According to State Bank of Pakistan, workers’ remittances recorded an inflow of US$2.3 billion in Nov 23. Regarding growth, during Nov 23, remittances decreased by 8.6 per cent on m/m and increased by 3.6 per cent on a y/y basis. Workers’ remittances inflow of US$ 11 billion has been recorded during the first five months of FY24.… Continue
Gas & Condensate discovered in district Tando Allah Yar, Sindh Province.
Pakistan Stock Exchange Limited has been informed that a Joint Venture of Dars West Development and Production Lease (D&PL) comprising Oil & Gas Development Company Limited (OGDCL) as Operator (77.5 %) & GHPL (22.5 % carried) has discovered Gas & Condensate from its exploratory efforts into “C” Sands of Lower Goru Formation over Development Well Dars West # 02, located in district Tando Allah Yar, Sindh Province.… Continue
State Bank of Pakistan launches guidelines for a regulatory sandbox for public consultation.
State Bank of Pakistan has issued draft Guidelines on Regulatory Sandbox for public consultation. The regulatory sandbox provides a controlled environment for innovators to test innovative products, business models, and technologies while regulators understand their financial stability and consumer protection implications.… Continue
The economy must grow three times to reach the export target of $100 billion: Mian Zahid Hussain.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that the size of the economy has to be increased to one trillion dollars to increase exports to one hundred billion dollars.… Continue
KATI pledges unprecedented support for Minister Dr. Gohar Ejaz’s ambitious $100 billion export vision.
The Korangi Association of Trade and Industry (KATI) has pledged unwavering support to the Federal Minister for Industry and Commerce, Dr. Gohar Ejaz, in his bold endeavor to propel the export revenue to an impressive $100 billion. President Faraz-ur-Rehman, Patron-in-Chief SM Tanveer, and Deputy Patron-in-Chief Zubair Chhaya expressed their appreciation for the minister’s commitment and heralded the inclusion of first-time stakeholders in advisory committees.… Continue
Boskalis launches tenth issue Creating New HORIZONS magazine
Boskalis today launches the tenth issue of its Creating New HORIZONS magazine, available at www.boskalis.com/magazine. The magazine features articles and videos on groundbreaking projects and activities through which Boskalis fulfils its purpose: creating and protecting prosperity and advancing the energy transition.… Continue
Karandaaz hosts the first roundtable on open banking with eco-system experts
Karandaaz Pakistan, a development finance firm at the forefront of promoting financial inclusion and driving digital transformation in Pakistan, held the first roundtable session to deliberate on Open Banking with industry stakeholders including senior representatives from regulators, banks, fintech and technology platforms among others.… Continue
COP 28: Sustainability disclosures are pivotal in driving climate action
At COP28, four leading global bodies have called for concerted action to ensure sustainability reporting can help provide better information for those driving climate action across the business world. They underlined the potential and importance of a global approach to sustainability reporting standards in enabling decision-making, as well to channel more equitable investment.… Continue
Meezan Bank partners with Befiler to provide tax facilitation services for freelancers
Meezan Bank, Pakistan’s leading Islamic bank, has recently formalized an agreement with Befiler to enhance the tax facilitation services available to freelancers. This collaboration aims to provide Meezan Freelancer Account holders, including those with Meezan Digi Freelancer Accounts, access to discounted rates on a suite of tax-related services offered by Befiler, a prominent player in the tax facilitation industry.… Continue
Pak Elektron believes sales will recover in 2024
Pak Elektron (PAEL) conducted its corporate briefing today, where the management discussed the company’s 9M2023 result and future business outlook. In 2023, the appliances industry faced challenges due to restrictions imposed by SBP on LC opening. However, the situation has improved now as import restrictions have been eased.… Continue
Iran seeks to enhance economic cooperation with Pakistan.
His Excellency Hassan Nourian, the Consul General of the Islamic Republic of Iran, has expressed the enduring and robust diplomatic the enduring and robust diplomatic relations between Iran and Pakistan. Addressing a meeting at the North Karachi Association of Trade & Industry (NKATI, the Consul General underscored the profound cultural ties between the two nations, especially in Balochistan, where mutual cultural affinities define the shared border.… Continue
Descon Oxychem celebrates the 10 million safe hour’s milestone.
Descon Oxychem has completed 10 million safe hours from December 2008 to November 2023. This remarkable milestone exemplifies the company’s dedication to safety and underscores its commitment to business excellence. The company’s proactive approach to safety measures, rigorous training programs, and the implementation of safe practices have played pivotal roles in reaching this milestone.… Continue
SBP’s reserves decreased by US$ 237 million
The total liquid foreign reserves held by the country stood at US$ 12,107.1 million as of 01-Dec-2023. The break-up of the foreign reserves position is as under:
- Foreign reserves held by the State Bank of Pakistan: US$ 7,020.2 million
- Net foreign reserves held by commercial banks : US$ 5,086.9 million
- Total liquid foreign reserves : US$ 12,107.1 million
During the week ended on 01-Dec-2023, SBP’s reserves decreased by US$ 237 million to US$ 7,020.2 million due to debt repayments.… Continue
SGC Automates 50 Town Border Stations (TBS) – MD, SSGC inaugurates the Pilot Project
Keeping abreast with the new and emerging technologies internationally, Sui Southern Gas Company inaugurated a newly deployed system that will automate 50 Town Border Stations (TBS), which will be used for gas load management as per the international best practices.
The project was formally inaugurated by Managing Director SSGC, Imran Maniar in presence of senior management of the organization along with the project team.… Continue
Zong 4G and MYCO partner to live streaming for the English Premier League
Zong 4G, Pakistan’s leading telecommunication network, marks the conclusion of an extremely popular Cricket World Cup campaign with MYCO, a live-streaming platform and they are already paving the way for an exhilarating next phase of sports streaming.
The partnership between Zong 4G and MYCO during the recent World Cup showcased an unparalleled commitment to delivering top-tier sports entertainment to all fans using MZA.… Continue
Germany is exploring possibilities of collaboration in sustainable textile and leather in Pakistan.
Pakistan’s Representative in the German Emirati Joint Council for Industry & Commerce (AHK), Muhammad Usman, has said that the German government and businesses have been looking towards Pakistan in recent years for strengthening business and investment ties, which was the basic reason for the establishment of Pakistan’s desk at AHK in Dubai.… Continue
Maersk will deploy the first large methanol-enabled vessel on the Asia – Europe trade lane.
A.P. Moller – Maersk (Maersk) is about to launch the first of its 18 large methanol-enabled vessels currently on order. On 9 February 2024, it will enter service on the AE7 string connecting Asia and Europe, which includes port calls in Shanghai, Tanjung Pelepas, Colombo and Hamburg (see all port calls in the fact box below), with Ningbo, China, being its first destination.… Continue
Fatima Fertilizer’s “Salam Kissan” Campaign wins the prestigious DRUM Award in London in 2023.
Fatima Fertilizer, a leading name in the fertilizer industry, has once again garnered international acclaim with its groundbreaking “Salam Kissan” campaign, winning the prestigious Drum Award 2023 in London in the category “Social Purpose: Social Media”. Titled “Life without Kissan (Farmers),” the campaign aimed to highlight the stark reality of a world without the contributions of farmers.… Continue
Ufone 4G’s offers exciting discounts, free subscriptions to SHOQ and Golootlo
Pakistani telecommunication company Ufone 4G has enhanced the value of its Digital Grand Offer by adding exciting discounts and free subscriptions to PTCL’s digital OTT platform, SHOQ and popular discounts platform, Golootlo. The offer combines top-quality entertainment, seamless connectivity, and handsome savings to provide a unique and comprehensive digital experience for customers.… Continue
EFERT is expected to record the highest YoY increase of 130% to 220K tons in Nov-2023
Pakistan’s Urea sales in Nov-2023 are expected to clock in at 610k tons, up 5% YoY compared to 583k tons in Nov-2022. The same is expected to be up 33% MoM due to seasonal factors. Urea sales in 11M2023 are expected to clock in at 6,014K tons compared to 5,783k tons in 11M2022, up 4% YoY.… Continue
JS Bank partners with SOS Pakistan to provide employee banking solutions
JS Bank, one of the fastest-growing banks in Pakistan, has signed a memorandum of understanding (MOU) with the Security Organizing System (SOS) Pakistan. JS Bank will leverage its financial expertise through this MOU by providing state-of-the-art transaction banking solutions, including JS Cash Management and Employee Banking services tailored to SOS employees.… Continue
Mobilink Bank reaffirms commitment to gender-responsive climate finance at COP28 UAE
Mobilink Bank has reaffirmed its commitment to fostering gender-responsive climate finance at the Conference of the Parties (COP28) held in UAE. Representing the bank, Chief Operating Officer Haaris Mahmood Chaudhary addressed an engaging panel on the importance of gender-intentional green financing for combating climate change.… Continue
Dun & Bradstreet expands product portfolio in Pakistan
Aimed at streamlining finance operations and reforming third-party risk management for Pakistani businesses, Dun & Bradstreet has announced two revolutionary solutions- D&B Finance Analytics and D&B Risk Analytics. The two flagship AI-enabled solutions are powered by the D&B Data Cloud that comprises 520 million+ data records and contains key insights on 340 million+ shareholders.… Continue
TCS Pioneers Green Logistics with 50 Electric Bikes
With a bold move towards sustainable practices, TCS has become one of Pakistan’s leading proponents of eco-friendly transportation. By equipping their riders with 50 cutting-edge ezBikes, TCS enhances delivery efficiency and significantly reduces carbon emissions. The handover event was held at the National University of Sciences and Technology (NUST).… Continue
USA reaffirms commitment to resettlement of eligible Afghan refugees
U.S. Assistant Secretary of State Julieta Valls Noyes visited Pakistan December 4-6 to reaffirm the United States’ steadfast commitment to the protection and safe, efficient resettlement and relocation of eligible Afghan refugees to the United States.
In meetings with senior Pakistani government officials, Assistant Secretary Noyes discussed how both countries can work together to accelerate the processing of Afghan nationals eligible for relocation or resettlement in the United States, expressed the U.S.… Continue