The two-day conference on ‘Extreme Reporting: Conflict and Peace in the Digital Age’ held at the Centre of Excellence in Journalism at the Institute of Business Administration was held in Karachi on Saturday with a keynote speech by veteran journalist Hamid Mir.… Continue
Nautical Institute, Pakistan celebrates the annual Day of the Seafarer
By Capt. Asim Iqbal
The Nautical Institute, Pakistan Branch this year, once again, celebrated the annual Day of the Seafarer in KPT STAFF COLLEGE, Lalazar today. It was an eye-catching motto: “Every seafarer’s journey is different, but they all face similar challenges”.… Continue
SBP seeks Supreme Court guidance on Riba
SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has already been done by the Honorable Finance Minister. In particular, we appreciate the substantive part of the decision.
As the prime custodian and regulator of the financial and monetary framework of the Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with the injunctions of Islam, in particular those pertaining to riba, while protecting the stability and security of the financial sector of the country that functions as part of the global financial system. … Continue
Emirates to operate extra flights for upcoming Hajj season
With the significant demand for air travel during Hajj, Emirates is deploying extra flights to ensure more connectivity for the scores of pilgrims making their way to the Holy City of Makkah. Emirates will be operating special flights to Jeddah and Medina during the upcoming Hajj season to carry pilgrims for this special period.… Continue
Super tax announcement eroded the sentiment of PSX
Market Commentary
The market commenced on a negative note this week over uncertainty over the IMF Program, whereby the index shed 300 points DoD. However, the sentiment turned positive when a Chinese consortium of banks signed a USD 2.3bn loan facility agreement, and the ECC approved the second installment of PKR 96bn to the IPPs of the 2002 power policy.… Continue
PSX outlook for next week
With increased direct taxation measures and reversal of fuel & electricity subsidies, the resumption of the IMF program now looks increasingly likely. However, recent imposition of super tax and poverty alleviation tax on corporate earnings will weigh heavily on investors as earnings outlook and dividend yields are set to take a hit.… Continue
Education experts call for making math accessible to govt schools’ children
Education experts at a two-day workshop have emphasized the need to provide an opportunity to students in public sector schools to narrow their interest in maths and the traditional learning environments as it would help encourage their mathematical thinking and mainstream mathematics and collectively create new knowledge.… Continue
Mari Petroleum to supply 150mmcfd of gas in the SNGP pipeline network soon
MARI held its Corporate Briefing Session on June 24 to discuss the performance and outlook after the 9MFY22 results. The company posted an 18% rise in earnings during 9MFY22 to PKR27.5bn (EPS: PKR205.84). MARI is likely to make an all-time high production during FY22 (9M: 28mmboe), crossing the recent peak of 36mmboe in FY21.… Continue
Pubg Mobile strives to promote Pakistan’s beautiful landscapes
Taking inspiration from the vision of Pakistan Tourism Development Corporation (PTDC) to help mainstream tourism in the country, PUBG MOBILE, Pakistan’s No. 1 gaming platform, is working towards bringing attention to Pakistan’s stunning scenery and beautiful culture both online as well as offline, which can be further supported with patronage from Pakistan’s foremost tourism authority.… Continue
Pakistan needs a new economic order: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the country would be able to get loans from friendly countries and other sources after getting a loan from the IMF.… Continue
Careem partners with TCF, Chughtai Labs to provide health and education benefits to its Captains
On the occasion of UN Public Service Day, Careem, the Super App of the greater Middle East and Pakistan, has partnered with The Citizens Foundation (TCF) and Chughtai Labs to provide subsidized rates for quality education and healthcare to its Captains and their children.… Continue
10% Super Tax will take the corporate tax to an unbearable 39%:FPCCI
Mr. Shabbir Mansha, Acting President FPCCI, has categorically denounced imposition of 10 percent super tax on large industries; which already pay hefty corporate tax of 29 percent and generate millions of jobs in the country as well. No country in the world can charge 39 percent tax to corporations and still keep the economy afloat, he added.… Continue
Google launches Think Games & Gaming Growth Lab
Google today announced it has successfully launched Think Games, Pakistan’s first thought leadership and knowledge-sharing event for game developers, which saw over 1,600 attendees. First announced in May 2022, the two–day event aimed to create an environment for Google leaders and local gaming experts to share insights, tools, and best practices to help developers create, grow and scale world-class games. … Continue
One-time tax on Pakistan companies to have a 14% earnings impact may help in IMF funding.
Miftah Ismail, Finance Minister of Pakistan, in his speech in the parliament, announced an additional one-time super tax of 10% to be imposed on FY22 earnings on specified sectors where companies make an annual profit of over Rs300mn. Hence, the effective tax rate for selected sectors would increase from 29% to 39% for Tax Year 2022 and 29% in Tax Year 2023.… Continue
Daily cargo handling report of Karachi Port Trust
The Karachi Port Trust handled 143,180 tons of cargo comprising 95,242 Tones of import cargo and 47,938 Tons of export cargo during last 24 Hrs ending at 0700 Hours.
TOTAL IMPORT CARGO:
The total import cargo of 95,242 comprised of 40,238 Tons of Containerized Cargo, 10,592 Tons of Bulk Cargo and 44,412 Tons of Oil and Liquid Cargo.… Continue
Boskalis update on HAL offer
Royal Boskalis Westminster N.V. (Boskalis) has taken note of the press release issued earlier today by HAL Holding N.V. (HAL) in which it formally announces the launch of its public offer for all issued and outstanding shares of Boskalis (the Offer).… Continue
Delegation of business leaders from Saudi and Kuwait meet PM to discuss KE issues
A delegation of K-Electric’s majority shareholders representing Saudi Arabia’s Aljomaih Holding Company, Kuwait’s National Industries Group (NIG) and Infrastructure Growth and Capital Fund (IGCF) called upon the Honorable Prime Minister of Pakistan Mian Shehbaz Sharif on Thursday.
Delegation was led by Sheikh Abdulaziz Aljomaih – Managing Director of Aljomaih Holding Company, one of the strongest conglomerates in Saudi Arabia with interests in diversified industries along with Riyadh Edrees – CEO of NIG.… Continue
Govt urged to minimize reliance on costly LNG imports
As Pakistan has been facing with severe natural gas shortage for the last couple of years, it has started relying heavily on Liquefied Natural Gas (LNG). However, the government needs to explore other energy sources to save the environment and financial spending on the LNG import.… Continue
Mobilink Bank recognized as the best retail bank in Pakistan
Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has been recognized for its services in offering innovative digital financial solutions at the 13th Annual Retail Banker International (RBI), Asia Trailblazer Awards 2022. MMBL won the prestigious title of ‘Best Retail Bank in Pakistan’ along with an honorable mention of ‘Highly Commended’ for Excellence in Client Onboarding through its premium digital financial services application – MMBL DOST. … Continue
HUBC target price revised due to the tax exemption for IPPs
· AKD Research revises its target price to PkR116/sh, implying an upside of 73% from last close and a D/Y of 13%. In the budget FY23, the Govt. has announced that the tax exemption for IPPs is going to have a maximum limit of 25 years, which has been duly incorporated in our model.… Continue
Pakistan Fertilizer industry see mixed trend in sales during last month
Urea offtake in May 2022 decreased by 9% mom and 17% yoy to 417,521 tons. The yoy decrease in offtake is likely due to higher Urea prices and higher base effect in SPLY. On a cumulative basis, in 5MCY22, Urea offtake increased by 14% yoy to 2.51mn tons.… Continue
Befiler becomes an ACCA approved employer
Befiler (Pvt.) Ltd is pleased to announce its inclusion to the panel of ACCA’s Approved Employer Network under the Trainee Development – Gold Category. The Association of Chartered Certified Accountants (ACCA) is one of the world’s leading professional accountancy body, and Befiler’s inclusion to the panel reflects its commitment to providing the right combination of technical, professional, and ethical skills to the students, affiliates, and members of ACCA.… Continue
Karandaaz leads dialogue on renewable energy
Karandaaz held a full-day webinar on the challenges and opportunities of renewable energy and energy efficiency in Pakistan. Leading experts and stakeholders in the renewable energy and climate finance space deliberated on the challenges and opportunities in this emerging space. Pakistan’s energy demand in 2021 was 29,435 MWs, whereas the supply after line losses in the same period was 26,083 MWs.… Continue
Rs. 11.33/ kWh likely be the FCA for Karachi for May 2022
K-Electric requested the National Electric Power Regulatory Authority (NEPRA) to increase the power tariff by Rs 11.33 per unit on account of fuel charges adjustment (FCA) for the month of May. Per applicable tariff across the country, fuel adjustment is reviewed every month and is applicable on consumer bills for only one particular month.… Continue
UN Women Pakistan and foodpanda Pakistan promote workplace safety and gender equality for women
UN Women and foodpanda Pakistan have announced a partnership on promotion of gender equality in the workplace. Under the partnership various initiatives and training will be undertaken to address and implement strategies pertaining to gender-responsiveness and creating a healthy work environment. … Continue