Automobile Sector: Rise in Tractor production of 6.71% growth from July-August
Local tractor assembling during the July and August of the current financial year, grew by 6.71 percent. During the period under review, the local assembling of jeeps and cars decreased by 53.91 percent as about 14,328 jeeps and cars assembled as against the assembling of 31,085 jeeps and cars.
Adil Aziz
State Bank to announce Monetary Policy today
The State Bank of Pakistan will announce a new monetary policy for the next two months on Monday (Oct 30). According to the SBP sources, the Monetary Policy Committee (MPC) would convene in Karachi to assess economic statistics before deciding whether to raise or lower interest rates.
SECP initiates consultation on voluntary ESG Disclosure Guidelines
The Securities and Exchange Commission of Pakistan issued draft guidelines on ESG disclosures for consultation as part of its Environmental, Social and Governance (ESG) Regulatory Road map issued in June 2022. The guidelines have been prepared to encourage listed companies to enhance their ESG disclosures in a fair and transparent manner on voluntary basis. Since the guidelines are non-mandatory in nature, non-listed companies may also seek guidance from the draft guidelines for embarking on their journey towards adoption of ESG standards.
Need to devise legal framework to control shipping lines
President KCAA Arshad Khurshid requested Karachi Chamber to approach the government for safeguarding the interests and rights of traders, customs agents and all other stakeholders by devising the desperately needed legislation’s to regulate shipping lines and terminal operators who have been fearlessly and highhandedly demanding exorbitantly high charges due to lack of regulatory framework.
EFU Life, Easypaisa, Roche unveil an innovative “Cancer Cover Plan
In honor of World Breast Cancer Day, easypaisa, EFU Life Assurance Ltd., and Roche joined forces to unveil an innovative “Cancer Cover Plan.”
SBP imposes penalty of over Rs.83 Million on 4 banks
State Bank of Pakistan imposed fines of over Rs.83.157 million on four commercial banks during July- September 2023 on the charges of violation of regulatory instructions pertaining to foreign exchange, general banking operations and customers’ due diligence.
KCCI is the rejected hike of gas tariff by ECC
The Karachi Chamber of Commerce & Industry and all seven industrial town associations of the city, while unanimously terming the extortionate hike in gas tariffs for export-oriented and general industries as ‘unviable, unacceptable & unfeasible’, vociferously appealed Prime Minister and his cabinet not to accept ECC’s decision of such a huge increase in gas tariffs and consider bringing gas tariffs to a level where these become viable and absorbable so that the wheels of industries in Karachi keep spinning.
Special Export Processing Zone Planned in Karachi: Younus Dagha
The Special Investment Facilitation Council (SIFC) is considering to establish a special export processing zone on the land of 15,000 acres near Pakistan Steel to boost the industrial activities in the commercial capital mainly through a proposed allocated land for Small and Medium Sized (SMEs) businesses.
GCF approves $120 Million to support ADB’s Community Resilience Partnership
The Green Climate Fund has approved $120 million in climate adaptation financing to support the Asian Development Bank’s Community Resilience Partnership Program (CRPP), which aims to strengthen climate resilience in poor and vulnerable communities by scaling up climate adaptation investments at the local level.
FPCCI welcomes extension of GSP Plus by 4 years
Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed the extension of Pakistan’s GSP Plus status by EU for a period of 4 years as it will now be valid till 2027. Nonetheless, the catch lies in fully capitalizing on its preferential treatment provisions to enhance exports to EU and creating jobs for the countrymen.