Current account deficit major problem of Pakistan: Mian Zahid Hussain

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 the current account deficit is one of the major problems of Pakistan. Our economy has suffered current account deficits for 72 years to indiscriminate consumption of foreign goods, he said.… Continue

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Treet to produce Batteries, Soaps, and Corrugated Boxes

Treet Corporation Limited (TREET) held its Corporate Briefing Session yesterday, wherein the management discussed the company’s financial performance during FY22 and the outlook of the company.

To recall, the company posted earnings of PkR861.8mn (EPS: PkR4.82) for FY22 from its core operations, lower by 44%YoY.… Continue

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Moroccan Envoy for enhanced interaction between business communities to improve trade

The Ambassador of Kingdom of Morocco Mohamed Karmoune has said that the existing trade volume was not enough so Morocco and Pakistan need to do more through enhanced interaction between the Chambers of Commerce and the business communities with a view to improve trade volume between the two brotherly countries.… Continue

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IMC & NED commence massive research project to mitigate traffic hazards

Under its social responsibility banner, “Concern Beyond Cars”, Indus Motor Company Limited (IMC) and NED University of Engineering & Technology (NED) have partnered to improve the deteriorating condition of safety on roads in the country. The two year contract was signed by IMC Chief Executive, Ali Asghar Jamali and NEDs Registrar, Ghazanfar Hussain, at the company’s headoffice.… Continue

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Pakistan posts decline in remittances and imports in Oct 2022

Pakistan’s monthly CAD has increased to USD567mn in Oct’22, up 56% MoM primarily due to decline in remittances and imports. However, CAD has reduced significantly on YoY basis from USD1.78bn in Oct’21. This is due to administrative measures to curb non-essential imports and reduced energy imports, lowering the trade deficit to USD2.3bn (-35% YoY and -3% MoM).… Continue

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Breach of promise- Postponement of the IMF review dangerous: Mian Zahid Hussain

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 Friday said the postponement of the IMF ninth review mission is very dangerous. The economy does not have the capacity to oppose the IMF, so the agreement made with the international organization should be respected, he said.… Continue

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Pakistan and Qatar, bilateral trade volume was over US$2.73 billion in 2021

Consul General of Qatar Mishal Mohammad Ali Al-Ansari has said that Qatar was Pakistan’s thirteenth biggest trade partner and in 2021, the bilateral trade volume between the two brotherly countries was over US$2.73 billion which continues to show steady growth. “Qatar and Pakistan have well established relations which are based on shared religion, culture, abilities and geographical proximity”, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry.… Continue

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Licenses of the Food Industry should be issued on a priority basis, KATI

Director General Sindh Food Authority Imran Bhatti has said that efforts are being made to issue licenses within 7 days. Informative Campaigns and seminars will be organized for awareness. Work on the mobile food testing lab is progressing rapidly and it is expected to be operational soon.… Continue

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Pakistan Economy: LSMI output up by 0.1% MoM in Sept 2022

Latest data released by PBS suggests that Large Scale Manufacturing Industries (LSMI) output remained flattish on MoM as well as YoY basis, during Sep’22, with a meagre uptick of 0.1% MoM and 0.01% YoY. LSMI Index stood at 115 during Sep’22; 113.4 during 1QFY23 (1QFY22: 113.8).… Continue

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MineHarmony enters stage of large-scale commercial use, with 5G+AI helping mining industry unleash digital

One year after the commercialization of MineHarmony, Huawei announced the operating system has entered the stage of large-scale commercial use, as 5G+AI takes smart mining into a new phase. Speaking at Huawei Connect 2022, Ken Hu, Rotating Chairman of Huawei, emphasized the company’s dedication to working with partners to help industry customers choose the right technology for their needs – and make the most of it.… Continue

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NdcTech participates in Singapore Fintech Festival

NdcTech was the only IT company from Pakistan to exhibit its offerings at Singapore Fintech Festival 2022. Sakina Tahir and Hiba Hashim were also participants in the FinTech Meet and Greet at the Pakistan High Commission in Singapore.

Singapore FinTech Festival is one of the largest FinTech festivals bringing together the global FinTech community to engage, connect, and collaborate on issues relating to the development of financial services, public policy, and technology.… Continue

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A review of Avanceon Limited

The management of Avanceon Limited (AVN) held a corporate briefing session on 10th Nov’22 to discuss the company’s financial performance and future outlook.

Brief Takeaways

  • To recall, the company posted a profit after tax of PKR 1,732mn in 9MCY22 compared to PKR 572mn in 9MCY21, up by 3x YoY given higher exchange gain.
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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

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A brief review of Pakistan Economy

Pakistan’s fiscal balance in the outgoing first quarter of FY23 posted a deficit of PKR 809bn, 84% YoY higher than the prior year’s deficit. In terms of % GDP, the deficit arrived at 1.0% in 1QFY23, higher than last year’s same period figure of 0.7% of GDP.… Continue

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Establishing Taiwan as the hub for Asia Agriculture, Livestock, and Aquaculture Industries

Organized by Informa Markets Taiwan (Informa Taiwan) and co-organized by the Council of Agriculture, Executive Yuan (COA), Asia Agri-tech Expo & Forum will take place on 10th ~ 12th November 2022, at Taipei Nangang Exhibition Center, Taiwan, co-located with Livestock Taiwan, Aquaculture Taiwan and the inaugural edition of Cold Chain & Meat Taiwan.… Continue

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Descon Oxychem’s production and exports grow during FY22

Descon Oxychem Limited (PSX: DOL), the leading manufacturer and exporter of hydrogen-peroxide (H2O2) and allied products, witnessed a 23.57% increase in production as per the company’s financial-year 2022 (FY22) results. The company has delivered exceptional business performance despite challenges posed by increase in energy costs and global supply chain disruption.… Continue

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Trade in local currency with Sri Lanka will benefit both countries: KATI

Consul General of Sri Lanka Jagath Abeywarna has said that promoting trade between Pakistan and Sri Lanka in the textile, leather and pharmaceutical sector is possible. Sri Lanka’s buyers can import goods from Pakistan instead of Europe will be more beneficial.… Continue

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Revamped valuation process to follow intl. market-based concept: Chairman FBR

Chairman Federal Board of Revenue (FBR) Asim Ahmed has said that the entire process of valuation was being revamped which will be following the international market-based concept and the relevant law, in this regard, has already been amended. Several international publications were regularly posting prices of different types yarns from several origins/ countries which will be electronically linked with the revamped Valuation System wherein valuations will be regularly according to current international yarn prices, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry on Saturday.… Continue

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Pakistan Commodities: Energy prices remain resilient

· Brent prices have traded up by 9% so far in the ongoing quarter, with substantial support to prices coming after the decision from the OPEC+ to reduce its supply by ~2mn bpd—announced earlier in Oct’22. OPEC+’s reduced production levels are envisaged at 41.9mn bpd, which would last up till Dec’23.… Continue

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Poland-Pakistan trade improved to US$722 million, says Polish Envoy

The Ambassador of Republic of Poland Maciej Pisarski has said that trade between Pakistan and Poland has improved little bit to US$722 million and it was largely in favor of Pakistan by US$600 million mainly due to intensification of Pakistani exports of textiles, leather and sports goods to Poland within the framework of GSP Plus.… Continue

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Pakistan Economy – Inflation Review

Pakistan’s CPI has rebounded to 26.6%YoY in Oct’22, sharply up from its 23.2% print in Sep’22. The latest print is near the record high of 27.2% in Aug’22, with the latest spike in inflation coming from the unwinding of relief from fuel tariff adjustments, topped up by quarterly adjustments in energy tariff, as well as elevated food inflation.… Continue

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United States provides seed funding to women entrepreneurs to grow their businesses

More than 30 participants from the second Academy for Women Entrepreneurs (AWE) program, sponsored by the United States, competed for seed funding for their business start-ups on October 28. A panel of judges, comprised of Pakistani and American businesswomen, selected the top four proposals after reviewing participants’ business plans and hearing their pitches.… Continue

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Iqra University, North Campus students, job fair

Iqra University North Campus organized a “Recruitment Drive” for the employment of young students by Meezan Bank Limited. Syed Salman Ali, Business Planning Manager of Meezan Bank, said that our field is very wide in many sectors and to get a job in this sector, it is very important to equip young students with the jewel of education, which awakens their awareness.… Continue

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Brazilian envoy for face-to-face interaction between business communities

The Ambassador of Federative Republic of Brazil Olyntho Vieira has stressed that instead of having online meetings, the business communities of Brazil and Pakistan must look into the possibilities of holding face-to-face interactions which would certainly help in enhancing trade ties.… Continue

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Fears over inflation and business slump haunt economic report

Nearly three quarters of business are wrestling with increased costs, the highest proportion of respondents reporting increased cost pressures for the last decade and over one in three are worried about decreased income, according to the latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) with a similar proportion highlighting foreign exchange volatility as uncertainty and glimpses of recession dominate the latest economic outlook.… Continue

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