Meezan Bank signs MoU with Huawei on Cloud Transformation
Meezan Bank and Huawei Pakistan signed a Memorandum of Understanding (MoU) to cement their strategic partnership, through projects focused on Cloud Transformation and technological innovation, enabling Meezan Bank to augment its existing processes and systems. Group Head Information Technology, Mr. Faiz Ur Rehman, Group Head Digital Transformation and Innovation, Mr.… Continue
PSO expected 4QFY22 result preview
· We expect Pakistan State Oil (PSO) to post PAT of PkR44bn (EPS: PkR94) in its 4QFY22 result, increasing by 290%YoY/30%QoQ on the back of astronomical inventory gains, subsequently keeping gross margins skywards.
· On the topline front, company’s revenue is expected to clock in at PkR893bn, up 154%YoY/57%QoQ as retail prices increases coupled with risen dispatches (up 36% QoQ) allowed the company post its highest ever quarterly topline.… Continue
Pakistan recorded highest power generation in FY22
Pakistan recorded its highest power generation of 143,192 GWh (16,346 MW) during FY22 up 10% YoY primarily led by (1) overall pickup in economic activity and (2) increased demand amid rising weather heat levels.
Hydel contributed the most to power generation (25% in FY22 vs.… Continue
Political instability breaking the rupee.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the business community was hoping for political stability after staff-level agreement with IMF after hectic negotiations by by-elections has resulted in more instability.… Continue
BankIslami becomes the first Islamic Bank to finance electronic warehouse receipt financing
BankIslami, Pakistan’s leading Islamic financial institution, has become the first Islamic Bank to have successfully structured and disbursed Pakistan’s first Shariah-compliant Electronic Warehouse Receipt (EWHR) financing issued under the repository system managed by Naymat Collateral Management Company Limited.
To facilitate farmers & aggregators to avoid distress sales during the harvesting period, SECP issued Collateral Management Company (CMC) Regulations in the Year 2019 to create an enabling environment and accredit warehouses for the storage of different commodities.… Continue
FPCCI: Free-falling rupee threat to national security; Sri Lanka-like scenario emerging
Mr Irfan Iqbal Sheikh, President of FPCCI, has maintained that the free-falling rupee has reached a point where it has become a threat to national security as LCs for petroleum imports are being opened at a much higher rate than that of intra-bank rate; and a grave law & order situation might emerge in case of any fuel shortages for transportation and electricity generation.… Continue
Political instability is breaking the rupee.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the business community was hoping for political stability after staff-level agreement with IMF after hectic negotiations by by-elections has resulted in more instability.… Continue
6 TCF alumni conferred degrees at GIKI Convocation 2022
It was a moment of pride for The Citizens Foundation (TCF) as 6 TCF alumni were awarded degrees at the 26th Convocation of The Ghulam Ishaq Khan Institute of Engineering Sciences and Technology (GIKI), a renowned university in Khyber Pakhtunkhwa, Pakistan earlier this month.… Continue
Jazz to empower lives and livelihoods of women through tech’: Jazz CEO
Reiterating the company’s commitment to addressing the gender diversity and inclusion gaps in the larger community, Jazz CEO Aamir Ibrahim, in a recent interview, stated, “The soul of our organization is to empower lives and livelihoods of women through technology. It’s our fundamental belief that technology is the greatest equalizer and can help us overcome gender disparity.”… Continue
The economic downturn, Fitch rating, decline in dollar & stock market is a matter of concern, KATI
President of Korangi Association of Trade and Industry (KATI) Salman Aslam is concerned about the devalue of the dollar reaching the highest level in the history of the country, Fitch’s negative rating of Pakistan, the stock market crash and the economic crisis.… Continue
The market witnessed a range bound session today
· . The benchmark KSE-100 index remained sideways due to continuous Pak rupee devaluation against US dollar and political unrest. Volumes remained dry although the last trading hour witnessed value buying in the E&P sector.
· The Index closed at 40,459.70pts, up by 70.63pts (+0.17% DoD).… Continue
ACCA, MANTAQ sign MoU
ACCA (the Association of Chartered Certified Accountants) and MANTAQ Centre for Research have entered an MOU that focuses on building the capacity of lawmakers in legislative drafting and research related to finance.
As part of MANTAQ’s legislative drafting and research programme ‘TADVEEN’, both the organisations will collaborate to offer formal mentorship and training to policymakers and researchers to promote policy reforms and progressive regulations that drive good public financial management, enable effective implementation of UN’s Sustainable Development Goals (SDGs), and increase Pakistan’s global competitiveness.… Continue
TikTok removes nearly 12.5 million videos from Pakistan in Q1 2022
- With 12,490,309 videos removed, Pakistan ranked second in the world for the largest volume of videos taken down for Community Guidelines violations between January – March 2022.
- According to the latest Community Guidelines Enforcement Report; Pakistan had a removal rate of 96.5 per cent before any views and 97.3 per cent before 24 hours.
Huawei’s David Wang: innovation, lighting up the 5.5G era
At the Win-Win Huawei Innovation Week, David Wang, Executive Director of the Board and Chairman of the ICT Infrastructure Managing Board of Huawei, delivered a keynote speech titled “Innovation, Lighting up the 5.5G Era”. In his speech, Wang spoke about the next evolution of 5G technology, which the company has termed, 5.5G, and the industry’s innovation roadmap for the next five to ten years.… Continue
NHA increased toll collection booths at Hakla toll plaza
As per the directive of Prime Minister of Pakistan Mr Shahbaz Sharif, the Ministry of Communications and National Highway Authority undertook immediate measures and established additional toll collection booths at Hakla Toll Plaza on Hakla-D.I.Khan Motorway. It is to recall that the Prime Minister of Pakistan, Mr Shahbaz Sharif took serious notice of reports regarding the traffic rush at Hakla Toll Plaza and issued orders to ensure smooth traffic flow at this point by increasing the number of toll collection booths.… Continue
ABHI, Unveel.io to offer earned wage access in Pakistan and UAE
ABHI, a Pakistan-based fintech and Unveel.io, a UAE-based API-Widget are combining their expertise to offer the facility of Earned Wage Access to ride-hailing and delivery drivers in Pakistan and UAE for the first time.
As the world economy struggles to get back on the rails, this comes as a ray of hope for workers. … Continue
Will provide 1 billion relief to banking customers by the end of the year, Banking Ombudsman
Banking Ombudsman Pakistan Muhammad Kamran Shehzad said that more than 40 thousand customer complaints were received this year in which relief of 600 million was provided and it is hoped that relief of up to one billion rupees will be provided by the end of the year.… Continue
The salient features of HUAWEI nova 9
A great smartphone is one that is styled for the ages, equipped with a great camera, has a large battery that charges up swiftly, and if you throw in some cool futuristic features then you have something special. And all of these things are not easy to find in one single phone!… Continue
Mastercard partners with MCB Bank to empower SMEs in Pakistan
Mastercard and MCB Bank have entered a strategic partnership to boost financial inclusion in Pakistan and empower small businesses with Simplify Commerce, an all-in-one e-commerce technology solution. The agreement was signed between Mr. J.K. Khalil, Cluster General Manager, MENA East, Mastercard and Mr.… Continue
Bears took charge at PSX as the bloodbath continued due to political unrest and rupee devaluation today
- Bears took charge at PSX today as the bloodbath continued. Despite opening in the green zone, the benchmark KSE-100 index dropped down to an intraday low of 40,216 levels (1150.73 points negative). Selling momentum continued across the board due to political unrest and rupee devaluation against US Dollar, marking a historic high in the interbank and open market.
In concluding the Theatrical Masterpiece Trilogy, Anwar Maqsood announces Saadhay 14 August
Esteemed scriptwriter, television presenter, humorist, and actor Anwar Maqsood’s iconic 14th August play trilogy is all set to launch its final leg as the series concludes with its last epic performance. Celebrating the 75th Anniversary of Pakistan with the final part of the theatrical masterpiece trilogy, KopyKats Productions and Anwar Maqsood’s ‘Saadhay 14 August’ premieres in Karachi on 14th August 2022.… Continue
Emirates flight catering opens the world’s largest vertical farm in Dubai
Bustanica has opened the doors to the world’s largest hydroponic farm, backed by an investment of US$40m. The facility is the first vertical farm for Emirates Crop One, the joint venture between Emirates Flight Catering (EKFC), one of the world’s largest catering operations serving more than 100 airlines, and Crop One, an industry leader in technology-driven indoor vertical farming.… Continue
Pakistan’s delegation visits to Afghanistan were instrumental in improving trade, transit and bilateral investment.
PAJCCI, as a result of its series of meetings, has been recommending several measures to facilitate economic activity with Afghanistan including waiver of E-Form & EIF requirement for the extended period till finalization of alternate mechanism, opening up of new border crossings, increase in timings at existing border crossings, reducing multiple and manual checks, adding items to PKR trading category, barter trade mechanism implementation, exploring new items for trade, cross-stuffing & de-stuffing of containers, sales tax and duty drawback claims policy, setting up separate visa counters for the business community at border crossings, development of infrastructure on both sides, joint tariff rationalization and effective transit trade policy and mechanism.… Continue
World Population Day: Awareness event conducted in Islamabad
To commemorate World Population Day, a collaborative event was conducted in Islamabad today. A joint effort of the United Nations Population Fund (UNFPA) Pakistan, British High Commission, Ministry of National Health Services, Regulations & Coordination (NHSRC), and Population Programme Wing (PPW), the event revolved around the theme”A world of 8 billion: Towards a resilient future for all – Harnessing opportunities and ensuring rights and choices for all.”… Continue
Google expands Android Earthquake alerts system to Pakistan
Today, Google is launching Android Earthquake Alerts System in Pakistan. Android Earthquake Alerts System is a no-cost, helpful Android feature that detects earthquakes around the world and alerts people. It uses sensors in Android smartphones. The system uses accelerometers in active Android smartphones to detect seismic activities.… Continue