Business
AOB puts audit firm on improvement plan
Islamabad, July 10, 2019: After conducting an inspection of records of a mid-size audit firm, the Audit Oversight Board (AOB) has placed the firm on an action plan with substantive steps to improve its audit quality. The decision to place the firm on an action plan was taken after finalizing the inspection report and giving…
Pakistan receives record $21.8 workers’ remittances in FY19
Karachi, July 10, 2019: Overseas Pakistani workers remitted the US $21.85 billion during FY19 showing a growth of 20 compared with the US $19.9 billion received during the same period in the preceding year. Pakistan is already facing a balance of payment crisis and it needs massive external inflows to overcome from this crisis. Home…
Pakistan receives one billion dollars from IMF
Karachi, July 10, 2019: Major development on the economic front as Pakistan on Wednesday morning received one billion dollars from International Monetary Fund (IMF) as the first tranche of a bailout package for balance of payment support. State Bank of Pakistan’s spokesman has confirmed that SBP has received IMF First Tranche of $991.4 million which…
Domestic sales estimated to fall in FY19 after 7 years
Lahore, July 9, 2019: Pakistan total cement sales during FY19 is expected to remain flat; closing in around 46 million tons during FY19. This has happened after 7 years primarily due to slower economic growth. According to Topline report, effective capacity utilization during FY19 is anticipated to fall by 11points to 84 percent primarily on…
Stock remains decline
Karachi, July 8, 2019: The Pakistan Stock Exchange decline deepened Monday, with the KSE-100 Index sliding 447.34 points, to settle at 33,742.68. Market is pricing in the harsh reality that the economic slowdown is more likely to linger than quickly be resolved. Selling was seen across the board with Cements, E&P, and Banks contributing the…