IMF conditions to harm masses, economy: 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 Monday said wrong and controversial policies have weakened the economy to an extent that it cannot be revived without the IMF loan.… Continue

Selling pressure eroded this gain in PSX index today

· Market took pressure from the negative news vibes due to delay in negotiating the resumption of IMF package. Though, the Ministry of Finance highlighted that the negotiations are ongoing and underlying terms will be negotiated soon, the investors didn’t like the uncertainty resulting in the index losing 379pts during the session and closing -217pts (unadjusted).… Continue

ITMinds Limited signs an agreement with Pakistan Petroleum Limited (PPL) for back office services for PPL’s Retirement Funds

Pakistan Petroleum Limited (PPL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services for PPL’s Retirement Funds. This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL.… Continue

Telenor Microfinance Bank goes live on Temenos with NdcTech to drive digital growth

Telenor Microfinance Bank, operator of Pakistan’s leading digital payments platform Easypaisa, has gone live on Temenos’ modern core banking platform with NdcTech to power its digital banking services.

By employing Temenos best-in-class solution and NdcTech’s implementation expertise, Telenor Microfinance Bank will be able to innovate faster and provide customers with much-needed access to digital savings accounts and micro-loans.… Continue

PSX outlooks and recommendation for next week

As we get closer to resuming the IMF program and receiving a USD 1bn tranche, we expect the market to perform well in-tandem. Whereas recent bouts of selling at the index has once again opened up valuations; we advise investors to cherry-pick blue chip stocks with a long term focus.… Continue

Chairman BMG dismayed over the hike in petroleum prices, devaluing rupee, unbearable inflation

Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices by Rs10.49 per liter, appealed the Government to subsidize the impact of international oil prices as the increase in petroleum prices would not only affect the overall economic performance but would also intensify the hardships for businesses and the masses who were already overburdened because of inflation and their budgeting would be further disturbed due to hike in petroleum prices and also the electricity tariff.… Continue

Ericsson to show the power of limitless connectivity, spurring innovation and sustainability at Expo 2020

Ericsson (NASDAQ: ERIC) will light up the Swedish Pavilion at Expo 2020 Dubai by being physically present inside the pavilion for several days during 2021 and 2022. During these days, Ericsson will showcase exciting demonstrations and sessions on next-generation innovations that will address some of the planet’s most pressing issues.… Continue

Shell Eco-Marathon Student Event 2021 Pakistan

Shell Pakistan organized the Shell Eco-Marathon (SEM) 2021 Student event today at Rawalpindi, where engineering students from leading Pakistani universities demonstrated the performance of their self-built vehicles across 2 categories –’Prototype’ (Battery powered) or ‘Urban Concept’ (Gasoline run) in line with Shell’s mission to power progress with innovative and cleaner energy solutions.… Continue

Telenor Pakistan recognises as one of the largest taxpayers

Telenor Pakistan has been recognised as one of the largest taxpayers at the first Taxpayers Recognition Award Ceremony in the esteemed presence of the Honourable President of Pakistan, Dr Arif Alvi, as Chief Guest.

The award ceremony was organised by the Rawalpindi Chamber of Commerce and Industries (RCCI) in collaboration with the Federal Board of Revenue (FBR).… Continue

AAA Associates: “The Best taxpayer in Real Estate Regional.”

AAA Associates has been awarded as “The Best taxpayer in Real Estate Regional” in the “First Taxpayer Recognition Awards” organized by Rawalpindi Chamber of Commerce & Industry (RCCI) in collaboration with the Federal Bureau of Revenue (FBR). The event was attended by members from high profile multinationals and representatives of blue-chip corporate companies.… Continue

NATF plans to make further expansions and automate its existing processes to increase the efficiencies

· National Foods Limited held its analyst briefing session today to discuss it FY21 results. To recall, the company posted consolidated NPAT of PkR1.97bn (Bonus adjusted EPS: PkR8.47) in contrast to NPAT of PkR1.65bn (Bonus Adjusted EPS: PkR7.02), up 19.64%YoY.

· The topline of NATF has grown by 20%YoY after being listed on global e-commerce platforms such as Amazon and Walmart resulting in a boost in international sales (30% contribution from exports in FY21 vs 6% in FY20).Continue

NHA’S 2nd annual tape ball cricket tournament concluded

The second annual Tape Ball Cricket Tournament organized by the National Highway Authority has come to an end. Regular cricket tournament competitions were held at G-9 Cricket Ground, Islamabad. These teams include Admin, Audit, Revenue, Champion XI, RAMD XI, P&CA XI, CP Fund, Falcon and Accounts Cadre officers and staff.… Continue