Business

In a boost to the forex reserves, Finance Minister Ishaq Dar announced on Wednesday that the Board of China Development Bank has approved a $700 million facility for Pakistan. “This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves!” tweeted…

FrieslandCampina Engro Pakistan Limited (FCEPL) signed a Letter of Intent (LOI) with International Trade Centre (ITC) for Growth for Rural Advancement & Sustainable Progress (GRASP) in Karachi.Growth for Rural Advancement & Sustainable Progress (GRASP) is a European Union-funded project implemented by ITC with its partners, in 12 districts of Sindh…

The Chairman, Securities & Exchange Commission of Pakistan, Akif Saeed met with representatives of the brokerage industry to deliberate successful re-launch of New Trading System (NTS) at Pakistan Stock Exchange (PSX). The Chairman was accompanied by Commissioner SECP, Mr. Abdul Rehman Warraich and the SECP team, including Ms. Musarat Jabeen,…

The proposed unprecedented tax hike for the tax-paying tobacco companies will effectively favor the already vast illicit cigarette manufacturers in Pakistan. This will also lead to significant shortfalls in Government revenue as the volumes will massively shift from the tax-paid sector to the non-tax-paid sector as often seen in the…

The Islamabad Chamber of Commerce & Industry (ICCI) and Pakistan-Britain Business Council (PBBC) have signed a Memorandum of Understanding to enhance cooperation for promoting bilateral trade between Pakistan and the United Kingdom. Ahsan Zafar Bakhtawari, President ICCI and Rashid Iqbal, CEO PBBC signed the MoU during the visit of a…

The Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorized lending apps, namely “MoneyBox” and “MoneyClub.” The SECP has observed that the apps are using the names of licensed Non-Banking Finance Companies (NBFCs) to gain public confidence in offering lending services without any…

K-Electric has filed tariff petition for its power generation plants with the National Electric Power Regulatory Authority (NEPRA) for the period commencing from July 01, 2023, till their remaining licensed useful lives. The petition has been admitted by the Regulatory Authority for KE’s generation segment comprises of six thermal based…

The Pakistan rupee gained ground against the US dollar Wednesday as the market was hopeful of a positive outcome of the ongoing talks between the government and the International Monetary Fund (IMF). In the interbank market, the rupee appreciated Rs2.95 or 1.08% against the dollar to close at 273.33, according…

Pakistan’s headline inflation accelerated to record high level in January amid supply constraints for food products and a significant surge in the price of petroleum products. Consumer prices rose 27.6% compared to 13% in the same month of last year, according to data released by Pakistan Bureau of Statistics (PBS) on Wednesday.…

Society for the protection of the Rights of Child (SPARC) shared a press release stressing the importance of pending Tobacco Health Levy Bill to ease Pakistan’s current economic crisis.Malik Imran Ahmed, Country Head, Campaign for Tobacco-Free Kids (CTFK), mentioned that the destruction caused by tobacco induced non-communicable diseases to Pakistan’s…

The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore the possibilities and mechanism for effective implementation of “Motor Third Party Liability (TPL) Insurance” in the country. The group, comprises industry experts, representatives of Insurance Association of Pakistan (IAP) and SECP officials, will formulate a…

Indus Motors Company (IMC), the maker of Toyota vehicles, has decided to “completely” shut down its production plant in the country from February 1-14, citing “insufficient inventory levels” as the reason. In a letter addressed to the general manager of the Pakistan Stock Exchange, the IMC management said that in…

The Pakistani rupee posted its biggest single-day decline in more than two decades, after a continued drain in the nation’s foreign exchange reserves and constant pressure from the International Monetary Fund (IMF) forced the government relaxed its grip on the currency. Following the government’s decision to end its control over…

Mr. Syed Hassan Farid Khan Chariman ALM group of companies met with theCEO TDAP, Mr. Muhammad Zubair Motiwala in the meeting, policy matters ofPrecious Metal Mining and Export were discussed.It was discussed to make the policy investor friendly for international investorsin this industry. Furthermore, it was also proposed to set…

Pakistan is likely to receive dollar inflows from “next week”, State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Monday, hoping the country’s foreign exchange reserves position will strengthen in due course. “We are expecting to witness inflows from next week onwards, which would reduce pressure on our foreign exchange…

Pakistan stocks Tuesday plunged to a 30-month low as the country’s extremely riotous political situation freaked economy-wary investors into stampeding towards the exits, resulting in whopping losses, traders said. The KSE-100 Shares Index, the benchmark of the country’s capital market, lost 1,378.54 points or about 3.47%, to close at 38,342.21…

Ismail Industries Limited, one of the major Pakistani confectionery and snack food manufacturers, has signed up a roadmap contract with SAP for the digitization of business functions across all its operations.SAP has successfully provided a holistic solution to one of the largest manufacturers in Pakistan to improve its core system…

The potential of crypto assets in Pakistan can generate over $100 billion in total income for technology talent over the next twenty years, contributing significantly to the national economy. The last few months have exponentially increased societal, investor, and policy interest in crypto, blockchain, and Web 3.0 technologies because Pakistan…

Gold’s record rally is moving tantalisingly close to the psychologically key Rs175,000 level in Pakistan, powered by investors seeking cover from the political toll, as reflected in rupee weakness, faltering stocks and economic tensions. According to All Pakistan Sarafa Gems and Jewellers Association, the price of precious commodity jumped by…

The Pakistani rupee Tuesday depreciated against the US dollar for the fifth straight session after an increased demand for the greenback from the importers. The local unit depreciated by 0.37% (Rs0.82) on a day-to-day basis to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP),…

Exports from the country have witnessed an increase of 40.53 percent during the first two months of current fiscal year as compared to the corresponding month of last year. According to data by Pakistan Bureau of Statistics, the exports during July-August this year were recorded at 1,043,046 million rupees as…