Interloop Limited – Pakistan’s 6th largest exporting firm

BMA Capital Management hosted a webinar on the Textile Sector today where Mr. Maqsood Muhammad (Group CFO of Interloop Limited) was invited to discuss the changing dynamics of the textile sector in the backdrop of COVID-19.

Following are the key takeaways of the event:

With an organizational network across seven countries, Interloop is one of the world’s largest hosiery manufactures and Pakistan’s 6th largest exporting firm.

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Unauthorized tampering of electrical infrastructure causes electrocution

A man received multiple electrical shock and burn injuries when he broke into an electricity substation in Gadap and tampered with power equipment. Muhammad Ghulam, a day laborer tried to repair a faulty low-tension (LT) cable. Mishandling the high-voltage equipment, normally handled by trained skilled technicians resulted in burn injuries, damaged power equipment and power outage in the area.

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SBP reserves increased by US$ 67 million to US$ 12,121.6 million

The total liquid foreign reserves held by the country stood at US$ 19,047.3 million on 17-July-2020.The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 12,121.6 million
  • Net foreign reserves held by commercial banks : US$ 6,925.7 million
  • Total liquid foreign reserves             : US$ 19,047.3 million

During the week ended 17-July-2020, SBP reserves increased by US$ 67 million to US$ 12,121.6 million, due to official inflows.

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SBP conducts a review of complaints against Banks/DFIs/MFBs from 2016 to 2019

State Bank of Pakistan (SBP) has conducted a four year (2016-2019) review of complaints against Banks/MFBs/DFIs. The objective of the review was to gain insights on effectiveness of complaint management at banks. The salient features of the review are being published to emphasize SBP’s narrative that responsible complaint handling is the core element of Fair Treatment of Consumer (FTC).

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PSX sheds 226 pts today

·        Market had an exciting session, which resulted in quite some fluctuation between positive and negative throughout the day and closed the session -226pts. Selling pressure was mainly observed in Cement, Steel, Pharma, OMCs etc. which caused the market to plunge.

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Shan Foods collaborates with Careem, Bykea & Foodpanda

One of the leaders in the spice industry, Shan Foods has collaborated with leading e-commerce platforms, Careem, Bykea and Foodpanda, to improve ease of access for consumers.

With the constantly evolving COVID-19 situation, Shan Foods recognized the need to adapt its business in order to be able to better provide for its customers.

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Pakistan to exports jute products

Advisor to the Prime Minister on Trade Abdul Razzaq Dawood has said that the Pakistan has started export of jute products to several countries including Middle East, government is giving many incentives to Pakistani exporters. Regulatory duties, customs duties and tariffs have been reduced on a number of products for Pakistan.

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JazzCash and Ignite partner to facilitate Freelancers

JazzCash, Pakistan’s leading digital payments platform, has partnered with Ignite to facilitate the Ministry of Information Technology & Telecom’s (MoITT) national level training program, Ignite CEO Syed Junaid Imam and Mobilink Microfinance Bank President Ghazanfar Azzam signed the MoU in the presence of Federal Minister for IT & Telecom, Syed Amin Ul Haque and Secretary IT & Telecom, Shoaib Ahmad Siddiqui, while JazzCash CEO Erwan Gelebart joined the ceremony virtually.

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