KCCI, APC sign MoU for strengthening bilateral trade

The Karachi Chamber of Commerce & Industry (KCCI) has signed a Memorandum of Understanding (MoU) with Australia Pakistan Chamber of Trade, Commerce & Industry (APC) wherein the two Chambers have agreed to devise framework of cooperation and develop a number of actions aimed at further strengthening bilateral trade and relationship between Pakistan and Australia.… Continue

Chairman PNSC hosted an annual office lunch 2022

Rear admiral Jawad Ahmed (SI) M, Chairman PNSC, hosted an Annual Office Lunch for all PNSC employees on Thursday, November 10th, 2022. The event was also attended by Syed Faisal Ali Subzwari, Federal Minister for Maritime Affairs.

Federal Minister in his speech, encouraged the staff to keep up the good work and announced the Annual Bonus for employees along with other financial benefits that will be initiated by PNSC in future.… Continue

The business community demanded Charter of Economy

The industrialists and business community of Karachi held a joint press conference and demanded a Charter of Economy. Addressing the press conference held at the Korangi Association of Trade and Industry (KATI), President Faraz-ur-Rehman said that a conspiracy to malign Pakistan Army is unacceptable.… Continue

Easypaisa achieves milestone of half a million customers on In App Savings product

Pakistan’s leading digital first payments platform Easypaisa has achieved half a million customers for its savings product that was introduced 6 months ago. This is the most revolutionary savings product offered by any bank in the industry because without any paperwork and with just a single click in the Easypaisa App, customers can instantly subscribe to annual saving profit rates of up to 11%.… Continue

Syngenta Pakistan successfully pilots drone spraying services for local farmers

Syngenta Pakistan Limited, a leading agriculture innovation and technology company – providing crop protection, biologicals, seeds, crop-enhancement products and digital services to millions of Pakistani farmers, has successfully piloted Drone Spraying Services on approximately 5000 acres of local farmland. This is a first-of-its-kind initiative whereby such precision drone spray services have been provided by a crop protection company in Pakistan.… Continue

ChildLife signs MoU with Italian Hospital

A MoU signed between Istituto Giannina Gaslini, Italy and ChildLife Foundation. The Consulate of Italy, the Istituto Giannina Gaslini, largest pediatric care hospital in Northern Italy and ChildLife Foundation are promoting an important collaboration in the field of children health care with the objective of saving lives through better use of pediatric emergency rooms and telemedicine services.… Continue

Shell, Careem and Muawin collaborate for fuel management solutions

Shell Pakistan Limited collaborates with Careem and Muawin, to provide a dynamic fuel management solution for Careem Captains along with driving awareness on road safety standards.

By utilizing a personalized Shell Fleet Card financed by Muawin, Careem Captains can avail fuel on credit on numerous Shell retail sites across the country, thereby completing more rides and growing their income.… Continue

Pakistan’s liquid foreign reserves position declined

The total liquid foreign reserves held by the country stood at US$ 13,721.0 million as of 04-Nov-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,957.0 million
  • Net foreign reserves held by commercial banks    : US$ 5,764.0 million
  • Total liquid foreign reserves                 : US$ 13,721.0 million

During the week ended on 04-Nov-2022, SBP’s reserves decreased by US$ 956 million to US$ 7,957.0 million due to external debt servicing.… Continue

The bulls returned to the PSX today

·        The bulls returned to the PSX today. After the finance minister announced  USD 500mn financing by the Asian Infrastructure Investment Bank under the BRACE (Building Resilience with Active Countercyclical Expenditure) initiative supported by Asian Development Bank, the investors gained considerable confidence, and the session opened in the green zone and kept the bullish momentum throughout the trading day.… Continue

BARD Foundation announces an Endowment Fund for an MBA student at IBA University in perpetuity

BARD Foundation and IBA university take the lead to be at the forefront in an informed response to the challenges with the high-end priority given to the academic well being of students. BARD Foundation, a strong advocate and support system for passionate students, is delighted to join hands with IBA Karachi in a formal ceremony to extend its support to students in their educational careers.… Continue

The Legend of Maula Jatt becomes the highest grossing Punjabi Film of all time.

The Legend of Maula Jatt breaks yet another record, by becoming the highest grossing Punjabi film of all time worldwide in the 4th week of its release.

The film has successfully surpassed the lifetime earning of all the Punjabi hits including Carry on Jatta 2, Saunkan Saunkne & Chal Mera Putt 2 as it sits tall with the box office earnings of 172 CR+ worldwide.… Continue

The Line 4 of Maple Leaf Cement begins production in Punjab

Maple Leaf Cement Factory Limited (MLCF) has informed Pakistan Stock Exchange (PSX) that an additional dry process clinker production line of 7,000tpd grey clinker, a brownfield expansion at the Company’s existing site in Iskanderabad, Punjab, has successfully started production on November 03, 2022, according a bourse filing of Company Secretary Muhammad Ashraf of the same date.… Continue

SBP import restrictions and the volatile exchange rates would remain challenging for the auto sector

The management of Indus Motor Company Limited (INDU) held a corporate briefing session on 8th Nov’22 to discuss 1QFY23’s financial result and future outlook.

Brief Takeaways

·         To recall, Indus Motors Company Limited (INDU) announced its financial result for 1QFY23 on 27th Oct’ 22, whereby the company posted a Profit After Tax (PAT) of PKR 1,297mn (EPS: PKR 16.5), down by 76% YoY.… Continue

Huawei’s Fiber to the Room (FTTR) solution won the Access Innovation Award

Recently, the 24th World Communication Awards (WCA) ceremony was held in London by Total Telecom, an international telecom media company. Huawei’s Fiber to the Room (FTTR) solution won the Access Innovation Award.

Huawei’s innovative FTTR solution, including FTTR for Home and FTTR for SME (small- and medium-sized enterprises), provides network services with ultra-high bandwidth, ultra-low latency, seamless Wi-Fi roaming, and intelligent Wi-Fi self-management for homes and small- and medium-sized enterprises.… Continue

State Bank of Pakistan organized a Sustainable Banking Conference

 

The State Bank of Pakistan organized a Sustainable Banking Conference, in collaboration with IFC, a member of the World Bank Group, today in a local hotel in Karachi. The objective of the conference was to create critically needed awareness related to climate change and sustainability within the financial sector and launch the Environmental and Social Risk Management (ESRM) Implementation Manual.… Continue

Pakistan’s Oil & Gas sectors post phenomenal earnings for 1QFY23 —the highest in its history.

· The Exploration & Production sector reported phenomenal earnings for 1QFY23, with the sector’s NPAT clocking in at PkR100.8bn—the highest in its history. The sector’s revenues grew by 1.6xQoQ and 55%YoY, with good macros driving earnings growth this quarter.

· Net sales clocked in at PkR226.6bn for the quarter, higher by 54%YoY/13%QoQ, despite a drop in Oil/Gas production of 10%/2%YoY, respectively, with a weak PkR driving topline growth.… Continue

Daraz 11.11: Bringing Pakistanis most value for money

Daraz, Pakistan’s biggest e-commerce platform and number-one shopping app, is gearing up for 11.11, the coveted online shopping festival that has grown to become the largest sale of the year in the country. Since its inception in 2018, consumers anticipate the 11.11 sale to fulfil their shopping needs and benefit through saving from the plethora of discounts, deals and mega prizes.Continue