Global trade enabler DP World today announces that it has entered into an agreement to acquire 71.3% stake in Puertos y Logistica S.A. (“Pulogsa”) from Minera Valparaiso and other shareholders associated with the Matte Group.
Pulogsa is listed on the Santiago stock exchange, and the acquisition will be effected via a tender offer to acquire all outstanding shares of the business.… Read the rest
Pakistan’s Auto industry recorded sales of 19,423 units in Dec’18, down 1%yoy, this takes 1HFY19 volumes to 120,422 units, down 3% yoy. During 1HFY19, Economy segment declined by 24% yoy due to a tougher economic environment but 1300cc and above provided a robust 11% increase, mitigating the overall decline, says a report of Intermarket Securities.… Read the rest
Overseas Pakistani workers remitted US$ 10718.78 million in the first half (July to December) of FY19, showing a growth of 10% compared with US$ 9744.75 million received during the same period in the preceding year.
During December 2018, the inflow of workers’ remittances amounted to US$ 1690.18 million, which is 5.07% higher than November 2018 and 1.93% lower than December 2017.… Read the rest
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Engr. Daroo Khan Achakzai, President FPCCI and Mr. S.M. Muneer, Former President FPCCI & CE TDAP presenting crest to Mr. Asad Umar, Federal Minister for Finance, Revenue and Economic Affairs on his visit to Federation House Karachi. Dr.… Read the rest
Lt. Gen. (R) Zameer Uddin Shah, a retired general of the Indian army, who was sent to control the Gujarat riots that occurred in February 2002, has said that the then Gujarat chief minister Narendra Modi (now the Prime Minister of India), was allegedly responsible for the Gujarat riots.… Read the rest
The board of directors of SNGPL has assigned the charge of managing director of the company to Amer Tufail for a period of 90 days or till the appointment of regular managing director, whichever is earlier. In a meeting held recently, the board earlier, considered and approved the resignation of Amjad Latif, revealed an official notification issued to Pakistan Stock Exchange.… Read the rest
Federal Minister for Communications Murad Saeed has said, we are determined to overcome travelling difficulties being faced by the people and provide them safe and sound journey on our roads. In a few days, Lahore Ravi Toll Plaza at Lahore-Islamabad Motorway (M-2) is being shifted while new lanes are being added to Islamabad-Peshawar Motorway (M-1) Toll Plaza.… Read the rest
The 4th death anniversary of renowned Urdu poet Pirzada Ashiq Kairanvi is being observed on Sunday (today). Hailed as the most prolific poet, Pirzada Ashique Kairanvi stays behind the world’s lengthiest Ghazel comprising some 30 thousand unique verses, the most extended poetic creation produced in any world language spoken today.… Read the rest
SSGC’s Board of Directors have appointed Imran Farookhi, DMD (Corporate Services) as the Acting Managing Director till such a time a new incumbent is appointed. Mr. Farookhi has been assigned the charge of Acting MD, in addition to his own existing portfolio of DMD (Corporate Services).… Read the rest
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Engr. Daroo Khan Achakzai, President FPCCI and Dr. Mirza Ikhtiar Baig, Senior Vice President FPCCI presenting crest to Dr. Khalid Maqbool Siddiqui, Hon’able Minister IT & Telecom on his visit to Federation House Karachi.
Also present on the occasion were Vice President(s) FPCCI Mr.… Read the rest
The Consul General of Sri Lanka H.E G.L Gnanatheva visited FPCCI to meet Dr. Mirza Ikhtiar Baig, Senior Vice President, FPCCI to discuss bilateral trade, investment and potential of Free Trade Agreement (FTA) between Pakistan and Sri-Lanka.
Dr. Baig expressed his concern that in spite of Free Trade Agreement between both countries for the last 13 years, the trade between two countries is only $ 373 million out of which exports from Pakistan to Sri Lanka are $270 million and imports from Sri Lanka to Pakistan are $ 103, whereas in 2011 the trade volume was $ 512 million with exports of $ 442 million and imports was $ 70 million which shows a decline in trade volume between the two countries.… Read the rest
State Bank of Pakistan (SBP) has won the global award as the best Central Bank in promoting Islamic finance for the year 2018. The coveted award is conferred by Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia. IFN Best Banks Poll is regarded as one of the most prestigious accolades in the Islamic finance industry.… Read the rest
Hundreds of dock workers Thursday marched on streets of Saddar to mark their 108th day of continuous protest for their rights. Holding red flags and protest banners, they rallied from Regal Chowk towards Karachi Press Club.
This protest was arranged by Workers Union of Port Qasim CBA which was joined and led by home based women workers and senior trade union leaders including Karamat Ali from PILER, Habibuddin Junaidi, Liaquat Ali Sahi, Nasir Mansoor, Manzoor Razi, Secretary General of CBA union Hussain Badshah and others at the starting point of rally.… Read the rest
The total liquid foreign reserves held by the country stood at US$13,597.0 million on 04January2019.The break-up of the foreign reserves position is as under: –
Foreign reserves held by the State Bank of Pakistan : US$ 7,048.7 million
Net foreign reserves held by commercial banks : US$ 6,548.3 million
Total liquid foreign reserves : US$ 13,597.0 million
During the week ending 04 January2019, SBP’s reserves decreased by US$239 million to US$7,048.7 million, due to external debt servicing and other official payments.… Read the rest
Success in scaling-up is not only good for the businesses themselves, but also delivers many benefits for the wider economy, including the people who they employ as well as the community in which they operate. At a multi-stakeholder conference organised in Lahore by ACCA (the Association of Chartered Certified Accountants), business leaders and regulators discussed the role of governance measures to address Pakistan’s financing gap, alongside the need to formulate policy to help SMEs to scale-up.… Read the rest
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