Magazine Features

SBP’s reserves decreased by US$ 354 million

The total liquid foreign reserves held by the country stood at US$ 9,815.9 million as of 24-Mar-2023. The break-up of the foreign reserves position is as under:

  • Foreign reserves held by the State Bank of Pakistan: US$ 4,244.3 million
  • Net foreign reserves held by commercial banks    : US$ 5,571.6 million
  • Total liquid foreign reserves                 : US$ 9,815.9 million

During the week ended on 24-Mar-2023, SBP’s reserves decreased by US$ 354 million to US$ 4,244.3 million due to external debt repayment.… Continue

Bank Alfalah and SAWiE join hands to promote climate-smart agriculture in Pakistan.

Bank Alfalah, a leading commercial Bank in Pakistan and SAWiE, a digital platform offering smart farm advisory services to smallholder farmers, signed an MoU to promote climate-smart agriculture practices within Pakistan. Under this MoU, SAWiE will leverage its systems to combine geospatial data with machine learning and AI applications to provide sustainable solutions to farmers.… Continue

The PSX witnessed a mixed session today.

· The PSX witnessed a mixed session today. The benchmark KSE-100 opened in the green but traded both ways. Activity remained sluggish throughout the trading session. Investors opted to remain sidelined because of the impending delay in signing the SLA between the government and IMF and the prevailing political uncertainty affecting investors’ confidence.… Continue

foodpanda partners with The Citizens Foundation (TCF) to promote education in Pakistan

Pakistan’s leading food and grocery delivery platform, foodpanda, is proud to announce its partnership with The Citizens Foundation (TCF), a non-profit organisation dedicated to promoting education for less privileged children in the country. Through this partnership foodpanda aims to support TCF’s numerous initiatives by raising awareness about their cause and encouraging donations from foodpanda’s customers.… Continue

MMBL signs agreement with Careem to offer subsidized travel services for its employees

Mobilink Microfinance Bank Limited (MMBL) has entered into a new partnership with Careem, Pakistan’s largest ride-hailing service, to provide discounted and subsidized intra as well as inter-city travel services for its employees. The initiative is designed to bring ease and convenience for MMBL employees and their families, enabling them to commute safely and affordably with Careem across Pakistan.… Continue

Removal from the list of high-risk countries is an achievement for Pakistan.

On Thursday, former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said removing Pakistan from the European Union’s list of high-risk countries is a great achievement. He said that the development would positively impact the overall business environment; it would save time and cost for exporters, boost exports, and improve international borrowing capabilities.… Continue

KCCI to remain open till 5:00PM on Friday for Membership renewal

The Karachi Chamber of Commerce & Industry (KCCI) will remain open for membership renewal till 5:00PM on Friday, March 31, 2023 which is the last date for membership renewal. According to a statement issued, the process of membership renewal is currently underway at the Karachi Chamber for the year 2023-24 and as the last date for renewal of membership was falling on Friday, KCCI’s management decided to keep membership department open for renewal only from 9:30AM till 5:00PM with prayer break in between 12:30PM to 2:00PM.… Continue

Dr. Zulfiqar Bhutta of Aga Khan University receives the 2023 Henry G. Friesen International Prize in Health Research.

Dr. Zulfiqar A. Bhutta, distinguished university professor and founding director of the Institute for Global Health and Development and the Centre of Excellence in Women and Child Health at the Aga Khan University, has been awarded the prestigious Henry G. Friesen International Prize in Health Research for his contributions to global child health.… Continue

Energy giants sign MoU to pursue green hydrogen projects in Pakistan and aboard.

Leading exploration and production (E&P) companies Oil & Gas Development Company Limited (OGDCL), Pak-Arab Refinery Limited (PARCO), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), and Government Holdings Private Limited (GHPL) have signed a Memorandum of Understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan.… Continue

The PSX witnessed a mixed trading session today.

· The PSX witnessed a mixed trading session today. The benchmark KSE-100 opened in the red territory but traded in both directions, as investors still eye at IMF to release the long overdue tranche. Participation remained sluggish in the main board as the cautious approach is adopted by players drying up volumes, whereas 3rd tier stocks continued to lead the volume board.… Continue

Pakistan and Turkiye two souls and one heart: Ambassador

Turkish Ambassador to Pakistan Mehmet Pacaci on Wednesday lauded the humanitarian assistance of the government of Pakistan and Pakistani organisations in the wake of the deadly earthquake in Turkiye. He commended several Turkish NGOs’ relief and rescue operations, which helped tens of thousands of victims nationwide.… Continue

DP World expands offering at Berbera Port with new edible oil terminal.

DP World has started developing a new edible oil terminal at the Port of Berbera in Somaliland, reducing supply chain costs and creating vital local jobs. It has already agreed to a long-term lease for the facility. The edible oil terminal will be the latest addition to Berbera’s growing trade ecosystem, following the recent opening of the Berbera Economic Zone (BEZ), 15 km from the port along the Berbera to Wajaale road (Berbera Corridor) that connects to Addis Ababa in Ethiopia.… Continue

ZEM builders recognise outstanding business partners

ZEM Builders, one of the leading players in the construction and real estate industry, held a delightful event for its business partners, featuring a gift ceremony, dinner, and a joyful Qawali night by Shahbaz Fayyaz.

The event was held at one of the most premium malls in Islamabad, ZEM Mall, and Bahria Enclave.… Continue

Meezan Bank enters into a strategic collaboration with PaySa to expand point-of-sale payment services

Meezan Bank, Pakistan’s leading Islamic bank and PaySa, a fintech startup specializing in digital payments, have partnered to enable Point of Sale (POS) payment services to tap into the country’s booming digital payment ecosystem. According to this agreement, PaySa will deploy POS terminals and grow the Bank’s merchant and retailer network as an independent sales organization.… Continue

An exorbitant increase in FED on Cigarettes will push farmers below the poverty line

Tobacco farmers of KPK’s economically marginalized areas have warned that the recent exorbitant increase in federal excise duty (FED) on cigarettes will reduce economic prospects for tobacco farmers and, in the face of hardship, increase poverty and unemployment. Additionally, it might encourage a few farmers to turn to anti national elements to choose paths that threaten the integrity of the country.… Continue

Hayat Durrani Water Sports Academy

Mrs. Fariha Spogmai and Sheikh Abdullah Mandokhail Representative and Patron Pakistan canoe & Kayak Federation visited Balochistan’s first and only International Canoeing and Rowing Olympic Sports Academy & Center “Hayat Durrani Water Sports Academy (HDWSA) at Hanna Lake Quetta. The founder and Chief Executive of (HDWSA) and Secretary Pakistan canoe & Kayak Federation Hayatullah Khan Durrani “Pride-of-Performance” & first Pakistani Recipient of British Caving Legend Award along with honourary players of Pakistan Customs canoeing team warm welcomed the Honourable guests from Islamabad on their arrival at the Hqrs of Customs Sponsored academy HDWSA.… Continue

DeafTawk partners with Dialog Axiata to launch operations in Sri Lanka

Bringing deaf and hearing-impaired persons closer to their communities, Dialog Axiata PLC announced the launch of a trilingual version of the internationally renowned sign language interpretation app ‘DeafTawk’ in Sri Lanka, a first in the country. GSMA, an organization that represents the interests of mobile network operators globally, played a vital role in connecting DeafTawk and Dialog for this partnership.… Continue

Artificial inflation will end if influential hoarders are netted

Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said influential profiteers have set new records of looting with the arrival of Ramadan. The prices of essential commodities were already skyrocketing, but with the advent of Ramadan, a new wave of inflation has come across the country, he said.… Continue