Magazine Features

PSX : This week marked FY22’s worst performing week to date

This week marked FY22’s worst performing week to date (second on CY basis), the equity bourse closed at 45,074points (down by 3.4% / 1,563pts WoW). Amid rising demand and the upcycle in international commodities exacerbating the deficit on the external front, raising red flags over future CPI readings and building pressure on the Pak Rupee, the SBP commenced tapering its monetary stimulus.… Continue

KCCI seeks an extension in IT returns till October 31

President Karachi Chamber of Commerce & Industry (KCCI) M. Shariq Vohra has requested the government to extend the last date for filing Income Tax Return from September 30, 2021, to October 31, 2021, as many taxpayers were finding it hard to file their returns on time due to ongoing extraordinary situation in which many businesses have suffered badly because of limited timings and other curbs imposed to contain the spread of COVID-19 pandemic.… Continue

PSX index moved both sides yesterday

· Market moved both sides today with an oscillation of 563pts between +127pts and -436pts, closing the session -172pts (unadjusted). Early part of the session saw an uptick in index, however profit booking settled in, which brought the index in negative zone.Continue

Haleeb Foods joined hands with Sundas Foundation to support thalassemia patients

Haleeb Foods Limited the pioneer dairy and beverages processor in Pakistan arranged a blood donation drive at their Bhai Pheru Plant, in collaboration with Sundas Foundation. This partnership is a testament to HFL’s corporate social responsibility agenda. Sundas Foundation has been doing remarkable work for the treatment of patients suffering from Thalassemia, Haemophilia and Blood Cancer.… Continue

Inauguration of NBP Learning & Development Centre

NBP inaugurated a state-of-art, modern and fully technologically equipped Learning & Development Center at FTC Karachi on Monday, September 20, 2021 to provide latest and industry driven learning and development opportunities to its employees. The center aims to align staff goals and performance with the Banks strategy, objective and needs.… Continue

State-run-enterprises should be restructured and sold: 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 massive imports of food and other items will stagnate the troubled economy.

He said that there are limits to inflation which is resulting in unemployment and reduced demand as masses are using a good part of their income on food and utility bills therefore they are unable to buy other things.… Continue

Huawei public cloud aids CMPak Make next-generation digital solutions in Pakistan

China Mobile Pakistan subsidiary CMPak and Huawei Technologies Pakistan held a signing ceremony in Islamabad on public cloud cooperation, and officially announced that it became the official partner of Huawei public cloud in Pakistan. The release of the public cloud partnership further strengthens the cooperation between CMPak and Huawei Technologies Pakistan in industry digitalization, which was jointly announced at the event today.… Continue

Daily cargo handling report of Karachi port trust

The Karachi Port Trust handled 176,734 tons of cargo comprising 132,648 Tones of import cargo and 44,086 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 132,648 comprised of 55,488 Tons of Containerized Cargo, 15,359 Tons of Bulk Cargo, 6,910 Tons of Iron Ore, 6,765 Tons of Rock Phosphate, 8,248 Tons of Wheat and 39,878 Tons of Oil/Liquid Cargo.… Continue

State Bank of Pakistan revises Prudential Regulations for Consumer Financing to moderate import and demand growth

The State Bank of Pakistan (SBP) has revised Prudential Regulations (PRS) for Consumer Financing. This targeted step will help to moderate demand growth in the economy, leading to slower import growth and thus supporting the balance-of-payments. The changes in the PRs effectively prohibit financing for imported vehicles, and tighten regulatory requirements for financing of domestically manufactured/ assembled vehicles of more than 1000 cc engine capacity and other Consumer Finance facilities like personal loans and credit cards.… Continue

SBP reserves decreased by US$ 479 million to US$ 19,543.4 million

September 23, 2021 :

The total liquid foreign reserves held by the country stood at US$ 26,402.6 million on 17-September-2021. The break-up of the foreign reserves position is as under:-

  1. Foreign reserves held by the State Bank of Pakistan: US$ 19,543.4 million
  2. Net foreign reserves held by commercial banks            : US$   6,859.2 million
  3. Total liquid foreign reserves                                                      : US$ 26,402.6 million

During the week ended 17-September-2021, SBP reserves decreased by US$ 479 million to US$ 19,543.4 million, mainly due to external debt repayments.… Continue

Pakistan chemical sector profitability on the rise

The chemical sector’s profitability jumped up by 4.7x YoY during 4QFY21. The rise in profitability is triggered by higher gross margins due to higher PVC and PTA margins.

EPCL: During 2QCY21 the company posted a profit after tax (PAT) of PKR 3,122mn (EPS: PKR 3.44), up by 105x YoY compared to PKR 30mn (EPS: PKR 0.03) during SPLY.… Continue

Huawei rotating Chairman reaffirms continuous innovation for faster digitalization across the world

Huawei’s annual flagship event for the global ICT industry – HUAWEI CONNECT 2021 – kicked off today. Huawei Rotating Chairman Eric Xu opened the event with a keynote speech titled “Innovating Nonstop for Faster Digitalization”.

This year’s event, themed “Dive into Digital”, explores how digital technology can better integrate with business scenarios and industry know-how to address critical business challenges, and how stakeholders can work together more effectively to foster an open industry ecosystem and drive shared success.… Continue

Mastercard becomes official payment technology partner of Expo 2020 Dubai

Mastercard has shared a glimpse into the spectacular line-up of Priceless possibilities visitors can expect at the biggest event ever to be hosted in the Arab world. As the Official Payment Technology Partner of Expo 2020 Dubai, the global technology company will connect people to their passions, provide a glimpse into a future powered by digital transformation, and share its industry-leading insights during the six-month period.… Continue

Muhammad Idrees elected as President KCCI

The Managing Committee of Karachi Chamber of Commerce & Industry (KCCI), in its meeting held on Thursday, unanimously elected Muhammad Idrees as President KCCI for 2021-22 while Abdul Rehman Naqi was also elected as Senior Vice President KCCI and Qazi Zahid Hussain as Vice President.… Continue

Daily cargo handling report of Karachi port trust

The Karachi Port Trust handled 156,390 tons of cargo comprising 135,799 Tones of import cargo and 20,591 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 135,799 comprised of 43,818 Tons of Containerized Cargo, 2,800 Tons of Iron Ore, 10,213 Tons of Rock Phosphate, 14,620 Tons of Wheat and 64,348 Tons of Oil/Liquid Cargo.… Continue

PSX sees continued selling today

· Market saw a rebound early on with the Index climbing 342pts, however, profit booking overtook and eventually converted into aggressive selling that eroded the gains made earlier with a drop of 514pts near the close. The index closed -270pts (unadjusted).… Continue

Emirates Pavilion ready to welcome visitors from Pakistan at Expo 2020 Dubai

Expo 2020 Dubai’s must-see aviation attraction is gearing up to open its doors to the public on 1 October. Located in the Opportunity District, and within walking distance of the Al Wasl Dome, the Emirates Pavilion offers a preview for the future of commercial aviation, reframing the role that science and technology will play in the next 50 years of air travel, as it welcomes visitors to experience two floors of interactive multi-sensory installations.… Continue

A 128GB Variant of the Entry-level King realme C25s Coming Soon for PKR 26,999/-

Following the phenomenal success of realme C25s (4GB+ 64GB) variant, realme unveiled the price of its upcoming 4GB+128GB version at PKR 26,999/-. The realme C25s is a class apart, offering flagship-level tech specs in its price bracket.

Recently, during a flash sale of realme Super September Shopping Week on Daraz, realme C25s’ 64GB variant sold more than 1,000 units within three minutes.… Continue

Khyber Pakhtunkhwa govt, Nestlé Pakistan & World Bank conduct waste-management training in Swat under TREK

Nestlé Pakistan, in collaboration with Khyber Pakhtunkhwa government’s Tourism Department conducted an extensive two-day training on waste management and sustainable tourism in Swat as part of TREK’s community engagement initiatives.

Earlier in December 2020, Prime Minister Imran Khan had unveiled the logo for TREK, which is part of Khyber Pakhtunkhwa Integrated Tourism Development (KITE) project and has been listed amongst the federal government’s key achievements of 2020.… Continue

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