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BANK ISLAMI

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….

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JAM KAMAL KHAN

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…

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FPCCI

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,…

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Sybrid

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…

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SBP

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…

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IBA

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…

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PAKISTAN OUTLOOK

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…

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Meezan Bank

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…

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Atif Ikram Sheikh

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…

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Uzbekistan

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…

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SI Global Solutions

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…

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DR.JACQUELINE

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…

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Tharparkar

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…

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Saudi Airline

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…

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PIA

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…

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Energy

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…

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PAK SAUDI

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…

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FPCCI

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…

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Jazz

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…

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Arif habib

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…

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PIA Privitization

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…

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Gmail

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…

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Pakistan Banks

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…

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ZONG

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…

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Cothm

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…

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Meezan Bank

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…

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K-Electric

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…

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PTA

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,…

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jam-kamal-khan

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…

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Water Aid

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…

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Food Packaging

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…

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Fertilizers

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…

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Pakistan Petroleum

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,…

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Engro-Corporation

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…

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Riyadh

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…

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NBP

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….

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EBM

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…

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IPO

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…

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FBR.

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…

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TEXPO

$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…

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Climate Change in Pakistan

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…

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PA 6

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…

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PRAGMA

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…

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IPO

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…

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TEXPO

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…

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SBP

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…

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Meeting

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…

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Dharejo

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…

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Kitchen

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…

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Spotify

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…

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IPS

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…

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PAK CH

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…

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Tiktok

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,…

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SC

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…

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Tax

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…

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brics

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,…

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pc

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…

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China

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…

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Airport

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…

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KE

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…

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ST

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,…

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SCB

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…

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Qatar

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…

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TEXCARE

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,…

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map

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…

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TP

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…

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MB

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…

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KE

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)…

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LC

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…

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Health Care

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…

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Technology

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…

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Nadra

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…

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Lucky Cement

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…

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EFU

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,…

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BR

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,…

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Land

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…

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Jam Kamal Khan

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…

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TIKTOK

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…

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SIAL Food Fair

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…

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Ravi

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…

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Team

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…

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SBP

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…

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JID

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…

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Nestle

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…

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Dubai

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…

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Nasir Shah

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…

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SBP

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…

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Islamabad

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…

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Turkey

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…

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SCO

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…

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Sugar

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…

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SA

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….

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SBP

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…

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Economy

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…

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Bank Islami

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…

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bank

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…

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Inflation

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…

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Pak Business Forum

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…

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Saudia Arabia

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…

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Islamabad

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,…

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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)…

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Digimap

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…

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Stock

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…

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Lebanon

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…

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Gaza

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…

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Bank Alfalah

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….

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cotton

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…

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Sindh seed

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…

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NBP

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…

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SBP

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…

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SBP

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…

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TEXPO

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…

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Jam Kamal

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…

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Sindh

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…

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Engro

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…

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ABCP

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…

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CETP

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…

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Hari Cards

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…

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Women

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…

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PMI

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…

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Islamabad

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…

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Saudia Arabia

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…

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GH

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…

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Lahore

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…

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LAS

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…

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Atif-Ikram-Shaikh

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…

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Dates

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…

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PK-Malaysia

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…

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Jazzcash

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…

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Al-Ghazi

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….

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PTCL

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…

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SBP

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…

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PR

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…

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PSX

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/…

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APFVIME

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….

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China

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,…

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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…

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INF

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…

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Pakistan Economy

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…

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Petrol

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,…

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PCB

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…

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Abdul Samad Budhani

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…

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GDP

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…

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Pakistan

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…

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ABAD

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…

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Tourism

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,…

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Interloop

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…

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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…

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Pasha Awards

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…

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Italy

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…

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Larkana

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…

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Pakistan

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…

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NBP Cash N Gold

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…

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Board Meeting

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…

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US Meetup

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…

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TikTok Shark Tank

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…

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Simpaisa And Samsung

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…

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FFC

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…

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