FPCCI lauds the vision of Federal Minister for Finance for economic growth and social prosperity in the country

Federation of Pakistan Chambers of Commerce and Industry on Thursday lauded the vision of Federal Minister for Finance and Revenue Shaukat Tarin for economic growth and social prosperity in the country. In an appreciation letter addressed to Finance Minister Shaukat Tarin, President FPCCI Mian Nasser Hayat Mggo said that his vision in respect of preferring economic stimulus approach over fiscal consolidation approach in the given challenging situation amid third wave of Covid-19 was highly appreciated.… Continue

FPCCI President Thanks PM for implementing his recommendations on Eid holidays

Mian Nasser Hyatt Maggo, President, The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has expressed his satisfaction and gratitude on the change in decision on Eid-Ul-Fitr Holidays to PM Imran Khan and Ministry of Commerce – based on FPCCI’s recommendations put forward through a Press Release widely published on May 05, 2021 in national newspapers.… Continue

Ufone offers generous free data ‘Eidi’ on mobile top-ups

Pakistani telecom operator, Ufone has announced free data ‘Eidi’ on mobile top-ups for its consumers under Eid Recharge Offer. Consumers will receive free data on regular balance recharge of Rs. 100 and above via across all recharge mediums.

The offer will help Ufone users stay connected with their loved ones during Eid vacations while COVID related restriction bar physical socialization.… Continue

Sabaq digital learning initiative in rural Sindh

SABAQ, in collaboration with the School Education Literacy Department (SELD), UNICEF, and Malala Fund has successfully deployed its offline version of SELD Learning Application in 67 public schools across three districts of Sindh, namely; Badin, Tando Muhammad Khan, and Tando Allah Yar.… Continue

We welcome the steps taken by the government to open export industries; KATI

Korangi Association of Trade and Industry (KATI) President Saleem-uz-Zaman in a statement issued by the Ministry of Commerce, welcomed the steps taken by the government to open export industries welcomed for the economic and industrial development.

He said that in the current situation, the country’s economic survival and prevention of the storm of unemployment, along with precautionary measures and prevention of pandemics, the process of industrial production must continue.… Continue

Opening of authorized branches dealing in foreign exchange and trade activities on 10th and 11th May, 2021 : SBP

In order to ensure the availability of banking services to trade & industry in particular and public in general during the extended holidays before the forthcoming Eid-ul-Fitr, it has been decided that banks shall open 50% of their total authorized branches dealing in foreign exchange & trade activities on 10th May, 2021 (Monday) while the remaining 50% of such branches on 11th May, 2021 (Tuesday) from 9:00 a.m.… Continue

A review of Pakistan Economy

• Pakistan’s fiscal balance in the current fiscal year to date has strengthened over prior year, with the deficit arriving at PKR 1.65trn in 9MFY21 (3.6% of GDP) compared to PKR 1.69trn in 9MFY20 (3.8% of GDP), down by 2% YoY.… Continue

AVN Company’s financial performance

Avanceon Limited (AVN) held its corporate briefing session today to brief about the introduce Octopus Digital and outline future strategy. To recall, AVN reported consolidated profitability of PKR 1.0Bn (EPS: PKR 4.9) in CY20, up 15% YoY. On the other hand, earnings during 1QCY21 clocked-in at PKR 245Mn (EPS: PKR 1.15), down 36/18% YoY/QoQ.… Continue

Ministry of transport of Ethiopia and DP World sign MoU for the development of the Ethiopian side of the Berbera corridor

DP WORLD, a leading global provider of end to end logistics solutions, and the Ministry of Transport, have signed a Memorandum of Understanding (MoU) with the aim of developing the Ethiopian side of the road linking Ethiopia to Berbera into one of the major trade and logistics corridors of the Country’s international trade routes.… Continue

Pakistan stock market Review for the week

After several relentless attempts, the stock market finally closed above the 45k level on the last day of the trading week. The index settled at 45,175 ppt (↑2.1% WoW), having witnessed a high and low of 45,245ppts and 43,630ppts respectively. The market faced severe pressure after the government issued notification of a 9-day long lockdown but investors optimism kept the market afloat.… Continue

Daily cargo handling report of Karachi port trust

The Karachi Port Trust handled 106,961 tons of cargo comprising 69,683 Tones of import cargo and 37,278 Tons of export cargo during last 24 Hrs ending at 0700 Hours.

TOTAL IMPORT CARGO:

The total import cargo of 69,683 comprised of 38,657 Tons of Containerized Cargo, 7,242 Tons of Bulk Cargo, 1,157 Tons of Rock Phosphate, 3,464 Tons of Soya Beans Seeds and 19,163 Tons of Oil/Liquid Cargo

TOTAL EXPORT CARGO:

The total export cargo of 37,278 tons comprised of 33,578 tons of containerized cargo, 500 Tons of Bulk Cargo, and 3,200 Tons of Oil and Liquid Cargo.… Continue

Pakistan’s liquid foreign reserves decreased by US$ 830 million

The total liquid foreign reserves held by the country stood at US$ 22,742.6 million on 30-April-2021. The break-up of the foreign reserves position is as under: –

Foreign reserves held by the State Bank of Pakistan: US$ 15,597.9 million

Net foreign reserves held by commercial banks    : US$ 7,144.7 million

Total liquid foreign reserves             : US$ 22,742.6 million

During the week ended 30-April-2021, SBP reserves decreased by US$ 830 million to US$ 15,597.9 million.… Continue