Khurshid Barlas elected Chairman of UK PBC

First official meeting held in London on Zoom of UK Pakistan Business Council, Executive Board members and Advisory Board has been Elected Mr. Khursheed Barlas as a First Chairman UK Business Council Pak Chapter  and  Ambassador Mr. Javed Malik Electedas first Chairman Council UK chapter. 

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Stock markets remain positive today

Market traded in the positive zone today, which was primarily caused by slight improvement in international crude prices (as compared to yesterday). E&P, OMCs largely remained positive, whereas Cement and Banking sector scrips also rebounded from recent lows. Cement Sector stocks saw an attrition of 10% in the past couple of sessions, from recent peaks, and highlighted an opportunity to the investors for rebound, especially today being the last trading day of the roll-over week.

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SEARL enters exclusive license agreement with Beximco Pharma for Remdesivir

In an exchange filing today, SEARL PA has announced that it has successfully entered licensing and marketing agreement with Beximco Pharmaceuticals Bangladesh for Remdesivir – a US FDA approved wide-spectrum antiviral drug used to treat advanced stage Covid-19 patients. This partnership will provide an immediate supply of the finished product at an affordable price and without much delay in due process.

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Pakistan stocks fall today

Market opened on a negative today and maintained the negative trajectory, realizing a loss of 238pts during the session and closing -141pts, says a report of AHL. International crude prices slipped overnight to trade near US$31.5/bbl, which was approx. 4% down from the level KSE100 saw on last Thursday, before the market closed for long weekend (due to Eid).

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SBP reserves decreased by US$ 55 million

The total liquid foreign reserves held by the country stood at US$ 18,597.9 million on 21-May-2020. The break-up of the foreign reserves position is as under:-

  1. Foreign reserves held by the State Bank of Pakistan: US$ 12,073.9 million
  2. Net foreign reserves held by commercial banks : US$ 6,524.0
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DP World Joins with Tradelens to Digitise global supply chains

DP World, a leading enabler of global trade, has completed the early stages of integration with TradeLens, a blockchain-based digital container logistics platform, jointly developed by A.P. Moller – Maersk (MAERSKb.CO) and IBM (NYSE: IBM).

The collaboration between DP World and the TradeLens platform will help accelerate the digitisation of global supply chains.

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All businesses should be allowed to operate: Mian Zahid Hussain

FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said prolonged lockdown has changed the habits and preferences of consumers. The business community should carefully analyze the situation and adapt to the new realities to save their businesses from bankruptcy, he said.

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Siraj Teli for winding up lockdown, deploying Army to ensure strict adherence to SOPs

Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce & Industry Siraj Kassam Teli, while urging the government to completely wind-up the lockdown so that all types of businesses and industries could restart their operations with full swing, also advised the government to deploy troops from the army whose presence and patrolling at various commercial markets would ensure strict adherence to the Standard Operating Procedures (SOPs) devised to contain further spread of coronavirus pandemic.

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