• The agriculture sector is expected to improve, with positive growth projected from major and minor crops.
• SBP’s decision to maintain the policy rate at 22% will keep the cost of borrowing low.
• Discussions with the World Bank are ongoing to bring US$2bn on a fast track basis.

Sui Southern Gas Company has intensified its operations against the nuisance of gas theft, one of the main causes behind the Company’s UFG or line losses, through its raids on domestic, commercial and industrial customers regularly.

Since its inception in 2017, under the banner of ‘Operation Grift’, SSGC’s Security Services and Counter Gas Theft Operations (SS &CGTO) Department has conducted 2,073 counter gas theft operations against industrial, commercial, domestic to commercial and bulk domestic registered customers and has carried out 4,173 direct theft operations against industrial and commercial unregistered consumers.… Continue

On Friday, Dr Hanif Mughal, Senior Vice President of Pakistan Economy Watch (PEW), said that the crackdown against the sugar and dollar mafia is highly laudable. He said actions are being taken against sugar hoarders and smugglers, wholesalers and distributors are continuously monitored, but sugar mills are not being raided.… Continue

Ambassador Blome: I am pleased to be with you today at the first in a series of Invest in Pakistan Conference events hosted by USAID. Today’s gathering underscores our shared commitment to mobilizing investments from the U.S.-Pakistani diaspora in innovative ways to help address Pakistan’s most pressing economic, technological, social, and humanitarian challenges.… Continue

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Thursday that Chief of Army Staff General Asim Munir’s interest in economic matters is encouraging. He added that his meeting with the business community leaders has boosted the morale of the business people and industrialists across the country.… Continue

Boskalis has acquired two contracts for the transportation and installation of the export and array cables for the Baltica 2 offshore wind farm off the coast of Poland. The two contracts have a combined value which is considered to be large(1) and they were awarded by a joint venture between PGE Polska Grupa Energetyczna and Ørsted, which are developing the Baltica 2 project.… Continue

The caretaker federal and provincial governments are committed to promoting the IT sector across the country to support the vision of the Special Facilitation Investment Council (SFIC) for strengthening the economy. This was stated by Younus Dahga, Minister for Finance, Planning, Development and Revenue — Government of Sindh while talking exclusively to the media on Saturday at the concluding day of the 23rd ITCN Asia: Declaring Pakistan the Regional Hub.… Continue

Sunridge Foods, a leading Pakistani FMCG company in the food sector, has been honoured with the esteemed Brand of the Year 2022 award in the staple flour category. The recognition was conferred during the distinguished 12th edition awards distribution ceremony by the Brands Foundation Organization and sanctioned by the Brands Accreditation Council.… Continue

Caretaker Federal Minister for IT and Telecommunication Dr Umar Saif unveiled the roadmap to achieve the target of $10 billion in annual exports through four major dimensions on Thursday. Speaking as a chief guest at the 23rd ITCN Asia 2023 “Declaring Pakistan the Regional ICT Hub,” he stated the annual IT export could be increased to $3.5 billion from the present level of $2.6 billion by providing confidence to IT companies to retain their exports income in special accounts of Pakistan banks rather than offshore offices in different countries.… Continue

SingularityNET, a decentralized AI platform, and HAQQ, an ethics-first layer one blockchain platform, have partnered to bring AI to Islamic finance. The collaboration will integrate SingularityNET’s industry-leading AI with HAQQ.Network, using AI to ensure compliance in transactions with an ethical layer, as well as providing tools and funding for developers building blockchain-based applications.… Continue

Dr Gohar Ejaz, Minister of Commerce, Production & Industry, stated that it is imperative that Pakistani exporters, especially textile related, must comply with all ILO International Labor Standards, including Occupational Safety and Health Standards (OSH), to manifest their progressive march towards achieving the objectives of the huge increase in exports.… Continue

When searching for the ultimate gaming phone, it’s crucial to recognize that game performance isn’t solely dictated by the processor. While many gaming phones currently available prioritize a powerful processor, true gaming excellence requires a holistic approach. A promising solution seems to be on the horizon, with an upcoming launch of Infinix HOT 30 on August 31st, 2023.… Continue

Pakistan’s leading educationists, policymakers, school leaders, civil society members, researchers, parents, and other stakeholders are getting together to share their insights on the future of education and the changing needs of learners. The HHS School System and Kifayat Publishers are jointly organising Envision ED Summit 2023, a one-day education conference, in which some prominent figures, including Dr Ishrat Husain, Former Dean of IBA, Dr Mariam Chugtai, Director National Curriculum Council, Abbas Husain, Director Teachers’ Development Centre, and officials from provincial education department will discuss what’s next for our students and for their learning.… Continue

The Korangi Association of Trade and Industry (KATI) has taken a significant step towards enhancing community welfare by establishing a novel committee in collaboration with the Rotary Club. This partnership aims to bolster various social projects and promote joint initiatives that address critical needs within the region.… Continue

Under the auspices of the North Karachi Association of Trade & Industry (NKATI), an event was organized in celebration of Pakistan’s Independence Day. Sector Commanders, Brigadier Kabir and Brigadier Altaf Hussain of the Sachal Rangers, Faisal Moiz Khan, President North Karachi Association of Trade & Industry, Shabbir Ismail, SVP, Naeem Haider, VP NKATI along with other members, attended the flag hoisting ceremony and the camera inaugural project at NKATI.… Continue

To further expand its range of premium men’s grooming products in Pakistan, the direct-to-customer (D2C) brand, Dari Mooch, has announced a partnership with Philips Personal Care.

This partnership will enable customers to conveniently purchase the highly sought-after Philips personal care products online via the Dari Mooch platform.… Continue

Despite the challenges posed by difficult circumstances, the business community’s enduring affection for Pakistan remains undiminished. These sentiments were echoed by Faraz-ur-Rehman, President of the Korangi Association of Trade and Industry (KATI), during the grand opening ceremony of KATI/GFS Park, a symbol of unity and progress.… Continue

Continuing its streak of surpassing milestones, Lucky Cement Limited achieved an all-time high consolidated profit after tax of PKR 59.5 billion for the year ended June 30, 2023, with PKR 10.8 billion attributed to non-controlling interests. This marks an impressive 63.5% surge compared to the same period last year, translating to an EPS of PKR 152.97.… Continue

A ceremony was held at a local hotel between Iqra University North Campus and Sindh Food Authority, where representatives from various private and public sector universities in Sindh gathered to sign a Memorandum of Understanding for mutual cooperation. The event was attended by Vice Chancellors and senior officials from other universities, as well as top officials from Sindh Food Authority.… Continue

Oil production of Pakistan during FY23 witnessed a reduction of 6% YoY to 69,341 bopd owing to natural decline at major fields such as Nashpa, Mela, Adhi, Chanda, Maramzai, Mardankhel, and KPD-TAY. Similarly, the gas production declined by 4% YoY to 3,233 mmcfd during FY23 amid fall in production from Uch, Sui, Adhi, Qadirpur, Sawan, Miano, Maramzai, and Mardankhel.… Continue

1. At today’s meeting, the Monetary Policy Committee (MPC) decided to keep the policy rate unchanged at 22 percent. The Committee noted that the economic uncertainty has decreased since the last meeting, whereas near-term external sector challenges have been largely addressed, and investor confidence has shown improvement.

Oil and Gas Development Company Limited (OGDCL) has announced today that it is using cutting-edge technologies for production optimization, says a notification of Company to PSX.

Significant enhancement in production has been achieved in July 2023; details are as under:

i) Nim East-1: An exploratory well in a joint venture with OGDCL as Operator (95%) and Government Holdings (Private) Limited (GHPL) (5%) is located in District Tando Allah Yar, Sindh Province.… Continue

The advance to 47k continues for Pakistan, with another day of new rally highs for all benchmarks.

Refineries, OMC, and Textiles were the standout sectors, with SHEL PA, NML PA +7.5%, ATRL PA (+5.76%), and NRL (+4.21%).

The addition of textiles that have underperformed recently continues to expand market breadth.… Continue

Commenting on the IMF Board approval of IMF SBA for US$ 3 Billion for the next nine months for Pakistan, OICCI President Amir Paracha, complimented the Prime Minister, Mr. Shehbaz Sharif and his Finance team for timely leadership and initiative in ensuring that the economy was not subjected to additional shocks.… Continue

Power generation decreased by 1% YoY to 13,715 GWh (19,048 MW) during June ’23, compared to 13,876 GWh (19,272 MW) SPLY. The YoY decline in the power generation was owed to lower generation from FO (-49%), Wind (-26%), RLNG (-25%), and Gas (-21%).… Continue