U.S. Embassy and National University of Sciences And Technology open New Lincoln Corner

In his first visit to a university in Pakistan, U.S. Ambassador Donald Blome joined the Rector of the National University of Sciences and Technology (NUST) Javed Mahmood Bukhari to inaugurate Pakistan’s newest Lincoln Corner.  During the event, the U.S. Embassy Islamabad and NUST representatives signed a Memorandum of Understanding to operate the Lincoln Corner for the next two years. … Continue

ICI to divest 26.5% holding in NutriCo Morinaga

As per the PSX notice, ICI Pakistan Limited has received a conditional offer from Morinaga Milk Industry Co. Ltd, Japan to acquire an aggregate of approximately 33.3% of the issued and paid-up share capital of NutriCo Morinaga (Pvt) Limited, a subsidiary of ICI Pakistan, from NutriCo Morinaga’s existing shareholders at an aggregate price of USD 56.6mn (PKR 11,773mn, PKR 430.48/share).… Continue

Khushhali Microfinance Bank has provided House-Loans worth Rs.10.9 Billion

Khushhali Microfinance Bank Limited (KMBL) is a winner of Pakistan’s ‘Best Microfinance Bank Award’, with a vision for sustainable development, through professional excellence. In 2018, it pioneered the ‘Khushhali Home Plus loans facility, offering up to 01 Million Rupees for the low-income individuals, who need affordable housing finance for the renovation and improvement of existing houses.… Continue

KATI felicitate Sindh Govt for clearing Korangi Causeway

Korangi Association of Trade and Industry (KATI) President Salman Aslam and CEO KITE Limited Zubair Chhaya felicitated Sindh Government to clear Korangi Causeway and industrial areas after torrential rains and flooding in Karachi, they appreciated the Sindh government, especially the time steps and efforts of Sindh Chief Minister Syed Murad Ali Shah, Chief Secretary Dr.… Continue

Ignoring Karachi is the same as playing with the country’s economy: 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 said ignoring Karachi is equivalent to playing with the national economy.

Karachi’s share in the country’s exports is 54%; it is the country’s largest employment provider and contributes over Rs4200 billion in taxes to the national exchequer.… Continue

Bulls triumphed the trading session at PSX yesterday

·        Bulls triumphed the trading session at PSX July 13. The KSE-100 index traded in the green zone as value buying was witnessed across the board, although the E&P sector remained in the limelight. Investors gained confidence over expectation of resumption of the IMF Program.… Continue

KCCI seeks immediate relief for calamity hit debilitated Karachi

Businessmen Group (BMG) Chairman Zubair Motiwala and Karachi Chamber of Commerce & Industry (KCCI) President Muhammad Idrees, expressed deep concerns over the recent devastations in the city after rains and called for immediate relief. Chairman BMG Zubair Motiwala lamented that even after 75 years of the country’s independence, the largest industrial hub and commercial capital of Pakistan which contributes 54% to country’s total exports, 65% to national exchequer and 95% to the total Provincial taxes and levies is in a state of total mess.… Continue

PSX awaits the results of the IMF talks

The market opens again after the long Eid break. We believe the 125bps interest rate hike just prior to the break is largely already in the price.

Activity could remain thin and range-bound as the market awaits the results of the IMF talks.… Continue

The Federal Budget FY23 greatly impacts the public and corporate sectors

Federal Minister of Finance and Revenue Miftah Ismail, while presenting a Rs 9.502 trillion budget for FY23 with a 4.9 percent deficit, stated that the real challenge for the government is to achieve growth without the current account deficit. The coalition government’s first budget in National Assembly passed sans pandemonium as the lone opposition, Pakistan Tehreek-e-Insaf, continued to boycott, and agitate, drawing massive crowds outside, parliament.… Continue

Indus Motors Partners with the ChildLife Foundation for a Child-Safe Pakistan

ChildLife provides life-saving treatment to more than 1 million children annually – free of cost. It manages 24×7 Children Emergency Rooms & Telemedicine Satellite Centers in 75+ public sector hospitals across Pakistan, in partnership with the government. The Foundation, currently, has 11 state-of-the-art model ERs in government teaching hospitals at Karachi, Nawabshah, Larkana, Sukkur, Quetta, Hyderabad and Lahore.… Continue

Policy rate raised by another 125bps to 15.0%; highest since 1999

In the monetary policy meeting held today (7th Jul’22), the State Bank of Pakistan (SBP) has increased the benchmark policy rate by 125bps to 15% (highest since March 1999). Moreover, rates on EFS and LTFF loans have been linked to the policy rate, in-line with our expectations, at a 500bps discount though (to 10%), so as to continue incentivizing exports while ensuring monetary tightening penetrates effectively.… Continue

BankIslami becomes ruby sponsor of CBMUN ‘22

BankIslami, Pakistan’s first Islamic commercial bank, proudly partnered with College of Business Management Model United Nations (CBMUN) event as a Ruby Sponsor. Organised by the Literary and Public Speaking Society at Institute of Business Management, the event took place on July 1st, 2nd and 3rd.… Continue

Garena partners with global icon Justin Bieber for Free Fire’s 5th-anniversary celebrations

Garena has announced a partnership with global icon Justin Bieber as part of Free Fire’s 5th anniversary celebrations. Set to be the biggest to date, this year’s festivities include bringing back players’ favourite themed contents, exclusive rewards and giveaways, as well as a series of collaboration events and activities, both in-game and beyond.… Continue

NKATI, Karachi Police Chief join hands to make industrial area crime-free

Additional IG Karachi, Javed Alam Odho, while addressing the North Karachi Association of Trade & Industry (NKATI), has said that providing foolproof security to the business community is the top priority. North Karachi can use all resources to ensure a conducive and peaceful environment in the industrial area, and surveillance cameras will be installed to make the industrial area crime-free.… Continue