Magazine Features

Surprise hike as inflation concerns appear elevated

In the monetary policy meeting held today (25th Nov’22), the State Bank of Pakistan (SBP) has hiked the benchmark policy rate by 100bps to 16%. To recall, the last hike of 125bps was done in Jul’22. The current stance aims to contain the impact of elevated domestic inflationary pressure, so as to embark on a path of sustainable recovery.… Continue

Matrix Pharma leads initiatives to raise awareness of Iron Deficiency

  • Iron Deficiency Day unites a strong international coalition dedicated to raising international awareness on the serious health impact of iron deficiency and iron deficiency anemia
  • Patient access to diagnosis and treatment of iron deficiency directly affected by COVID-19 pandemic
  • This year, spotlight is on raising awareness on symptoms and importance of early diagnosis

Matrix Pharma took a lead today, in view of ‘World Iron Deficiency Day’, for the advocacy and awareness on ‘Iron Deficiency in Pakistan’ with the aim to educate people about the importance of iron for the body and what can happen if iron levels are not properly managed.… Continue

The week concluded with another range-bound trading session at the PSX today

·       The week concluded with another range-bound trading session at the PSX today. The session began in the positive zone after the name of the new COAS was announced, providing much-needed clarity on the political ground. However, after the second session resumed, the index traded in a narrow range, drying up volumes as investors chose to remain on the sidelines in anticipation of today’s Monetary Policy announcement.… Continue

State Bank increases interest rate to 16% from 15% today.

At today’s meeting, the Monetary Policy Committee (MPC) decided to raise the policy rate by 100 basis points to 16 percent. This decision reflects the MPC’s view that inflationary pressures have proven to be stronger and more persistent than expected. It is aimed at ensuring that elevated inflation does not become entrenched and that risks to financial stability are contained, thus paving the way for higher growth on a more sustainable basis.… Continue

Appointment of COAS, JCSCC on seniority basis welcomed

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 appointment process of the eleventh Army Chief and Joint Chiefs of Staff Committee Chairman was completed on merit and without any major political controversy which is good for the country.… Continue

Meezan Bank wins employer of the Year Award 2021

Meezan Bank, Pakistan’s leading Islamic bank has been recognised among the top two winners as ‘Employer of the Year’ by Employers Federation of Pakistan (EFP) – Pakistan’s largest forum for employers. The Bank has received 2nd position as ‘Employer of the Year Award 2021’ in the category of ‘Large National Companies.’… Continue

Millat Tractors plans to increase exports in view the decline in domestic demand of tractors.

The management of Millat Tractors Limited (MTL) held a corporate briefing session today to discuss the FY22 financial result and future outlook.

Brief Takeaways

· To recall, Millat Tractors Limited (MTL) announced its financial result for FY22 on 23rd Sep’22, whereby the company posted a Profit After Tax (PAT) of PKR 5.4bn (EPS: PKR 56.02), down by 6% YoY.… Continue

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

Pakistanis say YouTube is the no.1 online video and music platform

YouTube hosted its first-ever YouTube Brandcast in Pakistan to celebrate YouTube’s creator community, and to share the latest insights, updates, and inspiration from brands succeeding on the platform. At Brandcast, YouTube also spotlighted how the platform is supporting the Pakistani creator ecosystem by building a reliable, multi-format platform that enables creators to build local and global communities that meet the evolving needs of their audiences

According to Google and Kantar’s Unlocking Digital in Rural Pakistan research, YouTube is the most popular online video platform in Pakistan with 62% of online Pakistanis ages 18-24 reported watching YouTube once a month or more. … Continue

OGDC believes Reko Diq Project will support the company’s diversification strategy.

The management of Oil & Gas Development Company Limited (OGDC) held a corporate briefing session on 24th 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 133,784mn (EPS: PKR 31.11), witnessing a surge of 46% YoY owed to higher oil prices and Pak Rupee depreciation against the greenback.… Continue

Shell Pakistan signs ABHI as first customer for voluntary carbon compensation offer

Shell Pakistan Limited signed ABHI, Pakistan’s first financial wellness platform, as its first official customer for the launch of its new voluntary carbon compensation program. This program provides an avenue for all ABHI employees who are using Shell Fuel Cards to offset hard-to-abate carbon emissions from their fuel consumption by using Shell’s global portfolio of carbon credits.… Continue

Emirates and flydubai celebrate five years of partnership

This month marks five years since Emirates and flydubai activated their extensive partnership and joined forces to offer customers unrivalled travel options to every corner of the globe. They’ve certainly delivered on their promise. The carriers’ joint route network has significantly expanded, enabling more than 11 million customers to connect on over 250,000 flights and benefit from seamless travel since the partnership launched in 2017.… Continue

Gluco Kahani’s memorable Children’s Day rhyme teaches the spirit of helping others

This International Children’s Day, Peek Freans Gluco has launched a new rhyme, ‘Qadam Barhaein Hum’ in their popular series in the children’s edutainment category, called Gluco Kahani. This rhyme comes as a gift to Gluco Kahani’s young fans through which they can learn social, moral, and ethical values in their national language Urdu.… Continue

SBP’s reserves decreased by US$ 134 million

The total liquid foreign reserves held by the country stood at US$ 13,645.0 million as of 18-Nov-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,825.7 million
  • Net foreign reserves held by commercial banks    : US$ 5,819.3 million
  • Total liquid foreign reserves                 : US$ 13,645.0 million

During the week ended on 18-Nov-2022, SBP’s reserves decreased by US$ 134 million to US$ 7,825.7 million due to external debt repayment.… Continue

KATI felicitates the appointment of General Syed Asim Munir as Army Chief of Pakistan

Korangi Association of Trade and Industry (KATI) Patron-in-Chief SM Muneer, President Faraz-ur-Rehman, CEO of KITE Limited Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi along with the Executive Committee members welcomed the appointment of General Syed Asim Muneer as Chief of Army Staff and Lt General Sahir Shamshad Mirza as Chairman of Joint Chiefs of Staff Committee by the Prime Minister Shehbaz Sharif.… Continue

Visit of the Prime Minister to Türkiye (25-26 November 2022)

On the invitation of His Excellency President Recep Tayyip Erdogan, Prime Minister Muhammad Shehbaz Sharif will pay a two-day official visit to Türkiye, from 25-26 November 2022. Alongside President Erdogan, the Prime Minister will jointly inaugurate the third of the four MILGEM Corvette Ships for the Pakistan Navy, PNS Khyber at the Istanbul Shipyard.… Continue