Pak-Qatar Monthly Income Plan (PQMIP) for October 2024. This distribution reflects an impressive annualized return of 20.97% YTD, as of…
BankIslami Sets New Standards with Launch of Secure and Accessible Mobile Banking App
Karachi, 12 November 2024: In a significant move for digital banking in Pakistan, BankIslami has launched a revamped mobile app that combines advanced security features with user-friendly functionality, marking a new era in secure and accessible banking for customers nationwide. This redesigned app offers a comprehensive suite of banking services, designed to empower users to…
Pakistan Railways Faces Major Security Crisis as Faulty Equipment Puts Passengers at Risk
LAHORE, November 12 2024: A recent expose has uncovered serious security lapses within Pakistan Railways, putting the lives and safety of millions of passengers at risk. Security cameras, baggage scanners, and other crucial equipment, valued in the millions of rupees, are either outdated, broken, or non-functional, leaving railway stations across the country vulnerable to criminal…
Pakistan Issues Over 3,000 Visas for Sikh Pilgrims to Celebrate Baba Guru Nanak’s Birthday
NEW DELHI, November 11 2024: The Pakistan High Commission in New Delhi announced on Sunday that it has issued more than 3,000 visas to Sikh pilgrims from India, enabling them to participate in the birthday celebrations of Baba Guru Nanak, the founder of Sikhism, in Pakistan from November 14 to 23, 2024. The announcement follows…
Pakistan Autos – Car sales rose by 27% MoM to 13K units in Oct 2024
KARACHI, November 11 2024: Car sales in Pakistan clocked in at 13,108 units in Oct 2024, reflecting a 112% YoY and 27% MoM increase in sales, as reported by PAMA. This takes 4MFY25 sales to 40,693 units a 50% YoY rise from 27,162 units in 4MFY24. This increase is primarily driven by improved auto financing…
Sehat Kahani and Jubilee Life Insurance signed an agreement to extend OPD services
KARACHI, November 11th, 2024: Jubilee Life Insurance, Pakistan’s leading private-sector life insurance company, has expanded its partnership with Sehat Kahani, the nation’s leading telemedicine platform, to introduce outpatient department (OPD) claims management services. This enhancement significantly broadens the range of benefits available to Jubilee Life Insurance policyholders, who can now enjoy streamlined access to OPD…
SECP defers implementation of expected credit loss model of IFRS 9 for circular debt
ISLAMABAD, November 11, 2024: The Securities and Exchange Commission of Pakistan (SECP) has announced a temporary deferment of the Expected Credit Losses (ECL) Model, under International Financial Reporting Standard (IFRS)-9 ‘Financial Instruments’, for companies holding financial assets directly or indirectly owed by the Government of Pakistan in connection with inter-corporate circular debt. This deferment extends…
Government’s Push to Cut Power Costs: A Double-Edged Sword?
KARACHI, November 11 2024: In a recent briefing to the Senate Standing Committee on Power, an update on the government’s negotiations with Independent Power Producers (IPPs) took centre stage. The co-chair of the Energy Task Force announced the potential for major savings an estimated Rs300 billion annually which could translate to a reduction of Rs2-3…
ATRL’s Refinery Overhaul to Save PKR 15 Billion Annually as Upgrades Begin
KARACHI, November 09 2024: Attock Refinery Limited (ATRL) conducted a corporate briefing session on November 8th, 2024, to discuss the company’s FY24 financial results and its outlook for the future. Below are the key highlights from the session: These developments reflect ATRL’s ongoing efforts to enhance its operational efficiency, resolve industry challenges, and capitalize on…
Pakistan Requests China to Reschedule $3.4 Billion Debt Amid IMF Program
ISLAMABAD, November 09 2024: Pakistan has formally requested China to reschedule an additional $3.4 billion worth of official and guaranteed debt for two years. This debt, which is due for repayment during the International Monetary Fund (IMF) program period, is pivotal to Pakistan’s ongoing financial stabilization efforts. Government sources, speaking to The Express Tribune, emphasized…
KCCI Chief Strongly Opposes Affidavit Requirement for Sales Tax Returns
KARACHI, November 09 2024: President Karachi Chamber of Commerce and Industry (KCCI) Muhammad Jawed Bilwani, while vehemently condemning the reinstatement of the requirement to file an affidavit with sales tax returns, demanded that the authorities must suspend the affidavit requirement immediately until comprehensive consultations are conducted and effective alternative measures are established. President KCCI stated…
U.S. businesses reaffirm commitment to Chinese market
SHANGAI, November 08 2024: At the seventh China International Import Expo (CIIE), U.S. companies in the American Food & Agriculture Pavilion quickly made their mark, securing deals worth about $600 million within the first hour. With over 240 square meters of exhibits from major brands like General Mills, Johnson & Johnson, and Ford, American exhibitors…
Sindh Home Minister Vows to Eliminate Land Mafia and Kidnappers, Ensures Support for ABAD
KARACHI, November 8, 2024: Provincial Minister for Home and Parliamentary Affairs Sindh Ziaul Hassan Lanjhar assured the office bearers of the Association of Builders and Developers (ABAD) of the complete elimination of land mafias and short-term kidnappers from the province. He emphasized that the construction sector is the backbone of the national economy, and praised…
Meezan Bank Partners with Trifit Gym to Offer Premium Cardholders Unmatched Fitness Discounts
KARACHI, 8th November 2024: Meezan Bank, Pakistan’s leading Islamic bank, has recently entered into an exclusive partnership with Trifit Gym, a world-class fitness club in Karachi and Islamabad, to offer its premium cardholders a significant discount on fitness packages. Through this collaboration, Meezan Bank’s Premium Cardholders will be able to enjoy up to 50 per…
Governor SBP Stresses the Need for Increasing Credit Allocationto Climate-Resilient Projects
KARACHI, November 08 2024: The Governor of the State Bank of Pakistan (SBP) emphasized the need to substantially increase credit allocation to projects that enhance climate resilience and promote environmentally sustainable growth. “It is essential that we leverage our financial sector’s potential to align with the global shift toward sustainability, thereby contributing to both our…
Dawlance unveils ‘Prima Line’ and ‘D’Solar Line’ at Dealers Convention 2024
LAHORE, November 07 2024: At the Dealers Convention 2024, Dawlance, Pakistan’s leading home appliance manufacturer, proudly launched two groundbreaking product lines, the Dawlance Prima Line and the D’Solar Line. These new offerings are designed to meet the unique needs of Pakistani consumers, addressing both modern lifestyle aspirations and the pressing energy challenges facing the country. The…
Pakistan Sees 350,000 Stroke Cases Annually, Experts Urge Preventive Measures
KARACHI, November 07 204: Stroke neurologists report that approximately 350,000 people in Pakistan suffer a stroke each year, with a high mortality rate of around 40%. This data, shared during an awareness walk for World Stroke Day, highlights the prevalence and severity of strokes in Pakistan. The walk, organized by Dow University, was led by…
Mobilink Bank honoured with multiple awards at VEON Ignite 2024
ISLAMABAD, November 07 2024: Mobilink Bank, Pakistan’s leading digital microfinance institution, was celebrated with multiple prestigious awards at VEON Ignite 2024. This annual gathering brings together over 200 global leaders from VEON’s extensive network, focusing on driving digital innovation and future strategies. Mobilink Bank’s accomplishments in digital financial services, community investment, and Diversity, Equity, and…
LUMS and Lahore Biennale Unite for Climate Change Awareness in Pakistan
LAHORE, November 07 2024: As Pakistan grapples with escalating environmental challenges, Lahore University of Management Sciences (LUMS) has partnered with the Lahore Biennale’s Climate Congress to host a series of thought-provoking events centred around climate awareness and advocacy. Taking place from November 6-8, 2024, this collaboration seeks to inspire a collective response to pressing ecological…
SECP’s Startup Summit 2024 to Boost Pakistan’s Startup Ecosystem
KARACHI, November 07, 2024: The Securities and Exchange Commission of Pakistan (SECP) held a press briefing today, at its Karachi Office in Islamabad on the upcoming Pakistan Start-up Summit. The event, scheduled for November 11th and 12th, 2024, at the Pearl Continental Hotel in Karachi, promises to be a transformative platform for Pakistan’s entrepreneurial ecosystem….
Emirates Group Hits Record Half-Year Profits Amid Strong Global Demand
KARACHI, November 07 2024: The Emirates Group has reported its highest-ever half-year profit, with profit before tax reaching AED 10.4 billion (US$ 2.8 billion) for the first six months of the 2024-25 financial year, marking a 1% increase from the same period last year. Despite the recent implementation of a 9% corporate tax in the…
Jazz’s Garaj Partners with Standard Chartered Bank to Establish Regional Availability Zone
KARACHI, November 07, 2024: Garaj, Pakistan’s leading cloud services and cybersecurity solutions provider by Jazz, has partnered with Standard Chartered Bank to create a regional availability zone in Pakistan. This strategic initiative will enhance Standard Chartered’s operational resilience and customer experience across multiple countries, reinforcing its commitment to digital transformation and streamlined global data centre…
BankIslami’s Vision of ‘Saving Humanity from Riba’ Resonates with Pakistan’s Diverse Communities
KARACHI, November 06 2024: BankIslami, a leading Islamic financial institution in Pakistan, has launched a significant initiative to promote its riba-free (interest-free) banking services to individuals of diverse backgrounds and faiths underscoring the bank’s commitment to ethical and inclusive banking practices. Riba, or interest, is prohibited in many religions due to its perceived unjust nature….
Chinese premier pledges further opening up at import expo
SHANGHAI, November 06 2024: Chinese Premier Li Qiang on Tuesday pledged to further expand opening up and turn China’s vast market into great opportunities for the world.Li made the remarks during his keynote speech at the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai.Hosting the…
A Milestone for Jiu-Jitsu in Pakistan
KARACHI, November 06 2024: The recent MOU signing ceremony at the Sindh Governor’s House in Karachi for the Pakistan UAE Jiu-Jitsu Friendship Cup is a momentous event that marks a new chapter in the development of Jiu-Jitsu in Pakistan. This collaboration between Pakistan and the UAE is not just a celebration of sportsmanship, but a…
Jam Kamal Khan’s Vision Leads to Export Milestone
ISLAMABAD, November 06 2024: Demonstrating the effectiveness of strategic leadership in enhancing Pakistan’s export portfolio, Federal Minister for Commerce Jam Kamal Khan has overseen a significant breakthrough with the export of the first consignment of Sider honey from Tarnab, Khyber Pakhtunkhwa, to Malaysia. The achievement of this milestone is a direct result of the minister’s…
Winter Package with Power Tariff at Rs. 20 per Unit Essential for Export Competitiveness
KARACHI, November 6, 2024: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called on the government to announce a comprehensive, multi-sectoral winter package for trade and industry to address the growing challenges facing industrial production in Pakistan. He emphasized that the country’s export-oriented industries require urgent facilitation,…
Pak-Qatar Group and Sybrid Private Limited Join Hands to Introduce 24/7 Contact Center Services
Karachi, 06 November 2024: Pak-Qatar Group (PQG), a leading Islamic financial services group in Pakistan, is pleased to announce a strategic partnership with Sybrid Private Limited to enhance customer experience across its subsidiaries. PQG continues to uphold its vision of enhancing a customer-centric approach through improved customer experience, implementation of technology in service processes, and…
SBP Grants In-Principle and Pilot Approvals to EMIs and PSOs/PSPs
KARACHI, November 05 2024: In a significant move to boost the digital financial ecosystem in Pakistan, the State Bank of Pakistan (SBP) has granted in-principle approval to M/s Toko Lab Private Limited and M/s Accept Technologies Private Limited (trading as PayMob) for establishing an Electronic Money Institution (EMI) and a Payment System Operator (PSO)/Payment Service…
IBA Karachi Launches Third Edition of Social Sciences Winter School
KARACHI, November 05 2024: The Institute of Business Administration (IBA), Karachi, in collaboration with the Centre for South Asian and Himalayan Studies (CESAH, CNRS-EHESS), launched the Third Edition of its Social Sciences Winter School today, a multidisciplinary initiative designed to encourage fresh perspectives on societal issues through the lens of image, film, and sound. Running…
Daraz gears up for 11.11 with unmatched discounts
KARACHI, November 05, 2024:Pakistan’s leading e-commerce platform Daraz is all set to kickstart its annual 11.11 shopping festival, the ‘Biggest Sale of the Year’, taking place from November 11 to November 21. Known for its exceptional discounts and exclusive promotions, this year’s 11.11 sale promises Pakistanis the lowest prices of the year across a wide…
Pakistan Macro Outlook
KARACHI, November 05 2024: The recent 250 basis point (bps) policy rate cut by Pakistan’s central bank, bringing the rate to 15%, marks a significant shift in the country’s economic strategy. This move, which goes beyond the market’s anticipated 120-150 bps reduction, aims to ease the government’s borrowing costs and is expected to have far-reaching…
Hub Chamber President Urges 4% Interest Rate Cut to Stimulate Economic Growth
KARACHI, November 05 2024: The President of the Hub Chamber of Commerce and Industry, Mr. Yakoob H. Karim, has expressed his approval of the State Bank of Pakistan’s recent decision to reduce the interest rate by 2.5% (250 basis points). However, he emphasized that while this move is a step in the right direction, it…
Meezan Bank Inks Agreement to Join the International Islamic Trade Finance Corporation
Karachi, November 05 2024: Meezan Bank, Pakistan’s leading Islamic bank has signed a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, under the ITFC Letter of Credit (LC) Confirmation product. This product facilitates trade flow by allowing exporters and issuing banks to gain…
FPCCI Proposes Amendments in Petroleum Act 1934
KARACHI, November 04 2024: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at the Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, and storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material…
Uzbek-Pakistani Business Forum: Fostering Trade and Economic Collaboration
Tashkent, November 4, 2024: Complementing the 9th Intergovernmental Commission meeting on Economic Cooperation between Uzbekistan and Pakistan, an engaging Uzbek-Pakistani Business Forum was held in Tashkent. This forum served as a dynamic platform for strengthening bilateral economic partnerships and facilitating business-to-business (B2B) interactions. The forum witnessed robust participation, with 25 Pakistani companies from diverse sectors…
FBR Hikes Sales Tax on Tea to 18% Amid Revenue Boost Efforts
ISLAMABAD: The Federal Board of Revenue (FBR) has announced a 1% increase in the sales tax on tea, raising it from 17% to 18% on both locally produced and imported tea. This decision, made during a recent Economic Coordination Committee (ECC) meeting, aligns with the government’s ongoing efforts to address fiscal challenges and expand revenue…
SI Global Solutions becomes first Pakistani company to get membership of IALA
KARACHI: SI Global Solutions, a leading maritime and fastest-growing ICT system integrator and consultancy company, has become the first Pakistani company to receive membership in the International Association of Lighthouse Authorities (IALA). This prestigious recognition solidifies SI Global Solutions’ commitment to excellence for the safety of our ports and harbours domain and positions Pakistan on…
MPC Takes Bold Step with Rate Cut to Boost Growth
KARACHI, November 04 2024: In the meeting, the Monetary Policy Committee (MPC) decided to reduce the policy rate by 250 basis points to 15 per cent, effective from November 5, 2024. The Committee observed a faster-than-expected decline in inflation, reaching close to the medium-term target in October. The tight monetary policy stance has been pivotal…
Pakistan’s Cotton Import Bill Projected to Surge 3.9 Times
KARACHI, November 04 2024: At the end of October 31, 2024, Pakistan’s cotton arrivals had significantly declined, dropping 37% year-over-year to 4.3 million bales, down from 6.8 million bales during the same period last year. This decline, which improved slightly from a 48% decrease noted earlier in the month, is primarily attributed to poor farmer…
Dr. Jacqueline d’Arros Hughes: A New Chapter for the World Agriculture Forum
KARACHI, November 03 2024: Dr Jacqueline d’Arros Hughes, the outgoing Director General of the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), is set to take the helm as Secretary General of the World Agriculture Forum (WAF) in mid-November 2024. With an extensive career spanning over 30 years in agricultural research for development, Dr…
Empowering Tharparkar through Livelihoods & Skills Development
SINDH, November 03 2024: Tharparkar is experiencing a transformative journey that distinguishes it from other regions of Sindh, marked by notable progress in human development and economic prosperity aimed at uplifting the area. The lives of Thar’s residents are witnessing improvement as investments in Thar Coal projects have generated thousands of job opportunities. This has…
12th IDEAS exhibition at karachi expo centre this month
Karachi, November 02, 2024: The 12th edition of IDEAS-2024 is scheduled to be held at the Karachi Expo Centre. IDEAS is a biannual event & the last exhibition was held in 2022. The four days exhibition will include several activities and events including an impressive inauguration ceremony, an International Seminar on topics related to defence…
Saudi Airlines Expands Operations, Boosting Connectivity for Pakistani Expatriates
KARACHI, November 1 2024: The role of Pakistani expatriates in the growth of Saudi Airlines has become increasingly significant, promising enhanced flight services and improved connectivity between Saudi Arabia and Pakistan. This development is particularly important as it can facilitate easier travel for Pakistani nationals, tourists, and pilgrims, further solidifying the ties between the two…
Government Clarifies Dnata’s Position in PIA Privatization Process
ISLAMABAD, November 1 2024: In response to growing speculation and misinformation circulating on social media regarding the participation of Dnata (Emirates) in the privatization of Pakistan International Airlines (PIA), the Government of Pakistan’s Ministry of Privatisation has issued a clarification today. The statement addresses claims suggesting that Dnata was barred from qualifying for the privatization…
UBL Moves to Strengthen Market Position with Silkbank Amalgamation Proposal
Karachi, November 1, 2024: United Bank Limited (UBL) has officially submitted an offer to amalgamate Silkbank Limited with itself, as part of a strategic initiative aimed at enhancing its market presence and operational efficiency. The proposed amalgamation will be executed under a scheme to be filed with and sanctioned by the State Bank of Pakistan…
Minister Energy Syed Nasir Shah took important decisions Sindh Coal Authority meeting
KARACHI, November 1 2024: Sindh Energy Minister Syed Nasir Hussain Shah has said that the TharLodges managed by the Sindh Coal Authority will be outsourced for the quality and best accommodation and food facilities for local and foreign investors in Thar However, its ownership will remain with the Sindh government. Minister directed Energy Department Mossadiq…
Bilwani urges SBP to cut policy rate by 300 to 500 basis points
KARACHI, November 1 2024: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has urged the Central Bank to reduce the policy rate by 300 to 500 basis points in the next Monetary Policy Committee (MPC) meeting, in response to a notable decrease in inflation to 6.9 per cent in September 2024. In…
Pak-Saudi Ministers Forge Investment Roadmap in Riyadh
Islamabad, November 01 2024: In a significant development for bilateral relations, a high-level meeting between Pakistani and Saudi ministers was convened in Riyadh to discuss and finalize a roadmap for increased investment between the two nations. The meeting focused on the implementation of existing Memoranda of Understanding (MOUs) and the progression of agreements established during…
FPCCI Urges Immediate 500 Basis Points Cut in Monetary Policy
Karachi, November 1 2024: In a bold call to action, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has expressed deep dissatisfaction with the current monetary policy framework, urging a significant revision ahead of the upcoming Monetary Policy Committee (MPC) meeting. Sheikh highlighted that the prevailing policy rate…
Jazz Secures PKR 15 Billion Sukuk, Strengthening Market Leadership and Investor Confidence
Karachi, October 31 2024: Jazz, Pakistan’s leading digital operator, has successfully concluded its second unsecured, privately placed short-term Sukuk issuance of PKR 15 billion. This milestone strengthens investor confidence in Jazz’s market leadership and innovative approach to financing within Pakistan’s telecom sector. The Sukuk issuance was significantly oversubscribed, with a 4x demand from the non-bank…
Arif Habib Corporation Reports Record Profit of PKR 9,431 Million for FY 2024
KARACHI, October 31 2024: Arif Habib Corporation Limited (AHCL), the flagship entity of the Arif Habib Group, has announced a remarkable financial performance for the fiscal year 2024, achieving a record profit of PKR 9,431 million. This significant growth underscores the company’s resilience and strategic positioning within the market. The corporation’s standalone profit-after-tax translates to…
Blue World City’s Rs10 Billion Bid Stalls PIA Privatization Efforts
KARACHI, October 31 2024: In a pivotal moment for the privatization of Pakistan International Airlines (PIA), the Blue World City consortium has officially declined to meet the Privatisation Commission’s minimum requirement of Rs85.03 billion. Instead, the consortium has firmly maintained its bid of Rs10 billion, effectively bringing the bidding process to an impasse. Initially, Blue…
Google Enhances Gmail with New AI-Powered Features: “Help Me Write” and “Polish”
KARACHI, October 31 2024: In a significant move to streamline email composition, Google has announced the rollout of its new “Help me write” feature for Gmail users on the web. This innovative tool is set to revolutionize the way individuals craft their emails, making the process not only faster but also more efficient. When users…
Pakistan Banks: Financial Performance Overview for 3Q2024
KARACHI, October 31 2024: In the third quarter of 2024, Pakistan’s listed banks demonstrated resilience, recording a total profitability of PKR 158 billion. While this figure represents a slight decline of 1% year-on-year, it reflects a robust increase of 16% quarter-on-quarter. Key Highlights: Bank-Specific Performance: Future Outlook: Most banks have maintained their dividend payouts, a…
Pakistan Achieves First Budget Surplus Since FY04
KARACHI, October 31 2024: In a historic turn of events, Pakistan has reported a budget surplus for the first time since the second quarter of FY04, marking a significant milestone in the country’s fiscal management. Key Highlights of 1QFY25: Overall, these figures reflect a significant shift in Pakistan’s economic landscape, showcasing improved fiscal discipline and…
Wafi Energy becomes the majority shareholder of Shell Pakistan Limited
Karachi, October 31st, 2024: Wafi Energy Holding Limited (Wafi Energy) becomes the majority shareholder of Shell Pakistan Limited (SPL) after The Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), completes the sale of its 77.42% interest in SPL. Wafi Energy, an established Saudi company and affiliate of the Asyad Group, now holds approximately…
Pakistan Celebrates Historic Fiscal Surplus
KARACHI, October 31 2024: In a groundbreaking turn of events, Pakistan has announced its first-ever fiscal surplus, reporting an impressive Rs1.7 trillion, equivalent to 1.4% of its GDP, for the first quarter of FY25. This achievement marks a significant departure from the fiscal struggles that have plagued the nation over the past two decades. The…
DWP Technologies Shines at Cisco and Ingram Partner Award Night 2024
LAHORE, October 30 2024: DWP Technologies, a division of Pakistan’s leading business conglomerate, DWP Technologies has achieved remarkable recognition at the Cisco and Ingram Partner Award Night held on October 23, 2024, in Karachi. The company was awarded both the Cisco Technology Partner of the Year and Security Partner of the Year, solidifying its status…
Hub Power Company Reports 1QFY25 Earnings: EPS Rises 12% YoY Amid Market Challenges
KARACHI, October 30 2024: Hub Power Company (HUBC) has released its financial results for the first quarter of FY25, showcasing earnings per share (EPS) of Rs14.74, which reflects a 12% increase year-on-year, although it represents a 7% decline compared to the previous quarter. The net earnings for the quarter stood at Rs19 billion, aligning with…
PSX Faces Volatility Amid Profit-Taking and T-Bill Auction Anticipation
KARACHI, October 30 2024: The trading session on the Pakistan Stock Exchange (PSX) was marked by significant volatility, as the benchmark index demonstrated a dramatic range of movement, peaking at 1,008 points before settling down to a low of 860 points. Ultimately, the index closed at 90,286 points, reflecting a decline of 577 points, or…
Saudia Reports 10% Growth in Guest Transportation for Q3 2024
Saudia Arabia, October 30 2024: Saudia, the national flag carrier of Saudi Arabia, has announced impressive operational results for the third quarter of 2024, showcasing a 10% growth in guest transportation compared to the same period last year. The airline successfully transported over nine million guests on more than 49,500 flights, reflecting a 9% increase…
Zong Teams Up with DCode to Enhance 4G Accessibility with Cygnal 4 Lite
Karachi, October 30, 2024: In a significant move to bridge the digital divide in Pakistan, Zong has announced a partnership with DCode to offer an affordable device-data bundle, featuring the newly launched Cygnal 4 Lite. This initiative aims to make 4G connectivity more accessible and affordable, empowering communities with high-speed internet access essential for participation…
Mari Petroleum Company Limited Reports Steady Earnings in 1QFY25
KARACHI, October 30, 2024:Mari Petroleum Company Limited (MARI) has released its financial results for the first quarter of FY25, posting a profit of PKR 19.2 billion, translating to an earnings per share (EPS) of PKR 15.99. This marks a slight increase from the previous year’s EPS of PKR 15.94, showcasing stable profitability on a year-on-year…
Allied Bank Limited Reports Strong Earnings Growth in 3QCY24
KARACHI, October 30, 2024: Allied Bank Limited (ABL) has released its financial results for the third quarter of the calendar year 2024, reporting earnings per share (EPS) of PKR 10.84, a 9% increase year-on-year (YoY). While the quarterly earnings remained stable compared to the previous quarter, the bank’s performance for the first nine months of…
Pakistan Shines at Beauty World Middle East 2024 with Innovative Offerings
DUBAI, October 30 2024: The 28th edition of Beauty World Middle East, held at the Dubai World Trade Centre from October 28 to 30, 2024, showcased the vibrant and innovative spirit of Pakistan’s beauty and wellness industry. With over 1,750 exhibitors from around the globe and more than 70,000 visitors, this premier trade fair highlighted…
Pakistan’s Path to Becoming a Global Leader in Hospitality Manpower Exports
KARACHI, October 30 2024: In an era where the hospitality industry is flourishing globally, Pakistan stands on the brink of a transformative opportunity. With the right training and strategic partnerships between the government and the private sector, the nation could significantly enhance its manpower exports to the hospitality sector, creating a new wave of remittances…
Meezan Bank wins ‘Best Company in Financial Category’ Award at the 39th MAP Awards
Karachi, 30th October 2024: Meezan Bank, Pakistan’s leading Islamic bank, has been honored with the prestigious ‘Best Company in the Financial Category’ award at the 39th Corporate Excellence Awards, hosted by the Management Association of Pakistan (MAP) at the Marriott Hotel, Karachi. The event brought together prominent government officials, dignitaries, thought leaders, regulators, and leading…
K-Electric and State Bank of Pakistan Collaborate to Enable Seamless Bill Payments via Raast
KARACHI, October 30, 2024: Accelerating the digitization of payments, the State Bank of Pakistan and K-Electric, the country’s sole private power utility, have made a significant advancement by signing agreements to initiate a Proof of Concept under Raast’s Payment Initiation Service Provider (PISP) model. This collaboration will assess the feasibility of incorporating K-Electric’s consumer and…
PTA Continues Crackdown on Illegal Issuance of SIMs
Islamabad: (30th October, 2024): The Pakistan Telecommunication Authority (PTA) Zonal Office in Lahore, in close collaboration with the Federal Investigation Agency (FIA) Cyber Crime Circle, Lahore conducted another successful raid against Ufone franchisee located at Burewala. This franchisee was found to be involved in the illegal issuance of SIMs. During the raid, 14 active SIMs,…
First Ever Consignment of Pakistani Tractors Arrives in Tanzania
Tanzania, October 30, 2024: In a significant boost for Pakistan’s export sector, the first consignment of Pakistani-made tractors has successfully arrived in Tanzania, marking a major milestone in the nation’s trade relations with East Africa. This achievement is the result of concerted efforts led by Federal Minister for Commerce Jam Kamal Khan, alongside key officials…
Pakistan’s Privatization Attempt: Only One Bid Received for National Carrier
Islamabad, October 30 2024: In a significant turn of events for Pakistan’s privatization efforts, the country received just one bid for a stake in its struggling national carrier, Pakistan International Airlines (PIA). This comes as a disappointment, as five other consortiums opted out of what is one of the government’s major attempts to divest its…
Aramco Launches First Fuel Station in Lahore, Pakistan
Lahore, October 30 2024: Saudi oil giant Aramco has officially entered the Pakistani market with the launch of its first fuel retail station in Lahore. This significant step follows Aramco’s acquisition of a 40% stake in Gas & Oil Pakistan (GO) earlier this year, marking a strategic expansion into the South Asian energy sector. Aramco’s…
Pakistan Women Entrepreneurship Day 2024
Karachi, November 19, 2024: The State Bank of Pakistan (SBP) will host the Pakistan Women Entrepreneurship Day 2024 at its museum, marking a significant celebration of women entrepreneurs across the nation. This event, part of the global Women Entrepreneurship Day initiative recognized in over 144 countries, aims to amplify the voices of women in business…
Pakistan Faces Breast Cancer Crisis: Highest Rates in Asia
KARACHI, On October 29, 2024: Professor Dr. Saba Sohail, Principal of Dow Medical College, addressed a mini-symposium focused on breast cancer awareness at the Arag Auditorium. She emphasized that Pakistan holds the highest breast cancer rate in Asia, particularly affecting premenopausal women. Alarmingly, many cases are diagnosed at Stage III and IV due to a…
WaterAid Pakistan Celebrates Global Handwashing Day 2024
Lahore, October 29, 2024 – WaterAid Pakistan held a pivotal event today in Lahore to commemorate Global Handwashing Day, highlighting the crucial role of hand hygiene in preventing diseases and promoting public health. This year’s theme, “Why Are Clean Hands Still Important?”, underscores the ongoing necessity for effective handwashing practices across homes, schools, communities, and…
Sindh Government Paves the Way for Investment in Food and Packaging Sectors
Karachi, October 29, 2024 – Sindh Minister for Industries and Commerce, Jam Ikramullah Khan Dharejo, announced the provincial government’s commitment to facilitating both foreign and local investors in the food and allied sectors. This initiative aims to generate economic activity and create employment opportunities for the youth. Dharejo made these remarks during the inauguration of…
PSX Continues Bullish Trend as KSE-100 Hits 90,864 Points
KARACHI, October 29 2024: The Pakistan Stock Exchange (PSX) sustained its positive momentum on October 29, 2024, with the KSE-100 index reaching an impressive intraday high of 91,358 points. The index ultimately closed at 90,864 points, marking a gain of 668 points or 0.74%. This upward trend reflects a strong continuation of the market’s bullish…
UNITY Foods Reports Positive Turnaround in 1QFY25
KARACHI, October 29 2024: UNITY Foods has announced its financial results for the first quarter of FY25, showcasing a significant turnaround with consolidated earnings of Rs88 million, translating to an earnings per share (EPS) of Rs0.07. This marks a remarkable recovery from a loss of Rs660 million (loss per share of Rs0.55) in the same…
Pakistan Fertilizers Reports 3QCY24 EPS of PKR4.38: Results Align with Expectations
Karachi, October 29 2024: FATIMA Fertilizer Company has released its financial results for the third quarter of CY24, showcasing a robust performance with a consolidated profit after tax (PAT) of PKR9.2 billion, translating to an earnings per share (EPS) of PKR4.38. This represents an impressive increase of 18% year-on-year and a staggering 77% quarter-on-quarter, highlighting…
Pakistan Petroleum Reports 1QFY25 Results: Strong Recovery Amid Challenges
KARACHI, October 29 2024: Pakistan Petroleum Limited (PPL) announced its financial results for the first quarter of FY25 today, revealing a mixed performance characterized by a notable rebound from the previous quarter. The company reported earnings of Rs23.6 billion, resulting in an earnings per share (EPS) of Rs8.67. While this represents a 20% decline year-on-year,…
Engro Corporation Reports 3Q2024 EPS of Rs10.64: A 37% Year-on-Year Decline
KARACHI, October 29 2024: Engro Corporation (ENGRO) released its financial results for the third quarter of 2024 today, revealing a significant decline in profitability. The company reported a profit attributable to equity owners of Rs5.7 billion, translating to an earnings per share (EPS) of Rs10.66, marking a substantial 53% decrease year-on-year. Adjusted for its thermal…
Prime Minister Shehbaz Sharif Begins Two-Day Official Visit to Saudi Arabia
RIYADH, October 29 2024: Prime Minister of Pakistan Muhammad Shehbaz Sharif arrived in Riyadh, Kingdom of Saudi Arabia today. His Royal Highness, Prince Mohammed bin Abdulrahman bin Abdulaziz, Deputy Governor of Riyadh Province, warmly received the Prime Minister at the Royal Terminal of King Khalid International Airport. The Ambassador of Pakistan to the Kingdom of…
Standard Chartered Pakistan delivers robust financial performance for Q3 2024
Karachi, 29 October 2024: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a strong performance, that has led to a growth of 20% in profit before tax to PKR 75.5 billion. Overall revenue grew 16% year on year with positive contributions from all segments. While operating expenses increased 18% from the comparative period in line with…
NBP President Unveils Newly Renovated PIDC House Branch in Karachi
KARACHI, October 29 2024: In a significant boost to customer service and banking infrastructure, Rehmat Ali Hasnie, President of the National Bank of Pakistan (NBP), inaugurated the newly renovated PIDC House Branch in Karachi. This project represents the bank’s commitment to enhancing the banking experience for its clients and reflects ongoing investments in branch improvements….
Dawlance Converts its Factories to Solar Energy
Karachi: 29th October 2024: Dawlance, Pakistan’s leading home appliances manufacturer, has embraced solar power in its manufacturing plants in Karachi with an investment of more than 1,100,000 Euros. The launch of the new solar panel installations was held with a ceremony in the presence of Umar Ahsan Khan, Chief Executive Officer of Dawlance, Can Dinçer,…
Govt to facilitate foreign and local investors
Karachi, October 29, 2024: Sindh Minister for Industries and Commerce Jam Ikramullah Khan Dharejo said the provincial government is working to facilitate foreign and local investors to invest in the food and allied sectors sector and to generate economic activities and employment for the youth. Inaugurating the 17th Plastic Packaging, Corrugated & Food Asia International…
Epic Showdown: Pakistan and India Clash at Hong Kong Sixes
HONG KONG, October 29 2024: The highly-anticipated and the fastest form of the game, Hong Kong Cricket Sixes is back to entertain one and all. The tournament that will run from November 1 to November 3 promises to unleash some thrilling encounters at the Tin Kwong Road Cricket Ground, featuring 12 teams, competing in six-a-side…
EBM’s ‘Nourish for Life’ Agenda Aligns with Karachi Biennale Theme
Karachi, October 28, 2024: English Biscuits Manufacturers (EBM) has partnered with the Karachi Biennale Trust for the fourth edition of the Karachi Biennale. The city-wide Karachi Biennale aims to nourish art by fostering a platform that promotes creativity, innovation and criticality in the visual arts. This year’s Biennale is themed ‘Rizq | Risk’ and centres around…
Record NHA Revenue Surge: 64B to 110B; M-Tag Success and Saudi Investment Talks Update
ISLAMABAD, October 28 2024: Annual revenue of the National Highway Authority has been increased by 100% from 64 billion to 110 billion rupees which is a historical and unique example in the income of any Government organization of the country. Moreover, at toll plazas revenue collection has also reached 64 billion rupees from rupees 32…
Revival of the IPO Market in Pakistan
KARACHI, October 28 2024: The Initial Public Offering (IPO) market in Pakistan is experiencing a noteworthy resurgence in the calendar year 2024, bolstered by a more favourable economic climate and robust performance on the stock market, according to analysts. Key macroeconomic indicators such as a declining inflation rate, easing monetary policy, a stable currency, and…
Tax Policy Creates Challenges for Banking Sector
KARACHI, October 28 2024: In recent developments, a controversial fiscal measure has emerged: a higher tax on banking income derived from government securities. This tax is tied to the advance-to-deposit ratio (ADR), imposing an additional 10-15% charge on banks whose ADRs fall below 50% at the end of the banking year. While the intention behind…
FBR Cracks Down on Fake Invoices
ISLAMABAD, October 28 2024: In a bold move to enhance tax compliance and combat the rampant issue of fake invoicing, the Federal Board of Revenue (FBR) has taken decisive action against Tier-1 retailers and restaurants in Islamabad. As part of their initiative to integrate the Point of Sale (POS) invoicing system, two prominent restaurants were…
The Tax Landscape: A Tale of Compliance in Islamabad
ISLAMABAD, October 28 2024: In a bustling metropolis where skyscrapers touch the clouds and business is the lifeblood of the economy, a stark reality unfolds beneath the surface. A mere 5,000 companies, representing a fraction of the nearly 125,000 registered entities in Pakistan, dominate the corporate tax landscape, shouldering an astonishing 90 per cent of…
Power Struggles: The IPPs’ Plea to the Prime Minister
ISLAMABAD, October 28, 2024: In the heart of Islamabad, a storm was brewing as ten Independent Power Producers (IPPs) established under the 2002 Generation Policy took a bold step that could reshape Pakistan’s energy landscape. Frustrated by the government’s handling of capacity payments and the rising consumer tariffs, they penned a joint letter to Prime…
$1.875 Million Orders Secured at Karachi TEXPO, Boosting Pakistan’s Export Potential
Karachi, October 26, 2024: The 5th International Textile & Leather Exhibition (TEXPO) at the Karachi Expo Centre concluded with orders amounting to $1.875 million placed for Pakistani textile products, signalling a positive uplift for the country’s export industry. Organized by the Trade Development Authority of Pakistan (TDAP), the 3-day event attracted both local and international…
Economic Impact of Climate Change on Pakistan and the Role of NGOs
KARACHI, October 27 2024: Climate change presents a critical threat to Pakistan’s economy, particularly due to its heavy reliance on agriculture, which employs around 42% of the labour force and contributes nearly 19% to the country’s GDP. With rising temperatures and increasingly erratic weather patterns, Pakistan faces substantial challenges in sustaining its economic growth. The…
IndustriALL Global Union Affiliates Convene to Advance Pakistan Accord in Textile Sector
Karachi, 27 October 2024: The National Trade Union Federation (NTUF) held a consultative session on Sunday with affiliates from the IndustriALL Global Union’s textile and garment sector to discuss the implementation of workplace safety and grievance mechanisms under the Pakistan Accord framework. The Pakistan Accord, which became effective in 2023, builds upon the successful model…
Inauguration of Kapra Center in Bahria Town Islamabad
Islamabad, October 26 2024: In the heart of Bahria Town Phase 4, Islamabad, a new era of community engagement and business opportunity was ushered in with the grand inauguration of the Kapra Center. The event, held on a bright Saturday morning, was a testament to the vision and dedication of the Kapra Group, a name…
Pakistan’s Textile Exporters Urged to Target Emerging Markets
KARACHI, October 26, 2024: Pakistan’s garment and textile exporters should diversify export destinations by entering emerging and high-end markets, including Russia, Central Asia, and Middle Eastern countries. This was stated by CEM Altan, President of the International Apparel Federation (IAF), at a media briefing held on Friday at a local hotel. Instead of exporting low-cost…
Record Equity Raising in 2024: 5 IPOs and 2 IOs Highlight a Thriving Market
KARACHI, October 26 2024: In a remarkable turnaround for Pakistan’s capital markets, 2024 has witnessed a substantial revival in Initial Public Offerings (IPOs), with five companies raising a total of PKR 8 billion. This resurgence has been fueled by a favourable economic environment and robust Pakistan Stock Exchange (PSX) performance. The positive macroeconomic indicators including…
All-New Hyundai ELANTRA Hybrid Launched at PAPS 2024
KARACHI, October 25 2024: In a groundbreaking event at the Pakistan Auto Parts Show (PAPS) 2024, Hyundai has officially unveiled the Hyundai ELANTRA Hybrid, marking a significant milestone as the first locally assembled hybrid sedan in Pakistan. The launch took place at the Expo Centre, where excitement filled the air as attendees gathered to witness…
TEXPO 2024: Day 2 Highlights
KARACHI, October 25 2024: On the second day of TEXPO 2024, the excitement and energy of the event continued to flourish as foreign delegations from Turkey, Russia, Nairobi, Ghana, and Sri Lanka engaged in meaningful discussions with Zubair Motiwala, Chief Executive of the Trade Development Authority of Pakistan (TDAP), and Sheryar Taj, Secretary TDAP. Their…
Sabir Sami: From Karachi University to the Global Stage
KARACHI, October 25 2024: In an inspiring tale of ambition and achievement, Sabir Sami, a distinguished alumnus of Karachi University, has reached a milestone that many can only dream of. He has not only become the CEO of KFC Pakistan, but he has also taken on the prestigious role of CEO of KFC Global. Sabir’s…
Governor SBP briefed global investors on improvements in Pakistan’s economy
KARACHI, October 25 2024: Governor SBP, Jameel Ahmad, met delegates from international rating agencies and key global investors during the events hosted by leading financial institutions, including Standard Chartered, JP Morgan, Bank of America, and Jefferies, on the sidelines of the 2024 IMF-World Bank annual meetings in Washington, DC. The Governor provided an overview of…
KSE-30 Index Reaches New Heights: A Beacon of Investor Confidence
KARACHI, October 25 2024: In a remarkable turn of events, the KSE-30 Index has soared to new heights, surpassing its previous all-time high of 28,173 points, which was established back in 2017. Today, the index reached an impressive 28,395 points, marking a significant milestone for investors and market watchers alike. The KSE-30 Index, known for…
A Pakistani Pioneer in Product Design Leading the Way in Dubai
DUBAI, October 24 2024: In the vibrant city of Dubai, known for its relentless pursuit of innovation, Muhammad Adil has emerged as a leading figure in product design. As a Pakistani professional, his journey through Dubai’s dynamic tech landscape is both inspiring and a testament to his exceptional skills and dedication. Leading with Vision and…
Trade Delegation Led by Mazhar Thathal Meets France’s Foreign Trade Advisor for Asia
Karachi, October 24th, 2024: A vibrant chapter unfolded in the annals of Pakistan-France trade relations as a dynamic delegation from Pakistan, led by Mazhar Hussain Thathal, Chairman and CEO of the Global Trade and Expo Center Pakistan, embarked on a groundbreaking mission in Paris. Their participation in the renowned BATIMAT Paris trade exhibition at the…
A Race Against Time: Pakistan’s Fight for Climate Resilience Funding
KARACHI, October 24 2024: In the bustling corridors of the IMF/World Bank autumn meetings in Washington, a sense of urgency hung in the air. Finance Minister Muhammad Aurangzeb, a steadfast figure with a determined gaze, made his way through the throngs of delegates, each representing nations with their own economic trials. But Aurangzeb had a…
Hub River Bridge Inaugurated, N-25 Reconnected
HUB-Karachi: October 24 – Federal Ministers Abdul Aleem Khan and Jam Kamal Khan inaugurated the newly constructed bridge over the Hub River on N-25, marking a significant development at the confluence of Balochistan and Sindh provinces. Completed in two years for PKR 1,180 million, this bridge aims to enhance connectivity and boost economic activity in…
Faysal Bank profit up by 64 pc to Rs 19.8 billion in 3-month of 2024
Karachi, October 24, 2024: Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has announced robust financial results for the nine months ending September 30, 2024. The bank reported a remarkable Profit After Tax (PAT) of PKR 19.8 billion, reflecting a substantial 64% increase compared to the same period last year. In light of…
Industrialists are our asset and solving people’s problems is our first priority
Karachi, October 24, 2024: Provincial Minister for Industries and Commerce, Jam Ikramullah Dharejo, emphasized the importance of industrialists as valuable assets and stated that addressing public issues is the government’s top priority. He made these remarks while presiding over a meeting in his office today. The meeting included key figures such as Secretary of Industries…
APTMA Urges Monetary Policy Committee to Cut Interest Rates by 400 Basis Points
KARACHI, October 24 2024: The All Pakistan Textile Mills Association (APTMA) is calling on the Monetary Policy Committee (MPC) to reduce interest rates by at least 400 basis points in its upcoming meeting on November 4, 2024. In light of the current economic climate, APTMA emphasizes that immediate action is necessary to alleviate financial pressures…
Meezan Bank’s Branch Network Surpasses One Thousand
Meezan Bank has reached a significant milestone by expanding its branch network to 1,015 locations across the country. In the past year alone, the bank has added 32 new branches, pushing its total beyond the one-thousand mark. Looking ahead, Meezan Bank plans to establish an additional 35 branches, aimed at enhancing accessibility to its services…
Kitchen Essentials Price Surge Contradicts Claims of Declining Inflation in Pakistan
KARACHI, October 24 2024: In a surprising turn against government assertions of falling inflation, prices for essential kitchen items in Pakistan continue to rise, straining household budgets. Recent reports highlight significant increases in the costs of staples such as flour, ghee, and cooking oil. Retailers have observed that the price of 5-kg bags of branded…
Nestlé Pakistan Sales Dip in Nine-Month Review
LAHORE: Nestlé Pakistan has announced its sales figures for the nine months ending September 30, 2024, reporting PKR 149.2 billion. This marks a decline of 1.3% compared to the same period last year. The decrease in growth is largely attributed to new taxes introduced in the Finance Act, which led to price increases that ultimately…
Abu Dhabi Prepares for World Tennis League Season 3
Abu Dhabi, October 24, 2024: The World Tennis League is back for its third season, and preparations are in high gear! The Abu Dhabi Sports Council (ADSC), in partnership with the Department of Culture and Tourism – Abu Dhabi (DCT) and Miral, is set to host this premier event at the Etihad Arena from December…
Meezan Bank announces Financial Results
Karachi, October 23, 2024: The Board of Directors of Meezan Bank has approved the financial statements for the nine months ending September 30, 2024, revealing a significant increase in profits. The meeting, chaired by Riyadh S. A. A. Edrees, saw the bank posted a Profit After Tax (PAT) of Rs 77.5 billion, up from Rs…
Spotify Empowers Users with Custom Playlist Cover Art Feature
Karachi, October 23, 2024: Spotify has unveiled a new feature allowing music fans to design and customize their playlist cover art, ensuring playlists look as good as they sound. With over 8 billion playlists created globally, Spotify users can now personalize their playlists with text, background colours, gradients, stickers, and images. This feature is rolling…
Strategic Shift Needed in Social Protection Policies to Combat Poverty
Islamabad, October 23: Experts have urged Pakistan to implement a strategic shift in its social protection policies to effectively tackle poverty and unemployment. With a sustained economic growth rate of 8% over the next 8-10 years deemed essential for generating job opportunities, a growth-oriented, inclusive, and data-driven approach is necessary. During an interactive session at…
Pak Companies to Attend Road Shows in China: B2B Activities to Be Accelerated
Islamabad, October 23, 2024 – In a significant move to enhance trade relations, major Business-to-Business (B2B) roadshows focusing on the leather and fisheries sectors are set to take place in China. The events will be held on October 29 in Qingdao and November 5 in Guangzhou, featuring prominent Pakistani participation, including 30 representatives from 17…
DAY 1: TEXPO Pakistan 2024 Kicks Off with Promising Opportunities for the Textile Sector
Karachi, 23rd October 2024: The 5th edition of TEXPO Pakistan 2024, the premier trade event organized by the Trade Development Authority of Pakistan (TDAP) and the Ministry of Commerce & Textile, was officially inaugurated today at the Expo Center in Karachi. The event was inaugurated by Jam Kamal, Federal Minister for Commerce, with notable attendees…
Pakistan Economy: MPS Preview – Another 200bps Cut in the Offing
KARACHI, October 23 2024: – As the upcoming monetary policy meeting on November 4, 2024, approaches, analysts at Arif Habib Limited (AHL) anticipate a substantial 200 basis points (bps) cut in the policy rate, potentially lowering it to 15.5%. This level would be reminiscent of November 2022 when the rate stood at 16.0%. If this…
TikTok partners with PTA to launch digital hifazat contest
Karachi, October 23, 2024: TikTok, in collaboration with the Pakistan Telecommunication Authority (PTA), has announced the launch of the #DigitalHifazat Contest, an initiative aimed at raising digital safety awareness among the youth across Pakistan. The contest invites TikTok creators to produce short, impactful videos highlighting six key areas: responsible social media usage, combating online harassment,…
Standard Chartered Bank hosts 3rd Annual Global Shari’ah Majlis
Karachi, 23 October 2024: The Global Shari’ah Majlis, a highly anticipated event in the Islamic finance industry, was held on Wednesday, 23 October 2024. Hosted as a hybrid event, this prestigious gathering brought together global Shari’ah scholars for an engaging dialogue on the topic of “Islamic Finance: Transforming for a Better Tomorrow’. The Global Shari’ah…
FPCCI & FBR Exclusive Meeting: Genuine Taxpayers Should Be Protected at All Costs
KARACHI, October 23 2024: In a significant meeting between the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Federal Board of Revenue (FBR), President Atif Ikram Sheikh underscored the urgent need to safeguard genuine taxpayers from unwarranted harassment. Sheikh reported that FBR Chairman Rashid Mahmood Langrial has agreed to focus enforcement efforts…
Rousseff Highlights the Growth Potential of BRICS Economies
Shanghai, (Xinhua) October 23 2024: Dilma Rousseff, president of the New Development Bank (NDB), highlighted the immense potential and growth capacity of BRICS nations, declaring them significant players in the global economy. “In terms of GDP, BRICS countries have already surpassed the G7 in significance,” she noted. BRICS, which stands for Brazil, Russia, India, China,…
Strengthening Pakistan-China Trade: Key B2B Initiatives Announced
ISLAMABAD, October 23 2024: A significant meeting aimed at enhancing business-to-business (B2B) activities between China and Pakistan was held today, chaired by Federal Minister for Investment Board Abdul Aleem Khan. The meeting focused on upcoming roadshows in China, which will feature participation from Pakistani institutions in collaboration with the Board of Investment. Minister Khan announced…
PTCL and China Mobile Join Forces to Enhance International Connectivity
KARACHI, October 23 2024: Pakistan Telecommunication Company Limited (PTCL), the largest telecommunications and integrated ICT services provider in Pakistan, has announced a strategic partnership with China Mobile International Limited (CMI) during GITEX Global 2024 in Dubai. This collaboration aims to share global network resources, significantly improving connectivity for customers both locally and internationally. The agreement…
Sindh Government to Launch Double-Decker Bus Services
KARACHI, October 23 2024: Sindh’s Senior Minister Sharjeel Inam Memon announced that the provincial government is set to launch double-decker buses on the roads of Karachi, with preparations already underway for their procurement. In a meeting chaired by Memon, it was decided that the Sindh government would acquire 50 new buses for the People’s Bus…
Over Rs. 23 Million Worth of Confiscated Goods Stolen from Karachi Airport
KARACHI, October 23 2024: Seized goods valued at over Rs. 23 million have reportedly been stolen from Karachi Airport’s Royal Service Terminal, under the watch of customs and terminal officials. According to documents, the Post Clearance Audit (PCA) South exposed this case of illegal pilferage, which involved a Lahore-based company accused of misdeclaring liquid food…
NEPRA Approves K-Electric’s Generation Tariff Post-June 2023
Islamabad, October 22, 2024: The National Electric Power Regulatory Authority (NEPRA) has approved K-Electric’s (KE) generation tariff for the period post-June 30, 2023. This decision includes a dissenting opinion from the Member (Finance and Tariff). The approved tariff control period will last for seven years or the remaining useful life of KE’s plants, whichever is…
Starbucks Suspends Outlook as New CEO Aims for Turnaround Amid Weak Demand
New York, October 22, 2024 — Starbucks Corp (SBUX.O) has suspended its financial forecast for the upcoming fiscal year as its newly appointed CEO, Brian Niccol, seeks to overhaul the coffee giant’s strategy amid declining demand for its premium beverages. The company also reported preliminary results for its fourth quarter, revealing declines in same-store sales,…
Power Generation drops 6.4% YoY in Sep’24
Islamabad, October 23, 2024: Power generation in Pakistan saw a year-on-year decline of 6.4% in September 2024, with total output falling to 12,487 GWh (17,343 MW) compared to 13,339 GWh (18,527 MW) during the same period last year (SPLY). On a month-on-month basis, the country also experienced a 5.3% decrease in power generation, reflecting ongoing…
SBP Mandates Full Transition to Islamic Finance by December 2027 at SCB Global Majlis 2024
Karachi, October 23, 2024: Speaking at the SCB Global Majlis 2024 in Karachi, the Deputy Governor of the State Bank of Pakistan (SBP) delivered a decisive message on the nation’s future financial system. He announced that Pakistan must transition completely to an Islamic financial framework by December 2027, per a constitutional mandate. This directive leaves…
Pak-Qatar Group and IFMP Collaborate to Boost Islamic Financial Expertise
Karachi, October 22 2024 – Pak-Qatar Group (PQG), Pakistan’s premier and pioneer Islamic financial services group, has entered into a strategic partnership with the Institute of Financial Markets of Pakistan (IFMP) by signing a Memorandum of Understanding (MoU). This collaboration aims to develop the skills and knowledge in Takaful and Islamic financial services, ensuring alignment…
Pakistan Reports Current Account Surplus in September 2024
Karachi, October 22, 2024: Pakistan has reported a current account surplus of USD 119 million for September 2024, a notable turnaround from the USD 218 million deficit recorded in the same month last year. This marks the second consecutive month of surplus, reflecting a positive shift in the country’s economic landscape. The improvement in the…
Texcare International Exhibition to be Held from November 6 to November 9 in Frankfurt
Karachi, 22 October 2024: The four-day Texcare International exhibition, showcasing the latest innovations in the textile care industry, will be held from November 6 to November 9, 2024, in Frankfurt am Main, Germany. The event will feature over 300 exhibitors from 30 countries, presenting cutting-edge products and technologies to an international audience. Among the participants,…
MAP Corporate Excellence Awards 2024 to be held on Oct 23
Karachi, 22 October 2024: The Management Association of Pakistan (MAP) is set to host the 39th Corporate Excellence Awards on October 23, 2024, in Karachi. This prestigious event will recognize companies across Pakistan that have demonstrated innovation, leadership, and excellence in their respective fields. The ceremony will see the attendance of key government officials and…
KSE-100 Index Gains 409 Points Amid Bullish Momentum
Karachi, October 22, 2024: The KSE-100 index witnessed a robust upward trend today, reaching an intraday high of 788 points before closing at 86,466, marking a gain of 409 points or 0.48%. The positive movement was largely driven by institutional buying and stronger-than-expected corporate earnings. SYS, from the technology sector, surged by 7.41% following the…
Mari Petroleum Reports FY24 Results: 37% Profit Growth
Islamabad, October 22, 2024: Mari Petroleum Company Limited (MARI) conducted its corporate briefing today, highlighting its financial results for FY24 and the company’s outlook. MARI reported earnings per share (EPS) of Rs64, reflecting a 37% year-on-year (YoY) increase. Alongside these results, the company also announced a dividend per share (DPS) of Rs25.8 and an 800%…
Sindh should be represented in BoD oil and gas related companies of the federation
KARACHI, October 22 2024: Sindh Energy Minister Syed Nasir Hussain Shah has said that Sindh is currently the largest gas-producing province with a total production of 1800 mmcfd to 2000 mmcfd (MMCFD) in the country. 65% of the total gas production. Currently, 900 mmcfd gas is being supplied to Sindh while the requirement is 1600…
CCP Conducts Fourth Hearing on PTCL’s Acquisition of Telenor Pakistan and Orion Towers
Islamabad, 22 October 2024: The Competition Commission of Pakistan (CCP) held the fourth hearing of its Phase II Merger Review regarding PTCL’s proposed acquisition of Telenor Pakistan (Private) Limited and Orion Towers (Private) Limited. The hearing was presided over by a CCP Bench, led by Chairman Dr. Kabir Ahmed Sidhu, along with Members Mr. Salman…
Meezan Bank Reports 3Q2024 Earnings of Rs25.8bn, Announces Rs7.0/Share Dividend
KARACHI, October 22 2024: Meezan Bank Limited (MEBL) released its financial results for the third quarter of 2024, reporting earnings of Rs25.8 billion, translating to an EPS of Rs14.4. This marks a 1% year-on-year (YoY) increase, though it reflects a 3% quarter-on-quarter (QoQ) decline. For the first nine months of 2024 (9M2024), the bank’s cumulative…
NEPRA Approves Generation Tariff for K-Electric Power Plants Post June 2023
KARACHI: K-Electric Limited (KEL) announced on Tuesday that the National Electric Power Regulatory Authority (NEPRA) has approved the generation tariff for all its power plants for the period after June 2023. K-Electric submitted its application to NEPRA on December 1, 2022, requesting the approval of the generation tariff for its power plants, under Rule 3(1)…
Lucky Cement Completes 28.8 MW Wind Power Project, Pioneering Clean Energy Adoption
Karachi, October 22 2024: Lucky Cement has completed and commissioned its 28.8 MW captive wind power project at the Company’s Karachi Plant. The project, executed within the stipulated timelines and budget, officially commenced operations on 22nd October 2024. This significant milestone makes Lucky Cement the first company in Pakistan to implement a hybrid renewable energy…
Al-Mustafa Welfare Society and Muhammad Jawed Akhai Foundation Partner to Improve Healthcare Access
KARACHI, October 21 2024: In a significant step towards improving healthcare access for underserved communities in Pakistan, the Al-Mustafa Welfare Society has officially signed a Memorandum of Understanding (MoU) with the Muhammad Jawed Akhai Foundation. This collaboration aims to provide essential health services to those in need, further strengthening the healthcare support network across the…
Technology exports went up by 42% YoY during Sep’24 to USD 292mn
KARACHI, October 21 2024: In a remarkable boost to the economy, Pakistan’s technology exports surged by 42% year-on-year (YoY) in September 2024, reaching a total of USD 292 million. This substantial increase highlights the growing strength of Pakistan’s technology sector, which now contributes 44% to the country’s overall services exports. Although the month-on-month (MoM) figure…
KCCI urges Govt to replace NADRA’s biometric verification with face recognition facility
KARACHI, October 21 2024: Keeping in view the grievances being suffered by millions of senior citizens above 60 years of age, the President of Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani urged the government to immediately replace NADRA’s existing biometric verification facility with “Face Recognition Facility” which would provide a huge relief…
Texpo 2024: Showcasing Pakistan’s Textile and Leather Excellence
Karachi, October 21 2024:The Trade Development Authority of Pakistan (TDAP) is gearing up for Texpo 2024, the fifth edition of its premier event dedicated to the textile and leather industries. Scheduled to take place from October 23 to 25, 2024, at the Expo Centre in Karachi, this exceptional showcase aims to highlight Pakistan’s vibrant textile…
Lucky Cement Shines at 2024 Best Corporate Report Awards
Karachi, 21st October 2024: Lucky Cement Limited, Pakistan’s leading cement manufacturer, has been honoured with the top position at the esteemed Best Corporate Report (BCR) Awards 2024. The awards ceremony, organized by the Institute of Cost and Management Accountants of Pakistan (ICMA) and the Institute of Chartered Accountants of Pakistan (ICAP), recognizes excellence in corporate…
Country Achieves Monthly Current Account Surplus of USD 119 Million in September 2024
KARACHI, October 21 2024: The country has reported a monthly Current Account surplus of USD 119 million for September 2024, marking the highest surplus since April 2024. This significant turnaround comes after five consecutive months of deficits and represents a notable improvement compared to a deficit of USD 218 million recorded in September 2023 and…
Tesla to Launch Revolutionary Pi Phone at End of 2024 with Unmatched Features
KARACHI, October 21 2024: Tesla is set to disrupt the smartphone market with the anticipated launch of its Pi Phone at the end of 2024. This groundbreaking device boasts four standout features that promise to redefine mobile technology and set it apart from existing smartphones. With these revolutionary features, the Tesla Pi Phone is poised…
EFU Life and Dr. Essa Lab Partner to Improve Healthcare Access and Affordability in Pakistan
KARACHI, October 21 2024: EFU Life Assurance Ltd. has joined hands with Dr Essa Laboratory & Diagnostic Centre to provide more accessible and affordable healthcare services in Pakistan, focusing particularly on underserved communities. This strategic partnership aims to improve healthcare outcomes and promote wellness throughout the country by combining both organizations’ expertise. Mohammed Ali Ahmed,…
Al Baraka Bank Jahangir Khan Squash Championship
KARACHI, October 20 2024: Al Baraka Bank Jahangir Khan Squash Championship has entered the final stages. The final matches of various categories will be played on Monday. According to Naveed Alam, Technical Director of the tournament, Sakhiullah of Punjab defeated Kameel Tariq in a one-sided contest in a one-sided contest in the under-nineteen boys semi-final…
Pakistan can reduce $2 billion of health sector in next five years
KARACHI: CEO of Trade Development Authority of Pakistan (TDAP) Zubair Motiwala said that Pakistani companies have made notable progress in the development and manufacturing of medical devices and equipment, which could not only reduce $2 billion of the import bill within the next five years but also earn foreign exchange for the country in the…
Karachi Customs Seizes 3.8 Kilograms of Marijuana at International Mail Office
KARACHI, October 19, 2024: In a significant operation led by the Pakistan Customs at the International Mail Office (IMO), authorities have successfully intercepted 3.8 kilograms of marijuana concealed in parcels disguised as food items and candies. The operation was initiated following actionable intelligence passed by Collector JIAP Adeem Khan to ADC Airport Muhammad Faysal Khan,…
Kandahar directorate reclaims 270 jeribs of government land from illegal usurpers
KANDAHAR (BNA), October 19 2024: The Directorate of Agriculture, Irrigation, and Livestock of Kandahar has successfully reclaimed 270 jeribs of government land that had been illegally occupied. This operation carried out in collaboration with local security forces, focused on the districts of Shah Walikot, Zharay, and Nish. Mohammad Hanif Haqmal, the press officer for the…
Jam Kamal Khan Secures Second Place in Tactical Pistol Shooting Competition
Islamabad, October 19, 2024: Federal Minister for Commerce Jam Kamal Khan secured the second position in the Tactical Pistol Shooting Competition 2024, organized by the Islamabad Capital Territory Police on Saturday. The event saw participation from 45 professional shooters in various categories, showcasing their skills in a highly competitive environment. Nouman Ali clinched the first…
NFEH seminar on breast cancer prevention and wellnes
KARACHI, October 19 2024: Former First Lady of Pakistan, Begum Samina Alvi, has said that a mass-level awareness campaign at the neighbourhood level should be launched to motivate Pakistani women to regularly self-examine their chests to detect any early symptoms of breast cancer to prevent cancerous diseases in Pakistan having highest incidence rate in Asia….
Empowering Pakistani creators to thrive on TikTok
Karachi, 19 October 2024: For the first time, creators and publishers from across Pakistan gathered in Karachi for the TikTok Experience, a one-day event exclusively curated for the platform’s vibrant community. The event featured an engaging lineup of insightful panel discussions, hands-on workshops, and interactive activities designed to inspire and elevate the TikTok community in…
Some 34 Pakistani Companies to participate in SIAL Food Fair 2024 Paris, France.
KARACHI, October 19 2024:Pakistan is set to make a strong presence at the SIAL Food Fair 2024, which will be held from October 19th to 23rd in Paris, France. With 34 companies representing its vibrant food sector, Pakistan aims to highlight its high-quality agricultural and processed food products, emphasizing its expanding export capabilities in key…
Pak Suzuki and Ravi Autos strengthen collaboration with focus on innovation and sustainability
KARACHI, October 18 2024: A senior delegation from Pak Suzuki Motor Company Limited recently paid a visit to Ravi Autos Sundar Pvt. Ltd., marking a significant step toward deepening collaboration between the two companies. During the visit, the delegation was given a comprehensive tour of the facility, where they were introduced to the advanced manufacturing…
Team Al Meraaj Marketing congratulates newly elected ABAD office bearers
KARACHI, October 18 2024: Kashan Siddiqui, CEO of Al Meraaj Marketing, along with his team, visited ABAD House to extend congratulations to the newly elected office bearers of the Association of Builders and Developers (ABAD). During the visit, Siddiqui congratulated Chairman Mohammad Hassan Bakshi, Senior Vice Chairman Syed Afzal Hameed, and Vice Chairman Tariq Aziz…
SBP releases governor’s annual report 2023-24
KARACHI, October 18 2024: In the fiscal year 2024, I witnessed improvements across key macroeconomic indicators after two challenging years, according to the Governor’s Annual Report (GAR) for FY24 released by the State Bank of Pakistan (SBP) today. GAR is published under Section 39 (1) of the SBP Act, 1956 (as amended up to January…
Northern Nigeria fuel tanker explosion claims over 140 lives
MAJIYA (Nigeria), October 17 2024: A devastating explosion killed more than 140 people in northern Nigeria after a fuel tanker overturned in the town of Majiya, Jigawa state, on Tuesday. The tragic incident unfolded when the tanker, attempting to avoid another vehicle, crashed, spilling fuel. As fuel gushed out, residents gathered to collect it, unaware…
SBP Unveils annual report on Pakistan’s economy
KARACHI, October 17 2024: The State Bank of Pakistan (SBP) released the Annual Report on the State of Pakistan’s Economy for the fiscal year 2023-24 today. According to the Report, Pakistan’s macroeconomic conditions improved, supported by stabilization policies, successful engagement with the IMF, reduced uncertainty, and a favourable global economic environment. The increase in domestic…
E-Commerce to boost sindh’s cultural heritage and support artisans
Karachi, October 17 2024: Provincial Minister for Industries and Commerce Jam Ikramullah Dharejo has said that the launch of Sindh Small Industries Corporation’s e-commerce website will promote Sindh’s cultural heritage and encourage artisans associated with this sector. He said this today while talking to the media on the occasion of the launch of Sindh Small…
Gilgit-Baltistan gets 3rd Nestlé for healthier kids
SHIGAR (GILGIT-BALTISTAN), October 17 2024: Nestlé Pakistan inaugurated the Nestlé for Healthier Kids (N4HK) room at the Government Primary Boys School Shigar, making it the third N4HK room in Gilgit-Baltistan, to foster and promote nutrition awareness in the region. The N4HK program is part of Nestlé’s global nutritional awareness initiative to ensure that children understand…
Bank Alfalah reports 23.5% growth in profit
Karachi, October 17 2024: The Board of Directors of Bank Alfalah Limited, in its meeting held on October 17, 2024, approved the Bank’s financial results for the nine months ended September 30, 2024. Bank Alfalah reported a profit after tax of PKR 33.643 billion, an improvement of 23.5% over the same period last year (SPLY),…
Codebase technologies and abhi join forces to combat global financial exclusion
Dubai, October 16, 2024: Codebase Technologies is proud to announce its strategic partnership with Abhi, a leading financial wellness platform in the MENAP region, to introduce innovative Earned Wage Access (EWA) solutions across multiple geographies through Codebase Technologies’ Digibanc platform. This collaboration signifies a major milestone in advancing global financial inclusion, offering businesses cutting-edge tools…
Pakistan’s biggest health sector event to be held from Oct 17-19
KARACHI, October 16 2024: The 21st edition of Health Asia will take place from October 17 to 19 at the Expo Center in Karachi. Provincial Minister for Health Dr Azra Pehchoo will be the chief guest at the event.The event will also host various seminars on various issues of healthcare and medical practices, such as…
TECNO to unveil Tecno 30 pro max on Oct 19
KARACHI, October 14 2024: The technology is improving day by day in a digital era. However, the great brand tecno has decided to launch the best featured mobile phone to its costumers. Hence, the phone has the best specifications as the buyer desires, Its transformer-themed design strategy is the main thing that makes it look…
Nasir Shah presides meeting on CSR initiatives
KARACHI, October 14 2024: Sindh Energy Minister Syed Nasir Hussain Shah has said that all the companies working in Thatta district regarding renewable energy have to improve their CSR initiatives for the welfare of the local people, a foundation will be established comprising of Sindh government, elected representatives, energy department and representatives of companies to…
Risk of Clashes in Karachi: Section 144 Imposed Citywide for 5 Days
Karachi, October 13, 2024 – In light of the potential risk of clashes, the district administration has imposed Section 144 across the city, enforcing a complete ban on rallies and protests. This restriction has been implemented immediately and will remain in effect for 5 days, aiming to maintain law and order and reduce the risks…
SME Banking: SBP Launches “Challenge Fund”
KARACHI: The State Bank of Pakistan (SBP) has announced to launch of a “Challenge Fund” for technology adoption & digitalization of SME banking to support innovative solutions for SME banking in the country. The SBP has been taking measures to facilitate banks in improving access to finance for the SME sector and as a part…
SBP Implements new reporting requirements for authorized dealers
Karachi, October 11, 2024: The State Bank of Pakistan (SBP) has announced significant updates to the reporting requirements for Authorized Dealers in the foreign exchange market, following an amendment under Para 33 of Chapter 12 of the Foreign Exchange (FE) Manual. Effective immediately, Authorized Dealers are now required to submit specific statements . Appendix V-20…
Finance minister chairs key meeting on state-owned enterprises
Islamabad, October 11, 2024: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over a crucial meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) today at the Finance Division. The meeting focused on enhancing the management and categorization of state-owned entities to improve their efficiency and effectiveness. A significant agenda item was the…
President Zardari advocates for enhanced railroad connectivity with Turkiye
Ashgabat, October 11, 2024: During a pivotal meeting with Numan Kurtulmus, Speaker of the Turkish Parliament, President Asif Ali Zardari emphasized the importance of improving railroad connectivity between Pakistan and Turkiye as a means to enhance trade, economic cooperation, and people-to-people contacts. The discussion took place on the sidelines of the International Forum on “Interrelation…
SCO Summit to boost business opportunities
Islamabad, October 11, 2024: In a meeting held today in Islamabad, Barrister Danyal Chaudhry, Parliamentary Secretary on Information and Broadcasting, expressed optimism about the upcoming Shanghai Cooperation Organization (SCO) summit, highlighting its potential to strengthen business ties between China and Pakistan. The meeting included representatives from the Pakistan Overseas Chinese Association and the China-Pakistan Youth…
ECC Approves dditional export of 0.5 million metric tonnes of surplus sugar
Islamabad, October 11, 2024: In a meeting chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, the Economic Coordination Committee (ECC) of the Cabinet approved the export of an additional 0.5 million metric tonnes (MT) of surplus sugar. The decision follows a thorough review of existing sugar stocks, domestic consumption, and the anticipated…
Pakistan and Saudi Arabia strengthen economic ties through major corporate collaborations
Pakistan, October 11 2024: In a significant boost to Pakistan-Saudi economic relations, prominent Pakistani companies, including Citi Pharma Limited and Pakistan Cables, have entered into strategic agreements with Saudi firms. These partnerships, forged as part of the growing economic cooperation between the two nations, aim to enhance industrial capabilities and boost trade across key sectors….
SBP released its annual report in the national payment ecosystem during the Fiscal Year 2023-24
KARACHI, October 11 2024: The State Bank of Pakistan (SBP) has released its annual report highlighting the significant advancements in the national payment ecosystem during the Fiscal Year 2023-24. The report underscores the remarkable growth in digital payments, driven by the increasing availability and adoption of digital payment channels, reflecting a growing reliance on these…
Pakistan and Saudi Arabia to deepen economic cooperation
ISLAMABAD, October 10 2024: Pakistan and Saudi Arabia have reaffirmed their commitment to enhancing cooperation in key areas such as the economy, agriculture, mining and information technology. Both sides underlined the need to work together to build a prosperous and peaceful future for the region as well as for the Islamic World. This was discussed…
BankIslami strengthens its national footprint with ‘500 Branches’ milestone
Karachi, October 10, 2024: BankIslami Pakistan Limited, a leading financial institution, announces a significant milestone in strengthening its presence with the opening of its 500th branch in Nankana Sahib. This achievement reflects the bank’s unwavering commitment to delivering equal services, and exceptional customer care, ensuring complete financial security, upholding the core principles of the Islamic…
Security Papers Limited hosts breast cancer awareness session
KARACHI: October 10, 2024: Security Papers Limited (SPL) hosted a breast cancer awareness session at its head office in Karachi, in collaboration with Indus Hospital & Health Network. The event aimed to educate and empower female employees about the importance of breast health and early detection. The session, led by Dr. Nazia Lodhi Breast &…
Banks Directed to Enhance CCTV Security Measures by 2025
KARACHI, October 10, 2024: The Central Bank of Pakistan has announced to revision of the installation guidelines for Close Circuit Television (CCTV) cameras at bank branches. The updates follow extensive feedback from stakeholders and aim to standardize security protocols in banks and microfinance banks (MFBs). Revised Guidelines are as follows: The new directives, outlined in…
Pakistan Autos: Car sales rose by 24% YoY and 18% MoM in Sep 2024
KARACHI, October 10 2024: Car sales in Pakistan clocked in at 10,297 units in Sep 2024, reflecting a 24% YoY and 18% MoM increase in sales, as reported by PAMA. The increase in car sales is driven by a backlog of Suzuki cars which were delivered this month. This takes 1QFY25 sales to 27,585 units…
Dagha urge bold rate cut to stimulate private sector amid single-digit inflation
KARACHI, October 10 2024: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani and Chairman Policy Research & Advisory Council (PRAC) Mohammad Younus Dagha have advised the Central Bank to reduce the policy rate by at least 300 basis points in the next Monetary Policy Committee (MPC) meeting in line with a notable…
New avenues of PAK KSA coop. abdul aleem khan Pak Saudi business forum
Islamabad, October 10 2024: Under the leadership of Saudi Arabia’s Investment Minister Sheikh Khalid Bin Abdul Aziz Al Faleh, 130 investors attended the Pak Saudi Business Forum held here in Islamabad.Addressing the Business Conference, Federal Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan said that mutual relations between Saudi Arabia and Pakistan…
Saudia unveils first and business class check-in lounge at Jeddah Hub passengers
Saudia Arabia, October 10 2024: The national flag carrier of Saudi Arabia, has recently announced the inauguration of its new First and Business Class Check-In Lounge at Terminal 1 of King Abdulaziz International Airport in Jeddah. This state-of-the-art facility is designed to enhance the travel experience for Saudia’s premium guests, including travellers from Pakistan, as…
Minister of Commerce encourages women-led businesses
ISLAMABAD, October 10 2024: The president of the Islamabad Women’s Chamber of Commerce and Industry (IWCCI), Samina Fazil, stated Thursday that businesswomen are very pleased with the stabilization of the economy because the country is moving in the right direction. She said that we have high expectations for Federal Minister of Commerce Jam Kamal Khan,…
Pakistani IT exporters eye Singapore’s market
KARACHI, October 10 2024: Pakistani IT companies exporting IT and IT-enabled services are exploring their potential in one of Singapore’s emerging markets to enhance the country’s penetration and exports in the Asian region, it has been learned. In this regard, a delegation of leading IT companies under TechDestination Pakistan, Ministry of IT and Telecommunication (MoITT)…
IPPs agreement revision/termination, Payouts to be impacted
KARACHI, October 10 2024: The Government of Pakistan plans to agree with five power producers to terminate their Power Purchase Agreement (PPA) prematurely. This includes two listed names, i.e., the base power plant for Hub Power (HUBC) and Lalpir Power Limited (LPL), one indirect listed name, Roush Power (through Altern Energy), and two unlisted players,…
DigiMAP condemns journalist inclusion in NACTA schedule
KARACHI, October 9 2024: The Digital Media Alliance of Pakistan (DigiMAP) strongly condemns the inclusion of senior journalists Farooq Mehsud, Ishtiaq Mehsud, and Muhammad Aslam in the Schedule 4th list of the National Counter Terrorism Authority (NACTA). DigiMAP President Sabookh Syed voiced his strong disapproval, stating that this marks one of the darkest times for…
President urges businesses to invest in stock exchange calls for rationalizing interest rates
ISLAMABAD, October 9 2024: To improve the country’s economy, President Asif Ali Zardari has called for providing a business-friendly environment by further rationalizing the interest rate, providing cost-effective energy, and supporting export-oriented industries. He urged the business community to invest in the country’s stock exchange, besides focusing on industries that support small and medium enterprises…
Pakistan dispatches first humanitarian assistance to lebanon
Islamabad, October 9 2024: The Prime Minister of Pakistan’s directives to provide humanitarian assistance to war-ravaged people of Lebanon. On the direction of the Prime Minister, NDMA arranged a special flight for 79 stranded Pakistanis from Lebanon on 9th Oct 2024 and arrived at Jinnah International Airport, Karachi. Upon their arrival, the evacuees were welcomed…
Global peace summit hosts first diplomatic round table on gaza crisis
KARACHI, October 9 2024: The Global Peace Summit (GPS) is committed to fostering collaborative solutions to the world’s most pressing challenges, aiming for a future characterized by peace, justice, and security for all. In this spirit, the Summit convened the “First Round Table on Humanitarian Cooperation on the Gaza Crisis,” where a diverse group of…
Bank Alfalah partners with cancer foundation hospital to support breast cancer patients
Karachi, October 9, 2024: Bank Alfalah has partnered with Cancer Foundation Hospital to provide life-saving treatment to women battling breast cancer. As part of this collaboration, Bank Alfalah and Roche Pakistan have contributed a total of PKR 10.75 million towards medication expenses and free-of-cost treatment for five breast cancer patients, ensuring they receive comprehensive treatment….
SBP extends financing facility up to Rs. 500 million for SMEs
KARACHI, October 9 2024: The State Bank of Pakistan has extended the financing limit for Small and Medium Enterprises for up to Rs. 500 million from a single bank/ DFI or all banks & DFIs. However, banks & DFIs are allowed to deduct the liquid assets (encashment value of bank deposits, certificates of deposit/ investment,…
Federal minister for commerce pledges revival of Pakistan’s cotton industry in critical meeting with ginners association
ISLAMABAD, October 09 2024, In a pivotal meeting, Federal Minister for Commerce, Jam Kamal Khan, held discussions with the Pakistan Ginners Association, led by its Chairman, Dr. Jassu Mal, to address the challenges facing Pakistan’s cotton industry. Once a global leader in cotton production and exports, Pakistan now faces the harsh reality of importing raw…
KCCI to remain open for full day every Friday
KARACHI: October 9 2024, To better serve the business & industrial community, the Management of the Karachi Chamber of Commerce & Industry (KCCI) has decided to keep all its departments fully operational every Friday for a full day, instead of observing a half-day schedule as per past practice. KCCI members can now avail of various…
Sindh government to expand seed production in sindh seed corporation
KARACHI: October 9 2024, The Sindh government has decided to extend the production of seeds to include fruit, oilseeds, and vegetables in the Sindh Seed Corporation. This was discussed in a review meeting chaired by the Minister of Agriculture, Sardar Muhammad Bux Mahar, regarding the introduction of new reforms in the corporation. The meeting was…
NBP partners with huawei to establish national cloud data center
Karachi: October 9, 2024. The National Bank of Pakistan has signed a MoU with Huawei Technologies Pakistan (PVT) to develop a state-of-the-art National Cloud Data Center. The MoU was formalized during the Huawei Connect 2024 Global Conference. This collaboration aims to strengthen NBP’s digital infrastructure by deploying cutting-edge cloud services in a Tier-3 certified data…
SBP announce extension for encashment of prize bonds upto Dec 2024
KARACHI: October 8 2024, The government of Pakistan has extended the last date for encashment/replacement/conversion of Rs. 40,000/-, Rs. 25,000/-, Rs. 15,000/- & Rs. 7,500/- denomination National Prize Bonds (bearer) up to December 31, 2024. Accordingly, SBP has advised all branches to accept requests for encashment/conversion/redemption of cited denominations from the general public till December…
Pakistan received highest ever $8.8 bln remittances in first quarter of FY25
KARACHI: October 8, 2024: Pakistan’s worker remittances in September 2024 totalled US$2.85bn, up 29% year over year and the highest amount ever received in September. In 1QFY25, remittances increased by 39% year over year to US$8.8bn. These stronger inflows will help Pakistan maintain PKR stability and contain the current account deficit. Highest-ever quarterly remittances received…
The premier textile and leather event in Pakistan
KARACHI: October 08, 2024: The TEXPO 2024, the flagship event for the Textile and Leather industry of Pakistan, is set to take place from October 23rd to 25th, 2024, at the Expo Centre Karachi. This highly anticipated exhibition will showcase the country’s vibrant textile and leather sectors, bringing together over 250 leading companies from across…
Increasing exports essential for Pakistan’s economic development
ISLAMABAD: October 8, 2024: Federal Minister for Commerce Jam Kamal Khan said Pakistan’s economic future depends significantly on a notable increase in exports. While addressing an event at the Governance Innovation Lab on the theme of “Export-Led Economy,” he emphasized that without boosting our exports, the country’s economic sovereignty cannot be achieved. He stressed the…
Energy Minister decided to crack down on those issuing fake test reports
KARACHI, October 8, 2024: Sindh Minister for Energy, Development and Planning Syed Nasir Hussain Shah has said that a strict crackdown should be taken against those who fake the wiring test report and Work Completion Report (WCR) of the Power Department and cases should be registered against the involved persons should be arrested. In this…
Breifing of Pak sovereign wealth fund & financial investment
Islamabad: October 8 2024, there was a major development in the investment sector according to which the Pakistan Sovereign Wealth Fund will be established through heavy investment in the financial industry. In this regard, Alvarez Marsal Middle East group will float financial investment in Pakistan and there will be a huge investment in the financial…
UgAi app launched for direct purchasing of fertilizer
Karachi, October 08, 2024: Engro Fertilizers has launched “UgAi”-the first integrated agri e-commerce platform of Pakistan, to offer farmers relief by enabling direct purchase of fertilizers at official prices from the Company. In the first phase, the free UgAi app has launched for farmers in Sindh, with plans for a nationwide rollout shortly. With the…
American Business Council announces new executive committee
Karachi, October 8, 2024: The American Business Council of Pakistan (ABC) has announced its new Executive Committee for 2024-2026 which will play a pivotal role in fostering strong bilateral trade and investment ties between the United States and Pakistan. Kamran Ataullah Khan, CEO & Country Manager of DuPont Pakistan Operations (Pvt) Ltd, has been elected…
SBP Sets up New Tier-3 Data Center
KARACHI: On 08 October 2024, the State Bank of Pakistan (SBP) established its state-of-the-art Tier-3 data centre, the first of its kind in Pakistan within its vicinity at head office, according to officials. Previously, the SBP Karachi Campus comprised two Data Centers: the Main Data Center (MDC) located in the Main building. Ø Backup Data…
Dharejo directs to expedite work on Combined Effluent Treatment Plants
Karachi, October 8. 2024: Provincial Minister for Industries and Commerce Jam Ikramullah Dharejo has directed the officers to expedite work on Combined Effluent Treatment Plants (CETPs) so that industries’ waste materials may be disposed of properly. This he said while presiding over a meeting here in his office. On this occasion, Secretary Industries and Commerce…
Sindh Government Decides to Issue Benazir Hari Cards Through Sindh Bank
KARACHI: 07 October 2024, An important meeting was held under the chairmanship of Sindh Agriculture Minister Sardar Muhammad Bux Khan Mahar, attended by Agriculture Secretary Rafiq Ahmed Buriro, Project Director SWAT Project Liaquat Ali Bhutto, Director Generals, representatives of Sindh Bank, and other officials. The meeting focused on briefing the provincial minister regarding the issuance…
Women Chamber Delegation Meets Commerce Minister, Discusses Empowerment and Export Initiatives
Islamabad, October 7, 2024 — A delegation from the Islamabad Women Chamber of Commerce & Industry (IWCCI), led by Founder President Samina Fazil, met with Federal Minister for Commerce Jam Kamal Khan to discuss initiatives focused on women empowerment and export growth. The minister emphasized the need for actionable proposals to boost women’s involvement in…
PMI collect 431 kg of waste in beach cleaning activity
KARACHI: October 7, 2024, Philip Morris (Pakistan) Limited (PMPKL), in collaboration with the Entrepreneurship Youth Development Society (EYDS), organized the “Stride for Sustainability” beach cleanup and awareness walk at Clifton Beach, Karachi. During the event, participants were divided into three teams, each tasked with collecting the most recyclable waste along a 1.5 to 2 km…
Jam Kamal Sets Sights on Expanding Rice Exports, Tackles EU Food Safety Standards
ISLAMABAD: 07 October 2024, In a meeting with the Rice Exporters Association of Pakistan (REAP), Federal Minister for Commerce Jam Kamal Khan called for measures to enhance Pakistan’s rice exports and ensure compliance with European food safety standards. As Pakistan holds a 25% share of the European rice export market, significantly outpacing India’s 16%, the…
Saudia Promoted Global Connectivity at Spectacular Saudi Event
Saudi Arabia: On 07 October 2024, Saudia, the national flag carrier of Saudi Arabia, announced its participation in the Spectacular Saudi event, organized by the Saudi Travel Authority. This nine-day exhibition took place in Mumbai, India, and featured various cultural and promotional activities designed to bring a piece of Saudi Arabia to India, offering a…
Rava Documentary Films screens “Goddess of Hinglaj – 51 Shakti Peeth” to a Full House atthe Arena Cinema
Karachi, Pakistan – October 04, 2024 – Rava Documentary Films hosted a successfulscreening of their latest documentary, “Goddess of Hinglaj – 51 Shakti Peeth”, at The ArenaCinema in Bahria Tower. The event drew a significant crowd from every walk of life whichincluded media personnel, selected members of the Hindu community, and representativesfrom government and civil…
NBP won the ADB Disability Inclusion Champion Award 2024
KARACHI: 05 October 2024, The National Bank of Pakistan has won the prestigious Disability Inclusion Award 2024 from the Asian Development Bank (ADB). This is a historic moment, as NBP is the first bank from Pakistan to receive this award, competing against top banks from Asia and the Pacific. This achievement positions NBP as a…
KCCI seeks 2 percent reduction in SESSI’s social security contribution
KARACHI: 04 October 2024, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has urged the Sindh government to look into the possibility of reducing the rate of SESSI’s Social Security Contribution by at least 2 per cent and freezing the same so that the substantial burden passed on to the industries every…
U.S. Deputy Chief of Mission Explores Lahore’s Rich and Diverse Culture on Inaugural Visit
Lahore: 04 October 2024, — On her inaugural visit to Lahore, U.S. Deputy Chief of Mission (DCM) Natalie Baker, joined by U.S. Consul General Kristin Hawkins, explored how U.S.-Pakistan partnerships have been strengthening bilateral trade and investment, cultural preservation efforts, and educational opportunities for youth in Punjab. DCM Baker met with representatives of U.S. businesses to…
Ismail Global and Legal Aid Society Join Hands to Combat Gender-Based Violence
Karachi, 4th October 2024: In a significant step towards enhancing access to justice for vulnerable communities, Ismail Global and the Legal Aid Society (LAS) have signed a Memorandum of Understanding (MoU) to provide free legal assistance to survivors of Sexual and Gender-Based Violence (SGBV). This collaboration aims to enhance access to justice for vulnerable communities, including…
KCCI seeks 2 percent reduction in SESSI’s social security contribution
KARACHI: 04 October 2024, President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has urged the Sindh government to look into the possibility of reducing the rate of SESSI’s Social Security Contribution by at least 2 per cent and freezing the same so that the substantial burden passed on to the industries every…
The visit of Malaysian Prime Minister to Pakistan will promote mutual trade: Atif Ikram Sheikh
ISLAMABAD: 04 October 2024, President Federation of Pakistan Chambers of Commerce and Industries Atif Ikram Sheikh has said that the visit of the Malaysian Prime Minister to Pakistan will promote mutual trade, bilateral economic cooperation, trade۔ Agreement to enhance cooperation in key sectors and address trade imbalances is welcome. There is a lot of scope…
Opening of the First Pakistan International Date Palm Festival, 2024
KARACHI: On 04th of October, 2024, in Karachi, His Excellency Murad Ali Shah, Chief Minister of Sindh, Islamic Republic of Pakistan, inaugurated the First Pakistan International Date Palm Festival, in the presence of H.E. Kamran Tessori, Governor of Sindh and H.E. Mr Hamad Obaid Ibrahim Salem Al Zaabi, United Arab Emirates Ambassador in Islamabad, and…
Important Meeting Held At Pakistan Association Hotels
KARACHI: 03 October 2024, The Pakistan Hotel Association (PHA) recently held an important meeting where the newly elected members for the 2024-2026 term were announced. In a momentous event, the outgoing Chairman, Mr. Mustansir Zakir, CEO of Hashwani Hotels, along with his team, graciously welcomed the incoming Chairman, Mr. Shakir Abu Bakar Bhura, CEO of…
Pakistan and Malaysia Sign Four Key MoUs to Boost Trade Relations
ISLAMABAD, October 3, 2024: Federal Minister for Commerce, Jam Kamal Khan, witnessed the signing of four significant MoUs between Pakistan and the Malaysian business community in Islamabad. Fauji Meat Limited and NSK signed a Letter of Intent (LOI) for a profit-sharing partnership in the distribution, wholesale, and retail of meat. Gobi VC Investment Fund committed…
JazzCash Expands Bill Payment Options for Karachi Water & Sewerage Corporation (KW&SC) Customers
Karachi, Pakistan – October 3, 2024 – JazzCash has expanded its digital payment options for the 1.2 million customers of the Karachi Water & Sewerage Corporation (KW&SC). Customers can now pay their KW&SC bills via the corporation’s website (https://kwsc.gos.pk/) or its mobile app using the JazzCash payment gateway. This expands the existing payment options, which…
Al-Ghazi Tractors Limited launches high-performance, fuel-efficient NH-850 tractor
Lahore, October 3, 2024: Al-Ghazi Tractors Limited launched its latest product the New Holland NH-850. The 85-horsepower engine tractor is designed to set new standards in modern farming.The exclusive launch event, hosted at Pearl Continental, Lahore, was graced by the chief guest, Director General Strategic Project of Green Initiatives (Pvt) Limited, Maj General Shahid Nazir….
CCP Hearing on PTCL-Telenor Merger Continues
Islamabad, October 2: The Competition Commission of Pakistan (CCP) is actively progressing with the Phase II Merger Review of PTCL’s proposed acquisition of 100 per cent shareholding in Telenor Pakistan (Private) Limited (TP) and Orion Towers Private Limited (OT). The hearing was conducted by CCP Chairman, Dr. Kabir Ahmed Sidhu, with the presence of members…
Digitalization to drive Financial Services and Economic Development: Governor SBP
KARACHI: 02 October 2024, Governor of the State Bank of Pakistan, Mr Jameel Ahmad, has stated that rapid technological change has not only enabled banks to offer innovative financial services to customers but also empowered regulators to ensure compliance effectively and efficiently through advanced data collection and processing capabilities. He delivered his keynote address at…
United Business Group welcomes COAS General Asim Munir’s reassurance on economic revival
KARACHI: 02 October 2024, The leaders of the United Business Group (UBG) Mr Zubair Tufail, Khalid Tawab, Hanif Gohar, Syed Mazhar Ali Nasir, Malik Khuda Bakhsh and Momin Ali Malik have welcomed Chief of Army Staff General Asim Munir’s reassuring statements during his interactive session with Karachi’s business community. His words brought significant relief amidst…
Alert for the Investing Public: Beware of Online Trading Frauds
Karachi, October 02, 2024 – Pakistan Stock Exchange Limited (PSX) alerts the investing public regarding the surge in fraudulent activities through different social media platforms. Some illegal social media groups and forums are using AI technology and conventional methods to entice the investing public to join in or fill in forms through WhatsApp groups, Facebook/…
The Annual General Meeting of All Pakistan Fruit & Vegetable Exporters Importers and Merchants Association
KARACHI: 2 October 2024, The Annual General Meeting of All Pakistan Fruit & Vegetable Exporters Importers and Merchants Association was held on 28th Sept. 2024 at a private hotel in Karachi. The meeting was presided over by Patron-in-Chief PFVA Waheed Ahmed. During the meeting, the newly elected office-bearers & executive members were announced for 2024-26….
Chinese business delegation visited the Trade Development Authority of Pakistan
Karachi: 1 October 2024, On the occasion of China’s National Day, a high-profile Chinese business delegation visited the Trade Development Authority of Pakistan (TDAP) Headquarters, Karachi to discuss trade facilitation measures between Pakistan and China including the development of a large-scale wholesale market in Karachi, improved logistics infrastructure, seamless customs connectivity between the two countries,…
NVESTMENT SAFE, JVs & MORE BUSINESS IN ALL SECTORS
Moscow – October 01: Addressing the opening session of the 3-Day Pakistan Russia Trade & Investment Forum in Moscow, Federal Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan has said that in Pakistan investments are fully secured and safe, promotion of business is going on in all sectors and especially there is…
MR. YAKOOB H. KARIM HAS BEEN ELECTED UNOPPOSED ANDHAS TAKEN CHARGE AS PRESIDENT OF HUB CHAMBER OF COMMERCE & INDUSTRY
Karachi: 1 October 2024, The Hub Chamber of Commerce & Industry in a Press Release issued here today announced that Mr Yakoob H. Karim, Mr Mohammad Younus Dagha and Mr Irfan Amanullah have been elected unopposed for the offices of President, Senior Vice President and Vice President respectively and have taken the charge of their…
Pakistan’s Inflation Hits 44-Month Low, CPI Falls to 6.9% Year-on-Year
Islamabad, October 1, 2024 – Pakistan’s Consumer Price Index (CPI) has dropped to 6.9% year-on-year in September, marking the lowest inflation rate in 44 months. This decline brings relief to consumers and businesses following prolonged inflationary pressures that have impacted household budgets and production costs. Several factors have contributed to this disinflationary trend. A high…
Govt initiated MTBs buyback operation
Karachi: 30 September 2024, In an unprecedented move, the Government of Pakistan has initiated Monday a T-Bill buyback program, repurchasing PKR 351bn worth of T-bills against a target of PKR 500bn. This bold move is expected to strategically reprofile the government’s debt, transitioning towards longer maturities while lowering the burden of debt servicing costs. While…
ADJUSTMENT OF THE PRICES OF PETROLEUM PRODUCTS TO BE EFFECTIVE FROM 1 OCTOBER, 2024
Karachi: 30 September 2024, The prices of Petroleum Products have continued to fluctuate in the international market in the last fortnight. Domestic consumer prices are required to be adjusted accordingly. The Oil and Gas Regulatory Authority (OGRA) works out the consumer prices for the upcoming fortnight, based on international prices and exchange rate variations. However,…
PRIVATIZATION SHOULD BE COMPETITIVE & SUCCESSFUL: A. ALEEM KHAN225TH MEETING OF PCB
Islamabad: 30 September 2024, In the important meeting of the Privatization Commission Board under the chairmanship of Federal Minister for Privatization, Board of Investments & Communications Abdul Aleem Khan, it has been decided to form a Negotiating Committee for the privatization of institutions. Federal Minister for Privatization Abdul Aleem Khan has directed that the process…
Abdul Samad Budhani Elected Chairman of PCDA
KARACHI, September 30, 2024: Abdul Samad Memon (Budhani) has been elected unopposed as the Chairman of the Pakistan Chemists and Druggists Association (PCDA) for the 2024-2026 term. The announcement was made by the PCDA Election Committee following a smooth and uncontested election process. In addition to Abdul Samad Budhani’s appointment, the members have also elected…
Pakistan Economy – Pakistan GDP grew 3.07% in 4QFY24; FY24 GDP grew by 2.52%, higher than previous estimates
Karachi: On 30 September 2024, the National Accounts Committee (NAC) released GDP estimates for 4QFY24, showing growth of 3.07% YoY, taking full-year (FY24) growth to 2.52%, higher than provisional estimates of 2.38% YoY released by the Government on May 21, 2024. In 4QFY24, agriculture grew 6.76%, industry 3.59%, and services 3.69%. Agriculture: Growth in Agriculture…
ROUND TABLE OF 25 CHINESE COMPANIES IN BEIJING FOR PAKISTAN
Beijing, China. September 27: As many as, 25 major Chinese investment companies have expressed their deep interest in investing heavily in Pakistan. In a Business Roundtable Conference of Chaoyang District, Beijing including Agriculture, Automobile, Electrical alliances, Pharmaceuticals, Logistics, Medical equipment and technology companies are included. Federal Minister for Board of Investment, Privatization & Communications Abdul…
The Chairman of the Association of Builders and Developers have expressed concern over the increasing encroachments
Karachi, September 27, 2024: The Chairman of the Association of Builders and Developers (ABAD), Asif Samsam, and Senior Vice Chairman Ibrahim Habib have expressed concern over the increasing encroachments, the sudden rise in service charges and taxes on the sale, purchase, and transfer of plots, and the use of KDA residential plots in Clifton for…
Commerce Minister Chairs Inaugural IT & E-Commerce Sectoral Council Meeting
Federal Minister for Commerce Jam Kamal Khan chaired the first meeting of the IT & E-Commerce Council at the Ministry of Commerce, aimed at accelerating the growth of Pakistan’s IT and e-commerce sectors. Minister of State for IT and Telecommunication Shaza Fatima Khawaja joined the meeting virtually. During the session, Minister Jam Kamal Khan asked…
TOURISM IS AN INVISIBLE EXPORT AND ITS FOREIGN EXCHANGE EARNINGS
Karachi: 26 September 2024, The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) celebrated World Tourism Day 2024-25 at the FPCCI President Secretariat in Islamabad on September 25, 2024. The event featured prominent international guests, including H.E. Ms. Harerimana Fatou, Ambassador of Rwanda and High Commissioner-Designate of the Republic of Rwanda, Mr. Ito Takeshi,…
Interloop Limited (ILP): 4QFY24 EPS at Rs1.87 down 75% YoY and 14% QoQ – lower than industry expectations
Interloop Limited (ILP) announced its 4QFY24 result today, where the company recorded an unconsolidated earnings of Rs2.6bn (EPS of Rs1.87). This takes FY24 earnings to Rs15.8bn (EPS of Rs11.25) down 11% YoY as compared to FY23 profit of Rs20.2bn (EPS of Rs14.39). The earnings came lower than expectations for 4QFY24 due to lower than expected…
SITE ASSOCIATION ELECTS NEW OFFICE BEARERS FOR 2024-26
KARACHI: 26 Septmeber 2024, The Chairman of the Election Commission of the SITE Association of Industry (SAI), Muhammad Tariq Yousuf, has announced the unopposed election of Ahmed Azeem Alvi as President, Khalid Riaz as Senior Vice President, and Muhammad Riaz Dhedhi as Vice President for the 2024-26 term. These appointments were confirmed at the 60th…
Govt to Reactivate 16 Sectoral Councils to Boost Pharma Industry Growth
Islamabad: 25 September 2024, Minister for Commerce Jam Kamal Khan while reaffirming the government’s unwavering commitment to revitalizing and advancing our pharmaceutical industry on Wednesday, said that the Ministry of Commerce is reactivating 16 sectoral councils to prepare comprehensive plans and policies for industrial development and trade promotion in the country.Addressing the 7th Pharma Export…
Systems Limited wins Top IT Services Exporter Award at the P@SHA ICT Awards 2024
Karachi , 25th Sep 2024: Upholding its legacy as a distinguished global systems integrator, Systems Limited has once again marked its success at the P@SHA ICT Awards 2024 by securing the esteemed Top IT Services Exporter Award.The award was presented by Shaza Fatima Khawaja, State Minister for Information Technology and Telecommunication, and proudly received by…
Consul General of Italy in Karachi attended the unveiling of advanced Italian technological innovation in diesel engines
Karachi: 25 September 2024, Mr Danilo Giurdanella, the Consul General of Italy in Karachi attended the unveiling of advanced Italian technological innovation in diesel engines – the launch of R24 FPT Engines in Karachi; The new series is aimed at providing innovative solutions to industries and businesses across Pakistan to reduce their carbon footprint and…
Abdullah Zaki appointed as Member of KPT’s Board of Trustees
KARACHI: 24 September 2024 Former President of Karachi Chamber of Commerce & Industry (KCCI) Abdullah Zaki has been appointed as a Member of the Board of Trustees of Karachi Port Trust (KPT). According to a notification issued by the Ministry of Maritime Affairs, the federal government has approved reconstitution of KPT’s Board of Trustees in…
KSE-100 Index Profitability – FY24 – Highest profitability on FY basis
The profitability of the KSE-100 index continues to rise, registering a growth of 24% YoY during FY24, the highest profitability on an FY basis. The growth in profitability during the period came on the back of 6%, 23%, 35%, 38%, 84%, and 137% YoY growth in the E&P, Power, Bank, Cement, Fertilizer, and OGMC sectors,…
Larkana industrial zone has been given status of SEZ. Jam Ikramullah Dharejo
Karachi : September 24. Provincial Minister for Industries and Commerce Jam Ikramullah Dharejo has said that the Larkana Industrial Zone has been given the status of an Economic Special Zone for the development of Larkana and its surrounding areas. He said this while speaking on the occasion of an agreement ceremony between the SITE Government…
UK Trade Commissioner Discusses Strengthening Bilateral Trade with Pakistan’s Commerce Minister
Islamabad, September 23, 2024 – Mr Oliver Christian, the UK Trade Commissioner, met with Pakistan’s Federal Minister for Commerce, Jam Kamal, to explore avenues for enhancing bilateral trade. The meeting highlighted the need for sectoral collaboration and a business-to-business matchmaking approach to target growth areas in both countries. Jam Kamal emphasized Pakistan’s immense potential in…
Qist Bazaar Raises US$3.2 M ‘Series A’ Funding
Karachi, Pakistan – Qist Bazaar, Pakistan’s Buy Now Pay Later (BNPL) fintech startup, announced that it has secured US$3.2 million in its Series A funding round. The round was led by Indus Valley Capital, with participation from Gobi Partners holding US$1.6 billion in assets under management (AUM). Bank Alfalah, has already invested in it. Qist…
NBP Launches Easy Loan Facility “Cash N Gold” to Meet Customer Needs
Islamabad: 21, September 2024, National Bank of Pakistan introduces its latest service, “NBP Cash N Gold,” offering a seamless way for customers to obtain quick loans against their gold items. With the promise of easy terms, minimal paperwork and competitive processing, NBP provides a hassle-free experience for those needing immediate funds. Customers can borrow up…
Privatisation Commission Board Meeting
Islamabad: 20, September 2024, A meeting of the Privatisation Commission Board was held in Islamabad on 20th September 2024, under the Chairmanship of the Minister for Privatisation/ Chairman Privatisation Commission, Mr Abdul Aleem Khan. The board reviewed the current status of PIA privatisation and considered the recommendations of the Financial Advisor concerning the permitted changes…
UN Resident Coordinator Mohamed Yahiya Meets Commerce Minister to Discuss Sustainable Trade Growth in Pakistan
Islamabad: 20, September 2024, Mr. Mohamed Yahiya, Newly Appointed United Nations Resident and Humanitarian Coordinator (UNRHC) called on the Federal Minister for Commerce on 20th September 2024. He was accompanied by representatives from the UNRHC office, the United Nations Industrial Development Organization and the International Trade Centre. UN Resident and Humanitarian Coordinator briefed the official…
TikTok becomes official Entertainment Partner of Shark Tank Pakistan
Karachi, September 20, 2024 – TikTok has announced its role as the Entertainment Partner for the inaugural season of Shark Tank Pakistan, acquired by Greenlit Studio. This partnership marks a milestone in TikTok’s mission to inspire creativity and bring joy, providing a platform for innovation and entrepreneurship in Pakistan. Shark Tank, the globally acclaimed business…
TPL Corp to acquire FINCA Microfinance Bank Limited
KARACHI, September 20, 2024: TPL Corp Limited (“TPL”), TPL and Abhi (Private) Limited have jointly entered into a Share Purchase Agreement to acquire FINCA Microfinance Bank Limited. Following Sections 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited, TPL Corp has informed that on the…
Samsung in collaboration with Simpaisa launches Digital Wallets on Samsung’s Online Estore in Pakistan
Karachi-20-September-2024:Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards enhancing the online shopping experience for Samsung customers in Pakistan. Over the past years, Samsung has made substantial investments in its eStore by continuously enhancing its…
Fauji Fertilizer Bin Qasim’s Board approved merger with Fauji Fertilizer Company (FFC)
KARACHI, September 20, 2024: The Board of Directors of the Fauji Fertilizer Bin Qasim (FFBL) in its meeting held on 20th September 2024 has approved the merger with and into the Fauji Fertilizer Company (FFC). However, the merger is subject to approval of shareholders, secured creditors and other regulatory approvals. The FFBL has formally disclosed…
Chinese COPHC Chairman Meets Commerce Minister to Discuss Gwadar Port Development
Islamabad, September 18, 2024 – Mr. Yubo, Chairman of the Chinese company COPHC, met with Federal Minister for Commerce Jam Kamal Khan to discuss proposals for the activation and enhancement of trade activities at Gwadar Port. During the meeting, Mr. Yubo presented suggestions to boost operations at the port and sought the government’s support to…
IDEAS 2024: A Strategic Alliance Between Defense R&D and Civilian Innovation
KARACHI, November 20 2024: Around the globe, governments have historically driven innovation ecosystems, often using defense research and development (R&D) as a springboard for technological progress. The 12th International Defence Exhibition and Seminar (IDEAS-2024) offers Pakistan a timely opportunity to rethink and reshape the synergy between its defense sector and civilian science and technology (S&T)…
Jazz Partners with ENA and Schneider Electric for Precision Cooling Solutions
KARACHI, November 20, 2024: Jazz, Pakistan’s leading telecom provider, has signed a landmark three-year Frame Agreement with Energy N Automation (ENA), a subsidiary of Jaffer Business Systems (JBS), for Precision Cooling Solutions in its data centers. The collaboration, supported by Schneider Electric, aims to ensure operational resilience, sustainability, and superior performance in Jazz’s mission-critical IT…
SBP Strengthens Digital Financial Landscape with New EMI License
KARACHI, November 20 2024: The State Bank of Pakistan (SBP) has granted a license to M/s. E-Processing Systems Private Limited (EPSPL), enabling it to commence commercial operations as an Electronic Money Institution (EMI). This development marks a significant milestone in Pakistan’s ongoing digital transformation, bolstering the country’s financial inclusion and digital payments ecosystem. Revolutionizing Digital…
PTCL Group Collaborates with Atlas Honda to Promote Road Safety
Lahore, November 19, 2024: In a significant move towards road safety, PTCL Group, Pakistan’s leading telecommunications provider, has partnered with Atlas Honda Ltd. to launch a bike safe riding training initiative. This collaboration highlights PTCL’s commitment to health, safety, and sustainability, focusing on motorcyclists’ welfare. The partnership was formalized through a Memorandum of Understanding (MoU)…
PIMA Lauds Sindh’s Vaccination Drive, Calls for Nationwide Expansion
KARACHI, November 19 2024: The Pakistan Islamic Medical Association (PIMA) has commended the Sindh Government’s large-scale vaccination initiative, highlighting its importance in addressing a critical gap left during the Covid-19 pandemic. PIMA’s Central President, Prof. Atif Hafeez Siddiqui, has urged other provinces to adopt similar measures to protect the nation’s children from preventable diseases. In…
