MALAK launches one-stop multi-brand beauty shop, unveiling flagship store in Karachi
MALAK, a revolutionary beauty brand dedicated to providing premium beauty products, had the grand opening of its flagship store in an exclusive ceremony here in Karachi. With an ambitious vision to establish a retail network of ten stores nationwide within the next three years, MALAK aims to become the go-to destination for beauty enthusiasts across Pakistan.… Continue
EFP condoles the demise of VP Fasihul Karim Siddiqi.
With a heavy heart, the Employers’ Federation of Pakistan(EFP) bids farewell to Vice President Fasihul Karim Siddiqi, who passed away. Fasihul Karim Siddiqi served as the Secretary General of the EFP for over 5 years and remained a member of the EFP Board of Directors for over two decades.… Continue
The Bulls triumphed at the PSX to begin the week today.
· The bulls triumphed at the PSX to begin the week today. The market opened in the green and continued to trade with fervent sentiments as rumors of a possible tax on corporate reserves account made highlights in the market, as the investors opted to add value to their portfolios making the bourse reach an intraday high of 684.59 and eventually close in the green.… Continue
Pakistan Fertilizer: Sales update/offtake declines on MoM and YoY
Urea offtake in April 2023 reduced by 11% YoY and 17% MoM to c.408,000 tons. The MoM decline in volumes is due to off-season impact. The market share of EFERT and FFBL increased by 4/2 ppt YoY basis to 38%/9%, while the market share of FFC reduced by 7ppt YoY to 33%, amidst self-imposed measures to pause volumes due to price disparity.… Continue
Debt and interest payments outstrip government’s revenue: Mian Zahid Hussain.
On Monday, the Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said the payment of loans and interest had increased much more than the government’s income.… Continue
FPCCI advocates the enlistment of Tech Firms with PSX.
Mr. Suleman Chawla, Acting President FPCCI, has advocated that Pakistan Stock Exchange (PSX) should facilitate and enable Pakistani IT, FinTech, Software Houses and other tech firms to enlist with PSX; and, take the internationally-proven route of Initial Public Offering (IPO) to generate capital for rapid scaling-up domestically and establishing their footprint internationally as well.… Continue
Agha Steel Introduces Game-Changing Green Grade 80 Steel Rebars bringing a revolution in the construction industry.
Agha Steel, Pakistan’s leading steel manufacturer, proudly announces the launch of Agha Arcon Eco-Friendly Grade 80 Steel Rebars, a game-changing innovation to transform the construction industry. This groundbreaking product showcases Agha Steel’s commitment to providing high-quality and technologically advanced solutions to meet the market’s evolving needs.… Continue
Wheat production is below the rate of population growth in Pakistan.
Brig. (retd) Aslam Khan, Chairman of Pakistan Economy Watch (PEW) said on Monday that the wheat production in the country cannot keep pace with the growing population. Due to reduced production and a growing population, the wheat-exporting country is now forced to import wheat worth billions of dollars.… Continue
Karandaaz launches findings of a comprehensive report on Private Healthcare in Pakistan.
Karandaaz is a leading impact investor in Pakistan to promote access to finance for Micro, Small and Medium Enterprise (MSMEs) and financial inclusion of unbanked individuals. Karandaaz conducted a highly anticipated webinar to unveil the findings of its groundbreaking report titled “Private Healthcare in Pakistan – Gaps, Opportunities, and Possibilities.”… Continue
Pakistan Energy Conference 2023 is to begin in Islamabad on May 30
The Petroleum Institute of Pakistan (PIP), the representative body of Pakistan’s oil and gas sectors, is organising its flagship event, Pakistan Energy Conference 2023. The conference will convene on Tuesday, May 30, 2023, at Islamabad Serena Hotel, under the theme Securing our Energy Future.… Continue
The 4th International Textile & Leather Exhibition (TEXPO) concludes successfully.
The 4th edition of TEXPO 2023 concluded on the 28th of May, 2023, at the Karachi Expo Centre. Pakistan witnessed a momentous occasion as the Honorable Prime Minister of Pakistan, Mr. Shahbaz Sharif, graced the inauguration of TEXPO. TDAP took great pride in hosting an esteemed gathering of international stakeholders during the TEXPO exhibition.… Continue
Pakistan to receive $500 million orders at TEXPO 2023.
Pakistan’s textile and leather sector will likely receive orders worth US$500 million upon the successful conclusion of three days of TEXPO 2023, said Chief Executive Trade Development Authority of Pakistan (TDAP) Zubair Motiwala, along with top officials on the second day of the fair, during a media briefing held in Karachi Expo Centre.… Continue
Federal Budget: likely tax revenue target of PKR 9.1tn and new taxes for next fiscal year
Given the enormous tax revenue target of PKR 9.1tn for FY24, the government is contemplating imposing new taxation measures in the upcoming budget.
In this regard, one of the proposals is to tax the undistributed profits (reserves) of corporates to 5% for listed companies and 7.5% for unlisted companies.… Continue
Fly Jinnah increases flight frequency between Karachi and Islamabad.
Fly Jinnah, Pakistan’s new low-cost carrier (LCC), announced an increase in flight frequency between Karachi & Islamabad effective June 1, 2023. The airline will now operate three daily weekly flights, providing travelers with greater convenience and flexibility.
Now the schedule of the 3rd flight to Islamabad, effective June 1, 2023 (all times local):
As the summer season approaches, the demand for affordable and reliable air travel options between the two major cities continues to grow.… Continue
NKATI industrialists hold rally to show solidarity with Pak Army
Faisal
Moiz Khan, President North Karachi Association of Trade & Industry (NKATI) led a rally to express solidarity with the Pakistani armed forces and institutions. NKATI’s Senior Vice President Shabbir Ismail, Vice President Naeem Haider, Deputy Chief CMC Syed Yasir Ali, Assistant Chief CMC Shahzad Elahi, Farooq Khatora, and a large number of industrialists participated in the rally.… Continue
Procter & Gamble announced new commitments to advancing Equality & Inclusion.
Procter & Gamble (NYSE: PG) announced new commitments to advancing Equality & Inclusion (E&I) at its third annual #WeSeeEqual summit in Karachi. The event saw participation from influential personalities and industry leaders, including; Alla Kamins, Foreign Service Officer, U.S. Department of State, Sidra Iqbal, Award-winning broadcast journalist and a youth icon, Andrew Bailey, Managing Director, BASF Pakistan, Dr.… Continue
Pakistan inching towards political stability and economic fundamentals improving.
On Sunday, former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said that Pakistan is inching back to normal as the political crisis that has engulfed the country for years is subsiding. “Political stability will result in economic stability, which will not only improve the image and economy of the country but also advance the quality of life of people,” he said.… Continue
Tax policies encourage businesses to join the informal sector.
On Sunday, former Vice President of FPCCI Atif Ikram Sheikh said the tax-to-GDP ratio is below 10 percent in Pakistan, which is below the level required for any proper economic growth. He said there have been no serious efforts to expand the tax base and tax machinery relief on increasing collection through indirect taxes and burdening taxpayers, which has never worked.… Continue
CPEC reactivated Chinese-funded $58 billion railway project to start soon.
On Sunday, Saifuddin Sheikh, Executive Director of Pakistan Economy Watch (PEW), said the conspiracy to destroy Pakistan economically, politically, and defensively by making it hostile towards China had been foiled. The attack on PTV and Parliament House in 2013 was aimed at gaining power and sabotaging the visit of the President of China, he said.… Continue
Abu Dhabi & Gulf Countries committed $500 million in investment, Federal Minister of Maritime Affairs, Faisal Sabzwari.
Federal Minister for Maritime Affairs, Faisal Sabzwari, announced that a contract worth $500 million is being negotiated with gulf countries, including Abu Dhabi. The intergovernmental agreement policy has been formulated and will be submitted to the Law Ministry on Monday. If approved, it will pave the way for direct foreign investment as per the conditions set by the International Monetary Fund (IMF).… Continue
Foreign delegates meet on the side-lines of TEXPO 2023
On the second day of TEXPO 2023, foreign delegations from Germany, South Africa, Australia, Algeria, Madagascar, Egypt, the UK, Rwanda, Zambia, Bangladesh, and Zimbabwe met with Mr Zubair Motiwala, Chief Executive of TDAP, and Dr Fareed Iqbal Qureshi, Secretary of TDAP.… Continue
TEXPO 2023 attracted a large number of buyers
The 4th edition of TEXPO Pakistan 2023, a flagship event of the Trade Development Authority of Pakistan (TDAP) and Ministry of Commerce & Textile was inaugurated by Mr Shahbaz Sharif, the Honorable Prime Minister of Pakistan, accompanied by Mr Kamran Khan Tessori, Governor of Sindh, Syed Murad Ali Shah, Chief Minister Sindh, Mr Naveed Qamar, Federal Minister for Commerce, Mr Ahsan Iqbal Chaudhary, Minister for Planning, Ms Marriyum Aurangzeb, Federal Minister for Information and Broadcasting, Mr Tariq Bajwa, SAPM, Dr Aisha Ghaus, Minister of State for Finance, at Expo Center (Karachi).… Continue
The 2nd International solar energy will start in Lahore on the 2nd of June.
The 2nd International Solar Energy Meet (ISEM) & IEEEP IREM Expo (Pakistan’s Premium Electronics and Electrical Exhibition) will start on Friday (June 02) at Expo Center Lahore which will be attended by the local and international energy & power sector experts, primarily working in renewable power with a focus on solar power generation.… Continue
Investment in the IT sector reaches up to $373 million, Amin-ul-Haq.
Aminul Haq, the Federal Minister for Information Technology and Communication, stated that an agreement has been made with Google for 45,000 scholarships, which will increase to 450,000 next year. The upcoming scholarships will include a 40/percent allocation for women. Previously, Google had provided only 15,000 scholarships last year, but the ministry interfered to increase the number through consultations.… Continue
PSX outlook for next week
Any further development on IMF front along with receiving Chinese rollover of USD$2.3bn is likely to reduce pressure on external front with reserves standing at USD$4.19bn. However, the delays in IMF front and high external financing requirements of around ~USD$28bn will likely lead to further PkR depreciation.… Continue