PSO has added 39 new retail outlets during 9MFY22

The management of Pakistan State Oil Company Limited (PSO) held a corporate briefing session on 28th Jun’22 to discuss the financial performance of 9MFY22 and future outlook.

Brief Takeaways

·        To recall, the company posted the highest ever 9MFY22 earnings of PKR 64,769mn (EPS: PKR 137.96) compared to PKR 18,242mn (EPS: PKR 38.86), up by 3.6x YoY on account of growth in the overall volumes.… Continue

OICCI and ICBC Pakistan successfully held Webinar on RMB

To facilitate local markets understanding and utilization of RMB, and further in the light of some interest in a new circular by PBC (People’s Bank of China), effective from March 1, 2022, to allow Chinese Commercial banks in China directly lend RMB to overseas entities, ICBC Pakistan and OICCI (Overseas Investors Chamber of Commerce and Industry) had jointly held webinar on the subject RMB: Development, Infrastructure and Products.… Continue

MMBL to offer inclusive financial services to HomeChefs

Mobilink Microfinance Bank Limited (MMBL), the largest digital bank in Pakistan, has partnered with foodpanda HomeChefs, the nation’s leading platform for home-based restaurants, and AdalFi, a Techlogix subsidiary focused on digital financing, to initiate short-term micro-financing solutions for household chefs. Being a first-of-its-kind initiative, this strategic alliance will offer weekly loans of up to PKR 50,000 for HomeChefs to help resolve supply chain, marketing, and food quality issues, ultimately driving higher revenues and branding benefits for these home-based business ventures.… Continue

Moin A. Malik becomes CEO TCS Logistics

TCS – Pakistan’s largest logistics company appoints Mr. Moin A. Malik as CEO of TCS Logistics Private Limited. Malik has an illustrious career in the logistics industry with which he has been associated for over three decades. Before joining TCS Logistics he was the CEO of Agility Pakistan, a company he led for over 20 years.… Continue

Careem launches carpooling service

Given the massive hike in global fuel prices, the everyday office-goer is the most affected by the current economic conditions. Careem, the Super App of the greater Middle East and Pakistan, has added a carpooling feature in its corporate portfolio ‘Careem for Business (C4B)’, dedicatedly catering to its corporate clientele.… Continue

Standard Chartered goes live with RiskNucleus® GRC Solution

BenchMatrix has successfully facilitated Standard Chartered Bank Pakistan (SCBPL) in the installation and implementation of its RiskNucleus® GRC, with the goal to digitize the Bank’s compliance risk management processes.

The implementation of this comprehensive solution will assist Standard Chartered in holistically managing compliance processes and ensure regulatory compliance.… Continue

The KSE-100 index witnessed profit taking

· The benchmark KSE-100 index witnessed an under-pressure session today as investors opted for profit taking. Main board activity remained dry whereas hefty volumes were recorded in the 3rd tier stocks.

· The Index closed at 41,765.62pts, down by 112.95pts (-0.27% DoD).… Continue

Treet Corporation Limited trims costs with Oracle Cloud Infrastructure

Treet Corporation Limited (TCL), a Treet Group company, uses Oracle Cloud Infrastructure (OCI) to help lower costs, support business growth, and improve productivity. By migrating its on-premises, business-critical finance, and manufacturing applications to OCI, TCL has reduced its capital expenditure (CAPEX) by 66 percent, maintenance costs by 50 percent, and sped up data backup times by 66 percent while minimizing system downtime.… Continue

Musadik Malik visited PSO’s Head Office in Karachi

Minister of State (Petroleum Division), Ministry of Energy, Mr. Musadik Malik visited PSO’s Head Office in Karachi. Managing Director & CEO, Pakistan State Oil (PSO), Syed Taha welcomed the honorable guest along with the company’s senior management.

The honorable minister was given an overview of the company’s financial and operational performance, milestones achieved and key challenges.… Continue

PSX witnessed a positive session today due to clarity on budgetary measures

·        PSX witnessed a positive session today due to clarity on budgetary measures taken by the government imposing super tax also dubbed as “Poverty alleviation tax” on large corporate’s profitability pertaining to tax year 2022. Moreover, expectation of IMF will send a draft of the Memorandum of Economic and Financial Policies to Pakistan today driving optimism among investor triggering value buying across the board. … Continue

LNG crisis engulfing the country: Mian Zahid Hussain

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said a serious LNG crisis is engulfing the country, which can be tackled through controlling wastage and rationing.… Continue

Darul Sehat Hospital sends employees for Hajj

Darul Sehat Hospital, owned and operated by Darul Shifa International (Pvt) Ltd. sends six of its hospital employees for the holy pilgrimage of Hajj this year. The recipients were selected via a lucky draw that included all hospital employees and presided under Darul Sehat Hospital, Chairman, Mr Amir Chishti.… Continue

British Council organizes Pakistan stories film screening

The British Council, in collaboration with Patakha Pictures in Pakistan and the Scottish Documentary Institute in the UK organized a film screening event for “Pakistan Stories” at a hotel in Islamabad. Pakistan Stories seeks to support a new generation of female Pakistani documentary filmmakers to enable them to create engaging films that reflect on their society, and Pakistan’s 75 years of independence.… Continue

JazzCash and Bank of Khyber enter strategic partnership for KPK’s Insaaf Food Programme

Pakistan’s leading fintech JazzCash, in collaboration with Bank of Khyber (BoK), is strengthening the country’s digital payments ecosystem. JazzCash users living in Khyber Pakhtunkhwa (KPK) will now be able to receive PKR 2,100 for the government’s Insaaf Food Programme through the JazzCash retail network and existing JazzCash customers will receive funds in their JazzCash mobile wallets.… Continue

Khushhali Microfinance Bank’s skills development program for women in Mirpurkhas

Khushhali Microfinance Bank Limited is one of the leading financial institutions in Pakistan, with a vision to accelerate socio-economic development, by promoting financial inclusion of the vast unbanked segment in Pakistan. Recently, Khushhali Microfinance Bank partnered with the ‘Sindh Graduates Association’ (SGA) to launch a skills-development program for women in Mirpurkhas Sindh, to create more livelihood opportunities for this impoverished segment.… Continue

PTCL Group donates life jackets to angler’s community of Karachi

PTCL Group, Pakistan’s largest telecom operators PTCL & Ufone has donated life jackets to the fishermen community of Karachi to ensure safety of small-scale level fishermen during high tide season at a ceremony held in FCS HQ in Karachi.

Chairman, Fishermen Cooperative Society (FCS), Zahid Ibrahim Bhatti was presented with life jackets by PTCL Group representatives, to acknowledge the efforts of the local fishermen.… Continue

MARI and OGDC announce discovery at Bannu West-1

As per the latest announcement by MARI, further hydrocarbon discovery has been made at Bannu West-1 at Bannu Block at North Wazirstan located in KPK Province. Previously, the company discovered 25mmcfd of gas and 300 bopd of oil at Lockhart Limestone Formation (before acid treatment), while 1.6 mmcfd of gas in Hangu Formation.… Continue

Pakistan likely to record highest cement Dispatches in June 2022

Provisional cement data for Jun’22 depicts a rise of 2% YoY to 5.30mn tons, and domestic dispatches recorded an uptick of 9% YoY to 5.07mn tons. Meanwhile, exports shrunk by a massive 58% YoY during Jun’22 to 0.23mn tons due to a decline in North-based exports to Afghanistan by 51% YoY to 0.01mn tons coupled with the 62% YoY dip in South-based exports to 0.13mn tons.… Continue

QNET commits to delivering a world-class e-commerce platform

As e-commerce, sees accelerated growth for retail industries (Shopify reported that global commerce sales are expected to reach US$5 trillion in 2022!), companies like Hong Kong-based direct selling company QNET, are ready to reap the rewards.

QNET, an e-commerce direct selling company, is no stranger to the online scene.… Continue

Two-day conflict reporting conference concludes with Peace Journalism awards

Social media has erased the line between truth and lies, and this is in my view is extreme reporting. Where facts, reality are manufactured but only if you have sufficient manpower and resource, you can alter reality, said Federal Minister of Power Khurram Dastagir Khan at the keynote address on the second day of the two-day conference on ‘Extreme Reporting: Conflict and Peace in the Digital Age’ held at the Centre of Excellence in Journalism at the Institute of Business Administration (CEJ-IBA) on Sunday.… Continue

Leadership’s role is crucial for Pakistan’s progress: Arif Alvi

The role of leadership is very crucial in challenging times; it is about understanding issues and being persistent in the pursuit of solutions. If the leadership is clear-headed, it can lead the nation toward progress. This was stated by Dr Arif Alvi, President of the Islamic Republic of Pakistan, in an exclusive interview with Muhammad Azfar Ahsan, CEO and Founder of CORPORATE PAKISTAN GROUP and Nutshell Group.… Continue