SBP suspends the authorization of Orient Exchange Company and Best Way Exchange Company

The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies, namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited for three months due to serious violations of regulatory instructions.

SBP has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.… Continue

Developers’ Game Jam: GameBird Edition hackathon highlights the potential of Esports

Telenor Pakistan’s corporate accelerator, Velocity, held the closing ceremony of a month-long hackathon ‘Developer’s Game Jam: GameBird Edition’, at its 345 Campus in Islamabad. The hackathon was aimed at enabling an ever-growing community of game designers, developers, artists, and writers to come together on a common platform, to learn new skills and create video games of the future.… Continue

Pakistan and Qatar, bilateral trade volume was over US$2.73 billion in 2021

Consul General of Qatar Mishal Mohammad Ali Al-Ansari has said that Qatar was Pakistan’s thirteenth biggest trade partner and in 2021, the bilateral trade volume between the two brotherly countries was over US$2.73 billion which continues to show steady growth. “Qatar and Pakistan have well established relations which are based on shared religion, culture, abilities and geographical proximity”, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry.… Continue

In 9M2022, Pakistan IT exports have increased by 9% YoY to US$1.95bn

We re-iterate our ‘Buy’ stance on Systems Limited (SYS), one of the largest IT (Information Technology) service exporters in Pakistan with Dec-2023 Target Price of Rs620/share, offering a potential total return of 39% (including dividend yield of 2%).

SYS is a preferred pick due to (i) above average exports growth, (ii) geographical diversification and expansion, (iii) expanding workforce, (iv) cost effective IT resources of Pakistan, (v) foreign currency (FX) based revenues and cost localization, and (vi) recent acquisitions providing inorganic growth.… Continue

Department of Mass Communication organized a seminar on ‘Workplace Harassment and Mental Health’.

The University of Karachi, Department of Mass Communication has conducted a seminar about ‘Workplace Harassment and Mental Health’ under the supervision of the Chairperson, Dr Fauzia Naz. Expert psychiatrists and an anchor graced the audience with their presence. Experts elucidate to the audience on the importance of mental health in addition to physical health.… Continue

Almost all industries closed, gas pressure zero, production at standstill: KCCI

The Karachi Chamber of Commerce & Industry (KCCI) and Industrial Town Associations, while expressing deep concerns over suspension of gas supply to the industries in Karachi, stated that all the industries were almost closed and the pressure was zero, resulting in bringing the production activities to a complete standstill which would give a serious blow to the exports by terribly affecting the performance of export-oriented as well as general industries, besides triggering massive unemployment and creating chaos.… Continue

SBP’s reserves increased by US$ 3 million

The total liquid foreign reserves held by the country stood at US$ 13,796.2 million as of 11-Nov-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,959.5 million
  • Net foreign reserves held by commercial banks    : US$ 5,836.7 million
  • Total liquid foreign reserves                 : US$ 13,796.2 million

During the week ended on 11-Nov-2022, SBP’s reserves increased by US$ 3 million to US$ 7,959.5 million.… Continue

IDEAS2022 seminar stresses pragmatic tech-oriented research to make Pakistan a global AI hub

The unconstrained potential in AI progress demands Pakistan to keep abreast with the advancements in AI and match its pace through research, an imperative for making Pakistan a global hub of AI, data science, Internet of Things (IoT), and others. In this regard, an essential role is played by universities, which serves as key institutions of research, creativity, collaboration, and combining expertise.… Continue

The United States launches initiative to enhance U.S.-Pakistan bilateral trade

In honor of Global Entrepreneurship Week,  U.S. Ambassador Donald Blome, joined by the Minister of State for Finance and Revenue, Dr. Ayesha Ghaus Pasha, formally launched a United States government-led initiative to enhance U.S.- Pakistan bilateral trade. The United States has long been Pakistan’s largest export market, with potential for further growth. … Continue

Huawei addresses cybersecurity challenges

Huawei took part in the Arab Regional Cybersecurity Week 2022 in Muscat, Oman, from November 6 – 9, where it advocated for sustained collaboration to secure the digital world. Huawei called upon Arab nations under the Organisation of Islamic Cooperation (OIC) to implement the OIC-CERT 5G Security Framework where the Network Equipment Security Assurance Scheme (NESAS) standard, the joint GSMA and 3GPP framework for the security evaluation of mobile network equipment shall be the fundamental security baseline.… Continue

Pakistan’s Ayla Majid elected vice president of ACCA

Joseph was confirmed in his new role at the annual council meeting after ACCA’s Annual General Meeting (AGM) on 10 November 2022. Ronnie Patton, formerly senior lecturer at Ulster University, Northern Ireland, was appointed deputy president and Ayla Majid from Pakistan, founder and CEO of Planetive – a clean energy and sustainability advisory practice – became vice president.… Continue