Beaconhouse launched its first fully virtual School of Tomorrow (SOT) Conference: A World of Tomorrow: Negotiating a Better Future with a special video message from the Director General of the World Health Organization, Dr Tedros Adhanom Ghebreyesus. “It’s an honour to join the opening session of the School of Tomorrow Conference.

Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli and President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan, while totally rejecting SSGC’s load shedding schedule for Industrial Consumers and CNG Stations, stated that this unjust and anti-business move would completely destroy the industries who are already going through the toughest time and questing really hard for survival particularly in an extraordinary situation caused by coronavirus pandemic.

Telecommunications leaders and experts from Pakistan and across the region recently gathered at the SAMENA Telecommunication Council Leaders’ Summit to review plans for unleashing the potential of 5G networks to boost economies and societies in a post COVID-19 environment. Held virtually for the first time due to social-distancing requirements, the Summit was hosted by Huawei for the seventh consecutive year.

The market commenced on a positive note this week given flattening of the COVID-19 curve along with higher recovery rate of patients. Furthermore, jump in SBP’s foreign exchange reserves (up by USD 811 mn), reduction in mark-up on Long Term Financing Facility (from 6% to 5%) and Temporary Economic Refinance Facility (from 7% to 5%) as well as extension in deferment of principal amount facility pushed the index beyond 36,000 points level.

Market traded in a narrow range today between -139pts and +137pts, closing the session +48pts above 36K level. Profit booking was observed in Banking, Pharma, E&P, OMCs and Fertilizer, whereas Cement and Steel sectors gained further momentum. Expectation of announcement of Housing Scheme by the Prime Minister today alongwith financing through Banks motivated institutional investors to increase positions in Cement sector.

WorthyWalk, an app available on Google Play since December 2019 was ranked among the top ten global winners from more than 400 submissions from around the globe by Google Developer Student Club (DSC) students from 69 countries.

Google hosts a DSC challenge every year to nurture talent by inviting student developers from all over the world to use Google products or platforms to develop solutions for challenges faced by their local communities.

President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Friday said the increased focus on debt reduction and revenue generation has damaged the economy.

Coronavirus and subsequent lockdowns have damaged all the economies but authorities are more interested in fixing unachievable tax targets which will further grind down economy, he said.

Engro Powergen Thar (Private) Limited (EPTL) – a majority owned Company of Engro Energy – and Sindh Engro Coal Mining Company (SECMC) – a joint venture of the Government of Sindh and Engro Energy with other corporate partners – have successfully completed one full year of commercial operations of both Block II mine and power plant.

The governments of Pakistan and the United States inaugurated ten COVID-19 monitoring and rapid response units yesterday to help fight the spread of this deadly pandemic. These new units reflect a partnership between the two countries to advance the COVID-19 response in all 158 districts across Pakistan.

K-Electric has been in close contact with the leading business associations and entities of Karachi since beginning of COVID-19 and resulting lockdown. KE representatives had these meetings to highlight the challenges on power supply situation in Karachi. The meetings were held with KIF, KATI, SITE, FBATI, SSHATI, NKATI and Pak Fisheries among others.

Sheikh Afzal Hussain, Chairman, PTA along with the Vice-Chairman, Mr. Muhammad Shafi stated that the export activities for leather with allied export commodities/sectors located at Korangi Industrial Area, Karachi, in particular, are severely being affected/hampered in the result of heavy load-shedding being made by K-Electric.

Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners.

Dawlance has begun donating Incubation-Chambers to major hospitals all over Pakistan, to strengthen Pakistan’s efforts in the fight against the global COVID-19 pandemic. Last month, Dawlance had also donated a large number of Refrigerators, Air Conditioners and other appliances to better equip numerous hospitals.

The total liquid foreign reserves held by the country stood at US$ 18,790.1 million on 03-July-2020. The break-up of the foreign reserves position is as under:-

1. Foreign reserves held by the State Bank of Pakistan: US$ 12,041.6 million
   
2. Net foreign reserves held by commercial banks : US$ 6,748.5 million
   
3. Total liquid foreign reserves                 : US$ 18,790.1 million
   

During the week ended 03-July-2020, SBP reserves increased by US$ 811 million to US$ 12,041.6 million.

ACCA’s Q2 Global Economic Conditions Survey (GECS) published today, reflects the scale of the global recession now under way. Globally, employment indices plummeted to record lows in the latest survey, consistent with the most severe recession in decades.

Pakistan is heading for economic contraction this year as pandemic mitigation measures hurt domestic demand and global recession hits exports.