Magazine Features

Gas load shedding to completely destroy industries, trigger social disorder: Siraj Teli, Agha Shahab

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.

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5G networks to boost Pakistan economy during COVID-19 recovery

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.

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Pakistan stock exchange breached 36,000 level

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.

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PSX Market traded in a narrow range today

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.

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Pakistani app ‘WorthyWalk’ among ten Google Developer Student Club Challenge Winners

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.

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Regional countries managing economy better than Pakistan: Mian Zahid Hussain

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.

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K-Electric is committed to industrial growth and Karachi

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.

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Pakistan’s foreign reserves continue to rise

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.

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Pandemic hurts domestic demand and recession hits exports

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.

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