The State Bank of Pakistan released today its Annual Report on the State of Pakistan’s Economy reviewing the fiscal year 2020-21. According to the report, Pakistan’ economy rebounded during FY21, with real GDP growth rising to 3.9 percent. Importantly, this expansion in economic activity was accompanied by a 10-year low current account balance that contributed to a significant build-up in foreign exchange reserves.… Continue
Digital transformation can help Pakistan unlock up to Rs.9.7 trillion (59.7 Billion USD) in annual economic value by 2030, equivalent to about 19% of the country’s GDP in 2020, according to a new report commissioned by Google.
The report — released at a recent Google / P@SHA online event, “Unlocking Pakistan’s Digital Potential” – finds that Pakistan has a thriving technology sector.… Continue
· Federal Government gave green light to the 2nd payment to be made to IPPs in lieu of their outstanding receivables. The approval of the same by the Cabinet would pave way for disbursement of PkR134bn to IPPs.
· This follows the 1st installment of PkR89.8bn made to the IPPs (of which ~30bn was made in cash) in Jun’21 and will take the total payments, made under the tariff re-negotiation agreement back in Feb’21, to PkR225bn.… Continue
Meezan Bank led consortium and Enertech Water Private Limited, have recently inked the facility agreements of PKR 25.5 billion Islamic Syndicated Project Finance facility, the largest financing facility raised for the Government of Sindh, structured under a public-private partnership. The facility will be utilized for the development of a 45 Cusec water supply project from Nabisar to Vajihar including two large water reservoirs and 65km pipeline in Thar, Sindh.… Continue
Since early 2020, Covid-19 put a stop to all social activities including fundraising events, across the globe. In Pakistan, education got a big hit! It became a challenge to continue the education process online for children in all educational institutions, in particular children of lower income groups.… Continue
Zonergy Solar development Pakistan has actively participated in 17th International Trade and Industrial Fair of Pakistan. The 3 days exhibition is organized by E-commerce pvt ltd which has witness leading traders and manufacturers from the industry who displayed their top-of-the-line products.… Continue
The KSE-100 has lost more than 3% this week, with Friday’s 150bps rate hike taking precedence over the IMF staff-level agreement. Secondary market yields have continued to climb, impacting sentiment in equities. Likely net FI selling in the MSCI EM to FM move next week is not helping.… Continue
Infinix NOTE 11, the new addition from the highest selling smartphone brand; is now available at outlets across Pakistan. The smartphone’s ultra-sleek and light weight design, 6.67″ vivid AMOLED display and 50 MP quad camera have proved it to be all-rounder and a true Stunner.… Continue
The President of the world’s leading professional accountancy body, ACCA (the Association of Chartered Certified Accountants), is announced as Orla Collins. She lives and works in Dublin and takes on the 2021 / 22, assuming the chain of office from last year’s President Mark Millar.… Continue
Zong 4G, Pakistan’s largest telecommunications carrier, has upgraded its famous My Zong App (MZA) with various new and interesting features as part of its mission to drive digital innovation and provide cutting-edge services to its technologically savvy customers.
Designed to simplify our users’ life and add value, the app now has more to offer to Zong as well as non-Zong customers.… Continue
The U.S. Embassy’s Regional English Language Office, in coordination with Cengage, National Geographic, and Allied Book Company, donated 26,500 books to over 5,300 students and alumni of the U.S. Government’s English Access Microscholarship Program (Access).
The Access program is delivering fiction and non-fiction books representing a variety of genres to Access students and alumni across Pakistan.… Continue
International Packaging Films Limited (IPAK), a leading name in the packaging industry of Pakistan, signed an MoU with renowned supplier BOBST for a Metalizing Machine for IPAK’s subsidiary, Global Packaging Films (Private) Limited.
The state-of-the-art K5 3650 vacuum web coater machine will be the first of its kind in Pakistan, using the latest ALOX Module.… Continue
In celebration of International Education Week, the U.S. Embassy in Islamabad’s Regional English Language Office is pleased to announce the next set of classes for the English Access Microscholarship Program and the English for Workforce Development Program in Pakistan.
The English Access Microscholarship Program (Access) is a global program that provides foundational English language skills to bright, economically disadvantaged students.… Continue
We raise our EPS estimates for MEBL by 7% on average as we build in higher interest rates, stronger balance sheet growth (backed by c.19% CAR), and a resultantly higher mid-cycle ROE at 27%. This leads us to raise our (rolled over) Dec’22 TP to PKR175/sh.… Continue
President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Idrees has said that KCCI fully supports general industries’ resistance against suspension of gas supplies as it would not only affect their own production but would also have a severe impact on the export-oriented industries as well because both were linked with each other and it was these general industries which provide raw material to export-oriented industries.… Continue
NML held its analyst briefing today to discuss FY21 results and future outlook of the company. To highlight, the company reported unconsolidated NPAT of PkR3.3bn (EPS: PkR9.36) in 1QFY22 vs. NPAT of PkR0.9bn (EPS: PkR2.69) in the same period last year.… Continue
Khushhali Microfinance Bank Limited – a leading financial institution in Pakistan has pioneered another technological advancement, by selecting INCHEQS – Image-based Clearing System (ICS). The system enables digital clearing process, to manage and administer inward and outward cheques alongwith Robotic Process Automation (RPA).… Continue
Getz Pharma Pvt. Ltd.,in partnership withTabba Heart Institute, announced the launch of Pakistan Study of Premature Coronary Atherosclerosis in Young Adults (PAK- SEHAT) Cardiovascular diseases continue to have a significant impact across the world among different populations. To address the issue of the rising health burden of ASCVD in Pakistan, Getz Pharma Pvt.… Continue
The management of Synthetic Products Enterprises Limited (SPEL) held a corporate briefing session today to discuss the 1QFY22 financial results and future outlook on the company’s strategy going forward.
· Synthetic Products Enterprises Limited (SPEL) announced their financial results, posting earnings of PKR 159mn (EPS: PKR 1.71), up by 74% YoY from PKR 88mn (EPS: PKR 0.98).… Continue
The State Bank of Pakistan (SBP) today issued the revised ‘Corporate Governance Regulatory Framework’ with the objective to further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices. The framework, which has been developed in consultation with key stakeholders, covers Fit & Proper Test (FPT) Criteria and other Corporate Governance regulatory requirements for the sponsor shareholders and beneficial owners, members of the Board of Directors, Presidents and CEOs and key executives of banks and DFIs.… Continue
Arçelik, the parent company of Dawlance Pakistan, has been awarded the honourable Terra Carta Seal from HRH, The Prince of Wales on November 3, 2021. The inaugural 2021 Terra Carta Seal recognises global companies which are driving innovation and demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets.… Continue
A virtual ceremony was held to commemorate the signing of the Tahawwut Master Agreement (TMA) between Meezan Bank and Industrial and Commercial Bank of China (Ltd) Pakistan (ICBC Pakistan), which will allow Meezan Bank to execute Shariah-compliant hedging for CNY denominated transactions on a Wa’ad (promise) based structure.… Continue
· Bears ruled over the bulls today as investors were unable to digest the higher than expected interest rate increase. The beginning of roll-over week witnessed bearish momentum despite the long awaited news of Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement.… Continue
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 Monday said interest rates in Pakistan were already higher than other countries in the region, which is now more than doubled in comparison to India and some many other countries.… Continue
The management of Pakistan Petroleum Limited (PPL) held a Corporate Briefing session on 22-Nov-21 to discuss the FY21 financial result and future outlook
· To recall, the company posted a Profit after Tax (PAT) of PKR 52,431mn (EPS: PKR 19.27) in FY21 against PKR 50,256mn (EPS: PKR 18.47) in FY20, up by 4% YoY.… Continue