Business

President Islamabad Chamber of Commerce Ahsan Zafar Bakhtawari rejected the 3% increase in interest rate. Responding to the increase in the interest rate, President Islamabad Chamber said that increasing the interest rate to 20% will hinder industrial development. Ahsan Zafar Bakhtavari said that the decision to increase the interest rate…

The Securities and Exchange Commission of Pakistan (SECP), organized a financial reporting workshop on Non-Banking Microfinance (NBMF) sector, in light of new regulatory requirements outlined under Circular 15. The aim of this interactive workshop was to apprise participants on the measures taken for the promotion of the sector and to…

A delegation of Executive Directors of the Asian Development Bank (ADB) of Japan, China and South Korea called on Prime Minister Shehbaz Sharif here Tuesday and renewed ADB’s resolve to continue working closely with Pakistan in addressing its economic challenges. The prime minister lauded ADB’s longstanding association with Pakistan and…

Yasser Iqbal, Mayor of Pendle of Lancashire County said that he would play a role to further increase bilateral trade ties between Pakistan and UK as both countries have good potential to do trade in many items for mutual benefit. He said this while exchanging views with Ahsan Zafar Bakhtawari,…

The Securities and Exchange Commission of Pakistan (SECP) held a thematic workshop to demonstrate the prototype of re-designed digital regulatory processes for Limited Liability Partnership (LLP), company registration and filing, and compliance. Under its digitalization program, “Leading Efficiency through Automation Prowess (LEAP),” the SECP has identified key business processes that…

In a positive development, the State Bank of Pakistan-held (SBP) foreign exchange reserves registered a major boost on Friday as the nation received $700 million from the China Development Bank (CDB). Pakistan has been struggling to pay off its extraordinarily high levels of external debt and barely has enough dollars…

Faysal Bank Limited (FBL) achieved the landmark of Rs. 1 trillion in Balance Sheet footings with a record Profit Before Tax of Rs. 22.4 billion, 67% higher than the last year. The Board of Directors of FBL, in their meeting held on February 23, 2023, approved the financial statements of…

The Securities and Exchange Commission of Pakistan (SECP) has released a diagnostic report to document key issues and challenges for Islamic finance in the non-bank financial sector. The report also takes stock of the current state of development of Islamic finance in the country and contains specific recommendations for its…

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…