Talha Anjum Takes the Crown of Spotify Wrapped 2024 Pakistan’s Top Artists
potify has unveiled Your Spotify Wrapped 2024, showcasing the sounds that defined the year both globally and in Pakistan. This year’s Wrapped data celebrates the artists, songs, and trends that made 2024 a record-breaking, culture-shaping, and fandom-inspiring year in music.
Editor
DWP Technologies wins Huawei’s technology integration recognition award at GITEX 2024
DWP Technologies, Pakistan’s leading technology experts and part of the DWP Group, has been honored with the prestigious Data Center Technologies Integration Recognition Award at the Huawei Partner Connect event during GITEX 2024 in Dubai.
MehfoozPVMA Urges Implementation of Edible Oil Policy
The Pakistan Vanaspati Manufacturers Association (PVMA), led by its Chairman Sheikh Umer Rehan, held a meeting with Federal Minister for Commerce Jam Kamal Khan, highlighting critical challenges facing the edible oil industry and proposing measures to enhance its sustainability and global competitiveness.
KCCI for immediate withdrawal of MRP regulation on imported tea
President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani, in response to concerns expressed by the Pakistan Tea Association (PTA) over fixation of Minimum Retail Price (MRP) of Rs.1200 per kg flat rate on the import of black tea in bulk for further sales tax and withholding tax, urged the government to withdraw this unjust regulation immediately, stating that this measure would not only penalize legitimate importers by forcing them to pay higher taxes but also make tea expensive, particularly for the poor segment of society.
Fertilizer Imports Soar by 121.36% in First Four Months of FY 2024-25
Fertilizer imports into the country have seen a significant increase of 121.36% in the first four months of the current financial year (July-October 2024) compared to the imports of the corresponding period of the last year.
Dubai’s December Delights: Festivals, Fireworks, and Fun for Everyone!
Get ready, Pakistanis! Dubai is gearing up to celebrate Eid Al Etihad 53 with dazzling fireworks lighting up the skies from December 1 to 3, 2024.
Adil Aziz
Mobilink Bank named ‘Best Microfinance Bank’ at Pakistan Banking Awards 2024
Pakistan’s leading digital microfinance institution, Mobilink Bank was honored as the ‘Best Microfinance Bank’ at the Pakistan Banking Awards 2024. The recognition highlights the Bank’s pivotal role in advancing financial inclusion and digital empowerment, and underscores its prowess in leveraging innovative fintech solutions to shape a digitally future-ready Pakistan.
Next Generation broadband Spectrum auction held next year in April
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a pivotal meeting of the Advisory Committee on the Release of IMT Spectrum at the Finance Division today. The focus was on the enhancement of next-generation mobile broadband services in Pakistan.
Karachi’s Businessmen announced to established Air Karachi
Atif Ikram Sheikh, President of the FPCCI, announced a game-changing initiative for Pakistan’s aviation industry. A strategic alliance of top businessmen has been formed to launch a much-needed world-class airline, named Air Karachi, with its head office based in Karachi. This mega-venture is a collaborative effort by prominent business leaders and corporate investors, including Mr. Atif Ikram Sheikh as a major shareholder.
Beware! SECP Issues Warning on ‘IGIL Securities’ Fraudulent Activities
The Securities and Exchange Commission of Pakistan (SECP) has identified another illegal trading platform operating under the name “IGIL Securities”.
PSX achieves milestone to index crosses 100,000 points
The 100-Index of the Pakistan Stock Exchange made history on Thursday (Nov 28) by closing all time high at 100,082.77 points as compared to 99,269.25 points on the previous day, with gain of 813.52 more points, a positive change of 0.82 percent.
Bank branches to remain open for Collect Hajj Applications on Saturday and Sunday
In order to facilitate the intending pilgrims to deposit Hajj applications along with dues for Hajj 2025, State Bank of Pakistan on the request of Ministry of Religious Affairs & Interfaith Harmony has directed 15 designated banks to keep their concerned branches open from 9:00 a.m. to 2:30 p.m. on Saturday, November 30, 2024 and Sunday, December 1, 2024 throughout the country.
Mobile Phone’s Import Drop by Over 10% to $420 Million in Four Months
The import of mobile phones into the country has witnessed a decrease of 10.46 percent during the first four months of the current fiscal year (2024-25) as compared to the corresponding months of last year.
AGTL Partners with Punjab Government on Landmark Green Tractor Scheme
Al-Ghazi Tractors Limited (AGTL) is proud to announce the signing of a historic agreement with the Punjab Government for the Chief Minister Green Tractor Scheme, marking a significant milestone in agricultural mechanization across the province. The agreement was signed in the presence of Minister for Agriculture Punjab, Syed Muhammad Ashiq Hussain Shah Karmani, and Secretary Agriculture Punjab, Mr. Iftakhar Ali Sahoo.
Emirates officially unveils its first A350 aircraft
Emirates has officially unveiled the very first Airbus A350-900 to join its fleet at an exclusive event showcase in Dubai.
First Direct Flight from Tashkent to Lahore by Uzbek Airways Begins Nov 29
The national airline of Uzbekistan, ‘Uzbek Airways,’ will land at Lahore Airport from Tashkent, the capital of Uzbekistan, on Friday, November 29 at 9:00 a.m. and will start its direct flight operation, and this weekly flight operation is likely to be increased in the coming months.
New SBP Regulations for Profit Sharing on Islamic Banking Savings
The State Bank of Pakistan (SBP), revised the instructions for profit and loss distribution and pool management for Islamic Banking Institutions (IBIs) which now are required to pay profit on their PKR saving deposits equivalent to at least 75 percent of the weighted average gross yield of all pools of an IBI.
CCP approves 50% acquisition of total Parco by Gunvor Group
The Competition Commission of Pakistan (CCP) approved 50% acquisition of total Parco by Gunvor Group, signaling growth in Pakistan’s fuel and lubricants Sector.
Top Experiences to Enjoy in Dubai This Eid Al Etihad Weekend
Endless enchanting experiences and memorable moments await everyone in Dubai as the city gears up for a spectacular Eid Al Etihad celebration like no other. Organized by Dubai Festivals and Retail Establishment (DFRE) from 28 November to 3 December, families and friends can join in the spectacular celebrations happening across Dubai to mark 53 astounding years of the UAE’s union.
Pakistan Stock Exchange loses 3,505 points amid bearish trend
The 100-Index of the Pakistan Stock Exchange (PSX) experienced a significant bearish reversal on Tuesday, losing 3,505.62 points—a negative change of 3.57 percent. This decline brought the index down to close at 94,574.16 points, compared to 98,079.78 points on the last trading day.
Roshan Digital Accounts to reach $9 Billion Mark in Deposits
The number of Roshan Digital Accounts has reached 757,587 with an addition of over 11000 new accounts by the end of October 2024 while the total amount funded in the RDAs so far reached near $ 9 billion.
321…GO! DSF announces latest line-up of A-list artists for epic opening weekend concerts at 321 Festival
Dubai Shopping Festival (DSF) is counting down an extraordinary start of its 30th-anniversary edition this year, with an epic opening weekend set to kick-off the city’s greatest, most memorable, and out-of-this-world celebration ever from 6 December 2024 to 12 January 2025. DSF’s non-stop, day-in-day-out, fun-filled moments, for everyone, every day, in every corner of the city will kick-off with the highly anticipated return of the unforgettable 321 Festival from 6 to 8 December, organised by Dubai Festivals and Retail Establishment (DFRE) to deliver non-stop action, excitement, and entertainment at two iconic locations.
Exports in Pakistan increase by 9.57% to Rs.3 Trillion over four months
The Pakistan Bureau of Statistics (PBS) reported that exports from the country, in rupee terms, witnessed a significant increase of 9.57 percent during the first ten months of the current fiscal year compared to the same period last year.
Beaconhouse Jubilee Campus holds two-days “Scicon 2024”
The much-anticipated concluding ceremony of “Scicon 2024” held at Beaconhouse Jubilee Campus, Karachi concludes with Thrilling Competitions and Unparalleled Innovation and marking the end of a successful and eventful journey of science, creativity, and collaboration.
Pakistan’s first AI-enhanced virtual internship launched
10Pearls has launched 10Pearls, Shine, Pakistan’s first fully remote, AI-powered internship program for a period of 8 weeks with a multi-tiered curriculum encompassing both technical and soft skills.
A revolutionary approach to Cancer, and the role of Art in Healing; A series of talks by Dr. Azra Raza at LUMS
“No one is winning the war on cancer.” These sobering words from Dr. Azra Raza, a globally renowned oncologist, author, and professor at Columbia University, echoed across a captivated audience at LUMS, where she held a series of thought-provoking talks from November 20-22.
Port Operations Overhaul: Minister’s Plan to Enhance Efficiency and Trade
Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, reaffirmed the government’s strong commitment to enhancing the efficiency of seaports, boosting trade, and ensuring sustainable economic development in the country.
RTO Islamabad Shuts Down Five Restaurants for Fake Receipt
The Regional Tax Office, Islamabad has sealed five prominent restaurants in Islamabad on account of issuing fake invoices/receipts. The action was taken after citizens/consumers reported that the restaurants were issuing counterfeit receipts/invoices.
Discover the Latest Culinary Hotspots in Dubai: Must-Try New Eateries
Dubai’s dining scene is buzzing with new spots that food lovers won’t want to miss. From Levantine and royal Indian flavors to classic Italian and refined Japanese fare, each eatery offers a unique twist on tradition.
Swedish Companies Face Hurdles: High Taxes, Energy Costs, and Currency Transfer Issues
The Ambassador of Sweden Ms. Alexandra Berg von Linde, while commenting on Sweden-Pakistan trade and investment ties, stated that more than 40 Swedish companies have been established in Pakistan, of which many were known Swedish brands and have been present here for many decades but these Swedish companies face challenges including high tax rates when it comes to foreign investment, high energy prices and the difficulties in transferring foreign currencies.
Fatima Fertilizer, in partnership with UNDP, is the first company in Pakistan to adopt the SDGs Impact Framework
Fatima Fertilizer has the distinct honor of becoming the first private sector entity in Pakistan to partner with the United Nations Development Programme (UNDP) by adopting the SDG Impact Framework. In this regard, Fatima Fertilizer in collaboration with UNDP, recently hosted the launch event of a special report titled “SDGs Impact through Businesses: Sustainability Framework for Fatima Fertilizer” which outlines how the company has embedded the impact framework assessment into its business operations, mapping eight critical areas that align with achieving related UN SDGs.
PSX Index Climbs to Historic High of 97,328.40 Points
The 100-Index of the Pakistan Stock Exchange turned around to bullish trend on Thursday, gaining 1,781.94 points, a positive change of 1.87 percent, closing all time high at 97,328.40 points as compared to 95,546.46 points on the last trading day.
Youth Safety and Digital Literacy Focus of TikTok and PTA Summit
TikTok, in partnership with the Pakistan Telecommunication Authority (PTA) hosted the Youth Safety Summit Pakistan to raise awareness about online safety, promote digital literacy, and foster collaboration among stakeholders to protect Pakistani youth online.
Pakistan: Transition 30% of Transport to Electric Vehicles
Minister for Industries and Production Rana Tanveer Hussain unveiled the government’s ambitious plan aiming at shifting 30 percent of transportation to electric vehicles (EVs) by 2030 to promote an environmentally friendly transport system.
Zong 4G Pioneers Pakistan’s First Locally Developed Large Language Model
Zong 4G, a leader in digital innovation has developed Pakistan’s first locally created Large Language Model (LLM), a breakthrough in the nation’s telecom sector. As the only telecom operator in Pakistan to have developed an advanced AI-driven model in-house, Zong is set to transform digital interactions and elevate customer service standards, cementing its position as the technological leader in the industry.
SBP grants license to E-Processing Systems for commercial operations
The SBP has given License to M/s. E-Processing Systems Private Limited (EPSPL) to commence commercial operations as an Electronic Money Institution (EMI). Under the license, the EMI shall offer e-money wallets to consumers, merchants and agents.
Jazz and ENA Partner to Enhance Next-Gen Connectivity with Precision Cooling
Jazz has entrusted ENA (a company of JBS) with Three Years Frame Agreement for Precision Cooling Solution for their Datacenters. Precision cooling is essential for mission critical IT environments like datacenters where even slight variations in temperature can impact performance.
PTCL and Atlas Honda promoting safer bike riding training
PTCL Group, has taken a step forward towards road safety with the signing of a Memorandum of Understanding (MoU) with Atlas Honda Ltd. This collaboration underscores PTCL’s commitment to promoting safe commuting practices for motorcyclists and aligns with the Group’s ongoing Health, Safety, and Environment (HSE) initiatives.
VPN blockage and internet slowdown threaten IT companies with losses and closure
Sajjad Mustafa Syed, Chairman of the Pakistan Software Houses Association (P@SHA) – the apex representative body of the Information Technology industry – has warned that the internet slowdown and blocking of virtual private network (VPN) services will certainly translate into an existential threat as it will result in unrecoverable financial loss, service disruptions, and reputational loss in the export of IT and IT-enabled Services (ITeS). It is pertinent to note that IT industry exports clocked at $3.2 billion in FY-24, he added.
PM orders crackdown on hoarding and tax evasion in sugar sector
Prime Minister Shehbaz Sharif directed the Federal Board of Revenue, Federal Investigation Agency and the Intelligence Bureau to carry out joint action to curb the undocumented sale of sugar, tax evasion and price hikes of the commodity.
CCP approves 50% acquisition of Total Parco by Gunvor Group
The Competition Commission of Pakistan (CCP) granted approval for the acquisition of 50 percent share-holding in M/s. Total Parco Pakistan Limited (TPPL) by M/s. Aquashore SA, a company operating under Switzerland’s Gunvor Group.
RDA Inflows Surge to $8.953 Billion in October 2024
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $8.953 billion by the end of October 2024 as compared to US $8.749 billion by September (2024) end.
Jazz shifts focus to 4G, Phasing out 3G for better connectivity
Jazz, Pakistan’s leading digital operator, has achieved a groundbreaking milestone by transitioning to a 4G-only mobile broadband network, making it the first telecom operator in the country to phase out 3G services fully.
Sunridge Pakistan Food Festival Sponsored to Support Small Women Led Businesses
Unity Foods, proudly served as the title sponsor of the Pakistan Food Festival, a vibrant event organized by the Sparks Business Club under their flagship brand Sunridge to celebrate the country’s rich culinary heritage and champion women-led businesses.
Textile exports 10.44% growth, exports reach $6.146 Billion in 4 months
Textile exports witnessed an increase of 10.44 percent during the first four months of the current financial year 2024-25, according to the Pakistan Bureau of Statistics.
ZONG 4G launches special yatra packages for Sikh pilgrims
Sikh pilgrims from across the globe make their way to Pakistan for the sacred Sikh Yatra, Zong 4G, is introduced a unique set of connectivity packages designed specifically to serve and connect the Sikh community on their holy journey.
Pakistan make trying to improve maritime and shipping sector
Federal Minister for Maritime Affairs, Qaiser Ahmed Sheikh, has said that Pakistan’s ports have been significantly improved, and many companies have signed Memorandums of Understanding (MoUs) to invest in Pakistan’s industry.
Terminating PPAs – A panacea to release consumers from IPPs clutches
Switching towards Competitive Trading Bilateral Contracts Market (CTBCM) regime, liberalization and privatization of power sector will have longstanding effects on power tariff, paving way for relief to consumers and contribute to overall economic growth of the country.
Trade Opportunities: Pakistan’s Envoy and NY Chamber Head Discuss Investment
The head of Greater New York Chamber of Commerce, Mark Jaffee, expressed strong interest in Pakistan’s textile, leather, surgical, and IT sectors in a meeting with Pakistani Ambassador to the US, Rizwan Saeed Sheikh, at which they discussed initiatives aimed at boosting New York-Pakistan bilateral trade and investment.
PSX announces top 25 companies of the year 2023
Pakistan Stock Exchange is proud to announce the list of Top 25 Companies Awards recipients for the year 2023. The companies that make it to the list of the coveted awards are selected on the basis of their financial performance, governance & operational achievements as well as Sustainability and ESG related initiatives.
PepsiCo, Pakistan Ministry Commit to Improving Food Quality and Halal Investments
Dr. Khalid Maqbool Siddiqui, Federal Minister for Science and Technology, and Mr. Mariusz Michalik, Vice President and Global Head of Regulatory Affairs at PepsiCo, both parties agreed to strengthen collaboration on food quality standards and regulatory practices in Pakistan.
Al-Ghazi Tractors Limited CEO Inaugurates the Pakistan Agro Show 2024
CEO of Al-Ghazi Tractors Limited (AGTL), Sakib Eltaff inaugurated the Pakistan Agro Show 2024 at the International Expo Center, Lahore today. The ceremonial opening marks the commencement of one of the country’s most anticipated agricultural exhibitions, running from November 14-16.
PIA Bid from Blue World Rejected by Cabinet’s Privatization Committee
The Cabinet Committee on Privatization (CCOP) rejected the bid of Rs.10 billion submitted by the Blue World City for the divestment of 60% shares of the Pakistan International Airlines, accepting the recommendations of the Privatization Commission Board.
Jazz Achieves Robust Q3 2024 Growth Through Strategic Shifts and Digital Innovation
Jazz, together with JazzCash, Mobilink Microfinance Bank (MMBL), and other VEON Group digital entities in Pakistan, has announced impressive financial growth for Q3 2024.
SECP announces new regulations for Securities Managers
The Securities and Exchange Commission of Pakistan (SECP) has notified the Securities Managers (Licensing and Operations) Regulations, 2024 with the objective to facilitate investment advisory in the securities market.
Historic Bitcoin Rally: Prices Soar Above $90,000 Thanks to Trump Mania
Bitcoin broke through the US$90,000 level, to an all-time high in a rally showing no signs of easing on expectations that Donald Trump as US president will be a boon for cryptocurrencies.
SECP achieves milestone with 2,477 new Company Registrations in October 2024
The Securities and Exchange Commission of Pakistan (SECP) registered 2,477 new companies in October 2024. This brings the total number of companies registered in the country to 233,587, reflecting growing confidence in Pakistan’s corporate sector and its continued expansion.
Comprehensive evaluation of 2024 Maritime Shipping Policy draft at Workshop
The Ministry of Maritime Affairs organized a workshop in order to refurbished the draft of ‘Pakistan Shipping Policy 2024’ as per the directions of Federal Minister Qaiser Ahmed Shaikh. The aim of this workshop is to refine the draft before being presented in cabinet.
Meta supports Pakistani creators in Karachi to inspire a new wave of content
Meta connected with content creators in Karachi through various engagements starting with an event that brought together around 40 creators from across Pakistan.
FBR Introduces Innovative Payment Creation System
FBR is reinforcing its commitment to advancing tax administration and enhancing revenue collection through advanced digital solutions. As part of this progressive approach, FBR has introduced the New Payment Creation System, namely ePayment 2.0, available within the IRIS 2.0 portal, an advanced platform designed to simplify tax payment processes for taxpayers across Pakistan.
Spotify continues user and Premium subscriber growth in Q3
Last night, Spotify released its Q3 2024 earnings, continuing to showcase its strong performance as the most popular audio streaming subscription service.
Victory for Shell in Climate Case Appeal Against Dutch Court
Shell won its appeal against a landmark climate ruling in the Netherlands, which in 2021 ordered the oil and gas company to sharply reduce greenhouse gas emissions.
Abhi & TPL Corp receive approval to acquire FINCA Microfinance Bank
The strategic alliance between Abhi and TPL Corp aims to reshape financial inclusion efforts across Pakistan by combining FINCA’s extensive microfinance network and expertise with Abhi’s innovative digital solutions and TPL Corp’s presence in retail, insurance and technology sectors.
Cars’ sale up 46.73% to 30,625 units during Jul-Oct 2024
According to recent data released by the Pakistan Automobile Manufacturing Association (PAMA), car sales have surged by 46.73% during the first four months of the current financial year 2024-25 compared to the same period last year. This significant increase highlights the growing demand and positive momentum within the automobile sector in Pakistan.
Sehat Kahani and Jubilee Life Insurance signed an agreement to extend OPD services
Jubilee Life Insurance, has expanded its partnership with Sehat Kahani, the nation’s leading telemedicine platform, to introduce outpatient department (OPD) claims’ management services.
SECP Inaugurates Pakistan’s Innovative Start-Up Summit
The Securities and Exchange Commission of Pakistan (SECP) inaugurated Pakistan’s first-ever start-up summit in Karachi to empower innovation and economic growth.
Maersk Line to invest $2 Billion in Pakistan’s Maritime Sector
During the meeting, Minister Qaiser Ahmed Shaikh highlighted that Maersk Line has committed to a landmark investment of USD 2 billion in Pakistan’s maritime sector.
Pakistan, AD Ports Ink MoUs for Cooperation in Rail, Airport, and Maritime Sectors
Pakistan and Abu Dhabi Ports Group signed four Memorandums of Understanding (MoUs) to enhance collaboration in multiple fields including rail, airport infrastructure and maritime shipping and logistics.
Workers’ Remittances surge by 34.7% to $11.8 Billion in four months
The Workers’ remittances increased by 34.7 percent during the first four months of the current fiscal year as compared to the corresponding period of last year, according to the latest statement of State Bank of Pakistan (SBP).
InfraZamin Pakistan seminar advocates Green Bonds for Sustainable Finance
InfraZamin Pakistan, Pakistan’s premier credit enhancement guarantor, in collaboration with the State Bank of Pakistan (SBP), Pakistan Banks’ Association (PBA), and the Private Infrastructure Development Group (PIDG) hosted a seminar titled Enabling Green Financing and Green Bonds via Credit Enhancement Solutions today at a local hotel.
Emirates Group reports record half-year results for 2024-25
The Emirates Group today announced its best-ever half-year financial performance, posting a profit before tax of AED 10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.
Hexalyze shines at Singapore Fintech Festival
Pakistan’s IT companies and fintech operators are looking to grab business opportunities in the fintech sector worldwide, expanding their footprint in different countries, attracting investment, and winning projects against their innovative services and products, which is depicting the participation of over ten companies in the most significant global event—Singapore Fintech Festival.
Mobilink Bank honoured with multiple awards at VEON Ignite 2024
Mobilink Bank, was celebrated with multiple prestigious awards at VEON Ignite 2024. This annual gathering brings together over 200 global leaders from VEON’s extensive network, focusing on driving digital innovation and future strategies.
National Savings Reduces Profit Rates on Savings Certificates
Return rates for Special Savings Certificates (SSC) have been adjusted down by 12.26 %, and Defense Savings certificates by 12.12 %, according to the senior official of CDNS.
New EV Bikes Models unveiled at EDB Exhibition
The Ministers Rana Tanveer Hussain said, around 31 companies have expressed interest in investing in electric vehicles in Pakistan while 2 companies were granted permission to manufacture eclectic vehicle.
Banks, Financial Institutions, and PSX to Close on November 9 for Iqbal Day
The State Bank of Pakistan (SBP) and all the banking and financial institutions will observe public holiday on November 9, 2024 on the occasion of Allama Iqbal Day.
FPCCI calls for winter package for Export-Oriented Industries
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has urged the government to announce a comprehensive, effective and multi-sectoral winter package for trade and industry to mitigate and overcome challenges in industrial production.
Pakistan’s Cellular Subscriber base hits 193 Million
The number of cellular subscribers in Pakistan reached 193 million, with a mobile Tele-density of 79.40 percent, by the end of September 2024, according to data from the Pakistan Telecommunication Authority(PTA).
Pakistani Ambassador and CE TDAP open Pakistan Pavilion at Gulfood Manufacturing 2024
Chief Executive Trade Development Authority of Pakistan (TDAP) Zubair Motiwala along with Ambassador Faisal Niaz Tirmizi, Pakistan’s Envoy to the United Arab Emirates inaugurated the Pakistan Pavilion at the 10th Edition of Gulfood Manufacturing 2024 at the Dubai World Trade Centre.
Muhammad Aurangzeb Inaugurates SECPs Electronic Mortgage Register for Banks and Financial Institutions
Federal Minister for Finance and Revenue, Muhammad Aurangzeb launched SECPs Electronic Mortgage Register of Companies, a landmark initiative designed to provide a centralized system for accessing and verifying mortgage information of companies.
PTA organizes Telecom Cybersecurity Awards 2024
The Pakistan Telecommunication Authority held the Cybersecurity Awards 2024 to honor outstanding achievements in enhancing cybersecurity within Pakistan’s telecom sector.
Karachi Hosts SECP’s 2024 Startup Summit
Securities and Exchange Commission of Pakistan held a press briefing at its Head Office in Islamabad on the upcoming Pakistan Start-up Summit. The event, scheduled for November 11 and 12 in Karachi, is a transformative platform for Pakistan’s entrepreneurial ecosystem. The technology has changed the way business is done.
2.5% Rate Cut in Interest Not Reflective of Inflation’s Downward Trend
President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Jawed Bilwani, while commenting on the State Bank’s decision to reduce the interest rate by 2.5 percent, bringing it down to 15 percent, stated that while KCCI had anticipated a more substantial reduction of at least 5 percent, the actual cut of 2.5 percent was inadequate and did not align with the declining trend in inflation, which has now fallen to single digit.
InfraZamin Pakistan and Sunridge Foods Ink Deal for Agri-Infrastructure Sukuk
InfraZamin is pleased to announce a partnership with Sundridge Foods Limited in launching a PKR 2 billion Agri-Infrastructure Sukuk. This Shariah-compliant financing instrument will be issued by Sunridge Foods Limited, a subsidiary of Unity Foods Limited.
State Bank reduces interest rate to 15% by 2.5 Points
The Monetary Policy Committee (MPC) decided to cut the policy rate by 250 basis points to 15 percent, effective from November 5, 2024. The Committee noted that inflation has declined faster than expected and has reached close to its medium-term target range in October.
Pakistan-Uzbekistan direct flights Set to commence at end of November 2024
Ambassador of Uzbekistan to Pakistan AliSher Tukhtaev announced that direct flight operations between Pakistan and Uzbekistan will start at the end of the current month of November 2024, describing it as important for the business community of both countries.
SECP Warns Public About Rise in Fraudulent Trading Platforms
The Securities and Exchange Commission of Pakistan warns the public regarding a surge in fraudulent investment schemes being promoted on social media platforms, including Facebook, Instagram, and WhatsApp.
New EV Policy to Be Announced on November 30
Minister of Food Security, Industries and Production Rana Tanveer Hussain told the Senate that the Electric Vehicle (EV) policy would be announced on November 30 to promote local manufacturing of EVs and ensure a sustainable transport system.
Unlock Incredible Offers in Dubai this Winter with My Emirates Pass
Emirates has today announced the return of its popular My Emirates Pass, allowing passengers to enjoy exclusive offers at hundreds of locations in Dubai and the UAE. Starting from 1st November 2024 to 31st March 2025, My Emirates Pass enables customers to use their boarding pass to enjoy incredible discounts at restaurants, family days out, tranquil spa treatments, luxury shopping outlets, private pools and much more.
LUMS Entrepreneurship Centre Inaugurates New Incubation and Acceleration Initiatives
The LUMS Centre for Entrepreneurship (LCE) has successfully inducted its inaugural cohorts for two signature programmes: the LCE Idea Launch Incubation programme and the Slingshot Accelerator programme. Both programmes underscore LCE’s commitment to fostering a vibrant entrepreneurial ecosystem in Pakistan, catering to start-ups at different stages of growth.
State Bank to Unveil Monetary Policy on Nov 4
The State Bank of Pakistan (SBP) will announce Monetary Policy on November 04 in a meeting of the Monetary Policy Committee (MPC).
Wafi Energy acquires major stake in Shell Pakistan
Wafi Energy Holding Limited (Wafi Energy) becomes the majority shareholder of Shell Pakistan Limited (SPL) after the company, a subsidiary of Shell plc (Shell), completes the sale of its 77.42 percent interest in SPL.
Jazz Advances Infrastructure with Cutting-Edge 400G IP-Based RAN Network
Jazz once again leads the Pakistani telecom industry by deploying a 400G IP-based RAN Access Optical Network in partnership with Huawei Pakistan, making a significant step forward towards technology infrastructure enhancement in the country.
ChatGPT new Search Engine Launched by OpenAI
OPENAI beefed up its ChatGPT generative AI chatbot with search engine capabilities, as the startup takes on Google’s decades-long dominance of finding answers on the web.
Innovating at the Intersection of Design and Technology: The Story of Muhammad Adil
In today’s rapidly evolving tech landscape, the ability to seamlessly integrate design and cutting-edge technology is a rare and invaluable skill. Muhammad Adil exemplifies this unique blend of talents. His expertise in product design, coupled with his proficiency in artificial intelligence (AI) and machine learning (ML), positions him as a forward-thinking innovator in the tech industry.
DWP Technologies shines at Cisco and Ingram Partner award night 2024
DWP Group, has secured two prestigious accolades at the Cisco and Ingram Partner Award Night held on October 23, 2024, in Karachi.
Govt to facilitate foreign and local investors: Minister for Industries and Commerce
Sindh Minister for Industries and Commerce Jam Ikramullah Khan Dharejo said the provincial government is working to facilitate foreign and local investors to invest in the food and allied sectors sector and to generate economic activities and employment for the youth.
SECP Partners with Punjab and Sindh to Advance “Insured Pakistan” Initiative
After Balochistan and KPK, the Securities and Exchange Commission of Pakistan (SECP), as part of its five-years strategic plan – Journey to an Insured Pakistan, concluded first round of its provincial outreach in Punjab and Sindh.
ADB approves $500 Million loan for Climate and Disaster Resilience in Pakistan
The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.
BYD Showcases Flagship EV at Pakistan Auto Show 2024
BYD, the world’s leading New Energy Vehicle (NEV) manufacturer and pioneer in sustainable transportation solutions, participated in the prestigious Pakistan Auto Show 2024 through local partner Mega Motor Company (MMC). The company unveiled its highly anticipated NEVs to the local market at the event as well as officially opened bookings for two flagship models, BYD ATTO 3 and BYD SEAL, reinforcing its commitment to advancing the adoption of electric vehicles in Pakistan.
Pakistan textile exporters should explore emerging markets: President IAF
Pakistan’s garment and textile exporters should diversify export destinations by entering emerging and high-end markets, including Russia, Central Asia, and Middle Eastern countries. This was stated by CEM Altan, President International Apparel Federation (IAF), at a media briefing held on Friday at a local hotel.
Jazz launches FikrFree, Pakistan’s largest AI-powered digital insurance, healthcare platform
Jazz, Pakistan’s leading digital operator, has launched “FikrFree”, the country’s largest AI-powered digital insurance and healthcare marketplace, aimed at transforming the accessibility and affordability of healthcare and financial protection for Pakistanis, especially those in underserved communities.
FPCCI and CCPIT aims to Boost Pakistan-China Trade with Land-Sea Corridor
Mr. Atif Ikram Sheikh, President FPCCI, has apprised that, in a landmark development, FPCCI and China Council for the Promotion of International Trade (CCPIT), have formed an alliance for land-sea corridor; which comprises of chambers of commerce & industries of 17 regional, sub-regional and economically-significant countries.
US Leads as Top Destination for Pakistani Exports
Total exports to the US during July-September 2024-25 were recorded at US $1461.380 million against the exports of US $1376.300 million during July-September 2023-24, showing an increase of 6.18 percent, according to the State Bank of Pakistan.
NACAG Pakistan: Grant agreement signing to support implementation of tertiary N2O abatement technology in Pakistan nitric acid industry
On Thursday, 24th October 2024, the Ministry of Climate Change and Environmental Coordination signed the Nitric Acid Climate Action Group (NACAG) Statement of Undertaking (SoU), committing to reduce N2O emissions in the country’s nitric acid industry.
PIA to begin weekly friday flights connecting Islamabad and Beijing
Pakistan International Airlines (PIA) has announced to operation of its weekly flight on the Islamabad-Beijing-Islamabad route on Friday starting from November.
PTCL forges a strategic alliance with Systems Limited to enhance its BSS & OSS Stack at GITEX 2024
PTCL has forged a strategic partnership with Systems Limited, at GITEX 2024 Dubai to achieve technological enhancements through Systems Limited’s cutting-edge Operations and Maintenance of Business Support Systems (BSS) and Operational Support Systems (OSS).
Aviation’s substantial contribution to Dubai’s economy revealed in latest report
Emirates Group and Dubai Airports have released an economic impact study reaffirming aviation’s pivotal role in Dubai’s economy. The study, compiled by global research firm Oxford Economics, provides insights into the sector’s current and projected contributions, assessing direct, indirect, and induced economic activity as well as the catalytic impact of aviation-driven tourism.
Cars’ sale up 25% to 20,068 units during Jul-Sep 2024
Toyota Corolla and Yaris cars sales increased by 40.72 percent as it went up to 4,554 units from 3,236 units in the previous year.
TikTok and PTA announces #DigitalHifazat Contest for Safer Digital Practices
TikTok, in collaboration with the Pakistan Telecommunication Authority (PTA), has announced the launch of the #DigitalHifazat Contest, an initiative aimed at raising digital safety awareness among the youth across Pakistan.
PTCL announces strategic reseller agreement with Veeam Software at GITEX Dubai 2024
PTCL entered into a strategic reseller partnership with Veeam® Software, the #1 leader by market share in Data Resilience, during GITEX Dubai 2024.
PSX Shariah Group Drives Better Access to Shariah Compliant Financial Products
The Pakistan Stock Exchange (PSX) established a Shariah Focus Group in December 2023 to further the objective of meeting the financial preferences of its diverse investor base. This pioneering Group comprises of distinguished Shariah scholars from various schools of thought, practitioners of Islamic financing, capital market experts, and industry professionals, who are united to enhance the accessibility and advisory of Shariah-compliant financial products for investors.
Last Chance: PIA Corporation Auction on October 30th
Parliamentary Secretary for Communication, Gul Asghar Khan on Wednesday apprised the Lower House of the Parliament that the final auction of the state-owned Pakistan International Airlines (PIA) Corporation would be held on October 30th.
PSX Sets New Record at 87,194.54 Points
Positive sentiments prevail over the 100-Index of the Pakistan Stock Exchange (PSX) for third consecutive day on Wednesday and continued with bullish trend, gaining 727.96 more points, a positive change of 0.84 percent, reaching all time high level of 87,194.54 points against 86,466.58 points on the last trading day.
Spotify Launches New Mobile Feature to Create Custom Playlist Cover Art
Spotify has launched a new feature to give music fans the power to design and customize their own playlist cover art, so playlists can always look as good as they sound.
Pakistan earns $111 Million from travel services exports in Jul-Aug
Pakistan earned US $111.313 million by providing different travel services in various countries during the two months of the fiscal year 2024-25.
National and International connectivity enhanced by PTCL, China Mobile at GITEX Global
Pakistan Telecommunication Company Limited (PTCL) and , China Mobile International Limited (CMI) entered a partnership at GITEX Global 2024 for global network resources sharing.
Lucky Cement leading way in clean, renewable energy
Lucky Cement Limited has completed the commissioning of its 28.8 MW captive wind power project at the Company’s Karachi Plant.
PSX Holds Gong Ceremony on Listing of BF Biosciences Ltd.
The Pakistan Stock Exchange held a gong ceremony to celebrate the listing of BF Biosciences Limited (BFBIO). BFBIO is a pharmaceutical joint venture between Ferozsons Laboratories Ltd and Bago Group of Argentina. BF Biosciences has spearheaded Pakistan’s emergence in biotech manufacturing.
Mobilink Bank Tops SBP’s Banking on Equality Scorecard Two Years in a Row
Mobilink Bank has once again demonstrated its unwavering commitment to gender equality and financial inclusion, securing a remarkable score of 82.7 on the State Bank of Pakistan’s (SBP) Women Friendliness Grid. This notable increase from last year’s score of 71.79 highlights the Bank’s continuous efforts in fostering a supportive environment for women borrowers and entrepreneurs, particularly in the Micro, Small, and Medium Enterprises (MSME) sector.
SECP Crack Down on Illegal “SMARTPAYS” Investment Scheme
The Securities and Exchange Commission of Pakistan has identified an illegal investment/deposit-taking platform operating under the name “SMARTPAYS”.
JazzCash wins Receives Mastercard’s Award for ‘Tap on Phone’ Innovation
JazzCash, The fintech arm of leading digital operator Jazz, has received the ‘Pioneering Telco to launch Tap on Phone’ award at the Mastercard Payment Leaders Awards.
Telenor and Crop2X Collaborate to Innovate Agriculture with Data Solutions
Telenor Pakistan has signed a Memorandum of Understanding (MoU) with Crop2X, a leading agritech company, to empower farmers and agricultural companies with advanced, data-driven crop monitoring solutions.
Govt to Enhance IT and Telecom Sector: Shaza Fatima
Minister of State for IT and Telecommunication, Shaza Fatima Khawaja said that innovations in data networks, cloud computing, artificial intelligence and 5G are crucial for Pakistan’s economic growth and in addressing key challenges such as healthcare, education, and sustainable development.
July-August 2024: Pakistan’s IT services exports reach $584 Million
Pakistan earned US $584.566 million by exporting different Information Technology (IT) services in various countries during the first two months of the current fiscal year 2024-25.
Current Account Surplus of $119 Million Recorded in September 2024
The Current Account Balance of Pakistan further improved in September 2024 with a surplus of US$ 119 million as compared to a surplus of US$ 29 million in August 2024, According to the State Bank of Pakistan reported on Yesterday(Oct 21).
Pakistan’s Success at SIAL Paris 2024
Pakistan made a remarkable impact at Europe’s leading food fair SIAL Paris 2024.
Top performers of PTCL Group’s women empowerment initiative ‘Ba-Ikhtiyar’ attend global start-up event in Dubai
PTCL Group (PTCL & Ufone 4G) showcased its transformative Corporate Social Responsibility (CSR) initiative, Ba-Ikhtiar, at Expand North Star – the world’s largest startup and investor connector event, held as a part of GITEX 2024 in Dubai. The event provided a platform to highlight the success of Ba-Ikhtiar participants while promoting the initiative globally.
Pakistan’s Textile Export Soars to $4.520 Billion, a 9.51% Increase in Q1 2024
Textile exports witnessed an increase of 9.51 percent during the first quarter of the current financial year 2024-25 as compared to the same quarter of last year. The textile exports from the country were recorded at US $4.520 billion during July-September 2024-25, reported by Pakistan Bureau of Statistics.
Pakistan Dairy Association Leads National Dialogue on World Food Day 2024
Pakistan Dairy Association (PDA), in collaboration with Punjab Food Authority (PFA) and GAIN, successfully organized a National Dialogue on World Food Day 2024 at the local hotel. The event gathered key stakeholders from the government, industry, academia, and civil society to discuss the pressing challenges surrounding food safety, food security, and the role of the dairy sector in securing Pakistan’s nutritional future.
Spotify Record-Breaking Coldplay Now Stars on FC Barcelona Jerseys
Spotify is once again bringing together record-breaking legends from the worlds of music and football, through its first-of-its-kind partnership with FC Barcelona.
PSX’s GoP Ijarah Sukuk Issuance Hits PKR 1 Trillion Mark
Pakistan Stock Exchange is pleased to announce a significant milestone achievement – the issuance of GoP Ijarah Sukuk (GIS), through the Capital Market Infrastructure, crossing the PKR 1.0 trillion mark.
Agricultural sector Growth Spurs Pakistan’s Economic Recovery: SBP Report
The real GDP registered a moderate agriculture-led recovery in FY24. A record harvest of wheat and rice, and a rebound in the production of cotton mainly provided boost to agricultural output during FY24.
PTCL Group Wins Prestigious ‘Best Business Strategy and Expansion’ Award
PTCL Group, Pakistan’s largest ICT services provider, has been honored with the ‘Best Business Strategy and Expansion’ award at the Leadership & Excellence Awards in Digital Development (LEAD) by the SAMENA Telecommunications Council.
RDA Inflows Surge to $8.749 Billion in September 2024
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $8.749 billion by the end of September 2024 as compared to US $8.581 billion by August (2024) end.
Pakistan first Sustainability Summit & Awards event
Devcom-Pakistan (Development Communications Network), the Pakistan Environmental Protection Agency (Pak-EPA) of the Ministry of Climate Change and Environmental Coordination, and Nustainable (the NUST office of sustainability), have joined forces to organize the first-ever “Pakistan Sustainability Summit and Awards”, the event will take place on Thursday, October 24.
E Turbo launches cheapest EV motorbikes in Pakistan
The motorcycles introduced by eTurbo Motors can easily travel up to 300 km on a single charge, which is an affordable and eco-friendly solution to the growing transportation needs in Pakistan.
Pakistan’s Biggest Health Sector Event to be held from Oct 17
The 21st edition of Health Asia will take place from October 17 to 19 at the Expo Center in Karachi. Provincial Minister for Health Dr Azra Pehchoo will be the chief guest at the event.
Fatima Fertilizer and ZTBL Sign Industry-First MOU to Enhance Financial Access for Smallholder Farmers
Fatima Fertilizer Company Limited and Zarai Taraqiati Bank Limited (ZTBL) have entered into a groundbreaking partnership to promote financial inclusion and support for smallholder farmers in Pakistan.
PTCL Group reports 15% YoY revenue growth
PTCL Group’s revenue has increased by 15.3% YoY to Rs.160.6 billion, mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale & Business Solutions.
ABHI partners with People to enhance employee financial well-being
ABHI, a leading embedded finance platform in the MENAP region, has partnered with People™️, Pakistan’s largest HR services provider, to offer earned wage access (EWA) to People™️ clients. This collaboration will empower employees across industries to access their earned wages in real time, promoting financial wellness and reducing financial stress.
Today is Last day for submission of income tax returns
The Federal Board of Revenue has warned that Monday (Oct 14) is the last day for submission of income tax returns for the financial year 2023-2024.
Share of digital payments surged to 84% in FY-24
The State Bank, report said that ongoing transformation of Pakistan’s payment landscape towards digital payments underwent significant advancements as share of digital payments surged to 84% during fiscal year 2023-24.
FPCCI protest against the infrastructure development cess on import and export
Mr. Atif Ikram Sheikh, President FPCCI, has strongly denounced the recent decisions by Khyber Pakhtunkhwa (KPK) and Balochistan governments to impose infrastructure development cess (IDC) on not only imports but exports as well. These are anti-business and anti-export measures; and, FPCCI, being the apex body, is receiving feedback from all chambers, associations and trade bodies from across Pakistan to advocate reversal of these counterproductive measures, he added.
Al Baik, GO ink strategic partnership to bring Saudi expertise to Pakistan
This agreement would explore the possibility of establishing a strategic partnership to set up and operate Al Baik restaurants in Pakistan, marking a key step in Al Baik’s expansion strategy across the country.
Significant Rise in Pakistan’s Liquid Foreign Reserves to $16 Billion
The total liquid foreign reserves of Pakistan surged to cross US$ 16 billion as of October 04, 2024 while the forex reserves held by the State Bank of Pakistan increased to $ 10,808 million.
PSX Holds Gong Ceremony on Listing of Burj Clean Energy Modaraba
A gong ceremony was held at the Pakistan Stock Exchange (PSX) to mark the listing of Burj Clean Energy Modaraba (“Burj Modaraba”). Burj Modaraba is the first green energy fund in accordance with Shariah principles to be listed on the Stock Exchange on the Growth Enterprise Market (GEM) Board of PSX.
Strict action against tax evaders from next month
Chairman (FBR), Rashid Mahmood Langrial, said that the FBR was gearing up for a large-scale crackdown on non-filers starting next month.
Hexalyze shines at Singapore Tech Week for the first time
Hexalyze, one of the IT exporting Pakistani companies, is participating in Singapore Tech Week for the first time under the banner of “Tech Destination Pakistan.
Pakistan and Saudi Arab expected to sign major investment agreements at Business Forum
Saudi Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh expressed optimism about the 27 agreements, amounting to $2 billion, expected to be signed during the ongoing forum, with many more currently under negotiation. He emphasized that these agreements emerged organically, reflecting the strong facilitation efforts underway.
SECP proposes increase in Paid-up Capital for Insurance Companies
The Securities and Exchange Commission of Pakistan (SECP) has proposed to increase the minimum paid-up capital requirement for insurance companies as part of its “Insured Pakistan” initiative. The move aims to strengthen the insurance industry and as a result, provide better protection for policyholders.
PTCL launches Pakistan’s First 800G Wavelength Division Multiplexing System
PTCL Group, has achieved a major milestone by successfully launching the country’s first 800 Gbps per wavelength Super C+L Wavelength Division Multiplexing (WDM) system. This advanced technology enables a data transmission capacity of 64 Tbps per fiber, with the potential to reach up to 96 Tbps, marking a significant step forward for Pakistan’s digital infrastructure.
Fatima Fertilizer given prestigious FPCCI Award by the President of Pakistan
Fatima Fertilizer was uniquely recognized as the Best Innovative Agricultural Products Company, by the President of Pakistan, at the 12th Excellence Awards of the Federation of Pakistan Chamber of Commerce and Industries (FPCCI), the country’s apex trade and industry association.
Telenor organizes breast cancer awareness session
Telenor Pakistan, in collaboration with Shifa Foundation, organized a breast cancer awareness session for its entire workforce at its 345 Campus in Islamabad.
Number of cellular subscribers reaches 193 Million
The number of cellular subscribers in Pakistan reached 193 million, with a mobile tele-density of 79.41 percent, by the end of August 2024, according to data from the Pakistan Telecommunication Authority (PTA).
Workers’ remittances increase by 38.76% to $8.785B inflow in 1st quarter
The overseas workers’ remittances witnessed an increase of 38.76 percent during the first quarter (July-September) of the current fiscal year 2024-25, according to the State Bank of Pakistan.
PSX crosses another milestone, reaches historic level of 84,910.30 points
Positive sentiments prevail over the 100-Index of the Pakistan Stock Exchange as it continued with bullish trend on Monday (Oct 07), gaining 1,378.34 more points, a positive change of 1.65 percent, reaching all time high level of 84,910.30 points against 83,531.96 points on the last trading day.
Jazz brings iPhone 16 to Pakistan for its customers
Jazz, Pakistan’s leading digital operator, has announced a partnership with Mercantile, the authorized Apple distributor for Pakistan and South Asia, to officially introduce the iPhone 16 series phones to the Pakistani market.
ICE, ASITA sign MoU of Cooperation, expect direct flights to Pakistan
The International Creatives Exchange (ICE) and the Association of the Indonesian Tours and Travel Agencies (ASITA) has signed a memorandum of understanding (MoU) to start a direct air flight operation between Pakistan and Indonesia.
World Investor Week 2024 Marked at PSX with a Gong Ceremony
Pakistan Stock Exchange (PSX), under the aegis of World Federation of Exchanges (WFE), of which PSX is an Affiliate Exchange, in partnership with International Organization of Securities Commission (IOSCO), marked World Investor Week (WIW) 2024 through a gong ceremony held at PSX Trading Hall. The WIW with the theme of ‘Ring the Bell for Financial Literacy’ is being held from October 7 – 13, 2024. This is the fourth consecutive year that PSX is holding and organizing the World Investor Week.
Pakistan’s total liquid foreign reserves surge to $15.98 billion
The total liquid foreign reserves of Pakistan reached at 27-month high level of US$ 15,982.9 million, mainly backed by the receipt of EFF program’s first tranche of over $ 1 billion from International Monetary Fund (IMF).
Mobilink Bank’s Invisible Heirs campaign bags Digital Nations Video Creativity Award at M360 APAC
Pakistan’s leading digital microfinance bank, Mobilink Bank, has achieved a significant milestone on the global stage by winning the prestigious ‘Digital Nations Video Creativity Award’ at the high-profile M360 APAC event held in Seoul, organized by the Global System for Mobile Communications Association (GSMA).
Al-Ghazi Tractors Limited launches high-performance, fuel-efficient NH-850 tractor
Al-Ghazi Tractors Limited launched its latest product the New Holland NH-850. The 85-horsepower engine tractor is designed to set new standards in modern farming.
Digital retail payments rise to 84% in FY-24, Governor SBP
Governor State Bank of Pakistan, Jameel Ahmad, stated that the share of digital payments in total retail payments by volume has risen from 76% in FY23 to 84% in FY24 while the overall number of digital retail transactions has increased by 30%.
Pakistan, Denmark sign MOU for restructuring in Pakistan’s Maritime sector
Minister for Maritime Affairs Qaiser Ahmed Shaikh signed the memorandum of understanding (MOU) on the behalf of Pakistani government and Denmark’s Minister for Industry, Business and Financial Affairs Morten Bodskov from the Danish government.
Alert for the Investing Public: Beware of Online Trading Frauds
Pakistan Stock Exchange Limited alerts the investing public regarding the surge in fraudulent activities through different social media platforms. Some illegal social media groups and forums are using AI technology and conventional methods to entice the investing public to join in or fill in forms through WhatsApp groups, Facebook/ Meta and other social media channels.
Missile Attack in Iran Forces Airlines to Change Flight Routes
Israel’s neighbor’s closed airspace and airline crews skirted an escalating conflict, with many seeking diversions, after Iran fired a salvo of ballistic missiles at Israel on Tuesday (Oct 01).
CCP hearing on PTCL-Telenor merger continues
The Competition Commission of Pakistan (CCP) is actively progressing with the Phase II Merger Review of PTCL’s proposed acquisition of 100 percent shareholding in Telenor Pakistan (Private) Limited (TP) and Orion Towers Private Limited (OT).
Deposit Protection Corporation doubles the Deposit Guarantee to PKR.1 million
The Deposit Protection Corporation (DPC), increased the guarantee amount for all eligible depositors of its member banks from Rs.500,000 to Rs.1,000,000 with effect from October 01, 2024.
P@SHA leaders vow to follow the legacy of former chairman
The newly-elected leadership of Pakistan’s IT association P@SHA has lauded the services of its former leadership, mainly chairman Muhammad Zohaib Khan, for his commendable endeavours for the industry vowing to follow his legacy in true letter and spirit.
Mobilink Bank introduces climate Shock insurance
Mobilink Bank, has introduced Climate Shock Insurance to protect small and medium-scale farmers and livestock owners from the escalating risks of climate change. Under the initiative, the Bank provides financial security by covering losses to crops and livestock resulting from unpredictable climate catastrophes, enabling farmers to maintain their livelihoods amid growing weather volatility.
Watch and Jewelry brand, Collectibles by Sonraj creates history by training and inducting Pakistan’s first professional female watchmaker
Leading Pakistani watch and jewelry brand, Collectibles by Sonraj, has made history by training and inducting Pakistan’s first professional female watchmaker, Saira Akram, at its service center in Karachi. By choosing watchmaking as a profession, Saira serves as a trailblazer, inspiring young people to explore unconventional career paths that offer both professional success and personal fulfillment.
Pakistan seeks china’s cooperation in the EV field sector
Pakistan’s Consul General in Shanghai, Shehzad Ahmad Khan, reaffirmed Pakistan’s steadfast commitment to enhancing its bilateral relations with China, with a particular focus on the rapidly growing automotive sector.
FBR give extension the date of filing income tax return: KCCI
President Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Sheikh, requested the Federal Board of Revenue (FBR) to extend the last date for filing Income tax Returns by one month to facilitate maximum number of taxpayers in submitting their returns.
Bank Alfalah win to two GIFA awards in Islamic Sector
Bank Alfalah has earned international acclaim by winning two awards at the 2024 Global Islamic Finance Awards (GIFA), highlighting its position as a leader in the Islamic banking sector.
IMF okay to immediately Pakistan to released first tranche of $1 Billion
The International Monetary Fund (IMF) board has approved the 37-month Extended Fund Facility (EFF) programme of $7 billion for Pakistan and has authorized the immediate release of the first tranche of about $1 billion.
International Partners & POSA organized Conference on the Insurance landscape of Pakistan
The Pakistan Society of Actuaries (PSOA) organized the Conference on “Insurance Landscape of Tomorrow” in collaboration with international actuarial professional organizations. The Institute and Faculty of Actuaries (UK), Society of Actuaries (US) and Casualty Actuarial Society (US) partnered with the PSoA for organizing the Conference. The President-elect of Institute & Faculty of Actuaries UK, Mr. Paul Sweeting, attended the conference in-person while President-elect of SoA joined virtually.
Shifting Gears: Pakistan’s EV ambitions gain momentum with new policy month away
Prime Minister Shehbaz Sharif established a Steering Committee to formulate a comprehensive policy to promote local manufacturing and facilitate the early adoption of electric vehicles (EVs), including New Energy Vehicles (NEVs).
PIAC bidding process to be telecast on Oct 1
The National Assembly’s Standing Committee on Privatization was informed that the bidding process for Pakistan International Airlines Company (PIAC) will be shown live on media on October 1, 2024 after approval by the Cabinet.
Emirates commits support to Asia Rugby to broaden reach and appeal of sport in 36 countries
Emirates has announced a new multi-year partnership as the Title Sponsor of Asia Rugby, furthering its commitment to growing the sport in untapped markets across Asia. The partnership will enable Asia Rugby to stage various 7s and 15s tournaments, as well as Asia Rugby Championships, spanning 36 countries.
Pakistan’s economic growth rebounds in FY-2024: ADB
According to the Asian Development Outlook (ADO) September 2024, an update to ADB’s flagship economic publication, Pakistan’s gross domestic product (GDP) growth is projected to have recovered modestly to 2.4% in FY2024 and should growth further by 2.8% in FY2025 accompanied by a decline in inflation.
P@SHA hosts prestigious ‘HBL ICT Awards 2024’
Pakistan Software Houses Association (P@SHA), the premier representative body of Pakistan’s thriving IT industry hosted the prestigious HBL-P@SHA ICT Awards 2024.
SBP extends the date for imports of cash US dollar till June 30, 2025
The State Bank of Pakistan (SBP) has extended the deadline of import of cash US Dollars by exchange companies for their export consignments till June 30, 2025, in order to ensure adequate supply of cash USD in open market.
Spotify announces Nusrat Fateh Ali Khan as the first artist for ICON Pakistan
Spotify proudly unveiled its highly anticipated ICON Pakistan program at an immersive event titled ‘House of ICON’ at the historic TDF Ghar in Karachi, celebrating Pakistan’s rich musical heritage. The event offered an exclusive experience that took attendees on a journey through decades of iconic music, spotlighting the artists and tracks that have shaped Pakistan’s vibrant music landscape since the 1950s. The evening culminated with the unveiling of the first Spotify ICON Pakistan artist: the Shehenshah-e-Qawwali, Ustad Nusrat Fateh Ali Khan.
Jubilee Life Insurance Accelerates Net Zero Transition with Spectreco
In a pioneering move towards sustainability, Jubilee Life Insurance, Pakistan’s largest private sector insurance company, has partnered with Spectreco to spearhead its transition to Net Zero. This step sets a benchmark not just in Pakistan but for the global insurance industry as well, reinforcing Jubilee Life’s commitment to embedding sustainability at the heart of its business operations.
Pakistan, China join hands to tap global Kiwifruit market potential
Agricultural experts have expressed optimism that Pakistan could become a significant player in the global kiwifruit market by collaborating with China, following an assessment of its potential during the recently concluded International Training Workshop on Kiwifruit Production in Sichuan.
Hamdard University selects PTCL to expedite the Digital Transformation Journey
Pakistan Telecommunication Company Limited (PTCL) and Hamdard University, a part of Hamdard Foundation, have entered a strategic partnership for the provisioning of managed ICT & Mobility solutions for the faculty & students.
BMMC received approval for GEM board listing from PSX
Burj Modaraba Management Company (BMMC) has received approval from the Pakistan Stock Exchange (PSX) for listing Burj Clean Energy Modaraba (BCEM) on the Growth Enterprise Market (GEM), Pakistan’s First Green Energy Fund.
FBR sets Sept 30 deadline for income tax returns, no extension to be granted
Federal Board of Revenue (FBR) Spokesperson Bakhtiar Muhammad Saturday cautioned citizens against last-minute rush, advising them to file their income tax returns well before the September 30 deadline and emphasized that no extensions will be granted.
Chinese firm to set up textile parks in Pakistan
The Board of Investment and Chinese textile firm RUYI Shangdong signed a Memorandum of Understanding under which the latter would establish textile parks of international standards in Pakistan to boost country’s exports to $5 billion and create around 0.5 million jobs.
ICC delegation expresses satisfaction over arrangements for CT25
The International Cricket Council (ICC) delegation called on Chairman Pakistan Cricket Board (PCB) Mohsin Naqvi here to discuss preparations for the ICC Champions Trophy 2025.
Huawei, NIBAF sign MoU for capability enhancement
Huawei Technologies Pakistan and the National Institute of Banking and Finance Pakistan (NIBAF) have signed a Memorandum of Understanding (MoU) to digitally empower the Human Resources employed.
ICT exports surge by 30% in first two months of FY 2024-25
Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.
NADRA-SECP Sign MoU to Promote Mutual Cooperation
National Data Base and Registration Authority (NADRA) and the Securities and Exchange Commission of Pakistan (SECP) signed a Memorandum of Understanding (MoU) to formalize mechanism for information sharing and cooperation between the two institutions.
Banking sector grows 11.5% in H1CY24 with satisfactory performance, resilience: SBP
The State Bank of Pakistan (SBP), stated that performance and resilience of the banking sector for the period January to June 2024 remained satisfactory with a growth of 11.5 percent in collective balance sheet.
TMB wins “Best Microfinance Bank” award
Telenor Microfinance Bank, operator of Pakistan’s leading digital financial services platform, Easypaisa, received its double recognition at the renowned 21st Annual Excellence Awards by CFA Society Pakistan, having won the “Best Microfinance Bank of the Year 2023” and “Recognizing Gender Diversity at the Workplace Award 2024.”
Gunvor Group Chairman, Total Energies VP meet PM
Chairman Torbjorn Tornqvist expressed the Gunvor Group’s keen interest in investment in the petroleum sector of Pakistan.
Mobilink Bank bags ‘Best Digital Banking Services’ Award at CFA for two years running
Mobilink Bank, has secured the prestigious title of ‘Best Digital Banking Services’ (Microfinance Category) at the 21st Annual Excellence Awards hosted by CFA Society Pakistan. This marks the Bank’s second consecutive win, claiming the same honor last year, solidifying its position as a leader in digital banking innovation.
PTA conducts raids against telecom companies involved in illegal activities
Pakistan Telecommunication Authority (PTA) Zonal Office Faisalabad, in collaboration with the Federal Investigation Agency (FIA) Cyber Crime Circle Faisalabad, conducted successful raids on two franchisees of telecom companies in Jhang City and Garh Moor, District Jhang respectively.
Jazz leading Pakistan’s digital transformation
Jazz CEO Aamir Ibrahim has said that Jazz, a leading Telecommunication Company is playing a central role in advancing Pakistan’s digital and financial inclusion.
SECP extends Companies Regularization Scheme
The Securities and Exchange Commission of Pakistan (SECP) has to extend the Companies Regularization Scheme by one month.
Pakistan Stock Exchange: KSE-100 Index crosses 80,000 points
This bullish trend come on Friday (Sept 13) on PSX, where KSE-100 index reaches 80,016 points. Yesterday, PSX index has closes on 79,017 points.
2 percent cut in interest rate not in line with declining trend in inflation
Acting President Karachi Chamber of Commerce & Industry (KCCI) Altaf A. Ghaffar, while commenting State Bank’s decision to reduce the interest rate by 2 percent to 17.5 percent, stated that although KCCI was expecting substantial reduction in interest rate by at least 5 percent but it has been reduced by 2 percent only which neither enough nor in line with the declining trend in inflation which has come down to single digit.
Emirates Supports Young Golf Hopefuls Journeys to the US for Higher Education
Emirates is supporting the flight journeys for Syed Daniah and Syed Abiha, two remarkable young golf prodigies from Karachi, as they head to the United States to pursue their higher education at Blinn College-Brenham Campus in Brenham, Texas.
SBP cut to interest rate 200 bps to at 17.50pc
Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 17.5 percent, effective from September 13, 2024. Both headline and core inflation fell sharply over the past two months. The pace of this disinflation has some what exceeded the Committee’s earlier expectations, mainly due to the delay in the implementation of planned increases in administered energy prices and favorable movement in global oil and food prices.
Mobilink Bank partners with Mercurial Minds to accelerate financial transformation
Mobilink Bank, announced a strategic partnership with Mercurial Minds (M.M.), a leading provider of intelligent automation solutions. This collaboration marks a significant milestone in Mobilink Bank’s journey towards digital transformation, as the Bank strives to enhance operational efficiency, improve customer experiences, and solidify its position as a leader in the microfinance sector.
Huawei launches new Mate XT tri-fold smartphone
China’s Huawei Technologies unveiled a US$2,800 tri-foldable phone as it seeks to extend its lead in the world’s biggest smartphone market and steal the spotlight from Apple hours after it debuted a new iPhone.
Cars’ sale up 27% during July-August 2024
The sale of cars during the first two months of the current financial year 2024-25 increased by 27.70 per cent compared to the same months of last year, a recent data released by Pakistan Automobile Manufacturing Association.
CCP enforces ‘Competition Law’, Rs.27 Million in penalties recovered
The Competition Commission of Pakistan (CCP) has successfully recovered Rs.27 million in penalties from Reliance Paints and Pakistan Steel Mills (PSM) by exercising its authority under Section 40(2)(a) of the Competition Act, 2010, through the attachment of their bank accounts.
VISA aims for 10-fold rise in Pakistani use of digital payments
VISA plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.
Aurangzeb terms agriculture, IT as mainstay of economy
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that agriculture and information technology (IT) were the backbone of country’s economy and the real levers of economic growth.
Aramco has not commissioned any site in Pakistan
Gas & Oil Pakistan Ltd (GO) Chief Operating Officer Zeeshan Tayyeb clarified that ‘no Aramco site has been commissioned anywhere in Pakistan so far.
SECP & U.S. CFTC conducted 2nd Training Session on Commodities Futures Market
The Securities and Exchange Commission of Pakistan (SECP) in collaboration with the U.S. Commodity Futures Trading Commission (CFTC) commenced the second training session on the development of the Commodity Futures Market, in Islamabad.
Mastercard and UPaisa launch a new debit card to transform the Pakistan payments landscape
Mastercard and UPaisa – a digital and financial app by U Microfinance Bank and Ufone 4G – have launched a new physical and virtual debit card, advancing the digital payments landscape in Pakistan. Consumers can now benefit from a hassle free and secure way to shop online with over 7,500 online merchants in Pakistan and wherever Mastercard is accepted globally.
FBR, LUMS sign MoU on machine learning & data analytics
The Federal Board of Revenue (FBR) and the Technology for People Initiative (TPI) of Lahore University of Management Sciences (LUMS) signed a memorandum of understanding (MoU) to explore future collaboration in the use of machine learning and data analytics.
Zong launches IDD for USA & Canada
Zong 4G, Pakistan’s leading telecom operator announced the launch of IDD (International Direct Dialing) for USA & Canada to the Apna Shehr Jhelum Hybrid Bundle, exclusively for its customers in Jhelum.
Consultation Paper on Areas of Improvement in the Public Offering Regime
The Securities and Exchange Commission of Pakistan (SECP) has issued a Consultation Paper on areas of improvement in the public offering regime in order to foster capital formation. The requisite regulatory amendments will be finalized after receiving public feedback and stakeholder consensus.
P@SHA delegation visits PTA Headquarters
A delegation of the Pakistan IT Association (P@SHA) visited the Pakistan Telecommunication Authority (PTA) Headquarters to discuss and deliberate on facilitating a smooth and congenial business environment for IT companies and software houses.
Google to produce 0.5M Chromebooks in Pakistan by 2026
Tech giant Google launched an initiative to produce half a million Chromebooks in Pakistan, marking the occasion by presenting the first device to Prime Minister Shehbaz Sharif at a ceremony. President of Google Asia Pacific (APAC) Scott Beaumont presented locally manufactured chromebook to the prime minister.
SI Global Signs Partnership with Global Tech Company ProDevice
SI Global Solutions, has signed a strategic agreement with the global tech firm, ProDevice, to become its exclusive partner in Pakistan. This partnership was formalized during a recent signing ceremony in Poland, where CEO of SI Global, Dr. Noman Said, and CEO of ProDevice Global, Tomasz Filipów, signed the partnership agreement.
PTCL Group partners with the Pakistan Hockey team to renew and honor the national legacy
PTCL Group (PTCL & Ufone 4G) partnered up with the Pakistan Hockey team, as they gear up for the Asian Champions Trophy 2024. As the national telecom carrier, PTCL Group is dedicated to celebrating and enhancing the vibrant legacy of Pakistan hockey. This partnership aims to elevate the sport, bolster national pride, and showcase Pakistan’s continued excellence on the global stage.
Zindigi US Dollar-Based Freelancer account sets new standard for Pakistan’s freelance industry
Zindigi, powered by JS Bank, has contributed majorly towards the ecosystem of freelancers in Pakistan by introducing the launch of its US Dollar-Based Freelancer Account, designed to empower Pakistan’s burgeoning freelancer community.
KCCI wants substantial reduction of 500 basis point in policy rate
Chairman Businessmen Group Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI)Iftikhar Ahmed Sheikh have advised the State Bank of Pakistan (SBP) to announce a substantial reduction in interest rate by at least 500 basis points to bring the existing interest rate down to 14.5 percent from the existing 19.5 percent in the next monetary policy statement as the inflation continues to descend to reach 9.6 percent in August whereas the Moody’s recently upgraded local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3.
Aurangzeb engages with SCB on expanding investment opportunities
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb held a virtual meeting with Global Head of Corporate & Investment Banking at Standard Chartered Bank (SCB), Sunil Kaushal to discuss expanding investment opportunities in Pakistan.
Machike-Thalian-Taru Jabba white oil pipeline project
The ceremony was witnessed by Federal Minister for Petroleum Dr. Musadik Malik, DG Special Investment Facilitation Council (SIFC) Major General Asad Rehman and Chairman OGRA Masroor Khan. The heads of consortium entities i.e. MD Pakistan State Oil (PSO) Syed Muhammad Taha, DG Frontier Works Organization (FWO) Major General Abdul Sami, signed the historical Consortium Agreement. MD PSO and DG FWO signed another MOU with stakeholders i.e. CEO PAPCO Mr. Irtiza Qureshi, MD Interstate Gas Systems (ISGS) Mr. Nadeem Bajwa.
Aurangzeb discusses investment opportunities with foreign investors
Finance Minister Senator Muhammad Aurangzeb held a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, to explore fixed income investment opportunities in country’s economy.
Jazz, Mobilink bank forge strategic alliance to strengthen digital financial inclusion
Jazz and Mobilink Microfinance Bank Limited (MMBL), have combined their strengths to advance financial inclusion and empowerment throughout Pakistan.
Emirates touches down for the first time in Antananarivo
Emirates, the world’s largest international airline, marked a significant milestone with its inaugural flight landing in Antananarivo, Madagascar. The arrival of flight EK707 at Ivato International Airport was celebrated with a water cannon salute, followed by an exclusive event attended by VIPs, government officials, industry guests, and media. Among the distinguished attendees were His Excellency Andry Rajoelina, President of the Republic of Madagascar, and the First Lady, who personally welcomed the Emirates delegation led by Adnan Kazim, Deputy President and Chief Commercial Officer of Emirates Airline.
PTA receives proposals for spectrum auction consultancy in Pakistan
The Pakistan Telecommunication Authority (PTA) has received five proposals from international consultants to enhance the experience of Next Generation Mobile Services (NGMS) in Pakistan for providing consultancy services for the upcoming spectrum auction.
SECP Issues Warning Against Fraudulent Social Media and WhatsApp Groups
The Securities and Exchange Commission of Pakistan (SECP) has issued a public alert regarding the increasing number of fraudulent social media and WhatsApp groups that are operating under the guise of investment training courses. These groups are impersonating well-known local and international business personalities or reputable international financial companies to deceive the public.
Mobilink Bank and CARE Pakistan join forces to empower 50,000 women
Mobilink Bank, has joined forces with CARE Pakistan to unlock the potential of 50,000 women through the Strive Women program. Under this partnership, Mobilink Bank and CARE Pakistan will invest in their financial literacy and skills development, paving the way for a more equitable and prosperous society. Over the next three years, both organizations will offer 30,000 women the financial resources they need to establish or expand their businesses.
Denmark wants to invest in Pakistan’s mining industry
FL Smidth, a leading global supplier of technology and services to the mining and cement industries, has been active in Pakistan for over three decades. The company has played a significant role in the development of the country’s cement industry, having supplied approximately 60-70% of the cement plants in Pakistan.
BISP, JazzCash team up for digital empowerment of its beneficiaries
Benazir Income Support Programme (BISP) will collaborate with JazzCash for digital empowerment of its beneficiaries.
FBR collects Rs.1,588 Billion in revenue during July and August
Federal Board of Revenue has collected gross revenues of Rs.1,588 billion for the months of July & August 2024. Against a target of Rs.1,554 billion, FBR has collected Rs.1,456 billion in net revenue and refunds of Rs.132 billion (44% more than last year) were issued to the exporters to resolve their liquidity problems.
Zohaib Khan honored with IT Icon award
Chairman P@SHA Muhammad Zohaib Khan has been conferred the first IT Icon Award by Ecommerce Gateway for his valuable services to the local industry. State Minister for IT and Telecommunication Shaza Fatima presented him the award at the inaugural session of the 25th ITCN Asia.
LUMS Welcomes Students at Orientation 2024
LUMS welcomed an exceptional cohort of over 1,200 students from across the country. This year’s Orientation programme offered a blend of innovative activities and engaging events, designed to inspire, connect, and prepare students for the rigorous and transformative journey ahead.
RDA inflows rise to $8.416 billion in July 2024
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $8.416 billion by the end of July 2024 as compared to US $8.255 billion by June (2024) end, according to the latest data released by the State Bank of Pakistan.
FBR rebuts rumors of upcoming amnesty scheme for smuggled vehicles
Federal Board of Revenue that certain rumors are circulating on the social media regarding a purported upcoming amnesty scheme for regularizing smuggled vehicles.
Spotify features Sufi legend Abida Parveen on Times Square
Legendary Sufi singer Abida Parveen has been proudly featured by Spotify on a digital billboard at Times Square, New York, as not only the EQUAL Pakistan Ambassador of August, but also as the EQUAL Global ambassador marking a significant moment for South Asian representation on the global stage.
Mobilink Bank partners with oladoc for healthcare solutions
Mobilink Bank, has partnered with oladoc, to offer its customers a comprehensive 360-degree healthcare solution. With oladoc serving as a brand ambassador, the Bank strives to democratize healthcare by providing 500,000 Mobilink Bank customers with unparalleled access to free, premium medical services. Through this partnership, Mobilink Bank customers and their families will gain access to a wide range of free healthcare benefits via the oladoc app, by signing up through their registered mobile numbers.
Tamasha opens new innings with First Int’l Streaming of cricket matches
Tamasha, the streaming platform in Pakistan, has secured international streaming rights for Pakistan’s test matches against Bangladesh in August and September, and the test match against England in October, through a partnership with the Pakistan Cricket Board (PCB).
PSO reports profit of PKR 15.9 billion in FY24
PSO has showcased impressive financial performance and strategic prowess in a challenging market, reporting profit of Rs.15.9 billion in Fiscal Year 2024.
CCP approves shareholding acquisition in NIT
The Competition Commission of Pakistan (CCP) has approved the acquisition of 8.33% shareholding in M/s. National Investment Trust Limited (NITL) by two Pakistani residents. Following the transaction, M/s. Adamjee Foundation will ceased to be a shareholder in NITL.
25th ITCN Asia to be held in Karachi on Aug 27-29
The 25th edition of ITCN Asia, Pakistan’s biggest IT and telecom expo and conference, will take place on August 27–29 at the Expo Center in Karachi. This event is set to focus significant goals of the Special Investment Facilitation Council (SIFC) to facilitate investors, exporters, and entrepreneurs of the IT industry, making Pakistan an emerging tech hub in the world.
Shell Pakistan profit 1.3 billion in first half
Shell Pakistan Limited (SPL) has posted a profit after tax of Rs.1.3 billion for half year results for the company, compared to the profit after tax of Rs. 3.5 billion made in the same period last year.
Al-Ghazi Tractors Empowers Women in Agriculture
Al-Ghazi Tractors Limited, in collaboration with the Agriculture Department, Government of Sindh, proudly announces the successful completion of the transformative “Khud Mukhtar Baa Waqar” workshop, held from August 20th to 21st, with a closing ceremony on August 22nd, 2024, at Directorate Agriculture Research, Tando Jam.
Aurangzeb invites Dubai Islamic Bank to enhance investments
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb invited the Dubai Islamic Bank to enhance its investment in the country; reaffirming the government’s dedication to maintaining a stable macroeconomic environment and ensuring that all necessary measures were in place to facilitate foreign investment.
Zong’s high-speed network connectivity to reaches in 15 cities of GB
Zong has introduced high-speed network connectivity in more than 15 cities of Gilgit Baltistan making it the largest-ever network expansion in the region.
Ufone 4G offers Samsung Smartphones at attractive prices to enhance digital lifestyle experiences
Ufone 4G, a leading telecommunications provider in Pakistan, has forged a strategic partnership with Samsung, a South Korean technology giant, to offer smartphones to customers at competitive prices via Ufone 4G’s new sales platform.
Sugar Advisory Board recommends exporting 100,000 MT of sugar
Minister for Industries and Production Rana Tanveer Hussain chaired a meeting of the Sugar Advisory Board (SAB) which recommended exporting 100,000 metric tons of sugar.
OICCI highlights private sector’s role in mitigating climate change
The OICCI Climate Report also discusses how corporations can integrate climate actions into their business operations by adopting sustainable supply chain management, adhering to ESG criteria, promoting investment in carbon markets, and fostering public-private partnerships for green development. The report highlights initiatives by OICCI members in these areas. The Overseas Investors Chamber of Commerce and…
Addressing Salary Concerns? ABHI Is the Solution Influencers Are Talking About
The conversation around salary issues has been gaining traction on social media, with influencers bringing attention to financial stress and delayed payments. While these discussions are essential, ABHI has been offering a solution since 2021 through its Earned Wage Access (EWA) service.
Sales of motorbikes and three wheelers to increases by 15% in July 2024
Suzuki motorcycles an increases of 71.68 percent from the 957 units to 1,643 units during the month of july 2024, while the sale of Honda motorcycles increases by 13.29 percent from 62,012 units to 70,255 units during the same month.
International conference AgriTech: Feeding the Future to be held on August 28
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Islamic Chamber of Commerce and Development (ICCD) will organize an international conference titled ‘AgriTech: Feeding the Future’ on August 28 at Expo Center, Karachi.
Pakistani solar company, SkyElectric breaks ground in Japanese market
Pakistan’s prestigious solar technology brand, SkyElectric has achieved a momentous breakthrough in the Japanese market by completing the first phase of the Japan Electrical Safety & Environment Technology Laboratories (JET) testing program, partially greenlighting the brand’s entry into the Japanese market.
CCP engages all stakeholders, regulators in PTCL-Telenor merger
The Competition Commission of Pakistan (CCP) is currently conducting an in-depth Phase II Merger analysis in response to the proposed merger between Pakistan Telecommunication Company Limited (PTCL) and Telenor Pakistan (Private) Limited (Telenor).
Mobilink bank launches inheritance calculator through its Dost app
Mobilink Bank, has launched an easy-to-use in-app inheritance calculator made accessible through its Dost app. The cutting-edge financial tool is designed to empower individuals, especially women, by providing clear insights into their inheritance share. The calculator’s launch is a testament to the Bank’s commitment to promoting financial inclusion and social justice through this initiative.
Finance Minister Meeting with President / GCEO of Mashreq Bank
The Finance Minister Muhammad Aurangzeb greeted Mr. Ahmed Abdelaal and expressed appreciation for Mashreq Bank’s interest in Pakistan’s financial landscape and expressed keen interest of the Government of Pakistan to re-engage with Mashreq Bank.
Pakistan witnesses first Super Blue Moon of 2024 on Monday
Pakistan has witnessed the first Super Blue Moon on Monday night offering a rare opportunity to the stargazers and space enthusiasts to enjoy this celestial treat.
SECP roundtable on Insured Pakistan through promoting Takaful
The SECP organized a roundtable discussion to support its ‘Insured Pakistan 5-year strategic plan’ by promoting the development of the takaful sector in Pakistan with the CEOs and heads of takaful operations of all insurance companies. The session titled “Takaful: Unlocking the Growth Potential” was a half day event, held at Karachi.
JazzCash transforms 350,000 businesses’ smartphones into POS machines
JazzCash, Pakistan’s leading fintech platform has launched its latest feature, ‘Tap-Pay for Businesses’, enabling over 350,000 businesses across the country to accept payments through their Android smartphones.
Freelancers Urge Immediate End to Internet Disruptions: PAFLA
The Pakistan Freelancers Association (PAFLA), a representative body of freelancers countrywide, has called on relevant authorities to address the prevailing internet issues and take immediate steps to restore services to full capacity. Ensuring a stable and secure internet connection is crucial for freelancers to deliver their work seamlessly and continue contributing to the country’s foreign exchange reserves.
EV giant BYD plans to build Karachi plant as part of entry into Pakistan
Chinese electric carmaker BYD plans to build a factory in Karachi with a local partner to capture a share of Pakistan’s growing electric vehicle (EV) market, according to a source familiar with the matter.
Incremental benefit must be passed on to Karachi industrial units: FBATI
The government and concerned authorities should release the allocated funds on account of incremental benefit subsidy electricity to industrial units of Karachi, mainly Small and Medium Enterprises (SMEs) to prevent the closure of large-scale economic activities and layoffs in different sectors of commercial and industrial hub of the country, said President Federal B Area Association of Industries Syed Raza Hussain.
KCCI demands release of pending Rs.33 billion against incremental consumption
President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while referring to his discussions with industrial town associations in connection with delays in release of funds against incremental consumption of electricity during COVID-19 pandemic, urged the government to immediately release the remaining amount of Rs.33 billion to Karachi industries so that their grievances could be minimized to some extent.
ADM Group to invest $250M in Pakistan’s electric vehicle sector
ADM Group Chief Executive Officer (CEO) Yasir Bhambhani said that the ADM Group was keen to invest an amount of $250 million in Pakistan for manufacturing of electric vehicles to provide ecological-friendly automobiles to local consumers.
Pakistan’s textile exports jumps to $1Billion in July 2024
Textile exports reached $1,271.136 million during the first month of the current financial year (2024-25), according to the statement of Pakistan Bureau of Statistics.
AGTL Kicks Off ‘Plant Together, Grow Forever’ Campaign
l-Ghazi Tractors Limited (AGTL) has proudly launched the “Plant Together, Grow Forever” campaign in celebration of Pakistan’s Independence Day. This yearlong initiative marks a bold step toward a greener, more sustainable future, resonating with the hashtag #OneTreeAMonth.
Mobilink Bank partners with Systems Limited to drive superior customer experience
Mobilink Bank, has partnered with Systems Limited to leverage the power of Temenos Core, modernizing its core banking platform and boosting business and operational capabilities. Under this partnership, the Bank – being the first in Pakistan to upgrade its platform to R23, is positioned to deliver a premium customer experience, streamline internal processes, and achieve unparalleled agility within the ever-evolving financial landscape.
President of JazzCash, Murtaza Ali join Forbes Finance Council
President of JazzCash, Pakistan’s largest fintech platform, Murtaza Ali, has been accepted into the Forbes Finance Council, the foremost community of financial services professionals worldwide.
Govt decrease Petrol prices by Rs.8.47 per liter
The government decreased the price of Motor Spirit (MS) Petrol by Rs.8.47 per liter and high speed diesel (HSD) by Rs.6.70 per liter.
PTCL Group to provide Managed WAN and All-In-One Desktop Project for ZTBL sites nationwide
Pakistan’s largest telecommunications and integrated ICT services provider, PTCL Group (PTCL & Ufone 4G), and the largest agriculture bank of Pakistan, Zarai Taraqiati Bank Limited (ZTBL) have signed an agreement for Managed WAN and All-In-One Desktop project for ZTBL sites nationwide.
Retailers unleash exciting Azadi deals, discounts on Independence Day
Pakistan’s 78th Independence day approaches, shops across the country are witnessing a surge in customers eager to capitalize on attractive ‘Azadi deals’ and discounts where from clothing to home appliances retailers were seen offering enticing promotions to commemorate the occasion. With discounts ranging from 10% to 50% off, shoppers are flocking to stores to snag unbeatable bargains.
It can cost more to power a house than rent it in Pakistan: Bloomberg
The average per-unit electricity price for residential users rose 18 per cent in July, when the country secured a new US$7 billion loan from the IMF. Many residents have since seen electricity bills – typically a fraction of household expenses – surpass rents that range from US$100 to US$700 a month, said Samiullah Tariq, head of research at Pakistan Kuwait Investment.
realme Leads the World in Fast Charging Innovation with 320W SuperSonic Charge
realme, the world’s fastest-growing smartphone brand, has redefined industry standards with its next-generation 320W charging technology. The 320W SuperSonic Charge achieves unprecedented breakthroughs in power, safety, and efficiency, bringing fast-charging to new heights and transforming the user experience across the industry.
SECP Revokes Registration of EFU Health Insurance Limited as an Insurer
M/s EFU Health Insurance Limited, is no longer authorized to carry on insurance business in Pakistan and, as per scheme, any business activity carried by it or any liability incurred by it shall be payable by M/s EFU Life Assurance Limited. Consequently, all policyholders of EFU Health Insurance Limited may contact M/s EFU Life Assurance Limited for any claim or liability with respect to their insurance policies.
Finance Minister meets PepsiCo’s CEO for Africa
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with PepsiCo’s Chief Executive Officer (CEO) for Africa, Middle East (ME) and South Asia (SA) Eugene Willemsen to discuss Pakistan’s economic progress and potential collaboration opportunities.
Cars’ sale increase 58% in July 2024
The sale of cars during the first month of the current financial year 2024-25 has increased by 58.21 percent as compared to the same month of last year, according to the data released by Pakistan Automobile Manufacturing Association.
CCP imposes Rs.60 Million penalty on a multinational for deceptive marketing
The Competition Commission of Pakistan (CCP) has passed an order imposing a fine of Rs 60 million on Unilever Pakistan for airing deceptive claims through television commercials for its hygiene and cleansing products, ‘Lifebuoy (Care and Protect) Soap’ and ‘Lifebuoy Hand Wash’.
Pakistan’s remittances hit $3 billion
Inflow of overseas workers’ remittances clocked in at nearly $3 billion in July, a massive 48 percent higher on a year-on-year basis when compared with $2.03 billion in the same month of the previous year, according to the statement by the State Bank of Pakistan.
JS Bank wins leading Digital Bank Award
JS Bank, one of the fastest growing banks in Pakistan, has been awarded the Leading Digital Award accolade at the CxO Elevate 2024 Awards. JS Global, a subsidiary of JS Bank, has been recognized with the Digital Investment Transformation Award.
SBP will closed on 14 August on the occasion of Independence Day
The State Bank of Pakistan will remain closed on Wednesday, August 14, 2024 being public holiday on the occasion of ‘Independence Day’ as declared by the Government of Pakistan.
GSMA highlights Pakistan’s digital progress and potential to spur accelerated economic growth
Pakistan is poised to unlock its economic potential through accelerated digital transformation, according to a new report, “Realising Pakistan’s Aspiration to become a Digital Nation,” launched today by the GSMA at its Digital Nation Summit Islamabad. The report underscores the country’s significant strides in mobile connectivity and smartphone adoption while outlining a clear path to maximize these gains for the benefit of its citizens. However, achieving these aspirations will require concrete action and reforms.
Jazz partners with GSMA innovation fund for support high-potential startups
Jazz, Pakistan’s leading digital operator, through its startup accelerator program ‘xlr8’, has partnered with the GSMA Innovation Fund to identify and support high-potential startups, especially in emerging technologies like artificial intelligence (AI), health, education, entertainment, and digital lifestyle.
PTA, NCSW, GSMA host workshop on bridging mobile gender gap
Pakistan Telecommunication Authority (PTA) National Commission on the Status of Women (NCSW) and Global System for Mobile Communication (GSMA) Action Collation for bridging the digital divide organized a one-day workshop titled “Bridging the Mobile Gender Gap”.
Mobilink Bank introduces affordable E-bike loans for a greener future
Mobilink Bank has recently announced the launch of E-Bike loans. This initiative, aimed at empowering individuals with accessible and eco-friendly transportation options, was formalized through a Memorandum of Understanding (MoU) with PakZon Electric Motors (Pvt) Ltd., Pakistan’s leading electric bike manufacturer. Through this offer, the Bank is extending exclusive benefits to all its customers, including a 6% discount on E-bikes purchased through PakZon dealerships, three complimentary checkups at PakZon 3S dealerships, and a one-year battery warranty for two, three and four-wheelers. These benefits are designed to make E-bike ownership more affordable and convenient.
SECP alerts public to fraudulent trading platform Aviva Investment Group
The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal trading platform operating under the name “Aviva Investment Group/ H1- Aviva Securities Exchange Academy/ Aviva Investment Limited “. The platform is being promoted through various WhatsApp groups and social media channels and is falsely claiming\substantial returns on trading in the Pakistan Stock Exchange and international stock markets.
Hexalyze expands operations to Singapore
Hexalyze, a leading Pakistan-based IT solutions provider, has become one of the few IT companies in Pakistan having expanded its operations to Singapore. This strategic move marks a significant milestone in the company’s growth journey, aiming to enhance its global footprint and better serve its diverse clientele through establishment of a regional office in Southeast Asia to tap different markets, including Singapore, Indonesia, Malaysia, Brunie and others.
BYD Officially Announces the Brand Launch on 17th August in Pakistan
BYD, the world’s leading New Energy Vehicle (NEV) manufacturer, will join forces with Mega Motor Company (Private) Limited, a subsidiary of Hub Power Company Limited (HUBCO), to host a grand brand launch on 17th August in Pakistan, officially showcasing BYD passenger cars to the Pakistani market.
BLACKPINK teams up with Spotify to celebrate debut anniversary
This August, BLACKPINK fever will be in your area as the iconic global artist celebrates their 8th anniversary. Comprised of JISOO, JENNIE, ROSÉ and LISA, BLACKPINK has dominated global charts with their mega hit songs, capturing the hearts of millions of fans worldwide.
Mobilink Bank Launches Pakistan’s First Women-Led Incubator Program
Pakistan’s leading digital microfinance bank, Mobilink Bank strengthens its commitment to women’s economic empowerment with the launch of Pakistan’s first-ever industry-specific incubation program designed exclusively for women entrepreneurs. This initiative falls under the umbrella of the Bank’s ongoing Women Inspirational Network (WIN) program. The WIN Incubator program aims to empower 25 women entrepreneurs by equipping them with knowledge in core business areas including ideation, planning, business management, financial literacy and marketing. The graduating startups will gain access to a professional network and guaranteed Bint-e-Hawwa loans to fuel their ventures. The most promising startups will compete for a PKR 4 million investment to bring their startup ideas to life.
Jubilee Life collaborates with Oladoc to expand healthcare (OPD) services
Jubilee Life Insurance, Pakistan’s leading life insurance company in the private sector has collaborated with oladoc, a leading telemedicine platform aiming to provide health care (OPD) services to all Jubilee Life employees, retail and corporate customers and Jubilee Active app users.
Unity Foods “Ba Ikhtiyar Kissan” Program: Empowering Pakistani Farmers
Unity Foods, a frontrunner in Pakistan’s agro-based commodities sector, proudly launched the “Ba Ikhtiyar Kissan” Program through its subsidiary Unity Plantations. This groundbreaking initiative is dedicated to empowering farmers nationwide by providing them with advanced technical skills in modern agriculture, high-quality seeds, and fertilizers. By doing so, Unity Plantations aims to boost crop yields, enhance financial independence, and promote sustainable livelihoods.
Terrabiz organizes training on emotional intelligence & decision-making
Terrabiz, one of the leading corporate training companies, organized an “emotional intelligence and decision-making” session on Tuesday at a local hotel. John Bentley, a renowned corporate trainer, was the main speaker. A number of professionals from different fields of the corporate world attended the session.
ADB approves $400M flood recovery loan for Pakistan
The Asian Development Bank (ADB) approved a $400 million concessional loan to support the reconstruction of houses and community infrastructure in Pakistan’s Sindh province damaged by the devastating floods in 2022.
State Bank to announce monetary policy on Monday
The State Bank of Pakistan (SBP) will announce Monetary Policy on July 29 in a meeting of the Monetary Policy Committee (MPC).
Pakistan’s total liquid foreign reserves $14.335 billion
The total liquid foreign reserves of Pakistan stood at US$ 14,335.4 million as of July 19 while the reserves held by the central bank were recorded as $ 9,027.2 million.
Pakistan, Saudi Arabia to enhance cooperation in IT Telecom sector
Pakistan and Saudi Arabia agreed to enhance ties in information technology and telecommunication sector.
Mobilink Bank to upgrades treasury operations with collaboration of AutoSoft Dynamics
Pakistan’s leading digital microfinance bank, Mobilink Bank, has brought on board AutoSoft Dynamics, a renowned global provider of core banking and financial application solutions, as a strategic partner to automate their treasury operations.
ABHI along with MoIT participates at 2024 Global Digital Economy Conference in Beijing
ABHI, an embedded finance platform was honored to be invited to participate in the 2024 Global Digital Economy Conference in Beijing, China as part of the Ministry of IT and Telecom Pakistan delegation along with other Pakistan’s leading startups.
TikTok celebrates release of Jimin of BTS’ second solo album, MUSE, with exclusive in-app experience
TikTok, the go-to platform for music discovery, launched an immersive in-app experience celebrating the release of Jimin of BTS’ highly anticipated sophomore album, MUSE.
Cropwise Grower’ has become Pakistan’s fastest-growing Agri-Tech App
Syngenta Pakistan, a leading agriculture innovation and technology company that provides crop protection, seeds, and digital services to millions of Pakistani farmers, has introduced the ‘Cropwise Grower’ application – a free-of-cost, highly innovative digital solution to engage & advise Pakistani farmers to enhance their farm productivity.
Pakistan, Turkmenistan agree to expedite TAPI pipeline project
Pakistan and Turkmenistan have agreed to expedite the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, affirming their resolve for continuous engagement.
Singapore has world’s most powerful passport
SINGAPORE edged past France, Germany, Italy and Spain to reclaim bragging rights as having the world’s most powerful passport.
Telenor Microfinance Bank appoints Jahanzeb its new President, CEO
Telenor Microfinance Bank, operator of Pakistan’s leading digital financial services platform easypaisa, has appointed Jahanzeb Khan as President and Chief Executive Officer (CEO) of the bank.
JazzCash leads way in Digital supply chain finance
Speaking at a panel titled ‘Strategies for Thriving in Pakistan’s Digital Supply Chains: Inflation, Credit Dynamics, and Digital Imperatives’ at the DigiBap Summit 2024, Aamir illustrated how fintech players like JazzCash are enabling grassroots digitisation in rural and semi-urban areas to enable end-to-end Digital Supply Chain Finance (DSCF) Solutions for MSMEs.
US, China, and UAE top countries for Pakistani products to exports
The United States (US) remained the top export destination of Pakistani products during the fiscal year 2023-24, followed by China and the United Arab Emirates (UAE).
PSX transitions to One-Share Lot system
The Pakistan Stock Exchange (PSX) has successfully transitioned to a One-Share Lot system for investor transactions on the regular market, aligning with international best practices for stock market investments.
Stakeholders urged to collaborate for enhancing digital supply chain finance
Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and presentations by leading bank presidents and CEOs as well as senior executives on issues such as Financing the Future, Digital SME Lending, Strategies for Digital Supply Chain Financing, and Future of Digital Lending.
NAASAA aims to promote Pakistani talent worldwide
North American Association for South Asian Affairs (NAASAA) recently held an event in Karachi, aimed at facilitating Pakistani talent to showcase their skills worldwide.
Jazz secures landmark credit facility to enhance 4G network
Jazz, Pakistan’s leading digital operator has successfully secured the largest private sector syndicated credit facility, totalling up to Rs. 75 billion. The banking consortium was led by The Bank of Punjab (BoP), and this 10-year financing arrangement will significantly support Jazz’s ongoing 4G network expansion and technological upgrades while supporting its new ServiceCo model.
Abu Dhabi Ports to invest $250M in Karachi Port in 10 years
Chief Executive Officer of Abu Dhabi Ports Pakistan Khurram Aziz Khan called on Prime Minister Shehbaz Sharif and informed that the company would invest $250 million in Karachi Port during the next 10 years.
SECP notifies adoption of fresh AAOIFI Shariah, Governance, and Ethics Standards
The fresh Shariah Standards, namely 21, 27, 30, 44, 45, 46, and 53, have been notified through SRO 729 (I)/2024 for implementation by the Islamic financial institutions under SECP’s regulatory domain. The SECP is gradually adopting AAOIFI’s Standards as a benchmark for Islamic financial services, aiming to ensure harmonization and standardization in business practices within the local business context.
Pakistan’s digital transactions in retail payments significantly rises
Digital transactions were 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs) whereas 17% of transactions were conducted Over-the Counter (OTC) at bank branches. Collectively, Banks and EMIs processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, and the remaining transactions comprised deposits, tax payments, invoice-based payments, and donations.
U.S Embassy’s AWE program trains 100 women entrepreneurs in Pakistan
The U.S Embassy in Islamabad held a graduation celebration for 100 women in the fifth cohort of the Academy for Women Entrepreneurs (AWE). Since 2020, the AWE has mentored over 330 Pakistani women to establish and scale up their businesses.
Microsoft cloud service issues disrupt air travel operations
Microsoft is investigating a cloud services outage that grounded planes and disrupted flight operations in the US on Thursday (July 18) night, though some of the affected airlines said operations had recovered.
Insurance Companies, CDC ink MoU to establish Pakistan’s first Auto Insurance Repository
Under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) for the establishment of Pakistan’s first centralized auto insurance repository. The CDC will provide the technological support for the creation of an automated repository.
Pak-Qatar Family Takaful launched Mahana Bachat & Takaful Flexi Plan
Pak-Qatar Family Takaful Limited (PQFTL) has launched a one-of-a-kind Shariah-compliant investment plan called Mahana Bachat & Takaful Flexi Plan (MBTP). MBTP offers members 100% Shariah-compliant returns with a minimum contribution amount of PKR 50,000. Participants can increase their returns through regular monthly top-up contributions as low as PKR 1,000.
Pakistani companies exhibit textile products at New York’s international show
Over 600 exhibitors from around the world, including Pakistan, are showcasing their textile products at TEXWORLD-2024 which began in New York on Tuesday( June 16).
Govt. to increases petrol prices by Rs.9.99 per liter
The government on Monday (June 15) increased the prices of petrol by Rs.9.99 per liter, from Rs.265.61 to Rs.275.60.
Automobile sales in Pakistan rise 137.91% in June 2024
Sale of cars in the country witness an increase of 137.91 percent in June 2024, data released by the Pakistan Automobile Manufacturing Association (PAMA).
CCP hosts stakeholder engagement session for Cement manufactures
Competition Commission of Pakistan has hosted stakeholder engagement session, advocates significance of disclosing material information on Cement bags. This session is organized by CCP with the Ministry of Science and Technology and PSQCA.The Session was presided by Mr. Saeed Ahmed Nawaz, Member CCP.
Pakistan population to hit over 400 million mark in 2092
UN report has placed Pakistan, whose current population is over 245 million, in the group of countries whose population is expected to increase through 2054 and could potentially peak in the second half of the century or later.
SI Global, Dell Technologies enters into a 10-Year strategic partnership
SI Global Solutions announced the beginning of a groundbreaking 10-year partnership with Dell Technologies at the event held in Karachi, solidifying SI Global Solutions as an official distributor and channel partner for Dell branded hardware in Pakistan.
PTCL Group’s to supporting Arshad Nadeem as a brand ambassador for upcoming 2024 Summer Olympics
PTCL Group (PTCL & Ufone 4G) has signed Olympian and star javelin thrower, Arshad Nadeem as its brand ambassador. The Group has planned an inspiring campaign to celebrate the life and professional journey of the star athlete, besides galvanizing nationwide support for him in the upcoming 2024 Summer Olympics in Paris.
Muhammad Aurangzeb chair the meeting regarding on releasing of IMT spectrum for NGMB in Pakistan
Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb chaired the Advisory Committee meeting on the Release of International Mobile Telephony (IMT) Spectrum for Improvement of Next Generation Mobile Broadband Services in Pakistan.
CCP clears acquisition of P&G’s Safeguard manufacturing facility
The approved transaction entails the acquisition of certain assets of M/s Procter and Gamble Pakistan (Pvt.) Ltd (P&G) by M/s Nimir Industrial Chemicals Ltd (Nimir) under the Asset Purchase Agreement (APA).
Saudi plane’s landing gear catches fire at Peshawar Airport
The landing gear of a passenger plane of Saudi Arabia caught fire after landing at the Bacha Khan International Airport (BKIA) Peshawar.
IMF wants to bring under the tax net of agriculture income
The sources further said that the tax on agriculture income will be slapped from yearly income of Rs.600,000.
Speakers highlight potential, challenges in IT, Telecom sector
The speakers at a public-private dialogue called for strategic collaborations and rationalized spectrum and licensing mechanisms to address challenges and unlock potential in the Information Technology (IT) and Telecommunication sector.
State Bank to closes for two days on the occasion of Ashura
The State Bank of Pakistan will remain closed on July 16th and 17th, 2024 (Tuesday & Wednesday) being public holidays on the occasion of Ashura (9th & 10th Moharram 1446 A.H).
Pakistan’s largest Data Hackathon, Jazz digital squad, ends on high note
The National University of Sciences & Technology (NUST) has won Pakistan’s largest Data Hackathon, the Jazz Digital Squad, which concluded. The top five teams presented their datasets at the finale that included Bhit Datawits from IBA, Data Dazzlers from LUMS, Team Luna from FAST NUCES, Data Dragons from IBA, and The Data Aficionados from NUST.
Federal Minister Muhammad Aurangzeb meets with the Chairman Nestle Pakistan
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met Chairman Nestle Pakistan Syed Yawar Ali and Ex-President Farmers Association of Pakistan Afaq Ahmed Tiwana to explore avenues for enhancing the growth of Pakistan’s agriculture and livestock sectors.
Pakistani mud crab exporters sees to expands in Chinese markets
The surge in Pakistani mud crab exports to China can be attributed to the country’s commitment to quality and the optimization of supply chains. Pakistani exporters have capitalized on the rising demand for high-quality seafood in China, where mud crabs are highly valued for their culinary appeal and nutritional benefits.
Suleman Dawood School of Business Reaccredited by AACSB International
AACSB International Board of Directors has extended the accreditation for the degree programmes offered by the Suleman Dawood School of Business (SDSB) at LUMS.
Workers’ remittances grow by 10.7% to 30.3 billion
The workers’ remittances increased by 10.7 percent during the fiscal year 2023-24 compared to the inflows of fiscal year 2022-23, State Bank of Pakistan reported.
Customs appraisement Chief Collector to resolve genuine issues & expedite digitalization: Saquib Fayyaz Magoon
Mr. Asif Sakhi, VP FPCCI, reiterated FPCCI’s stance that any delays at customs stage increases the demurrages and detention charges for the business community – and, terminal operators and shipping companies charge them exorbitantly. We do not want any concessions, exemptions or waivers; but, we want our due and rightful facilitation during customs appraisement.
Telenor launches Startup Mentors’ Network to empower entrepreneurial ecosystem
Telenor Pakistan’s successful corporate accelerator program, Telenor Velocity, which has empowered startups to scale through access to expertise in product management, growth hacking, and digital assets, the Startup Mentors’ Network aims to deliver an even more supportive entrepreneurial landscape across the nation.
Jazz appoints Farrukh Khan as CFO and CEO of MFH
Jazz appointed Farrukh Khan, CEO & Managing Director of the Pakistan Stock Exchange (PSX), as its new Chief Financial Officer (CFO) and CEO of Micro-Finance Holdings (MFH), effective September 15, 2024.
Saudi group to invest in retail Oil Sector in Pakistan
Saudi Group Asyad Holding through UAE-based Wafi Energy Holding Limited has acquired 77.42% shareholdings and control of Shell Pakistan Limited.
PIA launches ‘Operation Ashura’ special flights to Najaf
Pakistan International Airlines (PIA) has launched a series of special flights to Najaf and Iraq to facilitate shia pilgrims during the upcoming Ashura in commemoration of the martyrdom of Hazrat Imam Hussain (RA) days.
Country’s ports being developed for regional corridor
The prime minister was briefed that process for installation of latest scanners on ports by the FBR, was in the final stages which would enable rapid scanning of containers in the shortest time with the assistance of latest gadgets and artificial intelligence.
Financial system shows steady performance, soundness in 2023: SBP Review
“The growth in assets was primarily driven by investments in government securities while private sector advances contracted in the backdrop of stressed macro-financial conditions,” the Review noted adding that expansion of the banks’ balance sheet was mainly funded by deposits, which posted a 20-year high growth in a high return environment.
DealCart raises $3.0M to empower Pakistan’s digitally savvy consumers
DealCart, a social e-commerce startup focused on transforming the way Pakistani consumers access essential goods, has successfully raised $3 million Seed in a funding round led by Shorooq Partners and Sturgeon Capital.
Chairman EPZA urges business community to set up private EPZs
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI) to deliver a presentation on “Private and Public Participated EPZs”, Chairman EPZA added that they have already started receiving several requests from local and foreign investors who were desirous to establish EPZs which will processed by EPZA and federal government as per pre-defined timeline.
Jazz, Google, Tech valley mark milestone achievement with ‘Digital Safar’
Jazz, Pakistan’s leading digital operator, in collaboration with Google and Tech Valley, a social enterprise, celebrated the remarkable success of their flagship initiative, Digital Safar.
Mobilink Bank champions sustainability-driven leadership with ESG training
Pakistan’s leading digital microfinance bank, Mobilink Bank, has taken a leap forward in solidifying its position as a frontrunner in sustainable banking practices. The Bank announced the successful completion of an external training program on Environmental, Social, and Governance (ESG) practices explicitly designed for its leadership team. This in-depth training initiative equipped the Bank’s top decision-makers with the knowledge and skills necessary to integrate ESG principles into the core of their operations.
PM invites Tajikistan to use Karachi Port for transit trade
Prime Minister Shehbaz Sharif invited Tajikistan to use Karachi Port for the transit trade besides emphasizing the promotion of regional connectivity by constructing rail tracks and roads between the two countries.
Jazz announces strategic transformation to ServiceCo
By embracing a dynamic ServiceCo structure, Jazz leading telecommunication company is evolving from a traditional mobile operator into a forward-leaning conglomerate.
Fatima Fertilizer and JazzCash Sign MOU to Pioneer Digitalization of Agri-Sector Payments
Fatima Fertilizer, a leading name in Pakistan’s agriculture sector, and JazzCash, Pakistan’s largest digital wallet, have signed a Memorandum of Understanding (MOU) to revolutionize the agri-sector payment ecosystem. This collaboration aims to drive financial inclusion and economic empowerment for farmers, who are predominantly unbanked, enabling them to actively participate in the formal economy.
Fly Emirates to Dubai and enjoy a complimentary stay in a luxury 5* hotel
Emirates has today announced an exciting new offer for holidaymakers planning to visit or stopover in Dubai this summer. Starting from 1st July 2024 to 21st July 2024, travellers who purchase an Emirates return ticket in First Class or Business Class will be able to enjoy a complimentary two night stay at 5-star luxury hotel JW Marriott Marquis Hotel Dubai. While those travelling in Premium Economy Class or Economy Class can enjoy a complimentary one-night stay.*
Asim Iftikhar has inaugurated ‘Pakistan Pavillion’ in Texworld Evolution Paris
Ambassador of Pakistan to France Asim Iftikhar Ahmad has inaugurated ‘Pakistan Pavillion’ in Texworld Evolution Paris which would continue till July 3.
Raqami Islamic Digital Bank Selects BenchMatrix for the Implementation of RiskNucleus®
Raqami Islamic Digital Bank, one of the most prominent upcoming Islamic digital banks in Pakistan, has selected BenchMatrix’s proprietary solution, RiskNucleus® as its Anti-Money Laundering (AML) transaction monitoring solution. This selection will empower Raqami to leverage innovative technology and advanced automation for a more intelligent approach to financial crime detection.
Fly Dubai starts commercial flights from Lahore and Islamabad
Fly Dubai has commenced operations for Lahore and Islamabad. The inaugural flight from Dubai to Lahore, FZ 359, arrived at 4:29 AM, where CAA representatives and other officials welcomed the distinguished passengers.
realme 12 Series: Ready to Challenge Rivals with Cutting-Edge Processors in Pakistan’s Smartphone Arena
realme, one of the world’s leading smartphone brands, this week announced the launch of its latest smartphones, the realme 12 and realme 12+ 5G in Pakistan. This highly anticipated announcement has generated significant excitement among realme enthusiasts, promising to shake up the market with their advanced features and competitive pricing.
LUMS’s 36th convocation of students graduation ceremony
LUMS recently celebrated the graduation of 1,407 scholars at the University’s 36th Convocation. Surrounded by proud family, friends, and faculty, the students from LUMS’ five schools received their degrees at separate commencement ceremonies held for graduate and undergraduate students.
inDrive and oladoc Partner to Promote Health and Wellbeing in Pakistan
inDrive, a leading global ride-hailing service, is excited to announce a groundbreaking partnership with oladoc, Pakistan’s premier digital healthcare platform, to provide free healthcare subscriptions to inDrive users. This initiative aims to enhance healthcare accessibility and convenience, offering inDrive users complimentary medical benefits and exclusive discounts to support their health and wellbeing.
JazzCash: Fueling financial inclusion – from transactions to transformation
JazzCash is not just about transactions; it’s about transformation and the fintech platform is driving a shift from a cash-based economy to a digital one, contributing to the vision of the State Bank of Pakistan and the government in digitizing the economy.
First, ‘Made in Pakistan’ exhibition organized in Tashkent
The Ministry of Commerce, Government of Pakistan, Trade Development Authority of Pakistan, and the Embassy of Pakistan in Tashkent are organizing the first ‘Made in Pakistan’ Exhibition from 28-30 June with the cooperation of the Government of Uzbekistan.
Bank branches opens for collection of Taxes/Duties on 28, 29 and 30 June
To facilitate the taxpayers in payment of Government duties / taxes through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities, it has been decided that all banks shall observe the following banking hours on 28th, 29th & 30th June, 2024.
Govt to increase tax to GDP ratio to 13%: Muhammad Aurangzaib
The Finance Minister Muhammad Aurangzaib, said that the country has achieved macroeconomic stability and by continuing economic stability this FY, 2024-25, “We will lead the country towards sustainable economic growth.”
PTCL advances Telenor Pakistan acquisition by signing financing agreements with IFC-led consortium
Pakistan Telecommunications Company Limited (PTCL) has signed formal loan agreements with an International Finance Corporation (IFC)-led consortium to secure up to $400 million in financing for the acquisition of Telenor Pakistan and Orion Towers (Pvt.) Limited. This is a significant milestone in the acquisition process following the IFC Board of Directors’ approval of the financing deal in April 2024.
CDA, BOP agree long-term partnership to facilitate financial transactions
The Capital Development Authority (CDA) and the Bank of Punjab have agreed on a long-term partnership to facilitate financial transactions.
PTCL Group integrates advanced AI to achieve customer service excellence
Pakistan’s largest telecommunication and ICT services provider, PTCL Group (PTCL & Ufone 4G) has collaborated with STech.ai to integrate an innovative AI-based platform that leverages advanced technologies, including Urdu-based Large Language Models (LLMs), Automatic Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning (ML)F to enhance its customer services system.
Somon Air starts direct flights between Islamabad & Dushanbe
Tajikistan’s Somon Air started its flight operations in Pakistan as its inaugural flight from capital Dushanbe landed in Islamabad.
Zong, Oladoc collaborate to revolutionize Digital Healthcare solutions
This strategic collaboration aims to bring unparalleled convenience and accessibility to digital healthcare services for Zong 4G users and their families. In this pioneering move, Zong 4G empowers millions of users to address their medical needs effortlessly from the comfort of their homes. Through this innovative partnership, Zong 4G users can now connect with leading healthcare specialists across Pakistan with just a few clicks, transforming how they access healthcare.
SBP aims to double SME financing to Rs.1100 Billion
Deputy Governor State Bank of Pakistan (SBP), Saleemullah has reaffirmed the central bank’s objective to double the financing of Small and Medium Enterprises (SMEs) to Rs.1100 billion over the next five years under the Vision-2028 and urged the banks to embrace SME finance as a core business line to boost MSME growth.
Swedish tech companies to invest in IT & Telecom sector of Pakistan: Shaza Fatima
“The present government is taking steps to promote Information and Communications Technology (ICT) in the country, as the growth of ICT is a vital factor for progress,” she expressed these views while addressing the Round table on IT and Digitization with Swedish tech companies held at the Ministry of IT & Telecom.
MWCS 2024: Huawei showcases cutting-edge techs
Huawei has made a significant presence at MWC Shanghai 2024 with a focus on “Advancing the Intelligent World,” featuring immersive “Commercial 5G-A Experience Tours” at their booth in SNIEC Hall N1. The tech giant is unveiling its latest innovations designed to support the deployment of commercial 5G-A networks and AI-powered devices crucial for the emerging mobile AI era.
realme annnounces the launch of realme 12 and realme 12+ 5G in Pakistan
The realme 12+ 5G is the crown jewel of the series and instantly becomes one of the most powerful smartphones in the market today. The device is powered by the MediaTek Dimensity 7050 5G Chipset, which features an 8-core 64-bit architecture, including 2 ARM® Cortex-A78 @2.6GHz and 6 ARM® Cortex-A55 @2.0GHz cores. Paired with a Mali-G68 GPU, the realme 12+ 5G ensures powerful performance while maintaining ultra-low power consumption.
Pakistan’s to establish state-of-the-art chrome book assembly line
The National Radio & Telecommunication Corporation (NRTC) Pakistan, Allied Australian, and Tech Valley Pakistan signed a letter of understanding (LoU) at the Ministry of Federal Education, paving the way for a groundbreaking joint venture to establish a state-of-the-art Chromebook assembly line in Pakistan.
UAE Aviation kicks off Security assessment at Islamabad International Airport
During the three-day assessment till 27 June, the team will be inspecting implementation of various security measures at the airport, with specific focus on the measures being adopted for flights to the UAE.
PPAF disburses 274,730 interest-free loans worth Rs 12.20 billion
Pakistan Poverty Alleviation Programme (PPAF) disbursed 274,730 interest-free loans (65% loans to women) amounting to Rs 12.20 billion (including re-flows) to borrowers from July 2023 to March 2024.
CDC announces further tariff reductions to facilitate Capital Market Investors
The Central Depository Company of Pakistan Limited (CDC) has completely eliminated annual maintenance fee for the sub-account holders, as well as announced a full waiver of the CDS connection fee and minimum fees for Securities Brokers.
FlyDubai launches flights to two destinations in Pakistan
Flights to Islamabad International Airport (ISB) and Allama Iqbal International Airport (LHE) will operate daily from Terminal 2 at Dubai International (DXB).
ABHI Partners with Mastercard to Enhance Financial Accessibility for Employees in Pakistan
In a significant move towards revolutionizing the landscape of financial transactions in Pakistan, Mastercard, a global technology company in the payments industry, has partnered with ABHI, an embedded finance platform, to introduce the Mastercard-enabled Salary Advance Cards for the first time in Pakistan.
Spotify features Tharparkar artist Mai Dhai on Times Square as the EQUAL PK ambassador for June 2024
Following the features of Pakistani music legends like Nadia Hassan as ambassadors of EQUAL Pakistan, Spotify has announced another legendary woman artist, Mai Dhai, a distinguished regional classical singer, as the EQUAL Pakistan ambassador of the month for June. Hailing from Tharparkar, Sindh, Mai Dhai has earned the distinction of not just being the first regional artist to be selected as the ambassador for the signature program for women artists, but is also the first EQUAL PK ambassador for the year 2024 to be featured on the iconic Times Square, New York billboard.
BYD to partner with Hub Power to sell EVs in Pakistan
Pakistan is gearing up to enter a new era in automotive technology following the announcement of a partnership between HUB Power Company Limited and BYD (Build Your Dreams), a Chinese auto magnate, which signifies the introduction of electric vehicles (EVs) into the Pakistani market.
S I Global signs partnership with Irish marine giant
JFC Marine, a leading provider of innovative marine solutions, and SI Global Solutions (Pvt) Ltd, a renowned expert in aids to navigation and aquaculture development, have signed an exclusive distribution agreement (EDA) to collaborate on the promotion and deployment of polyethylene navigation buoys, aids to navigation and aquaculture products in Pakistan.
Spotify Pakistan Celebrates World Music Day
On this World Music Day, Spotify is revealing listening data from January to June 2024, showcasing local trends and gravitation towards global music, and treating its fans with a data trove that reveals fascinating insights into the music tastes of Pakistanis. Among the top global most-streamed artists from Pakistani users on Spotify, familiar names like Arijit Singh and Pritam lead the charts, showcasing the country’s affinity for Indian music. Shubh, Sidhu Moose Wala and Karan Aujla complete the list of top five most streamed international artists from Pakistan. These artists highlight cross-border musical preferences and Spotify’s role in promoting cultural exchange.
Engro fertilizers completed largest-ever EnVen plant
Engro Fertilizers has invested approximately USD 50 million in a plant turnaround to enhance its reliability and operational efficiency and the company successfully completed the largest-ever scheduled maintenance activity for the EnVen Plant, spanning 55 days, as planned on June 18, 2024.
Minister directs for audit of fertilizer companies
Federal Minister for Industry and Production Rana Tanveer Hussain directed that a third-party audit be conducted to determine the cost of production of fertilizer companies, in order to ensure transparency and fair pricing in the industry.
PTCL & Huawei Conduct First Symmetric 50G-PON Trial to Pioneer Next Generation Fiber Optic Broadband in Pakistan
Pakistan Telecommunication Company Limited (PTCL), country’s largest telecom and ICT services provider, proudly announces Pakistan’s inaugural trial of Symmetric 50G-PON technology, marking a significant stride towards ushering in next-generation fiber-optic broadband services in the country. This achievement is the culmination of PTCL’s strategic collaboration with Huawei, a global leader in information and communication technology.
Pakistan export’s increases from 28.75% to Rs 7.9 trillion
The exports from the country in the rupee term witnessed an increase of 28.75 percent during the first eleven months of the current fiscal year as compared to the corresponding period of last year, the Pakistan Bureau of Statistics reported.
Nvidia becomes world’s most valuable company on stock market
Nvidia edged ahead of other tech companies on Tuesday to become the world’s most valuable publicly traded company in the latest sign of the might of artificial intelligence.
Sarsabz Dominates PDA with Triple Triumph, Setting New Standards in Digital Innovation
Sarsabz, a leading brand in the fertilizer industry under Fatima Fertilizer, has achieved remarkable success at the prestigious Pakistan Digital Awards. This year, Sarsabz has been honored with three accolades :
Best Use of Generative AI in Content Creation for Salam Kissan, Best Innovated Mobile App for Sarsabz Content – HSE App and Best Web Series of the Year for Sarsabz Kahani – Dahani.
PTCL Group fraternity provides the gift of life to recipients through annual blood donation drive
As the world celebrates the 20th anniversary of World Blood Donor Day, Pakistan’s largest telecommunication and ICT services provider, PTCL Group (PTCL & Ufone 4G) perpetuates its compassionate legacy of saving lives and ensuring steady blood supply at hospitals and blood banks through its annual blood donation drive.
SECP asks companies to benefit from Regularize scheme by Sept 15
A two-member team from Securities & Exchange Commission of Pakistan (SECP) visited the Multan Chamber of Commerce and Industry, listened to issues and informed officials about the Companies Regularization Scheme 2024.
ZONG 4G brings special Saudi Arabia international roaming offer on Eid-ul-Azha
Zong 4G, Pakistan’s largest telecom operator offers affordable International Roaming Bundles for trip to Saudi Arabia to ensure stay connected to loved ones while performing Hajj!
Retailers brings down under the tax from July: Finance Minister
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that tax on retailers would be collected from July 1st 2024, to broaden the tax base and improve the tax-to-GDP ratio.
PSX’s 100 index to crosses the 76,000 points
The 100-index of the Pakistan Stock Exchange continued with bullish trend, jumping 3,410.73 points, a positive change of 4.69 percent, reaching all time high at 76,208.16 points against 72,797.43 points the previous day.
Single digit tax to GDP ratio not sustainable: Finance Minister
Reiterating the pressing need for reforms and broadening of tax base, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb asserted that below 10 percent tax to GDP ratio was not sustainable.
Government announce tax relief on import of solar
The government proposed tax relaxation on import of raw materials for solar panel and aquaculture industry in the country.
Non-filer’s increase of taxation on Profits, securities, Immovable properties
The tax rates for non-salaried individuals and associations of persons and salaried individuals have changed. There is no income if annual income is up to Rs.600,000. Beyond this threshold, tax rates for non-salaried individuals have five taxable slabs with progressive tax rates ranging from 15% to 45%. For salaried individuals, beyond the threshold of Rs.600,000 per annum, there are five taxable slabs ranging from 5% to 35%.
Aurangzeb announces up to 25% increase in salaries, 15% in pensions of employees
Minister for Finance and Revenue Senator Mohammad Aurangzeb proposed 20-25 percent increase in the salaries on ad-hoc basis and 15 percent enhancement in the pensions of the Federal Government employees, realizing their financial hardships due to the increased inflation.
Govt to introduce three slabs of rates on filers/non-filers
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb while presenting the federal budget 2024-25, said currently six percent tax is imposed on non-filers and three percent on filers for buying immovable properties.
Federal budget proposes withdrawal of exemptions, Zero rated and fixed tax
Federal budget proposes withdrawal of exemptions, Zero rated and fixed tax. Enhancement in reduced rate of sales tax from 15% to 18% on supplies made by the POS retailers dealing in leather and textile products.
Coca-Cola appoints Volkan Öngüç as new Vice President for Pakistan & Afghanistan region
Volkan Öngüç has taken charge as the new Vice President for Pakistan and Afghanistan Region of Eurasia & Middle East Operation Unit of The Coca-Cola Company.
Govt to present over Rs.18 trillion national budget today
The incumbent government is all set to present its first growth-oriented federal budget for the fiscal year 2024-25, with an estimated outlay of over Rs.18 trillion, on June 12.
SNGPL, SSGCL expand gas transmission network: Survey
Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) laid 156 km of gas transmission network, 3,614 km of mains, and 76 km of service lines, connecting 56 villages and towns to the gas network during July-March Financial Year 2023-24.
Investment to GDP ratio stands at 13.14 percent in FY-2024
The investment to Gross Domestic Products GDP ratio stood at 13.14 percent in FY-2024 compared to 14.13 percent in FY-2023 mainly due to contractionary macroeconomic policies and political uncertainty.
PSX Holds Gong Ceremony on Listing of Fast Cables Ltd.
Pakistan Stock Exchange (PSX) held a gong ceremony to celebrate the listing of Fast Cables Limited (FCL). Fast Cables is a manufacturing company producing electrical cables and conductors in Pakistan. Fast Cables’ is the fifth listing via an IPO on Pakistan Stock Exchange in the fiscal year 2023-24.
SBP for adoption of Digital Supply Chain Finance solutions by banks
The State Bank of Pakistan instructed banks to develop and implement digital solutions for supply chain finance within six months to leverage the technology for increasing the SMEs’ access to finance and digitizing retail payments.
Henan Ruzhou Ideal and KASB Corporation sign MoU to build potato starch plant in Pakistan
Henan Ruzhou Ideal Starch and KASB Corporation of Pakistan, signed a Memorandum of Understanding (MoU) to construct a state-of-the-art potato starch plant in Pakistan.
PQFTL announces appointment of new CEO
Pak-Qatar Family Takaful Limited (PQFTL), a leading provider of Shariah-compliant Family Takaful solutions, has appointed Waqas Ahmad as its new Chief Executive Officer (CEO).
Prince Rahim Aga Khan inaugurates HBL MfB’s RHQ Gilgit-Baltistan
Prince Rahim Aga Khan, Chair of the Executive Committee of the Aga Khan Fund for Economic Development (AKFED), has inaugurated new Regional Headquarters of the HBL Microfinance Bank (HBL MfB) for Gilgit Baltistan.
Jazz introduces Saudi data roaming bundles for hajj pilgrims
Jazz has introduced Saudi data roaming bundles designed to meet the connectivity needs of Pakistani pilgrims during their spiritual journey in Saudi Arabia for Hajj.
Pakistan’s CAD narrowing downs to US $ 0.5 billion
The current account deficit has significantly reduced, narrowing down to US $ 0.5 billion during July-March FY 2024, compared to US $ 4.1 billion in the same period last year.
SBP slashed the policy rate at 20.5 percent
The State Bank of Pakistan slashed the policy rate by 150 basis points to 20.5 percent owing to subsiding inflationary pressure and ease in inflation expectations amid tight policy stance that was also supported by fiscal consolidation and administrative measures by government.
Jubilee Life Bags Two Accolades Marking the Sixth Consecutive Win at Pakistan Digital Awards 2024
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, secured another win at the Pakistan Digital Awards 2024. The company was honored with the prestigious awards for Best Digital Marketing Communication Videos – Jubilee Life Micro-insurance and Best Digital Campaign – HBLPSL 8 Cricket, marking its sixth consecutive win at this event. The awards were received on behalf of Jubilee Life Insurance by members of the brand and agency team.
LONGi Green Energy to setup solar manufacturing plant in Pakistan
Minister for Power Division Sardar Awais Ahmed Khan Leghari invited the LONGi Green Energy Technology Co. Ltd. to set up solar PV manufacturing plant in Pakistan.
onic Lights Up Times Square’ in Support of Pakistan for T20 World Cup 2024
onic, Pakistan’s leading digital telco brand, proudly announced its unwavering support for the Pakistani cricket team in their highly anticipated T20 World Cup 2024 match against India. In a bold and symbolic gesture, onic showcased a powerful montage at One Times Square, New York, to rally behind the team.
SECP Publishes Report Crop and Livestock Insurance in Pakistan
Despite the global prominence of agriculture insurance in over 100 countries, Pakistan’s agricultural insurance landscape remains underdeveloped, accounting for only 2% of the total non-life sector premiums. At present, government-led insurance schemes cover approximately 14% of farmers, necessitating substantial expansion and enhancement. The report provides a detailed review of existing government-led agricultural insurance schemes such as the Crop Loan Insurance Scheme, the Livestock Insurance for Borrowers, and the Punjab Fasal Beema Scheme. It also discusses several pilot initiatives by the private sector.
Easypaisa enables in-app QR payments for sale, purchase of sacrificial animals on Eid-ul-Azha
Easypaisa, is bringing ease and convenience to its users on the Eid-ul-Azha for the sale and purchase of sacrificial animals through its very own in-app Raast-based QR code payment mechanism.
Pakistan, China sign 23 MoUs for cooperation in industry, energy, agriculture
Pakistan and China signed 23 Memorandums of Understanding (MoUs) to deepen bilateral cooperation in multiple areas including transport infrastructure, industry, energy, agriculture, media, health, water, socioeconomic development, and other areas of mutual interest.
Industrialists demand to end killings, street crimes in Karachi
Industrialists demanded the security, law and order authorities to arrest the killers behind the assassination of industrialists and students within 72 hours, otherwise, they will initiate a movement of protest, sit, and strike until the peace is not restored in the city.
JazzCash app crosses 11 million active users
JazzCash, Pakistan’s leading mobile wallet and digital financial services platform, has surpassed 11 million active app users.
PSX Presents Federal Budget 2024-25 Proposals for Economic Growth and Employment Generation in Pakistan
Pakistan Stock Exchange (PSX) has submitted a series of important tax proposals to the Ministry of Finance (MoF) and the Federal Board of Revenue (FBR) for consideration in the federal budget for the fiscal year 2024-25. The measures recommended are revenue positive and will encourage resource allocation towards productive and documented sectors of the economy. This is important for economic growth and employment generation in Pakistan.
PM invites China’s NORINCO firm to invest in KCR
Prime Minister Shehbaz Sharif invited the China Northern Industry Corporation (NORINCO) to invest in Pakistan’s communications infrastructure project, particularly the Karachi Circular Railway.
FPCCI’s demand to bring retail tax on final stage, cut in mark-up and power tariff
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded of the government to reduce the interest rate to 12 percent. The electricity price should be reduced to 9 cents for all industries. Contracts with Independent Power Producers (IPPs) should be revisited. Cross subsidies of Rs 240 billion should be eliminated and tax on the retail sector should be taken at the final stage.
Telenor commitment to greener, sustainable future on World Environment Day
This year’s theme, ‘Land Restoration,’ deeply resonates with Telenor Pakistan’s mission to minimize environmental impact and champion sustainable practices.
US is top export destination of Pakistani products
The United States (US) remained the top export destination of Pakistani products during the first ten months of the current financial year 2023-24, followed by China and the United Kingdom (UK).
ADB approves financing to boost Public–Private Partnerships in Pakistan
The Asian Development Bank (ADB) has approved a $250 million policy-based loan to help the Pakistan drive sustainable investments in infrastructure and services through public–private partnerships (PPPs).
Chinese Companies keen to invest in Pakistan‘s mobile phones, e-bikes and Fin-tech sectors
Chairman of Chinese firm Transsion Holdings Zhu Zhaojiang called on Prime Minister Shehbaz Sharif here and conveyed his company’s interest in enhancing investment in mobile phone manufacturing unit, and investing in electric bikes, modern agriculture, mobile phone manufacturing and Fin-tech sectors.
Women, shaping tomorrow’s policy for non-Banking microfinance sector
The Securities and Exchange Commission of Pakistan (SECP), in collaboration with Asian Development Bank (ADB) held a workshop on “Women Equifin: Shaping Tomorrow’s Policy for NBMFCs,” marking a significant milestone in gender equality in the microfinance sector. The workshop launched a draft Women Equality in Finance Policy Framework, based on industry insights and stakeholder feedback.
Pay with JazzCash QR at cattle markets on Eid
To streamline financial transactions at cattle markets ahead of Eid-ul-Azha, JazzCash has partnered with the State Bank of Pakistan (SBP) to enable interoperable RAAST QR codes for payments at cattle markets nationwide. The initiative is poised to replace cash-based transactions with secure, efficient digital payments, ensuring safe and secure transactions.
Unity Foods Partners with The Green Ark to Recycle Plastic waste
Unity Foods continues to showcase a strong commitment to ESG principles through a partnership with The Green Ark (TGA). A MoU was signed to this effect between both companies whereby TGA will collect and transform scrap materials from Unity Foods to create a diverse array of recycled products intended for reuse. The initiative aims to facilitate the circular economy by mitigating the impact of single-use plastics that contribute significantly towards the deterioration of global ecosystems.
Six parties pre-qualify for the privatization of PIACL
The Board of the Privatization Commission decided to pre-qualify 06 interested parties for the divestment of Pakistan International Airlines Corporation Limited (PIACL). The 219th meeting of Privatization Commission Board was held under the chairmanship of Minister for Privatization and Chairman Privatization Commission, Abdul Aleem Khan.
SECP bootcamp to impart financial literacy to over 1500 educators concluded
The Securities and Exchange Commission of Pakistan, in collaboration with the Ministry of Federal Education and Professional Training, effectively has imparted basic financial literacy concepts to over 1500 teachers from 432 Federal Government Schools & College of Islamabad Capital territory.
Govt. to establish 10,000 E-Rozgar centers
The government, in collaboration with the Pakistan Software Export Board (PSEB), plans to establish around 10,000 e-Rozgar centers across the country to facilitate freelancers under one roof.
Airline industry is likely to generate US$30.5 billion of profit this year
Global airlines on Monday (Jun 3) raised their profit forecast for 2024 and projected industry-wide revenues just shy of US$1 trillion as a record number of travellers board flights.
PSX Lists International Packaging Films Ltd. with a Gong Ceremony
A gong ceremony was held at Pakistan Stock Exchange (PSX) to celebrate the listing of International Packaging Films Limited (IPAK). IPAK is a company pioneering and specialising in manufacturing of the five-layer Biaxially Oriented Polypropylene (BOPP) films used for the purpose of packaging. Specifically, it can be used for food and beverages packaging, garment bags and bagging overwrap, as well as printing pouching and strip packaging among other types of packaging.
KCCI, SAI urge KE to fully restore electricity to Site industries
President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh and President Site Association of Industry (SAI) Mohammad Kamran Arbi, while expressing deep concerns over delays in restoration of electricity supply to industries in Site, stated that 07 days have passed so far since a fire incident occurred at Haroonabad Grid Station but K-Electric (KE) has failed to fully restore electricity supply to industries in site area, which has resulted in causing grave losses to industrialists.
IsDB Organizes four day, Country Procurement, financial management Workshop
The Islamic Development Bank (IsDB) organized a four-day financial management and integrity workshop to enhance the transparency, efficiency, and effectiveness of financial management and procurement processes in Pakistan.
Around 21,870 retailers register under Tajir Dost Scheme: FBR
Federal Board of Revenue (FBR) informed that a total of 21,870 retailers have been registered under the Tajir Dost Scheme by 30 May. According to the FBR data, around 17,569 retailers registered through Tajir Dost scheme while 4,301 registered other than this scheme.
Experts call for use of AI solutions to enhance productivity
Speaking at the seminar “Emerging Trends in Social Science Studies” organized by the University of Karachi, AI expert Adnan Zaidi said the field of artificial intelligence will continue to explore new domains to assist human efforts in achieving productivity with maximum accuracy and efficiency in a short span of time; hence, utilizing it will give a competitive edge to its users on a long-term basis, whether it is industry or media.
PTA conducts quality of service survey in Sindh, Punjab, Baluchistan and KPK
Survey routes covered main roads, service roads, and various sectors, with 2,270 kilometers traveled per CMO over 60 days. Mobile handsets in auto-detect mode were used for voice calls, SMS, and mobile broadband/data sessions. The survey included 0.25 million mobile broadband tests, 45,000 calls and SMS tests, and 0.13 million Ookla speed tests using advanced QoS monitoring tools, ensuring compliance with NGMS licenses and the Cellular Mobile Network QoS Regulations 2021.
Largest container vessel docks at South Asia Pakistan Terminals
In a significant milestone for the country’s maritime industry, the largest container vessel to date, MSC Anna, docked at the South Asia Pakistan Terminals (SAPT) on Wednesday (May 29).
FPCCI calls for a growth-oriented budget 2024-25 for trade, industry
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) called for a growth-oriented budget 2024-25 for the trade and industry and also prioritized export-led growth.
Visa Reinvents the Card, Unveils New Products for the Digital Age at Visa Payments Forum CEMEA 2024
Today at the annual Visa Payments Forum for Central and Eastern Europe, Middle East and Africa, Visa unveiled a suite of new products and services that will revolutionize the card and address the future needs of consumers, merchants and the financial institutions that serve them across the region. The way people pay and get paid has changed more in the past five years than in the last 50, and the latest innovations will bring new payment experiences to transform commerce and money movement spanning eCommerce, face-to-face in-store shopping, and seamless money transfers.
Southwest China launches new air cargo route to Pakistan
A new air cargo route was launched linking southwest China’s Guizhou Province and Pakistan’s largest city Karachi.
Multiple Sclerosis (MS) – Act now to stop disability among affected patients
Ms. Hafsa Shamsie said that Roche was a company that prided itself on finding answers to the world’s most complex health issues and those where it saw the greatest unmet need. That is why Roche was not only committed to serving MS patients by bringing innovative treatments, but from 2017, Roche has run a Patient Support Program that has helped over 25,000 patients with free of cost treatment for a number of diseases including MS. But as the burden of disease grows no one company or entity can go it alone and the government coming forward to support MS patients and include them in public health funding was critical.
Pakistan’s regional exports surged by 20.61% from July-April-FY 23-24
Pakistan’s exports to the seven regional countries witnessed an increase of 20.61 percent in the first ten months of the financial year 2023-24.
Industry Ministry rebuts withdrawal of gas subsidy for fertilizer companies
The Ministry of Industry and Production issued a rebuttal on Saturday on the news circulating about the withdrawal of gas subsidy for fertilizer companies is baseless. according to the Ministry’s Spokesperson, this matter was never included in the cabinet’s agenda.
Anti-Israel boycotts hit the businesses of soft drinks, KFC and McDonald’s in Asia
In Pakistan, local water and soft drink brands at some grocery stores are being given prominent shelf space and preference instead of Coca-Cola and Pepsi, which have been popular drinks in the country for decades. Multiple posters circulated among Pakistani citizens that label large multinational companies, including both the US beverage brands, as Israeli-linked products.
PSX Introduces Text-to-Speech Feature on its Website
Pakistan Stock Exchange (PSX) proudly announces the launch of its new Text-toSpeech feature on its website, specifically tailored for the blogs and articles section. This audio enhancement aims to significantly improve accessibility and convenience for users browsing specific content available on PSX website.
SECP Introduces Self-Assessment Declaration for NBFC’s to Enroll Digital Lending Apps
The Securities and Exchange Commission of Pakistan (SECP) has introduced a Self-Assessment Declaration Form to expedite and simplify the enrollment of Non-banking Finance Companies (NBFCs) digital lending apps on its approved list.
UAE President commits $10 Billion investment in Pakistan
President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyany assured his country’s full support to Pakistan in all circumstances, pledging to invest $10 billion in its multiple sectors. The UAE President made the commitment during a bilateral meeting with Prime Minister Muhammad Shehbaz Sharif.
Suzuki Motor Corporation wants to set up a Biogas Plant in Karachi: Mr. Kenichi Ayukawa
Mr. Kenichi Ayukawa, Global Vice President, Suzuki Motor Corporation shared that Suzuki Motors Corporation wants to set up a biogas plant in Karachi. The renewable energy will be produced by using food waste and animal manure. The Federal Minister, Rana Tanvir Hussain assured the visiting delegation that government will provide necessary support and facilitation to Suzuki Motor Corporation in business operations and expansion in Pakistan.
Engro fertilizers win IFA Green Leaf Award 2024
Engro fertilizers, Pakistan’s premier seed-to-harvest solutions provider has been recognized as the winner of the prestigious International Fertilizers Association (IFA) Green Leaf Award 2024 in the Nitrogen Category, for its exceptional performance in health, safety and environmental (HSE) practices.
Poland-Pakistan trade volume more than US$920 million: Polish Ambassador
The Ambassador of Republic of Poland Maciej Pisarski has informed that the overall trade volume between Poland and Pakistan has reached to more than US$920 million, of which Pakistan exported goods worth US$800 million due to GSP Plus arrangement which gives duty free access of Pakistani goods to Polish Market whereas Poland’s exports to Pakistan stood at US$128 million last year.
PIA offers 20 percent discount for students traveling from China to Pakistan
Pakistan International Airlines (PIA) has offered 20 percent discount for Pakistani students traveling from China to Pakistan. The national flag carrier has also increased baggage allowance up to 60 kilograms.
Fly Emirates To Dubai This Summer and Unlock Exclusive Offers Including Access To The City’s Most Exciting Experiences
Emirates has launched great offers for holidaymakers travelling to Dubai this summer. With a return ticket, all Emirates customers can enjoy complimentary access to some of the city’s top attractions, ensuring an exciting summer without breaking the bank.
RDA inflows rise to $7.831 Billion in April 24
The inflow of remittances under Roshan Digital Account (RDA) has risen to US $7.831 billion by the end of April 2024 as compared to US $7.660 billion by march (2024) end, according to the State Bank of Pakistan.
SECP Commissioner launches NBFI & Modaraba Year Book 2023
The launch ceremony, held at the Association’s office was attended by a large number of industry representatives. The Year Book indicates that despite its challenges, the NBFIs and Modaraba sector has shown significant improvement, particularly in terms of assets, profitability, dividend distribution and tax payments. The assets of the sector increased to Rs 158,404 million in FY 2023 as compared to Rs. 142,918 million in FY 2022.
SECP conducts Workshop on Collaboration with China in Capital Markets
The participants deliberated ways to strengthen connections between the capital markets of both countries and to enhance Chinese investment in Pakistan’s capital markets. Specific suggestions included exploring cross listings between the respective stock exchanges, establishing joint ventures between Chinese firms and their local counterparts, and creating Exchange Traded Funds (ETFs) to provide Chinese investors with easier access to Pakistan’s capital markets.
CCP approves product supply agreement between Aramco, GO Petroleum
The Competition Commission of Pakistan (CCP) has granted a time-bound exemption on the relevant clauses of product supply agreement between Aramco Trading (ATC) Fujairah FZE Ltd and Gas and Oil Pakistan Ltd (GO Petroleum) for importing and selling gasoline and diesel products to Pakistan.
Mashreq Pakistan selects PTCL to expedite the bank’s Digital Transformation journey
Pakistan Telecommunication Company Limited (PTCL) and Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, have signed an agreement for provisioning of primary data center colocation services at PTCL’s Tier-III Data Center facility.
Jazz witnesses over 19% USD revenue growth in 1Q 24
After eight consecutive quarters of negative USD revenue growth, Jazz, one of Pakistan’s leading digital operators reported a notable 19.2% revenue increase in USD for the first quarter of 2024 (1Q24).
NAC approves provisional GDP at 2.38% for fiscal year 2023-24
The National Accounts Committee (NAC) approved the provisional growth of the Gross Domestic Product (GDP) of the country at 2.38 per cent for the ongoing fiscal year (2023-24). The approval was accorded in the 109th meeting of the NAC.
PMEX striving to automate, digitize country’s commodity market
The Chief of business of Pakistan Mercantile Exchange (PMEX) Zaki Ur Rehman said that PMEX is striving to automate and digitize the commodity market and also working on future markets to promote innovation and competitiveness in the country’s economy.
CPEC a game-changer in strengthening Pakistan’s Economy
Federal Minister Rana Tanveer Hussain inaugurated the Rachna Industrial Park in Sheikhupura. Addressing the ceremony on the occasion, the federal minister highlighted the importance of economic zones in transforming economies around the world and leading nations towards prosperity. He emphasized that industrial development plays a significant role in shaping the economic landscape of the country.
PIA’s first Hajj flight from Sialkot departs for Saudi Arabia
The 1st Hajj flight (PK-717) of Pakistan International Airlines (PIA) with 301 intending pilgrims on board left for holy land Saudi Arabia from Sialkot International Airport Limited (SIAL).
Pakistan’s IT exports surges to stunning $310 Million in April
Minister of State for IT and Telecommunication Shaza Fatima Khawaja in a statement said that it is for the first time in the history of Pakistan that IT exports saw this outstanding increase just in one month. ICT export remittances have surged to US$ 2.593 billion during July 2023 to April 2024.
SECP unveils a comprehensive framework for digital lenders to launch innovative products
The revised framework introduces a host of new product verticals tailored to meet the evolving needs of borrowers and further strengthening the cyber security standards. Noteworthy among these innovations are the introduction of Embedded Lending through APIs, Buy Now Pay Later services, and Employer Integrated Earned Wage Access.
PTA announces unlicensed RLAN operation Wifi 6-E in 6 GHZ Band in Pakistan
The Pakistan Telecommunication Authority (PTA) announced 6 Gigahertz (GHz) spectrum band for unlicensed operation for RLAN in Pakistan. With unlocking of this band, Pakistan has become the 10th country in Asia Pacific to embrace 6 GHz for Wi-Fi. Currently, only 60 Countries worldwide have unlocked 6 GHZ (full or partial) for RLAN (Wi-Fi) services.
Salaam Family Takaful Limited obtains license to operate as first ever digital only Islamic Life Insurance provider
The coveted license was handed over to Rizwan Hussain, MD and CEO of Salaam Family Takaful Limited by Akif Saeed, Chairman, Securities and Exchange Commission of Pakistan (SECP) in the presence of Salaam Family Takaful’s Shariah board, and their endorsement signified that the new organization with its operations and offerings were completely Shariah compliant.
Pakistan’s textile exports is lightly decline comparatively from last year
Pakistan earned $ 13,683.251 million from textile exports in ten months of current fiscal year 2023-24, reported by Pakistan Bureau of Statistics.
Healthy lifestyle add years to life: British Medical Journal
Experts concluded that by adopting a healthy lifestyle, genetic disorders can be managed more effectively, potentially extending life expectancy by up to six years. Key lifestyle changes include getting sufficient sleep, regular exercise, eating healthy foods, and avoiding smoking and alcohol.
Commerce Minister discuss with businessmen’s to issues facing exporters
The meeting focused on creating actionable solutions by directly engaging with stakeholders and relevant government bodies on matters periodically communicated by chambers of commerce, the Pakistan Business Council (PBC), the business community, and the Trade Development Authority of Pakistan (TDAP) to the ministry.
Meezan Bank Achieves Milestone as Pakistan’s First PCI 3DS Certified Bank
Meezan Bank has been certified by Risk Associates as the first bank in Pakistan to meet the PCI 3DS (Payment Card Industry Three Domain Secure) standard. This certification marks a significant step in enhancing secure online transactions and data protection within the country’s banking sector.
Govt drop down the prices of Petroleum products
The government announced a reduction in the price of petrol by Rs 15.39 and high speed diesel by Rs 7.88 per liter. The new price of Petrol is Rs 273.10 and the price of high speed diesel is Rs 274.08 per liter.
Dellsons Group signs partnership with UAE-based NymCard to promote fintech innovation
Pakistan’s financial consultancy firm, Dellsons Associates (Pvt) Ltd, has signed a strategic partnership with NymCard, a leading embedded finance solutions provider in MENAP, to promote innovation in the fintech landscape and empower businesses across the Middle East and Pakistan.
PTCL launches SHOQ TV Box to revolutionize television viewing experience
Pakistan’s largest telecommunications and integrated ICT services provider, PTCL has launched SHOQ TV Box powered by Android TV by Google, to revolutionize the TV viewing experience and is poised to raise the bar in news and entertainment offering.
Wanted to expand flights between Al Ain and Major Pakistani Cities
Ambassador of Pakistan to the United Arab Emirates (UAE) Faisal Niaz Tirmizi stressed the need to enhance the number of flights between Al Ain and Pakistani major cities, especially Peshawar.
Easypaisa partners with IGI Life & IGI General to enhance insurance-based offerings
easypaisa, has signed an agreement with IGI Life and IGI General, laying the foundation for digital distribution of various insurance-based products, ensuring provision of ease and convenience to millions of Pakistanis.
Real GDP grew by 1.7% in H1-F-24, macroeconomic conditions improved: SBP
The State Bank of Pakistan (SBP) report said that Pakistan’s macroeconomic conditions improved and real GDP grew by 1.7% while inflationary pressures remained at elevated levels during the first half of fiscal year 2023-24.
Emirates Group Reports Best-Ever Financial Performance for 2023-24
The Emirates Group has announced its best-ever financial performance for the fiscal year 2023-24, reporting a record profit of AED 18.7 billion (US$ 5.1 billion), a 71% increase from the previous year. The Group’s revenue rose by 15% to AED 137.3 billion (US$ 37.4 billion), driven by strong customer demand across its various businesses. The year concluded with the Group holding its highest-ever cash balance of AED 47.1 billion (US$ 12.8 billion) and declaring a dividend of AED 4.0 billion (US$ 1.1 billion) to its owner, the Investment Corporation of Dubai (ICD).
High Commissioner urges business community to have duty free, quota free access to entire Africa via Mauritius
High Commissioner of Mauritius Rasidally Soobadar has urged the business community of Karachi to use Mauritius, which is ranked at 13th position in ease of doing business index, as a hub or gateway to access to 54 countries in the African Market.
SECP issues manual for complying with regulatory framework for Modarabas
The Securities and Exchange Commission of Pakistan (SECP) has released a comprehensive guide to facilitate Modaraba Companies and Modarabas in complying with requirements of the Modaraba Ordinance 1980, Modaraba Rules 1981, Modaraba Regulations 2021, and related directions and circulars.
Sameen Khawaja and REHMA featured as Spotify’s EQUAL Pakistan Ambassadors
The amplification of women artists from the local music scene continues as Spotify announced Sameen Khawaja and REHMA as the EQUAL Pakistan Ambassadors for April and May respectively. As part of Spotify’s ongoing program that brings to light some of the most aspiring female voices from the country, REHMA’s song, “HYPNOTIC”, will be prominently featured on the EQUAL Pakistan playlist throughout this month.
Sindh Govt plans to establish new industrial zones
The Sindh Government is planning to establish new industrial zones across the province, mainly in Karachi, under a new industrialization policy to attract local and foreign investors and businessmen to boost up economic activities across the province.
100,000 people avail free health facilities under Sehat Card: KP Health Minister
Khyber Pakhtunkhwa Minister for Health Syed Qasim Ali Shah said that so far 100,000 people of the province have availed free health facilities under Sehat health card initiative since the month of Ramadan.
PTCL’s ‘Flash Fiber’ Reaches 500,000 User Milestone, Reflecting Rapid Growth
Pakistan’s fastest Fiber-To-The-Home (FTTH) service, PTCL’s Flash Fiber has demonstrated swift growth to reach the milestone of 500,000 customers nationwide. The service revolutionizes internet connectivity in Pakistan, besides offering a host of integrated ICT services to transform the experience of its customers.
Pakistan committed to promote green investment: Aurangzeb
Highlighting Pakistan’s vulnerability to the diverse effects of climate change, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb emphasized his country’s commitment to addressing climate change and promoting green investment opportunities.
realme announces price reduction on C51 variants in Pakistan
realme, recognized globally and locally as the fastest-growing smartphone brand, is offering an incredible opportunity for its customers with a price reduction of PKR 2000 on each variant of its popular realme C51 smartphone. As a part of its ongoing commitment to provide innovative and stylish technology at the most competitive prices, realme has made the following price adjustments:
realme C51 128GB + 4GB: Now available for PKR 27,999
realme C51 64GB + 4GB: Now available for PKR 25,999
realme C51 64GB + 3GB: Now available for PKR 23,999
Efforts underway to bring Ethiopia’s cargo services to Pakistan: Jemal Abdula
Ambassador of Ethiopia Jemal Beker Abdula, while referring to successful operations of Ethiopian Airlines which has been flying four times a week from Karachi, stated that keeping in view the enhanced people-to-people and business-to-business linkages between the two countries, efforts were being made to further expand flight operations of Ethiopian Airlines to daily basis from Karachi which would certainly be instrumental towards Pakistan’s Look & Engage Africa Policy by connecting Pakistan with over 70 destinations in Africa.
ABHI partners with Alraedah Digital Solutions to Revolutionize Financial Services in KSA
Alraedah Digital Solutions, a leading technology company and the innovation arm of Alraedah Digital Group, is thrilled to announce a strategic partnership with ABHI, a MENAP-based Fintech specializing in Earned Wage Access and Invoice Factoring. The collaboration marks a significant milestone in Alraedah’s commitment to fostering innovation and driving regional financial inclusion.
Google doubling down support on AI skills for Pakistanis with Google AI Essentials course, Google Career Certificate scholarships and new programs
Google is committed to ensuring that everybody can benefit from AI, and we believe that skilling is the first step. Google has launched Google AI Essentials, a new course to help more people unlock AI skills for the future, provides up to 45,000 scholarships for Google Career Certificates in 2024, and adds two new programs to upskill freelancers and women.
Pak-Qatar Family Takaful achieves Rs.156.3 turnover in 2023
The Pak-Qatar Family Takaful Limited (PQFTL) announcing financial results for year 2023, informed that it achieved a turnover of Rs.16.30 billion while Shareholders Fund has posted Rs.156.30 million net profit after tax.
onic Announces Strategic Partnership with foodpanda to Expand Digital Lifestyle Ecosystem
onic, Pakistan’s first digital telecommunication brand, dedicated to enhancing the lives of its consumers, is thrilled to announce a strategic partnership with foodpanda, the country’s premier online delivery platform. This collaboration marks a significant milestone in onic’s journey to enhance its digital offerings and create a comprehensive digital lifestyle ecosystem for its users.
LUMS Hosts 2nd Symposium on Battery Electric Vehicles in Pakistan
LUMS hosted the 2nd Symposium on Battery Electric Vehicles (BEVs) in Pakistan in collaboration with the Higher Education Commission (HEC) Pakistan, World Bank, and the International Finance Corporation (IFC). Focused on ‘Accelerating the Electric Mobility Transition in Pakistan’ this year, the symposium brought together senior leaders, policymakers, academics, and industry experts. The event featured distinguished speaker sessions and panel discussions on progress, challenges, and ways for electrification of transportation in the country in line with global trends.
Industry-academia collaboration indispensable for development: Dr Khalid Maqbool
The collaboration between industries and academic institutions is indispensable under the emergent educational policy for developing human capital and industries of different sectors across the country, said Federal Minister for Science and Technology Dr Khaliq Maqbool Siddiqui.
How ABHI and Soorty Financially Empowered Labor in Pakistan
On the occasion of Labor Day, ABHI and Soorty have released a documentary reflecting on transformative change and showcasing the impact of their collaboration on the lives of workers. From blue-collar workers to C-level executives, individuals from all walks of life have benefited from Earned Wage Access, experiencing financial freedom and security. The partnership, forged in the initial years of ABHI’s inception, has brought significant change to the lives of workers across Pakistan.
Minister IT urges IT Sector growth the under Public Private partnership
Minister of State for Information Technology and Communications Shaza Fatima Khawaja has reiterated the government’s dedication to enhancing the IT industry by endorsing and aiding the private sector.
Airlines changes their route after Israeli attack on Iran
Airlines quickly changed flight paths over Iran, diverted to alternate airports or returned planes to their departure points on Friday (Apr 19) in response to airspace and airport closures after an Israeli attack on Iran, flight tracking data showed.
Pakistan’s food exports shows growth of 48% in Nine months
Food group exports from the country during the first nine months of the current financial year 2023-24 increased by 48.17 percent. During this period from July-March, 2023-24, food commodities valued at $5.651 billion were exported, according to the data of Pakistan Bureau of Statistics (PBS).
Governor SBP briefs foreign investors about Pakistan’s significantly improved macro economic outlook
Governor SBP, Mr. Jameel Ahmad, met key international investors during multiple events organized by leading global banks and financial firms, including JP Morgan, Citibank and Jefferies, on the side lines of the IMF-World Bank Spring Meetings in Washington DC. Governor SBP informed the participants about the substantial improvement in Pakistan’s macroeconomic outlook achieved over the past year as a result of a prudent monetary policy, backed adequately by fiscal consolidation and beginning of the implementation of key structural reforms.
PTCL Group posted Double Digit Revenue Growth of 14%
Pakistan Telecommunication Company Limited (PTCL), the leading telecom and ICT services provider in the country, has announced its financial results for the quarter ending March 31, 2024. The announcement was made during a Board of Directors meeting in Islamabad.
24th ITCN Asia: Govt is encouraging investments in ICT, says Shaza Fatima Khawaja
Shaza Fatima Khawja said the government is encouraging investment in information and communication technologies (ICTs) through its multiple flagship projects such as Special Technology Zones (STZs), the national plan of fiberization across the country, and facilitation for affordability of fast broadband internet and smart digital devices to the masses.
Mobilink Bank registers a solid start to the year by doubling its revenue in Q1 2024
Pakistan’s leading digital microfinance institution, Mobilink Bank, has reported a staggering 97% increase in revenue during Q1 2024 compared to the same period last year, marking a powerful start to the year. The Bank’s Profit before Tax (PBT) also witnessed 110% growth. The substantial increase in the revenue and PBT underscore the Bank’s robust financial performance, heightened customer & stakeholder confidence, and the positive momentum within the country’s economic and business environment at the outset of the year.
10Pearls to host the AI Summit in ITCN Asia
10Pearls, a global IT company, is all set to organize a two-day AI summit on April 18–19 at the 23rd ITCN Asia Conference and Exhibition in Expo Center, Lahore.
SECP grants registration to first digital insurer
The Securities and Exchange Commission of Pakistan (SECP) has registered M/s Salaam Family Takaful Limited as the first ever digital family takaful operator.
SECP files criminal complaint against two individuals on charges of front-running
Based on an investigation conducted under the Securities Act, 2015, the SECP has filed a criminal complaint against two individuals who were found involved in front-running equity trading by a large institutional investor during the period from October 1, 2021, to December 31, 2021.
Spotify reunites with Coke Studio to continue elevating local artists
Two of Pakistan’s most influential music powerhouses, Spotify and Coke Studio Pakistan, have teamed up for the second consecutive season to celebrate local music, talent and culture. On 14 April, Coke Studio Pakistan kicked off Season 15 with another star-studded line-up producing some sensational tracks, and Spotify is ready to offer fans an immersive audio journey with new releases and special curated playlists on the Coke Studio in-app destination, a signature highlight of this partnership on Spotify.
USAID launches $10 Million climate financing initiative in Pakistan
The United States Agency for International Development (USAID-Pakistan) launched the Pakistan Climate Financing Activity, an up to $10 million, four-year endeavor aimed at bolstering sustainability and climate resilience in Pakistan.
PSX Issues the ESG Primer for Listed Companies
PSX has taken yet another major step in realising its vision of ESG readiness for listed companies by issuing the PSX Primer on Environmental, Social & Governance (ESG). The sector agnostic Primer on ESG is a detailed booklet and first of a series of publications meant for guiding listed companies on reporting on ESG. The PSX Primer enables listed companies to understand ESG opportunities and risks, and educates stakeholders on the usage of ESG data while providing guidance to listed companies on producing a Sustainability Report. This is in line with the roadmap and guidance framework of the SECP to promote and encourage ESG reporting among listed companies.
Pakistan’s oil refineries ready for implementation of Brownfield Refinery Policy
In a significant move towards bolstering Pakistan’s energy security and economic development, three major oil refineries – Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery – are poised to ink an agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refinery Policy.
SBP & PM’s Youth Programme deliberated to enhance youth Business Loan Scheme
State Bank of Pakistan, Chairman of the Prime Minister’s Youth Programme, Rana Mashhood Ahmed Khan, Banks and other Microfinancing Institutes (MFIs), discussions centered around fortifying the framework of the Tier 1 of Prime Minister’s Youth Business Loan Scheme.
Big industry grows by 0.06 % in February 2024
The output of the Large Scale Manufacturing Industries (LSMI) witnessed an increase of 0.06 per cent during the month of February 2024 compared to the same month of last year, the Pakistan Bureau of Statistics (PBS) reported.
SECP’s report on Pakistan’s potential for micro and inclusive insurance
The Securities and Exchange Commission of Pakistan has issued a report titled “Unlocking the Potential of Micro and Inclusive Insurance in Pakistan,” which provides an overview of the current landscape and vast untapped potential market for inclusive insurance. The report’s draft version and synopsis were presented at the International InsureImpact Conference, 2023, held in Karachi.
Pakistan initiates discussing new multi-billion loan programme with IMF
Pakistan has initiated discussions with the International Monetary Fund (IMF) over a new multi-billion dollar loan agreement to support its economic reform program, Federal Minister for Finance and Revenue, Muhammad Aurangzeb said.
24th ITCN Asia to be held on April 18 in Lahore
The 24th edition of ITCN Asia, Pakistan’s biggest IT and telecom expo and conference, will take place on April 18–20 at Expo Center in Lahore. State Minister for IT & Telecom Shaza Khawaja will be the chief guest and HE Deemah Al Yahya, Secretary General of Digital Cooperation Organization will be the global guest of honor at the inauguration of the three-day trade fair.
IFC approves financing for PTCL Group’s acquisition of Telenor Pakistan
The Board of Directors of the International Finance Corporation (IFC) has provided a go-ahead for financing to PTCL Group for the purchase of Telenor Pakistan. The decision follows PTCL Group’s signing of a share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company on a cash-free, debt-free basis.
Globally food’s prices rise in seven months: FAO
Global food prices in March recorded their first monthly increase in seven months, driven by higher costs of vegetable oils and dairy products, the Food and Agriculture Organization, reported.
American Business Council proposes steps for documenting economy
The American Business Council (ABC) of Pakistan has proposed documenting the country’s economy by emphasizing tax reforms and ease of doing business in the upcoming budget 2024-25.
Shuja Asad bids a heartfelt bye to Khaie
In a heartfelt departure from the blockbuster drama ‘Khaie,’ that recently ended , rising star Shuja Asad bids farewell to his iconic role as Barlas Khan, expressing deep gratitude to his fans, producers, and fellow cast members.
Sports in Pakistan, acquired the cutting-edge drone light technology
The drone light show technology is now under the exclusive ownership of an entertainment media subsidiary of Sports in Pakistan, signifying a significant step towards enhancing the country’s entertainment landscape.
State Bank declared three days holidays for banks
The State Bank of Pakistan will remain closed from 10th to 12th April, 2024 (Wednesday to Friday)
being public holidays on the occasion of Eid-ul-Fitr.
Unregistered retailers, sellers must register by April 30: FBR
Federal Board of Revenue (FBR) Spokesperson said that all unregistered wholesalers, retailers, dealers and all shopkeepers must register by 30 April 2024 under Trader Friendly Scheme.
Pakistan, Azerbaijan committed to boost trade, working on to finalization of PTA
Pakistan and Azerbaijan aimed to boost economic and trade ties by seeking finalization of a bilateral Preferential Trade Agreement (PTA) to increase the bilateral trade between both of countries.
Minister for Power Assures Support for Textile Sector Growth Amid Export Concerns
Minister for Power, Sardar Awais Ahmad Khan, engaged in a dialogue with a delegation from the All Pakistan Textile Mills Association (APTMA). During this meeting, APTMA officials expressed their concerns regarding the dwindling exports within the textile sector, which has led to rising issues like unemployment and poverty.
National Insurance Company Limited selects PTCL to expedite the Digital Transformation journey
Pakistan Telecommunication Company Limited (PTCL) and National Insurance Company Limited have signed an agreement for provision of Smart Cloud Services bundled with allied licenses.
National Saving’s increase profit rates on various saving certificates
The Central Directorate of National Savings (CDNS) has increased the rates of return for its National Savings Certificates, marking amendments across different instruments from March 19th, 2024. The new increases were also applied to Bahbood Savings Certificates (BSC), Pensioners Benefit Account (PBA), and Shuhadas Family Welfare Account (SFWA), with each now yielding 15.60 %.
MAJU hosts a seminar on IMF Program
Mohammad Ali Jinnah University (MAJU) recently hosted a seminar on Pakistan’s economic situation and the latest agreement with the International Monetary Fund (IMF) at the campus.
Speaking at a seminar, Director at the Center for Excellence in Islamic Finance (CEIF)-IBA Ahmed Siddiqui underscored the crucial role of the IMF in stabilizing the country’s current account and the option of utilizing the international lender’s Islamic financing program.
Onic & Careem sign MoU to forge strategic alliance
The MoU was signed by Omer Bin Tariq, Country Head, Onic Pakistan, and Imran Saleem, General Manager Ride Hailing, Careem Pakistan, in the presence of Hatem Bamatraf, President and Group CEO, PTCL & Ufone 4G. The ceremony marks the beginning of a collaborative journey between Onic and Careem that aims to combine expertise of both the brands to deliver innovatively enhanced customer experiences.
Jazz Cash Becomes SECP’s Strategic Knowledge Partner to Propel Pakistan’s Fintech Ecosystem
The Securities and Exchange Commission of Pakistan (SECP) has signed a Memorandum of Understanding (MoU) with JazzCash, the country’s largest fintech operator. This MoU fortifies JazzCash’s role as SECP’s knowledge partner. The partnership underscores a concerted effort to bolster digitalization and promote financial literacy.
Pakistan retains position in FTSE secondary emerging market
Financial Times Stock Exchange (FTSE) Russell, a leading global index provider has kept Pakistan’s status as a secondary emerging market.
Mobilink Bank Launches “Center of Excellence for Women” at Arid University
Mobilink Bank, Pakistan’s leading digital microfinance bank, has reaffirmed its commitment to women’s financial inclusion with the launch of the country’s first “Center of Excellence for Women” in partnership with Arid Agriculture University, a leading agricultural institution in Pakistan, to advance financial education. In this joint endeavor, Mobilink Bank will serve as the exclusive financial partner for Arid University’s outreach program, which extends its services to approximately 200 rural villages in the Potohar region. Alongside offering customized financial services, the Bank will actively contribute to advancing agricultural education by supporting financial literacy training, skills development, and capacity building for women.
FBR to Launch Tajir Dost Scheme for Small Traders, Shopkeepers
The Federal Board of Revenue (FBR) has announced the initiation of tax collection under the newly proposed Tajir Dost Scheme for small traders and shopkeepers, slated to commence on July 15, 2024.
Jazz partners with Huawei to boost network capacity
Jazz, Pakistan’s leading digital operator, has partnered with Huawei to elevate its long-haul network to a groundbreaking 400G per wavelength capacity with the deployment of C+L band systems, a first-of-its-kind for Long Haul Backbone network deployment in Pakistan.
SIFC gives go ahead for establishing largest IT Park in Islamabad
The Standing Investment Facilitation Committee (SIFC) has given the green light to establish the country’s largest IT Park in the G-10 sector of the federal capital, covering an expansive area of 3.3 acres. This landmark decision marks a significant stride forward for Pakistan’s burgeoning tech landscape, promising unparalleled opportunities for innovation and progress.
6 Pakistani companies participated in Game Developers Conference
As many as 6 dynamic Pakistani companies and a delegation of 30 delegates have participated in the Game Developers Conference (GDC) 2024 held in San Francisco, USA.
Qatar Fund keen to increase footprint in Pakistan’s power, housing sectors
Chief Executive Officer, Qatar Fund for Development (QFFD), Khalifa bin Jassem Al-Kuwari showed his interest in increasing the footprint of the fund in Pakistan’s power generation and housing sectors.
Zong 4G empowers users with All-New Notify-Me service
Zong 4G, Pakistan’s leading mobile network operator, is revolutionizing communication with the launch of its innovative Notify-Me service. This user-friendly service eliminates the frustration of unanswered calls due to an unavailable recipient.
Easypaisa, Unilever’s Knorr join hands to transform digital payments landscape
Easypaisa, Pakistan’s leading digital financial services platform, and Knorr, Unilever’s biggest food brand, have joined forces to revolutionize the digital payments landscape in the country.
SECP holds industry meeting-cum-webinar on RBC regime for insurance sector
The Securities and Exchange Commission of Pakistan (SECP) held a session for the insurance industry participants to provide an overview of the Risk-Based Capital (RBC) regime and a walk-through of the recently disseminated RBC templates.
Pak- Belarus bilateral trade reaches $60 million: Ambassador METELITSA
The trade turnover between Belarus and Pakistan ranges from $30 to $115 million annually, approximately $60 million on average, according to Andrei METELITSA, Ambassador of Belarus to Pakistan.
PSX marks listing of Bank Islami Pakistan’s Ehad Sukuk II with a Gong ceremony
Pakistan Stock Exchange (PSX) held a gong ceremony at the Exchange to mark the listing of BankIslami Pakistan Limited’s Islamic financial instrument of Ehad Sukuk II, a fully paid up, rated, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Mudaraba Sukuk. The issue size was of PKR 1,000 million, out of which Sukuks of PKR 850 million (85% of issue size) were issued to the pre-IPO investors and Sukuks of PKR 150 million (15% of issue size) were offered to the general public by way of Initial Public Offering. The issue price or par value of each Sukuk is PKR 5,000, with an expected profit rate of 1 month KIBOR + 2.5% per annum to be paid out monthly. The instrument has a perpetual tenor. The purpose of the Issue was to raise capital towards the issuer’s Additional Tier I for Capital Adequacy Ratio as per guidelines set by the State Bank of Pakistan.
realme Partners with foodpanda to Gift Free Iftari Meals to Fans During Ramadan
“Ramadan is a time for reflection, devotion, and community. At realme, we believe in the power of giving back to the community that has been an integral part of our journey,” said Ethan Yin, CEO of realme Pakistan. “Partnering with foodpanda allows us to directly touch the lives of our fans by contributing to their Ramadan celebrations. It’s our way of saying thank you and enhancing their Iftari experience with a meal of their choice, on us.”
Telecom sector role vital for country’s economic uplift
President and Group CEO PTCL Hatem Bamatraf called on Minister of State for IT and Telecommunication Shaza Fatima Khawaja in her office. Matters related to Telecom sector, 5G rollout, Right of Way (RoW) and fiberization were discussed in the meeting.
Final review of SBA for $1.1 billion tranche with IMF positively concludes
Pakistan and International Monetary Fund (IMF) reached a staff-level agreement on the second and final review of the 9-month Stand-By Arrangement (SBA) for the final tranche of US$1.1 billion in April.
Wilmar unit to make further investment in Pakistan-listed Unity Foods
Wilmar Pakistan Holdings Pte. Ltd. (“WPH”, a wholly owned direct subsidiary of Wilmar International Limited), Unity Wilmar Agro (Private) Limited (“UWA”, a 52% subsidiary of WPH) and certain shareholders of Unity Foods Limited (“UFL”) have, through Arif Habib Limited (in its capacity as the manager to the public offer), made a public announcement to the Pakistan Stock Exchange Limited of their intention to acquire up to 277,070,908 shares of UFL in the public offer, at the price that complies with the pricing formula and other applicable Pakistan laws and regulations including the Securities Act 2015 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 (“PAI”).
Javed Ahmed, Managing Director and CEO, Jubilee Life Insurance presents the Wicket keeper of the Tournament Award to Azam Khan
Javed Ahmed, Managing Director and CEO, Jubilee Life Insurance presents the Wicket keeper of the Tournament Award to Azam Khan
Spotify celebrates a decade of bringing K-Pop to the world
Spotify celebrated the anniversary of its global K-Pop flagship playlist, K-Pop ON! , dedicated to giving listeners a platform to discover and tune in to the best from the genre. To commemorate this milestone, the world’s most popular audio streaming platform launched a special series of Spotify Singles as part of “My first K-POP Crush campaign”, headlined by ENHYPEN, SHOWNU X HYUNGWON (of MONSTA X), and STAYC.
Pakistan’s rice export surged by 85% in eight months
Rice exports from the country during the first 08 months of the current financial year grew by 85.83 percent.
SBP keep policy rate at 22 percent
State Bank of Pakistan (SBP), cautiously decided to keep policy rate at 22 percent on pretext of elevated inflation expectations that required continuity of the current monetary stance to bring inflation down.
SECP issues advertisements, call centre management guidelines for digital lenders
The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs involved in digital lending to ensure best practices in advertisements and call centre management. The guidelines were designed to prioritize borrower protection and to prevent deceptive marketing and unethical call centre practices.
Food exports grew by 54.05% in 08 months
Food group exports from the country during the first 08 months of the current financial year grew by 54.05 percent.
Peshawar Zalmi vs. Islamabad United – Jubilee Life – Safe Hands of the Match Award
Syed Rizwan Aziez, Head of Bancassurance, Jubilee Life Insurance presented the Safe Hands of the Match Award to Shadab Khan after the match between Islamabad United and Peshawar Zalmi. This moment of recognition came after the thrilling elimination clash between Islamabad United and Peshawar Zalmi, the last semi-final of HBL PSL Season 9 before the ultimate decider set to be played on Monday in Karachi.
IBA X Unity Foods Come Together To Champion Higher Education
Unity Foods has signed a MoU with IBA, marking the beginning of an inspiring journey: Unity Foods Scholars program. The signing ceremony was held at Unity Foods head office in Karachi. This visionary initiative is set to transform lives by offering support to a deserving MBA student each year from an underprivileged background and enabling them through their educational journey.
Spotify launches daylist in Pakistan
Spotify’s personalized listening experiences continue as it launches daylist, your day in a playlist, to music lovers in Pakistan.
Benish Irshad joins Begin.Watch COO
After over three years as chief operating officer of Brainchild, Benish Irshad has joined premium SVOD/TVOD OTT platform Begin.Watch in the same role.
Final IMF SBA review to start on Thursday
The second and final review of Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) is scheduled from March 14 to 18 in Islamabad, finance ministry reported.
Automobile: car’s sale rises 118% in Feb 2024
Sale of cars in the country witnessed an increase of 118.36 per cent in February 2024, according to Pakistan Automobile Manufacturing Association.
Fatima Fertilizer and Atif Aslam join hands for a soulful rendition of “Allah Hu”
Embark on a journey of soulful dedication as Fatima Fertilizer unwraps its harmonious collaboration with the renowned vocalist Atif Aslam. Together, they bring new life into the classic masterpiece “Allah Hu”. This rendition promises to captivate the audience during the sacred month of Ramzan, a time when people come together in unity and compassion, embracing the spirit of kindness and appreciation. The video has been published on the social media platforms of Sarsabz Fertilizer.
PSX lists Mahaana Islamic index exchange traded fund
Pakistan Stock Exchange has listed the Mahaana Islamic Index Exchange Traded Fund (MIIETF) managed by Mahaana Wealth Limited (MWL). The commencement of trading of units of MIIETF has taken place with effect from March 11, 2024. The ETF aims to track the performance of Mahaana Islamic Index (MII30) whereby the Index shall be periodically rebalanced and reconstituted in order to provide long term appreciation and dividend yield to investors. The Index is designed to measure the performance of top 30 Shariah compliant companies selected from KMI All share index constituents based on the free float market capitalization, having at least average daily value traded of PKR. 10 million in last 12 months.
Pakistan IT expert becomes advisor at Arab ICT Organization
Pakistan-born Dr. Noman Ahmed Said, an emerging IT expert, has been appointed as an honorary advisor by the Arab Information and Communication Technologies (ICT) Organization, a regional think tank for Arab ICT ministers and senior decision-makers from the public and private sectors.
Mobilink Bank and BizB partner to drive financial inclusion, empowering women micro-entrepreneurs
Mobilink Bank partnered with BizB, a leading marketplace in Pakistan, welcoming the company as a ‘Brand Ambassador Organization,’ to drive financial inclusion and bolster women micro-entrepreneurs nationwide.
Banks to closed for public dealing on 1st Ramazan: SBP
The State Bank of Pakistan will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1445
A.H., which shall be observed as ‘Bank Holiday’ for the purpose of deduction of Zakat.
Pakistan starts fruit delivery to Russia via land route
Pakistan has achieved a milestone in regional trade as transportation of fruits has been started to Russia via land route.
Multan Sultans Join Forces with Polio Programme to End Polio
Pakistan Super League titans Multan Sultans have joined hands with the Pakistan Polio Eradication Programme to support the noble cause of polio eradication in Pakistan.
JS Bank, Zindigi Unveil HER Debit Cards on International Women’s Day
JS Bank and Zindigi announced the launch of the JS HER Debit Card and the HER Zindigi Debit Card on International Women’s Day, marking a commitment to women’s empowerment and financial inclusion.
Spotify reveals Ramadan 2023 streaming insights in Pakistan
With the auspicious month of Ramadan around the corner, Spotify has revealed some compelling insights into the streaming habits of its listeners in Pakistan during the Holy month of 2023.
World food price index falls down in February: FAO
UN food agency’s world price index fell in February for a seventh consecutive month as lower prices for all major cereals more than offset the rising price of sugar and meat.
DG Custom Valuation visits FPCCI review time should be reduced & valuations updated
Mr. Atif Ikram Sheikh, President FPCCI, has apprised that during the visit of Director General of Custom Valuation to FPCCI Head Office in Karachi, it has been agreed, in principle, to work together to reduce review time from 30 days to as low as possible to facilitate country’s trade and industrial production – which is the cornerstone of any economy to create jobs, generate revenues and achieve economic growth. The business community would like to see review time vis-à-vis custom valuation come down to 7 days and we will make it part of FPCCI’s proposals for the federal budget 2024 – 25 as well.
PTCL Group steps up as Gwadar battles floods, delivering clean drinking water
PTCL Group joined forces with Pakistan Red Crescent (PRC) to provide essential relief and deliver up to 30,000 liters of clean drinking water every day for a month to the affected communities.
Global Entrepreneurship Conference at LUMS Fosters Innovation and Collaboration
LUMS Centre for Entrepreneurship (LCE) partnered with IDEA Lab at the Massachusetts Institute of Technology (MIT) and the non-profit Umeed, to host a three-day global event from March 4 – 6, 2024. The MIT-LCE Global Entrepreneurship Conference at LUMS brought together a dynamic community of entrepreneurs, academics, students, investors, and influential figures.
PTCL Group in collaboration with PPAF bridges digital gap by equipping women with smartphones
n celebration of International Women’s Day, Pakistan’s largest telecommunications and integrated ICT services provider, PTCL Group, joined hands with Pakistan Poverty Alleviation Fund (PPAF) and National Rural Support Programme (NRSP) to empower 100 women entrepreneurs in Haripur, Khyber Pakhtunkhwa. This initiative is part of the “Ba-Ikhtiar” program, a year-long endeavor to bridge the digital divide and equip women with the essential tools and financial knowledge necessary for building sustainable businesses.
SECP notifies amendments to Corporate Restructuring Companies Rules, 2019
The Securities and Exchange Commission of Pakistan (SECP), under the auspices of the federal government, has notified amendments to the Corporate Restructuring Companies Rules, 2019. The amendments made in light of promulgation of the Corporate Restructuring Companies Act, 2021, are aimed at fostering conducive environment for Corporate Restructuring Companies (CRCs). Corporate Restructuring companies specialize in acquiring nonperforming assets (NPA) from distressed financial institutions, leveraging their expertise to efficiently manage and recover these NPA assets.
Jazz , Tech Valley join forces to empower young minds with ‘Digital Safar’ Program
Jazz, Pakistan’s leading digital operator, has partnered with Tech Valley, a Google for Education partner, to introduce the ‘Digital Safar’ program to schools across Pakistan to equip more than 300,000 students with foundational coding skills and essential internet safety practices, preparing them for the opportunities and challenges of the digital landscape.
Governor SBP inaugurates SAARCFINANCE Seminar on Transformative Potential of Big Data
in Economic Policy
Governor State Bank of Pakistan (SBP) Mr. Jameel Ahmad delivered the inaugural speech at the SAARCFINANCE Seminar on the ‘Potential Role of Big Data in Economic Policy.’ The event, held in Islamabad, brought together distinguished delegates, subject matter experts, and esteemed speakers from the SAARC region to discuss the impact and implications of Big Data in shaping economic policies.
Energy Summit: Insurance promotes investment in energy sector
Experts highlighted the critical importance of insurance for the sustainable development of multiple energy resources, including power, oil, and gas, aimed at promoting investment opportunities, innovations, and efficiencies within the sector in Pakistan.
Karachi’s first ECO STREET inaugurated
The Mayor Karachi, Barrister Murtaza Wahab and MD and CEO, PSO, Syed Muhammad Taha inaugurated the company’s latest initiative, PSO ECO STREET, surrounding PSO House in Karachi’s Clifton area.
Renewable energy policy 2006 Why to curtail wind power projects despite tariff of PKR 14.7/KWH
Mr. Atif Ikram Sheikh, President FPCCI, has expressed his profound concerns that the renewable energy policy 2006 is not being implemented in letter & spirit as costlier and obsolete power projects are still being given preference – while it makes no economic sense to purchase power for the national grid from costlier plants in these times of stagflation, mounting circular debt and burgeoning balance of payments (BoP) & depleting foreign exchange reserves (FER) even further through importing furnace oil.
Meta’s Facebook, Instagram down for hundreds of thousands of users across globe
META Platforms-owned Facebook and Instagram were down for hundreds of thousands of users across the globe on Tuesday (Mar 5), according to outage tracking website Downdetector.com.
SECP taking action against criminals involved in stock market manipulation
The Securities and Exchange Commission of Pakistan (SECP) has filed four criminal complaints against individuals involved in manipulating stock prices, including sponsors and brokerage house management. The Court has admitted all four complaints filed by SECP against the accused individuals.
Pakistan offers immense opportunities for investment in diverse fields: Faisal Tirmizi
Ambassador of Pakistan to UAE Faisal Niaz Tirmizi said that having more than 60% of its about 250 million population below the age of 30, Pakistan offered immense opportunities for investments in diverse fields.
Governor SBP inaugurates 1st edition of Pakistan Financial Literacy Week
Governor State Bank of Pakistan (SBP) Jameel Ahmad, said that SBP fully recognizes access to financial services a fundamental right, and SBP’s mission is to empower every citizen by providing them with the tools and knowledge needed to participate fully in the economy.
Emirates Airline’s supports local charity in Islamabad as part of its 25th anniversary celebrations
Emirates Airline has stepped up to support children in the local community by teaming up with SOS Children’s Village Islamabad. The airline collaborated with the charity organisation to provide much-needed blankets to the orphaned students and their caretakers.
10Pearls University holds Women Tech Quest 2024
Women Tech Quest 2024, an initiative of 10Pearls University, is a platform for women to compete, learn, network and showcase their tech talents. The 8th edition of Women Tech Quest (WTQ) took place in Karachi, Lahore and Islamabad. Over 1200 women in technology from across the three cities took part in the event.
Coach360 Launches EdTech Platform to Empower Youth
Coach360, a platform for mentoring and counseling young talent, has launched Skills360, one of the first privately owned EdTech institutes in Pakistan, focused on upskilling the country’s existing and upcoming workforce. It aims to empower Pakistan’s youth by providing it with essential IT skills for a secure financial future. The platform adopts a structured approach to career advancement, offering a simple yet impactful process starting with the selection of a course aligned with an individual’s career aspirations. Learning is facilitated by industry experts who impart relevant and current knowledge, followed by interactive assessments to test and refine acquired skills.
Most awaited Pre-Ramazan sales on fashion brands attracting customers of all ages
Pakistani brands offering shopping experience better by providing customers with stylish and trendy clothes and giving them best discount offers in Pre-Ramadan sales which makes shopping more fun and exciting.
Spotify Fresh Finds artist Aashir Wajahat hits #1 on Spotify Pakistan’s Weekly Charts with ‘Sadqay’
Depicting the continuous emergence of fresh voices on the musical scene, Spotify revealed that Aashir Wajahat, the multitalented singer and composer as well as the Fresh Finds Pakistan artist for February, achieved a significant milestone with his latest track ‘Sadqay,’ claiming the coveted #1 position on Spotify Pakistan’s Weekly Charts.
JazzCash success story recognized at MWC 24
The business growth potential and the financial inclusion focus of JazzCash as presented by CEO Jazz Aamir Ibrahim took the center stage during the Connected Industries discussions at the Mobile World Congress Barcelona 2024.
Spotify launches “Song Psychic” to become your new favorite fortune teller
With Leap Day, or February 29 making its “once-in-four-year” appearance, Spotify is unveiling Song Psychic, a mystical experience that infuses music with answers to life’s burning questions. The latest feature takes the listener’s heartfelt inquisitions and selects the perfect song as a response, mixing melody and satisfaction into a unique offering.
Rare Diseases Need Government Attention
In recognition of Rare Disease Day, Roche Pakistan Limited held a panel discussion and press briefing to raise awareness about rare diseases in Pakistan, and to emphasize the unmet needs of patients especially when it comes to awareness, funding and government support. The panel comprised MD Roche Pakistan, Ms. Hafsa Shamsie, Roche’s Head of Medical, Dr. Yasir Adnan as well as paeds neurologist Dr. Raman Kumar and hematologist Dr. Munira Borhany and Dr. Saqib, Director Health Services, Health Department, Govt. of Sindh.
Ufone 4G provides free calls in Gwadar to help connect flood-affected families
As Gwadar faces a large-scale natural disaster caused by catastrophic rains and flash floods, Pakistani telecom company, Ufone 4G has announced free calls to help connect local families, and assist in swift execution of rescue and relief operation in the affected port city.
OGDCL, ISGS agree to collaborate for SUGS project
The Oil and Gas Development Company Limited (OGDCL) and Inter-State Gas Systems (Private) Limited (ISGS) have agreed to collaborate for the development of the Strategic Underground Gas Storage (SUGS) project to address the challenge of surplus gas management in Pakistan.
Stabilization measures contribute to positive economic outlook: Economic Report
The stabilization measures, encouraging business confidence coupled with exchange rate stability, contributed to a positive economic outlook for Pakistan amidst ongoing challenges, according to finance ministry’s economic outlook report.
Maladministration in FBR Business Community looks towards FTO for fair treatment
Mr. Atif Ikram Sheikh, President FPCCI, has proposed that the office of the Federal Tax Ombudsman (FTO) should be utilized to deal with maladministration at Federal Board of Revenue (FBR) to create a fair, corruption-free and broadened taxation system. Business Community looks towards FTO for fair treatment at the hands of tax machinery
Eating ultra-processed food can make you prone to 32 diseases: Study
Regular consumption of ultra-processed foods may increase your risk of 32 diseases including cancer, heart and lung conditions, mental health disorders, and even early death, according to a large study.
Business community must take advantage of DCTS for enhancing exports to UK: Dr. Kristy
Leader of UK-Pakistan Inward Trade Mission Dr. Michelle Kristy, while advising the business community of Karachi to take advantage of Developing Countries Trading Scheme (DCTS) introduced by UK, said that as DCTS could enable more trade flow between UK and Pakistan, this was a very good time to explore the benefits of exporting to UK or vice versa.
Mobilink Bank’s “Change to Sustain” program drives sustainability with PKR 2.5 Billion
Mobilink Bank, a leader in digital financial services, launched its sustainability program, “Change to Sustain,” signaling a step forward in its journey towards operational transformation and promoting environmental stewardship within the banking sector.
Governor Punjab Inaugurated Pakistan Sustainability Week Mega Event at Expo Centre Lahore
Pakistan Sustainability Week (PSW) alongside Solar Pakistan – 14th International Renewable Energy Exhibition and Electricity Pakistan – 7th International Exhibition for Energy, Storage and Power Industry organized by Fakt Exhibitions (Pvt.) Ltd. opened its doors on 27th February 2024 at Expo Centre Lahore.
Pakistan’s Fertilizer productions grew by 10.07 percent during second half of FY-2023
During the period from July-December, 2023, the output of phosphate fertilizers grew by 1.12 per cent as about 382,585 metric tons of phosphate fertilizers were produced locally
Global Thought Leaders Convene at Inaugural Energy Summit 2024
Leading international and local experts in the energy, power, infrastructure, risk management, and insurance sectors are set to gather for the groundbreaking Energy Summit 2024, hosted by Fidelity Insurance Brokers/Lockton in Karachi on March 5. The summit aims to promote dialogue, knowledge sharing, and networking, addressing key challenges and opportunities in the energy and insurance sector.
Karachi gateway terminal business community shocked at three-fold increase in charges
Mr. Saquib Fayyaz Magoon, SVP FPCCI, has apprised that the business, industry and trade community is in the state of shock and disbelief at three-fold increase in container terminal charges since Karachi Gateway Terminal Limited (KGTL) has taken over the management of container terminal at Karachi Port’s East Wharf. Previously, charges were PKR. 150 per metric ton and they have been raised to PKR. 480 per metric ton, he added.
OGDCL earns Rs.123.296 billion profit in first half of FY 2023-24
Oil and Gas Development Company Limited (OGDCL) announced the financial results for the first half of the current fiscal year ended on December 31, 2023 (July-December), posting a profit of Rs123.296 billion.
Vibe Hai – ROX by Jazz New Lifestyle Partner of Pakistan’s Digital-First Generation
Jazz, Pakistan’s leading digital operator, brings ROX, an exciting new digital sub-brand tailored to serve as the all-encompassing lifestyle partner of the nation’s digital-first generation.
Telenor Pakistan, EFU Life enhance customer protection with innovative insurance bundles
Telenor Pakistan and EFU Life have entered into a strategic partnership to introduce innovative life and health insurance solutions to the Telenor customer base.
Easypaisa partners with Bank Alfalah for International Remittances
Bank Alfalah and easypaisa announced a partnership on Monday to facilitate their customers nationwide in conveniently collecting international remittances into their mobile wallets.
CIMPA School at LUMS – Fostering a global community for mathematical excellence
The Department of Mathematics at LUMS has been designated as the Emerging Regional Centre of Excellence (ERCE) for its significant contributions to the promotion of mathematics in the region. This recognition has been conferred by the Commission of Developing Countries of the European Mathematical Sciences, acknowledging LUMS as a leading institution in fostering mathematical education and research in the region.
Leveraging its international standing, the Department of Mathematics is hosting the prestigious CIMPA Research School on Algebra and Algebraic Geometry for Applications, scheduled from February 26 to March 8, 2024.
Engro revenues show robust growth of 35% in 2023
Engro Corporation experienced robust growth in revenue in 2023, with a remarkable 35% increase, reaching Rs. 482 billion on a consolidated basis.
Pakistan, UAE sign MoU for promotion of date palm cultivation
Pakistan and the United Arab Emirates (UAE) signed a Memorandum of Understanding here aimed at boosting agricultural innovation and research related to the development and promotion of various aspects of date palm cultivation and the allied industry.
Ufone 4G introduces data roaming bucket for Spain
Pakistani cellular company, Ufone 4G continues its legacy of fulfilling the evolving telecommunication needs of all customer segments by introducing an affordable international data roaming bucket for Spain to facilitate Pakistani delegates attending the Mobile World Congress (MWC) 2024 in Barcelona later this month.
Jazz, EFU life introduce Takaful to broaden financial inclusion
Jazz, Pakistan’s leading digital operator has collaborated with EFU Life Assurance Ltd., the nation’s premier insurance company to introduce the industry’s first Takaful (Shariah-complaint) offering for its subscribers.
Jubilee Life Insurance and SEED Ventures Host Enterprise Challenge Pakistan Fundraising Event
Jubilee Life Insurance, the country’s largest private sector insurance company hosted a fundraising dinner for the Enterprise Challenge Pakistan (ECP), a national entrepreneurship competition for 14 – 18-year-old students, with distinguished guests in attendance including Her Excellency Ms Sarah Mooney – British Deputy High Commissioner, Mr Will Straw, CEO Prince’s Trust International, Mr Syed Usman Qaiser, Head of Marketing and Brand Management, Jubilee Life Insurance, Ms. Shaista and Ms. Maha Salman from SEED Ventures as well as other organizations at the British Deputy High Commission, Karachi.
Nimra Mehra named Spotify’s EQUAL Pakistan Ambassador for February 2024
Spotify has announced Nimra Mehra as the EQUAL Pakistan Ambassador for February 2024. Nimra, a rising star in the Pakistani music scene, has her track “Je Pata Hunda” featured on the EQUAL Pakistan playlist for the month. The track is one of her standout melodies dominating the Top Viral Pakistan chart since December 2023.
Mobilink Bank witnesses 72% revenue growth
Mobilink Bank achieved multiple financial milestones in 2023, solidifying its position in the banking industry. With a revenue of PKR 41,053 million, representing 72% growth from the previous year, the Bank’s performance underscores its commitment to excellence and innovation, particularly in its support for women and Small and medium-sized enterprises (SMEs).
Ambassador Tirmizi highlights opportunities for Pakistani companies in Middle East
Pakistan’s Ambassador to UAE Faisal Niaz Tirmizi, emphasized that Pakistani companies in the Middle East (ME), particularly in the UAE, to focusing on sectors such as dairy, meat, fruits, vegetables, and non-food products.
Pakistan’s exports to south china surge by 16% during 2023
General Administration of Customs of China (GACC), the total value of exports from Pakistan to South China reached a record high of $973.21 million from January-December of 2023, compared to $836.645 million in the previous year. This upward trajectory is a testament to the resilience and competitiveness of Pakistan’s export sector.
JazzCash partnership with BISP for fund disbursements to beneficiaries
azzCash, country’s leading fintech organisation, has been assigned the task for disbursements of Benazir Income Support Program (BISP) aimed at empowering Underserved communities, with a particular emphasis on women inclusion.
Prices of life-saving drugs hiked
According to the notification issued, primarily targets essential medications crucial for treating conditions such as cancer, vaccines, and antibiotics. The prices of life-saving medicines crucial for treating heart disease diabetes, physical pain, epilepsy and injections were also increased.
Pakistani food items exports set to cross $7 billion by year’s end: CEO, TDAP
Chief Executive Officer, Trade Development Authority of Pakistan (TDAP) Muhammad Zubair Motiwala said that considering the ongoing trends, it was projected that Pakistani food items exports would cross $7 billion by the end of this financial year.
BISP partners with six banks to expand payment system
Benazir Income Support Programme (BISP) signed an agreement with six banks for disbursement of funds among its 9.3 Million beneficiary households.
Zong 4G to promote urban farming/Agri-Tech in Pakistan
Zong 4G, Pakistan’s leading telecommunication organization Zong 4G, has collaborated with BaKhabar Kisan to facilitate seamless communication between the Farmers and Agri Experts to make informed and timely decisions, maximize yield and financial benefits to their livelihoods.
IT exports up by 39 percent in January: Dr. Umar Saif
Caretaker Minister for Information Technology and Telecommunication, Dr Umar Saif has said that IT exports in January witnessed an increase of 39.4 per cent to $265 million
Motorbikes and three-wheelers sales decline by 12% in seven months
The sale of motorbikes and three-wheelers in the country witnessed a decrease of 12.33 per cent during the first seven months of the current fiscal year 2023-24. During July-January 646,440 motorbikes and three-wheelers were sold, according to the Pakistan Automobile Manufacturing Association.
PMDC, MSCI sign agreement for enhancing pink salt export
Managing Director (MD) Pakistan Mineral Development Corporation (PMDC) Engr. Asad Ahmed said that PMDC and an American firm, Miracle Saltworks Collective Incorporation (MSCI) signed an agreement for the value addition of Himalayan Pink Salt to increase its exports.
FBR revenue collections grew by 30% to Rs.5.1 trillion
The Federal Board of Revenue (FBR) collected Rs.5.150 trillion since July 2023 to mid of February 2024, showing growth of 30 percent.
PTA, NCRC, UNICEF & Telenor Pakistan join hands to safeguard children
The Pakistan Telecommunication Authority (PTA), in collaboration with the National Commission on the Rights of Child (NCRC), United Nations International Children Emergency Fund (UNICEF), and Telenor Pakistan, joined hands in a launching ceremony to safeguard children from online hazards.
PBF urges govt to review gas tariff hike for boosting industry
President, Pakistan Business Forum (PBF) Khawaja Mahboob ur Rehman strongly demanded of the government to reevaluate policy of continuously increasing energy prices on an immediate basis.
Pakistan trade with China in Yuan to reaches 14%
Mr. Atif Ikram Sheikh, President FPCCI, has apprised that the apex body considers China as one of the most important countries for Pakistan vis-à-vis diversifying and expanding its exports on an incrementally sustainable basis – as China is not only a neighboring and friendly country; but, also a huge market for potential Pakistani exports. He expressed his optimism on the trend where the Pakistani trade with China in Yuan has reached 14 percent in 2023; whereas, it was a mere 2 percent in 2018.
Pakistan regional exports to seven countries increase by 21%
Pakistan’s exports to the seven regional countries witnessed an increase of 21.68 per cent in the first seven months of the financial year 2023-24.
35th ‘Vision Eye Camp’ held to Bring Sight and Hope to almost 600 patients in Lahore and Karachi
Vision Eye Care, an international relief organization dedicated to the prevention of blindness with a footprint in 39 countries around the world, launched its 35th cataract surgery project, the ‘Vision Eye Camp,’ in Karachi and Lahore. Organized through sponsorships from the Parwaaz Financial Services Limited, CITI Group, Hanananum Foundation, Lotte Akhtar Beverages (Pvt) Ltd, Haimont Group, and Galleria Design, the Camp aimed to treat 600 patients and perform 150 cataract surgeries.
Easypaisa empowers users with ‘Savings Pocket’ for financial independence
Easypaisa, Pakistan’s leading digital financial services platform, introduces its latest breakthrough offering, the ‘Savings Pocket’.
Ansar Burney Launches Autobiography “Awaaz”
‘Awaaz: Echoes of Freedom and Justice’ is Ansar Burney’s memoir chronicling his transformation from a student leader to a champion of human rights. Authored by Burney, co-written/edited by Shehar Bano Rizvi and Tasneem Premjee Chamdia, Awaaz memorializes Burney’s lifelong global struggle for human rights, and underscoring our transcendant common humanity.
SECP registered 2,651 new companies in Jan 2024
The Securities and Exchange Commission of Pakistan (SECP) has registered 2,651 new companies in January 2024, showing an increase of 10 percent compared to the corresponding period last year.
Gas at 2,750 Per MMBTU price hike will make industries shut down: Atif Ikram
Mr. Atif Ikram Sheikh, President FPCCI, has strongly demanded that the government reevaluate its policy of continuously increasing energy prices on an immediate basis. Particularly, the decision to increase captive gas price to Rs. 2,750/MMBtu — an increase of 223% since January 2023 — threatens the very survival of Pakistan’s industrial sectors and a complete collapse is imminent.
Fly Jinnah inaugurates first international flight connecting Islamabad and Sharjah
Fly Jinnah, Pakistan’s low-cost carrier, celebrated the inaugural flight of its first international route from Islamabad, Pakistan to Sharjah, UAE with a dual ceremony at Islamabad International Airport before departure and at Sharjah International Airport, where the aircraft received a warm welcome upon arrival.
Pakistan’s earns $1,454 million from IT services’ export
Pakistan earned US $1,454.881 million by providing different Information Technology (IT) services to various countries during the first six months of the current fiscal year 2023-24.
Tetra Pak demonstrates packaging circularity at Euro Village 2024
Tetra Pak showcased its commitment to packaging circularity at Euro Village 2024, hosted by the European Union in Islamabad. The event provided an excellent platform for Tetra Pak to demonstrate its ongoing efforts towards creating a sustainable future.
LCCI rejects proposed hike in KPT charges, utility prices
The Lahore Chamber of Commerce and Industry (LCCI) has rejected the proposed increase in the KPT (Karachi Port Trust) charges and utility prices.
SECP continues crack down against illegal personal loan apps
The Securities and Exchange Commission of Pakistan (SECP) is constantly monitoring social media and websites for illegal personal loan Apps (illegal apps) in order to safeguard the public from illicit loan sharks.
APTMA opposes proposed hike in gas price for export oriented units
All Pakistan Textile Mills Association (APTMA-North) Chairman Kamran Arshad has opposed the proposed increase in gas price for Export-Oriented Units (EOUs), terming it disastrous for textile industry.
FTO decides Rs 17,742.16 million refund claims
The Federal Tax Ombudsman (FTO) has addressed the grievances of the taxpayers by processing 8,963 cases with an implementation status of 94.07% during 2023
Automobile sale rises 29.57% in January 2024
Sale of cars rose to 7,802 units in January 2024 compared to 6,021 units during same month of previous year.
EDOTCO Pakistan Spearheads Sustainable Development and Community Wellbeing in 2023
EDOTCO Pakistan, a key player in the telecommunications infrastructure industry marked a significant stride in its dedication to Corporate Social Responsibility (CSR) in 2023. The company’s commitment to enriching underprivileged communities, particularly in areas with limited access to grid power, culminated in the successful execution of the Tower to Community (T2C) initiative. The visionary project, centered in Tehsil Kabir Wala, Multan, not only supplied clean energy to adjacent households but also set a benchmark in integrating sustainable energy practices with societal up-liftment.
SECP prescribes fit, proper criteria for key corporate executives
The Securities and Exchange Commission of Pakistan (SECP) has prescribed fit and proper criteria for key executives of corporate restructuring Companies.
SBP revokes three exchange companies’ licenses
State Bank of Pakistan (SBP) revoked the foreign exchange licenses of M/s AA Exchange Company (Pvt.) Limited, M/s Glaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited.
Learn360 LMS Takes Center Stage at Prestigious EdTech Event #Bett2024 in London
Learn360, a leading provider of Learning Management Systems (LMS), made waves at the Bett 2024 education technology conference in London, UK, earlier this month. Learn360 not only showcased its award-winning platform to an international audience but also forged key partnerships and secured new business opportunities, setting the stage for its global expansion.
Pakistan’s services export reach $3.76 Billion in first half
Pakistan earned $3,765.97 million by exporting various services during the first half of the current fiscal year 2023-24. The services’ imports into the country increased by 25.50 percent by going up from $4,140.42 million during the first six months of current fiscal year.
Workers’ remittances recorded an inflow of US$2.4 billion during Jan 24
Workers’ remittances recorded an inflow of US$2.4 billion during Jan 24.
CDNS attains Rs 58 billion in Islamic investment bonds
The Central Directorate of National Savings (CDNS) has secured Rs 58 billion in Islamic finance bonds during the current fiscal year 2023–24 till February 9.
PFC to take part in 3-day LAS VEGAS-USA expo
Pakistan Furniture Council (PFC) will take part in a three-day International Las Vegas-United States of America (USA) Expo starting on February 13 to explore business opportunities and find new global markets.
Pakistan at Texworld evolution Paris
The internationally acclaimed trendsetting innovative 3-day ‘Texworld Evolution Paris’ opened, on the 5th February, as the central attraction for global fashion and apparel industry. With over 1300 companies from around the globe catering to future vogue and sourcing requirements. The exhibition was held at the Porte Des Versailles, Paris.
Cement exports increase 58.77% to $135.925 Million
The exports of cement witnessed an increase of 58.77 per cent during the first six months of the financial year 2023-24, as against the exports of the corresponding months of last year.
10 Pearls launches 10 Pearls studio, fully integrated digital marketing capabilities
10 Pearls announced the launch of 10 Pearls Studio, a significant expansion of our digital and creative capabilities. Employing a “one brand, one team” strategy, this initiative seamlessly consolidates our digital media acquisitions into a unified, full-service digital powerhouse.
Germany provides EUR 45 Million assistance to Pakistan
Pakistan and Germany signed Euro 45 million assistance agreements on Technical Development Cooperation for starting new bilateral cooperation projects.
Pakistan garments exports to China rise by 3%
The amount of clothing that Pakistan exported to China, both for men and women, significantly increased in the past year.
LUMS Students and Recruiters Network at Annual Career Fair 2024
Ranked at top in graduate employability in Pakistan by QS Employability Rankings, 95% of LUMS 2022 graduates were employed within 6 months. The dedicated efforts of the LUMS Career Services Office (CSO) and University’s 1,800 strong network of recruiting partners plays a pivotal role in this. The Annual Career Fair, hosted by the CSO, is instrumental in connecting leading employers with LUMS’ diverse population of students from various disciplines. Over 200 nationally and internationally reputed organisations participated this year at the LUMS Annual Career Fair 2024 to engage with 1000+ students.
Unity Foods Collaborates with Vital Green for Agricultural Advancement in Pakistan
Unity Foods is transforming Pakistan’s agriculture with strategic collaboration! Unity Plantations, a subsidiary of Sunridge Foods within the Unity Foods Group, has officially signed a crucial agreement with Vital Green Limited.
Spotify Announces Nehaal Naseem as the First EQUAL Pakistan Ambassador for 2024
Starting the year on a high, Spotify has announced Nehaal Naseem as the first ambassador for its EQUAL Pakistan program for the year 2024. As part of the honor, Naseem’s track “Beqadra” has been featured on the EQUAL Pakistan playlist. This song, described by Naseem as her “baby,” has resonated deeply with fans, showcasing it as a clear favorite for the artist and her growing fanbase.
Faysal Bank & Total Parco join hands for digital payments
Faysal Bank Limited and Total Parco signed an agreement for the provision of cashless transactions across Total Parco’s extensive retail network, offering facilities to customers and aligning with the demands of digitization.
Ministry of IT & Telecom hosts SCO virtual conference on Youth Empowerment through digital economy
The Ministry of IT and Telecommunication, hosted SCO Virtual Conference on Youth Empowerment through Digital Economy. Delegates from 8 member states of Shanghai Cooperation Organization (SCO) including, Iran, Kazakhstan, China, Kyrgyz Republic, Russia, Tajikistan and Uzbekistan and SCO Secretariat participated in the conference. Public & private sector across SCO member states also attended the conference.
Ghazanfar Azzam, Mobilink Bank CEO, takes bold action in advancing gender equality with the Champions of Change Coalition
Ghazanfar Azzam, President and CEO Mobilink Bank, has joined the Champions of Change Coalition, a globally recognised, innovative strategy for achieving gender equality, providing more leadership opportunities to women, and building respectful and inclusive workplaces.
Chambers call for deferring PoS system’s implemenation
Chambers of Commerce and Industries (CCIs) from across South Punjab and small traders representatives urged the government to defer linking of Fast Moving Consumer Goods (FMCG) sector with Point of Sale (PoS) system from February 1.
Macroeconomic stabilization leads to improvement in economic activities: Report
The country’s economy experienced a notable stabilization during the first half of the current fiscal year 2023-24, owing to implementation of effective measures and prudent policies by the interim government that played a pivotal role in achieving this milestone.
Minister for Energy inaugurates Oil, Gas and Minerals Career Expo
Federal Minister for Energy, Mr. Muhammad Ali inaugurated the first-ever national level ‘Fuelling Futures Career Expo 2024’ on January 31 at Pakistan China Friendship Centre, Islamabad. The two-day Career Expo has been organised by the Ministry of Energy (Petroleum Division) in collaboration with Pakistan Petroleum Limited (PPL).
Pakistan’s exports to China increase by 40%
Pakistan’s export of goods and services to China witnessed an increase of 40.01 per cent during the first six months of the current fiscal year 2023-24.
Cabinet approves restructuring, digitization of FBR: Shamshad Akhtar
Caretaker Minister for Finance and Revenue, Dr Shamshad Akhtar, said that the Federal Cabinet has approved the restructuring and digitization of the Federal Board of Revenue (FBR), which would help to broaden the tax base as well as enhance revenue collection in the country.
SBP organizes art competition for new banknote designs
The State Bank of Pakistan (SBP) has been organizing an Art Competition to have innovative and thematic design ideas for the new series banknotes. “The State Bank of Pakistan has initiated the process for issuance of a new banknote series. To have innovative and thematic design ideas for the new series banknotes, an Art Competition is being organized.
Fertilizer industry urges nationwide dealers to ensure Urea sales at announced market retail prices
leading fertilizer manufacturing companies in Pakistan, including Fauji Fertilizer Company Limited (FFC), Fauji Fertilizer Bin-Qasim Limited (FFBL), Engro Fertilizers Limited, Fatima Fertilizer Company Limited, and Agritech Limited, jointly hosted a convention with nationwide dealers on January 29, 2024, at Falettis Hotel, Lahore. The primary objective of this convention was to engage the fertilizer dealers in a constructive dialogue and formulate immediate strategies aimed at reducing nationwide urea prices to benefit the farmers.
Annural Khalid: Spotify Pakistan’s First Woman RADAR Artist
Spotify has proudly announced Annural Khalid as the first woman RADAR Pakistan artist, marking a significant milestone in its commitment to uplifting emerging talents from the local music ecosystem. This year, Annural not only becomes the first RADAR Pakistan artist of 2024 but will also be celebrating the launch of her debut album, showcasing her unique blend of chill pop and R&B.
Pakistan assembles 9 Million mobile phones in two years
Caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif said that the country had assembled approximately 9 million mobile phones worth around $1.5 billion during the last two years.
SECP issues Islamic finance bulletin for 2022-23
The Securities and Exchange Commission of Pakistan has issued its first ‘Islamic Finance Bulletin’ for the financial year 2022-23, aimed at providing up-to-date data, insights into new developments, and a deeper understanding of regulatory reforms in the Islamic financial services industry.
Jubilee Life Insurance Partners with NOWPDP to Empower Persons with Disability through Employment Opportunities
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, signed a memorandum of understanding (MoU) with NOWPDP (Network of Organizations Working for People with Disabilities), Pakistan. This strategic alliance marks a significant step in Jubilee Life’s ongoing commitment to diversity, equity, and inclusivity (DEI) within its workforce.
Businessmen urge Chairman FBR for measures to curb smuggling
Chairman Federal Board of Revenue Malik Amjed Zubair Tiwana emphasized the need for sustained collaboration between Federal Board of Revenue and Financial Monitoring Unit (FMU) for development of quality financial intelligence on tax evasion and its optimal utilization in investigations.
Pakistan wins the “Best In-Show” award at New York’s Travel & Adventure Show
Pakistan’s Pavilion at New York’s fame ‘Travel and Adventure Show’ has won the “Best In-Show – International Tourism Development” award — at an event in which nearly 190 countries are taking part.
PTA revenue surged to Rs.850 Billion
The prime minister was told that the PTA’s revenue increased by 17 percent to Rs 850 billion comparing the last year while the access to cellular services in the country had reached 90 percent.
Public Sector Insurance Companies in Pakistan: A Tale of Resilience and Growth
Dr. Ejaz informed the meeting that Pakistan’s public-sector insurance companies, namely, State Life Insurance Company, National Insurance Company and Pakistan Reinsurance Company, have been an engine of growth for the performance of insurance industry in Pakistan.
Faysal Bank, OPay collaborate to expand digital merchant payments acceptance in Pakistan
Faysal Bank Limited (FBL), a leading Islamic financial institution known for its commitment to technological innovation with Sharia compliance, announced a strategic collaboration with OPay, a global fintech giant with a proven track record in providing cutting-edge digital payment solutions. The collaboration aims to empower the entire spectrum of small, medium, and large enterprises to accept digital payments.
Reduced power tariff to revive economic activities: President FBATI
President Federal B Area Trade and Industries (FBATI), Syed Raza Hussain, said the decision to cut down the power tariff by 7 cents will give a little relief to industrial consumers across the country.
Roadshow in Bangkok for Pakistan’s 300-MW floating solar plants
Pakistan will hold a roadshow in Bangkok on January 29 to attract investment for the 300-megawatt floating solar plants project to be executed at the Tarbela-Barotha Complex sites.
China Southern Airlines to resume Urumqi-Kashgar-Islamabad flights
China Southern Airlines, one of Asia’s largest carriers, will resume the Urumqi-Kashgar-Islamabad route from January 27, offering round-trip flights (CZ8019/20) every Saturday.
Jubilee Life becomes Official Insurance Partner for HBL PSL Season 9
Jubilee Life Insurance, the largest private sector insurance company in Pakistan, partnered with Pakistan Cricket Board as the Official Insurance Partner for HBL PSL Season 9.
Hub71-backed ABHI establishes Abu Dhabi HQ
Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations.
Four Exploration Companies will be investing over USD 33.3 Million
PPL, OGDCL, POL and UEP have taken exploration licenses of eight blocks to discover hydrocarbon reserves in three years
Fashion show held in Paris to promote Pakistan’s rural women artisans
The Embassy of Pakistan in France held a fashion show in Paris to honor the Pakistani rural women artisans and promote their works. The fashion show was held in collaboration with renowned designer Omar Mansoor and Kaarvan Crafts Foundation.
TikTok’s slashes 60 jobs in sales and advertising division
Chinese social media tech TikTok joined a spate of layoffs among technology companies by cutting about 60 jobs, mostly in its sales and advertising division.
Jointly funded E-Mobility center at LUMS aims to drive electric vehicle innovation in Pakistan
The E-Mobility Research and Development Center, established at the Syed Babar Ali School of Science and Engineering on LUMS’ Lahore campus, was inaugurated. This center, jointly funded by the United States government and Lahore University of Management Sciences, aimed to promote the widespread use of electric vehicles in Pakistan by supporting advancements in locally designed electric vehicles, battery solutions, associated electronics, and technical standards.
SBP to announce monetary policy on January 29
State Bank of Pakistan (SBP) will announce Monetary Policy on January 29 in a meeting of the Monetary Policy Committee.
Director General of Sindh Food Authority Commends Sunridge Foods for Fortification & Exemplary Food Safety Practices
Agha Fakhar Hussain, the Director General of the Sindh Food Authority (SFA), and his team carried out a thorough assessment of food processing facilities during their visit to Sunridge Flour Mill and Unity Foods Edible Oil Refinery at Port Qasim.
PTCL and Huawei successfully completes conducts trial of 50G-PON fiber optic broadband in Pakistan
Pakistan Telecommunication Company Limited (PTCL), the country’s leading broadband service provider, proudly announces the successful completion of the country’s first successful trial of 50G-PON technology, marking a historic stride towards the introduction of next-generation fiber-optic broadband services in Pakistan. This groundbreaking achievement is a result of PTCL’s strategic partnership with Huawei, a global leader in information and communication technology.
Pakistan’s Exports increase by 35.33% to Rs 4.3 trillion in 1st half
The exports from the country in the rupee term witnessed an increase of 35.33 percent during the first half of the current fiscal year, the Pakistan Bureau of Statistics (PBS) reported.
Walee takes over Operational Management of Snack Video Pakistan
WALEE, MENAP’s largest creator economy player, is thrilled to announce a landmark strategic move – the takeover of operating rights for the Snack Video platform in Pakistan.
President order to black listed bank fraudsters, directs banks returns amount to victims
President Dr Arif Alvi has asked the Banking Mohtasib to take up the matter of banking frauds with the State Bank of Pakistan (SBP) to get the essential standard operating procedures (SOPs) issued, so that the proven fraudulent personnel’s CNICs could be blacklisted, placed at the central negative list, besides ensuring that no banking/financial facility could be extended to them by the banking industry.
PCMEA for new strategy to promote handwoven carpets
The Pakistan Carpets Manufacturers and Exporters Association (PCMEA), while expressing concerns over low number of stalls of Pakistan at the international exhibitions like ‘Domotex’, held in Germany, demanded the departments formulate advance strategies to make full use of such global exhibitions.
Pakistan and Turkiye business community wanted to increases the volume of bilteral trade
Consul General of Turkiye Cemal Sangu has said although Turkiye and Pakistan have been cooperating in many fields of trade and economy but the existing trade volume was very low which requires very hard work from the business communities of both countries.
Unity Foods Receives Top Edible Oil Importer Award 2023
Unity Foods was honored as the top Importer of Edible Oil in Pakistan for the year 2023 during the 6th Pakistan Edible Oil Conference held in Karachi.
Pakistan’s textile exports dip by 4% in first quarter of FY-24
Pakistan earned $ 8,283,261 million from exports of textile products during the first half of the current financial year (2023-24), the Pakistan Bureau of Statistics reported. The exports of the product witnessed a decline of 4.97 percent during July-December 2023-24. The textile commodities that witnessed positive growth in trade included raw cotton, the exports of…
NCHR, Bank Al Habib join hands to empower women
The National Commission for Human Rights (NCHR) and Bank Al Habib have signed a Letter of Interest (LOI) committing to work together and empower women and girls through sport-based human development interventions.
Pakistan achieves record breaking exports target in 2nd quarter of FY-2024
The Ministry of Commerce urges all stakeholders to build on this momentum, emphasizing the need for collective efforts to sustain and enhance this positive trajectory.
SECP registers 2,095 companies in December
The Securities and Exchange Commission of Pakistan registered some 2,095 new companies in December 2023, bringing the total number to 209,604. The total capitalization for the newly incorporated companies is Rs 2.6 billion. Around 57% of Pakistani companies are private limited companies, with 41% being single member companies. The remaining 2% are public unlisted companies,…
You Tube lays off 100 employees from operations and creator management teams
You Tube lays off 100 employees from operations and creator management teams
Zaidi grills Shipping Cos, vows to go tough against exorbitantly high, unlawful charges
Chairman Karachi Port Trust (KPT) Syed Syedain Raza Zaidi, after listening to the grievances being faced by business community due to exorbitantly high and totally unjust charges, grilled Shipping Companies for terribly looting traders by overcharging under various headers without any justification.
Egypt’s operated waterway Suez canal revenue tumbling, after Red sea situation
Annual revenue from the canal reached US$10.25 billion in 2023, Rabie said, and if the situation continues, the figure will be “very affected” in the current year.
PM Anwaar-ul-Haq Kakar meets high level delegation of Cargill Inc
The prime minister appreciated Cargill’s role in strengthening Pakistan-US trade relations and cooperation in the agricultural sector.
Apple’s iPhone for the first time became the world’s biggest selling smartphone brand
Apple’S iPhone for the first time became the world’s biggest selling smartphone after rival Samsung’s 12-year run as leader.
Reko Diq project, a Game-Changer for Balochistan: Mark Bristow
Barrick Gold Corporation’s President and Chief Executive, Mark Bristow shed light on the monumental Reko Diq gold and copper project in Nokundi, Balochistan. In an exclusive interview with a private news channel, he underscored the company’s commitment to sustainable development, job creation, and community empowerment.
Khushhali Microfinance Bank celebrates highest recovery mark
Khushhali microfinance bank has set new benchmarks, achieving a milestone of over PKR 01 Billion in recoveries from the charge-off portfolio through its newly established recovery unit and call centre. The microfinance bank also surpassed its deposit target, achieving PKR 101 Billion in deposits.
IPO-Pakistan sensitizes SMEs about importance of IPRs to flourish
The Chairman of the Intellectual Property Organization (IPO) of Pakistan, Farukh Amil said that SMEs should get better awareness about the protection and enforcement of patents, copyrights, and trademarks to avoid counterfeiting and piracy of their products and flourish their business at the national and international level.
Majid Al Futtaim Installs Solar Energy in Flagship Carrefour Store in Pakistan to Reduce Carbon Footprint
Majid Al Futtaim, which owns the exclusive rights to operate Carrefour in Pakistan, announces the integration of solar energy into its flagship Carrefour store in the country, located in the Fortress Stadium, through a signed 950KW agreement with Maspro Energy (Pvt) Ltd. This marks its first solar powered store, serving as a testament to the company’s efforts towards a more sustainable future.
Jubilee Life Insurance celebrates its first batch of ‘Tech Graduates’
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, hosted a graduation ceremony at Beach Luxury Hotel Karachi to celebrate its first batch of ‘Tech Graduates’ the term specifying Tech Management Trainees onboarded by the organization.
AdPluto: Pakistan’s First Fully Self-Serve Media Buying Platform Launched
A momentous achievement in Pakistan’s media industry unfolds as a cutting-edge, fully self-serve media buying platform is unveiled, setting new benchmarks for efficiency and transparency in digital advertising.
FPCCI to hold Round Table Discussion on Packaging Sector
Federation of Pakistan Chambers of Commerce and Industry will hold “Round Table Discussion” on the Packaging Sector: Challenges and Opportunities” here at its Regional Office on January 17.
Petroleum products prices to drops by of Rs. 8
The government announced a reduction of Rs 8 in the price of petrol, now the price of petrol was fixed at Rs 259.34. Before, the price of petrol was Rs 267.34, which the government has reduced the price by Rs 8, which will be effective from January 16, 2024, statement issued by Ministry of Finance.
realme Unveils the Midrange Quality Groundbreaker realme C67 for PKR 52,999/-
In a groundbreaking move, realme has officially announced the launch of its much-anticipated realme C67 at an impressive price of PKR 52,999/-. This midrange quality groundbreaker – as the phone is being titled, is poised to redefine the smartphone landscape, offering a host of features that make it an unbeatable choice in its price segment.
FPCCI and KATI dialogue energy, land prices and policy rate top the agenda
Federation of Pakistan Chambers of Commerce & Industry (FPCCI) – the apex body – and the Korangi Association of Trade & Industry (KATI) have joined hands to make Karachi a business & industry-friendly city again through raising a collective, articulate voice; collaboration in research & development and approaching policy-making forums under the one, unified umbrella of FPCCI.
ADB’s food security forum scheduled in April to tackle escalating food crisis
The Asia and the Pacific Food Security Forum 2024 is set to take center stage from April 8 to 12, 2024, in Manila, Philippines to discuss actions for easing a worsening food crisis in the region.
Car sales drop by 55% in first six months
The sale of cars during the first six months of the current financial year 2023-24 has dropped by 55.50 per cent as compared to the same months of last year, data released by Pakistan Automobile Manufacturing Association.
China-Pakistan cargo route launched to facilitate air transport
The Ezhou-Lahore cargo route is the first international air cargo route launched by SF Airlines this year, departing from Ezhou Huahu Airport, China’s first cargo-focused airport.
PITB, JazzCash sign MoU to streamline tax, fee payments through e-Pay Punjab
Punjab Information Technology Board (PITB) and JazzCash, a leading digital financial service provider, have officially inked a Memorandum of Understanding (MoU) to enhance bill payment services in Pakistan.
Zong 4G, ASA Pakistan signs agreement for communication & data connectivity
The Zong 4G, Pakistan’s leading digital communication company, has signed a corporate partnership agreement with ASA Pakistan Limited, a leading Microfinance Bank, to provide data and voice services for their customers.
PSW introduces Russian language ‘helpline’ to facilitate Central Asian trade
In a strategic move towards advancing international trade facilitation, Pakistan Single Window (PSW) has launched its dedicated Russian language ‘helpline’ to benefit international transit trade with Central Asia.
Save on your holiday or stopover to Dubai this winter
Emirates has today announced an exciting new offer for travellers planning to visit Dubai this winter. Starting from 12th January, people who have bought flights to Dubai or add a stopover in Dubai of 8 hours or more can enjoy free tickets to two of Dubai’s biggest attractions – the Museum of the Future and Atlantis Aquaventure.
METRO Group to further increase their investment plans in Pakistan
The delegation told that keeping in view the conducive environment for the foreign investment in Pakistan, the the METRO Company desired to further expand the business activities in the country.
Pakistan to be connected with high-speed ‘optical fibre network soon
Ministry of Information Technology and Telecommunication (MoITT) Additional Secretary Aisha Humera Chaudhry said that the government is all set to launch a landmark project ‘optical fibre’ to improve broadband connectivity and to boost deployment of digital infrastructure across the country.
Pakistan’s first Special Credit Guarantee company launches by joint venture of Finance Ministry and Karandaanz
Ministry of Finance and Karandaaz launched Pakistan’s first special credit guarantee company namely the National Credit Guarantee Company Limited (NCGCL), with an objective to provide financial assistance to small and medium-sized enterprises (SMEs) in the country.
State Bank of Pakistan launches its Official WhatsApp Channel
The State Bank of Pakistan (SBP) has formally launched its WhatsApp channel. WhatsApp users can follow the verified SBP WhatsApp channel through the below provided link or QR code.
Airbus sets sales record in 2023 amid surging jet demand
The European Planemaker registered 2,094 net orders, driven largely by mega deals from India’s IndiGo and Air India, as well as a purchase by Turkish Airlines that was announced in December. Airbus also beat its annual delivery target in 2023 by achieving 735 handovers. The goal had been for about 720 deliveries.
Microsoft overtook Apple as the world’s most valuable company
Microsoft overtook Apple as the world’s most valuable company on Thursday (Jan 11) after the iPhone maker’s shares made a weak start to 2024 due to growing concerns over demand.
IMF Board approves $700 Million for Pakistan
The Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform programme supported by its Stand-By Arrangement (SBA).
President directs EFU Life Assurance to refund Rs 100,000 with profit to Policy holder
Zubaida Begum had obtained an amount of Rs 100,000 by participating in a local “committee” and intended to deposit the amount in her bank account, but she was fraudulently issued an insurance policy at the bank.
Dubai named No.1 global destination in Trip advisor Travellers’ Choice Awards
Dubai has secured the coveted No.1 global destination ranking in the Tripadvisor Travellers’ Choice Best of the Best Destinations Awards for an unprecedented third successive year becoming the first city to achieve the milestone.
PIA inducts one A-320 Aircraft into its fleet
This was one of the two aircrafts which were stuck in Malaysia over payment dispute.
Walee secures the streaming rights for the next two seasons of PSL
Digital upstart Walee has dethroned international media giants, securing the streaming rights for the next two seasons. This victory goes beyond mere cricket – it raises crucial questions about the future of sports media, the power of Hyperlocal content, and the trust equity of new-age content creators.
Croatian envoy invites Pakistani workers to explore opportunities in Croatia
Ambassador of Republic of Croatia Dr Drago Stambuk, inviting Pakistani workers to explore employment opportunities in Croatia, said that his country was demographically falling down and it needed human resource especially skilled and young people.
Alaska Airline’s window air panel blowout, Boeing Company accept the incident responsibility
Boeing CEO Dave Calhoun addressed, Friday’s mid-air panel blowout from an Alaska Airlines jet, acknowledging the Plane-maker made a mistake and telling staff it would work with regulators to make sure it “can never happen again.”
Worker’s remittances inflows recorded during December reaches US$2.4 Billion
Workers’ remittances recorded an inflow of US$2.4 billion during Dec 2023.
Business community take advantage of GSP+ by diversifying exports
Ambassador of European Union (EU) to Pakistan, Dr. Riina Kionka, advised business community of Karachi to broaden and diversify their exports to EU for taking maximum advantage of EU’s GSP Plus scheme for Pakistan which has recently been rolled over for four more years up to 2027.
Meta makes restrict access for teens to reach harmful content
META Platforms said on Tuesday (Jan 9) it would hide more content from teens on Instagram and Facebook, All teens will now be placed into the most restrictive content control settings on the apps and additional search terms will be limited on Instagram, Meta said in a blogpost.
ECC approves mechanism for weighted average price of urea
The Economic Coordination Committee (ECC) of the Cabinet approved a mechanism for the weighted average price of urea, directing the National Fertilizer Marketing Limited (NFML) to ensure a reasonable price for the commodity and the Ministry of Industries and Production to provide oversight to the whole process.
Pakistan-Africa Trade Development Expo Conference Kick off from the tomorrow
Pakistan is set to strengthen economic ties with Egypt as it hosts the 4th Pakistan-Africa Trade Development Conference (PATDC) and Single Country Exhibition (SCE) in Cairo. Marking the first occasion of Pakistan bringing over 100 companies to Egypt, the delegation, led by the Federal Minister, will be in Cairo from January 9th to 11th, 2024.
Descon Oxychem Ltd Achieves Zero Discharge of Hazardous Chemicals Certification
Descon Oxychem Ltd. proudly announces its recent accomplishment of securing the “Zero Discharge of Hazardous Chemicals” (ZDHC) certification.
Bottled water contains hundreds of thousands of plastic bits: New Study
Bottled water is up to a hundred times worse than previously thought when it comes to the number of tiny plastic bits it contains, a new study in the Proceedings of the National Academy of Sciences.
ABHI & foodpanda Collaboration: A Game-Changer for Home Chefs in Pakistan
In the throes of the COVID-19 pandemic, while many businesses struggled to stay afloat, a heartening story of resilience and entrepreneurial spirit emerged from Lahore, Pakistan. Shamshad Ahmed, the owner of a school canteen named POLA G LunchTime, faced daunting challenges when schools shut down. His journey from near closure to thriving success stands as a testament to the power of innovation and collaboration in times of crisis.
Freelancers to now receive their payments through PayPal
The Caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif announced that freelancers would now receive their payments through PayPal.
Retailers seek tax relief amidst recent policy changes
Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar has urged the Federal Board of Revenue for S.R.O 1842(1) 2023 Amendment, saying that retailers seek tax relief amidst recent policy changes.
Over 272 companies from Pakistan participating in Heimtextil fair
Pakistan is the 4th largest exhibiting country at Heimtextil Frankfurt and a longstanding participant in this show. More than 272 companies from Pakistan are participating in Heimtextil 2024, and the Trade Development Authority of Pakistan (TDAP) is set to have the largest pavilion in this Heimtextil fair starting from 9 to 12 January and features over 2,794 exhibitors present their new products in Frankfurt am Main.
Emirates celebrates 25 years of success serving Islamabad and Lahore
Emirates, the world’s largest international airline, proudly commemorates its 25th anniversary of operations at Islamabad and Lahore airports. Since its inaugural flights to both cities in January 1999, Emirates has played a crucial role in connecting Islamabad and Lahore to the world via Dubai, while fostering economic growth and cultural exchange.
Federal Government. and KE signs between on renews various agreement
Federal Government. and KE signs between on renews various agreement
PTCL Group renews partnership with TPL Trakker for provision of ICT services
PTCL Group (PTCL & Ufone 4G), and leading GPS tracking and IoT services provider, TPL Trakker have renewed their partnership for the continued provision of the state-of-the-art machine to machine (M2M) and ICT services to TPL Trakker under PTCL Group Business Solutions.
Maersk back again resumes containerships transit through Red Sea
Denmark’s shipping giant Maersk said that it has rerouted four out of five container vessels that were stuck in the Red Sea back towards the Suez Canal and the long journey around Africa to avoid the risk of attack.
Trade deficit shrinks by 34.29%, export grow up by 5.17%
The country’s merchandise trade deficit contracted by 34.29 per cent during the first half of the current fiscal year, the Pakistan Bureau of Statistics reported.
Mobilink Bank and NIBAF’s synergistic initiative to foster Financial Inclusion
Mobilink Bank, Pakistan’s leading digital microfinance institution, partnered with the National Institute of Banking & Finance (NIBAF) to share its vision and practices with the entire banking industry as a result of introducing an innovative product of Commercial Vehicle. The idea behind bringing this product is to nurture entrepreneurship and foster economic growth, generating employment opportunities that contribute substantially to societal development.
Microsoft introduces AI button in keyboard
Microsoft is adding a button to the Windows keyboard to activate its AI Copilot service, with the first devices to sport the new key available this month.
Export’s of copper from Pakistan to China crosses by $1 Billion
Copper and articles thereof have seen an increase in export to China from Pakistan in recent years and in the first eleven months of 2023 increased by 9%, crossed one billion dollars mark.
Telecom sector disputes and cases will now be handled by a specialized Telecom Tribunal
Dr. Saif sharing the information on his official social media account, said that the move was aimed at expediting the resolution of legal issues and facilitating rapid progress in the telecom sector.
CDNS secure Rs.50 Billion investment in Islamic finance bonds
The Central Directorate of National Savings has secured Rs 50 billion in Islamic finance bonds at the end of the second quarter of the current fiscal year 2023–24.
LTO Karachi surpasses target of Rs.1221 Billion tax in collection
Federal Board of Revenue Large Taxpayer Office Karachi for the first time crossed one trillion benchmark of half-yearly collection by incurring taxes amounting to Rs.1221 billion during July to December 2023.
Russia’s Gazprom break the daily record for gas supply to China
Russian energy giant Gazprom said it set a new daily record the previous day for gas supplies to China through the Power of Siberia pipeline.
PSX turns around to bullish trend, gains 297 points
The 100-index of the Pakistan Stock Exchange turned around to bullish trend, gaining 297.25 points, a positive change of 0.46 percent, closing at 64,646.85 points against 64,349.60 points the previous trading day.
PTDC to hold the Tourism Education Conference in February
PTDC in next month of February would hold a ‘Tourism Education conference’ where we will focus on introducing tourism as a subject in schools and establish more tourism academies to aware our youth for responsible tourists.
Fiscal deficit’s curtails to 0.8 percent of GDP: Report
Owing to consolidated measures implemented by the government, the fiscal deficit has been curtailed to 0.8 percent of GDP during the first four months of the current fiscal year.
US become the world’s biggest exporter of LNG: Bloomberg
The United States has become the world’s biggest exporter of liquefied natural gas (LNG) for the first time, with 2023 shipments overtaking leading suppliers Australia and Qatar.
Two global shipping companies stop the ships transit in Red Sea
Denmark’s Maersk and German rival Hapag-Lloyd said (Jan 2) that their container ships would continue to avoid the Red Sea route that gives access to the Suez Canal following a weekend attack on one of Maersk’s vessels.
SECP organizes financial reporting workshop on capital markets
The Securities and Exchange Commission of Pakistan hosted a financial reporting workshop for journalists to elaborate on various factors and elements that can impact performance and cause volatility in the equities market.
High-profile Chinese business delegation visit to exploring new avenues to invest in Pakistan
The delegation represented diverse industries such as import and export, technology, electronics, machinery, office supplies, apparel, and building materials.
Pakistan goods export to China increase by 39.44%
Pakistan’s export of goods and services to China witnessed an increase of 39.44 per cent during the first five months of the current fiscal year 2023-24, according to the State Bank of Pakistan reported.
Imports of agriculture sector machinery and equipment surged by 60.76 percent
The imports of the overall machinery group witnessed an increase of 6.36 per cent during the first five months of the current fiscal year 2023-24 compared to the corresponding period of the last year, the Pakistan Bureau of Statistics.
Mobilink Bank’s loan disbursement to MSMEs to increase by 41%
Mobilink Bank stood out for its commitment to empowering Micro, Small, and Medium Enterprises (MSMEs), constituting a significant 36% of its total loan portfolio and a noteworthy MSME Growth (YoY) of 41% in 2023. The Bank strongly advocates for social mobility, especially in empowering MSMEs and women across remote rural regions, offering tailored financial products and services.
Pakistan signs agreements with int’l companies to boost employment opportunities
Pakistan signed over a dozen agreements with Saudi and international companies that were executed during the recent expo in Saudi Arabia to boost employment opportunities abroad for the Pakistani workforc
Fireworks, weapons light up skies as world enters 2024
Fireworks illuminated skies over Paris, Rio and Sydney to celebrate the entry to 2024.
US security sinks 3 ships, kills 10 after Houthi Militants Red Sea attack
US Helicopters repelled an attack by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea, sinking three ships and killing 10 militants, according to accounts by American, Maersk, and Houthi officials.
Pakistan’s IT services export to increase by $892.972 million
Pakistan earned US $892.972 million by providing different Information Technology (IT) services to various countries during the first four months of the current fiscal year 2023-24.
Rising Trend of Digital Payment in Pakistan’s Retail Landscape
Quarterly Payment Systems Report for the quarter Q1 of FY-2023-24 is released by the State Bank of Pakistan, highlighting key advancements within the country’s payment ecosystem and providing an inclusive overview of digital transactional activities.
FBR collection over Rs.1 trillion gross revenue in a month
Federal Board of Revenue has created history by collecting Rs.1021 Billion in December 2023 and after adjusting refunds of Rs.38 billion issued during the month, reached net collection of Rs.984 billion.
Banks to remain open on Saturday, Sunday for tax collection
The State Bank of Pakistan directed all banks to keep their branches open on Saturday and Sunday for collection of taxes, duties and other government receipts.
UNWTO recognizes Pakistan as top tourist destination in 2023
The United Nations World Tourism Organization (UNWTO) has acknowledged Pakistan’s outstanding performance in tourism, marking a remarkable 92% recovery to pre-pandemic levels in 2023.
Pakistan exported $145 Million of plastic material
The export of plastic materials from the country witnessed an increase of 33.76 percent during the first five months of the current FY 2023-24.
Wapda generated 34 Billion units from Hydel energy in a year
The outgoing year 2023 has been a satisfying year for hydropower and water sectors in Pakistan as Wapda generated about 34 billion units of low-cost, clean and green hydel electricity, which is 2.2 billion units more than that of the last year.
World population reaches 8 Billion by January 1
The world population grew by 75 million people over the past year and on New Year’s Day it will stand at more than 8 billion people, according to figures released by the US Census Bureau.
2023 year is declared worst year for the dollar
The US dollar is poised for its worst year since the onset of the pandemic as Wall Street bets the Federal Reserve is set to lower interest-rates after safely reining in prices.
Caretaker govt to introduces Contract Base Smartphones Policy from January
Caretaker IT and Telecommunication Minister Dr Umar Saif disclosed that his ministry with the coordination of all other stakeholders of telecom companies from January 15, 2024 will launch a ‘Contract based smart phone policy’ in which people travelling to other countries will get latest model phones on easy installments, which will benefit economy.
Oil prices to drop down by 3% as Red Sea Shipping disruptions ease
Oil prices fell 3 percent as more shipping companies said they were ready to transit the Red Sea route, easing concerns about supply disruptions as Middle Eastern tensions stay elevated.
Pakistan’s foreign reserves touch by $ 12.855 Billion
The total liquid foreign reserves of Pakistan increased to US$ 12,855.7 million while the reserves held by the central bank reached at $ 7,757.1 million in the week ended on December 22, 2023.
Zong 4G and HANDS ready to make accessible bring the digital education for the youth
Zong 4G, Pakistan’s Leading Telecommunication Company has partnered with the Health and Nutrition Development Society (HANDS) to set up a revolutionary Digital Lab at the FAS School in Noor Muhammad Goth near Karachi.
Russia finding new markets to exports oil
Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.
Ufone 4G & Huawei successfully deploy World’s First Microwave Super Hub
In a groundbreaking collaboration, Ufone 4G and Huawei have unveiled commercial deployment of world’s first Microwave Super Hub solution, showcasing Huawei’s innovative feature of intelligent dynamic power control at large traffic hub sites.
PIA flight operation in four cities disrupt, due to fog
The Pakistan International Airlines (PIA) flights operating from Lahore, Multan, and Sialkot had been affected due to dense fog while some local flights faced cancellation as well.
Shipping Companies resuming operations to transit through Suez Canal
France based CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after US-led efforts to prevent attacks.
Foods exports surge by 37.12% to $2.64 Billion
The food exports from Pakistan increased by 37.12 percent during the first five months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics reported.
IPO, PITB join hands for automation, digitization of IPO-Pakistan
The Intellectual Property Organization (IPO) and Punjab Information Technology Board joined hands and signed a Memorandum of Understanding (MoU) for the digitization and automation of IPO- Pakistan.
EXIM bank to help boost exports: Carpet Manufacturers
Pakistan Carpet Manufacturers and Exporters Association has welcomed the establishment of country’s first Export-Import EXIM Bank and expressed the hope that bank will help increase exports and get access to new international markets.
Majid Al Futtaim Expands its Investment in Pakistan to Rs 14 Billion With Two New Carrefour Supermarkets
Majid Al Futtaim, which owns the exclusive rights to operate Carrefour in Pakistan, announced the inauguration of two new Carrefour supermarkets in Lahore, as part of Majid Al Futtaim’s vision to expand its investment and retail footprint in the country. With this expansion, Majid Al Futtaim’s current investment in Pakistan is set to grow to 14 billion Rupees, bringing the total number of stores in the country to 13.
Rupee gains 26 paisa against Dollar
Pakistani Rupee on Friday witnessed the 9th consecutive recovery session as it gained 26 Paisa against the US Dollar in the Interbank trading and closed at Rs.282.52 against the previous day’s closing of Rs.282.78.
SI Global awarded by prestigious Performance award at Lenovo’s UK Summit
SI Global Solutions, a leading system integration and IT company in Pakistan, has received a prestigious performance award at Lenovo’s UK Summit held in London recently.
Maersk to charge from January to transit disruption surcharge on containers
Denmark’s Maersk will impose extra charges on container transport from Asia following its decision to re-route ships away from the Suez Canal and take the longer journey around Africa.
Textile’s export decline of 6.50% during from July to November of FY-23
Pakistan exported textile products worth $6,883.615 million during the initial five months of the current financial year FY-2023, reported by Pakistan Bureau of Statistics.
Pathways to Development Conference’ at LUMS Inspires Dialogue on Inequalities and Social Justice
The second ‘Pathways to Development Conference’, held at LUMS from December 18 to 20, saw prominent academics, researchers, practitioners, and policymakers from within Pakistan, the Pakistani diaspora, as well as others working on Pakistan and the region gathered at LUMS to discuss issues vital to inequalities and social justice in the country.
State Bank reserves decreased by $ 136 million to $ 6,904.8 million
The total liquid foreign reserves of Pakistan stood at US$ 12,068.4 million while the reserves held by the central bank reached $ 6,904.8 million in the week ended on December 15, 2023.
Daraz, Visa partner to launch first e-commerce co-branded cards
Daraz, Pakistan’s leading e-commerce platform has teamed up with global payments technology company Visa to introduce co-branded cards for e-commerce usage.
Fertilizer production in first four months of FY-23 increase by 8.91%
Fertilizer production in the country during the first four months of the current financial year increased by 8.91 percent. During the period from July-October 2023 over 1.17 million metric tons of Nitrogenous fertilizers were locally produced.
Sehat Kahani first all-female led company from Pakistan to raise a 2.7 million $ Series-A funding
Sehat Kahani, a trailblazing female-led health-tech startup,has successfully closed a historic Series A 2.7 million dollars funding round.This landmark positions Sehat Kahani as the first all- female-led company in Pakistan to secure Series A funding.
EXIM Bank to providing financial services for exporters and importers
Caretaker Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar formally launched the Pakistan’s Export-Import Bank (EXIM), marking a significant stride towards fortifying external trade, attracting investments and propelling broader economic growth in the country.
Social Media platform X restores services after global outage
SOCIAL media platform X, formerly known as Twitter, was restored globally early on Thursday (Dec 21), with over 77,000 US users facing issues at the peak of the outage.
Emerging markets can lose major business, after red sea disruption
The wave of attacks against merchant ships in the Red Sea is forcing companies to send ships on longer routes and threatens to hurt an already wobbly global economy.
State Bank declared public holiday on Dec 25
The State Bank of Pakistan, announced public holiday on December 25 on the occasion of Quaid-e-Azam Day and Christmas.
SECP warns public against illegal investment schemes of Prime Zone
The Securities and Exchange Commission of Pakistan has observed that M/s Prime Zone and its owner, Mr. Imran Butt, are involved in offering illegal deposit and investment schemes to the public by promising unrealistic monthly returns in the name of LPG trading.
Pakistan’s regional exports to seven countries increase by 16.29%
Pakistan’s exports to the seven regional countries witnessed an increase of 16.29 per cent in the first five months of the financial year 2023-24.
Maher Anjum and Hareem Rashid light up Times Square as Spotify’s EQUAL Pakistan Ambassadors
EQUAL Pakistan has featured another two distinguished ambassadors, Hareem Rashid, and Maher Anjum for November and December 2023 respectively. Both artists have earned widespread acclaim for their unique contributions to the music industry, and as part of the EQUAL Pakistan program, they have been featured on a digital billboard at Times Square, New York.
Shipping lines Insurance cost soar to Red Sea transit, after attacks on Cargo Ships
THE cost of insuring vessels that will transit the Red Sea jumped again this week after mounting attacks in the region forced some ships to avoid the vital waterway.
Incoming day’s will consumers to suffered delay in shipment, due to tension in red sea
SHIPPING and logistics companies are warning of delays and higher charges for Asia-Europe freight, as major shipping lines reroute from the Suez Canal to avoid Yemeni rebel attacks in the Red Sea.
Pakistan exports first shipment of dried Chillies to China
Minister of Commerce and Industries Dr Gohar Ejaz, announced a significant breakthrough in Pakistan’s agricultural exports to China with the inaugural shipment of dried chillies.
Production of Large Scale Industries output decline by 0.44%
Large Scale Manufacturing Industries in the country witnessed a negative growth of 0.44 percent during the first four months of the current fiscal year as compared to the corresponding period of year 2021-22, the Pakistan Bureau of Statistics reported.
TPL Properties Limited Appoints SSH as Lead Design Consultant on the Mangrove Project
TPL Developments (Private) Limited (TPLD), the development arm of TPL Properties Limited, proudly announces the appointment of renowned design-led architectural and engineering consultancy SSH for the design of the Mangrove, a sprawling 40-acre mixed-use development in Karachi. The project is funded through TPL’s REIT Fund I, which is managed by TPL REIT Management Company Limited.
Current Account Deficit declines to $1.6Billion in 5 months: SBP
The Current Account Deficit (CAD) has significantly slid down to $1.16 billion during the first five months of current fiscal year as compared to the deficit of $3.26 billion during the same period of last year, State Bank of Pakistan reported.
Jubilee Life stands as the sole insurance company in Pakistan to bag the Top 25 Companies Award by PSX
Mr. Farhan Faridi, Group Head, Retail Operations, Marketing and Administration at Jubilee Life Insurance receives the Top 25 Companies Award by Pakistan Stock Exchange from Honorable Prime Minister of Pakistan Anwar-ul-Haq Kakar at a ceremony held at Mohatta Palace, Karachi.
LUMS Energy Institute Launches research report on Pakistan’s energy sector
The LUMS Energy Institute (LEI), a research and capacity building centre with a focus on Pakistan’s energy sector, has unveiled a report titled Sustainable Architecture: Advancing Energy Efficient Buildings. The report addresses the acute energy challenge and how adopting energy-efficient practices in residential construction can drastically reduce loads.
High level Delegation of Telenor, Etisalat Group meets IT minister
A delegation comprising on the heads of Telenor Etisalat Group met with Caretaker Federal Minister for Information Technology and Telecommunication, Dr Umar Saif.
ABHI has been selected as one of the Future 100 companies in the UAE
ABHI, an embedded finance platform, providing innovative finance solutions to businesses and their employees, has been selected as one of the Future 100 companies in the UAE.
SECP’s ‘International InsureImpact Conference 2023’ concludes
The Securities and Exchange Commission of Pakistan hosted the International InsureImpact Conference 2023 on December 13-14. On the conference’s second day, prominent experts and professionals from the insurance and financial sectors discussed crucial issues within the insurance industry to outline a strategic roadmap for the future trajectory of the country’s insurance sector.
Govt wants to transformation in the Insurance sector:Dr Shamshad Akhtar
Federal Minister for Finance, Revenue, and Economic Affairs, Dr Shamshad Akhtar said Pakistan needs significant transformation in the insurance industry to address its fundamental challenges while catching up with global trends to maximize the value proposition of this industry.
PTCL to buy acquire 100% stake of Telenor Pakistan
Pakistan Telecommunication Company Limited (“PTCL”), part of e& Group (e&), signed a Share Purchase Agreement with Telenor Pakistan B.V. (Telenor) to acquire a 100% stake in Telenor Pakistan (Pvt) Ltd (Telenor Pakistan) based on an Enterprise Value of Rs.108 Billion on a cash free, debt free basis.
Developing Asian Nations 2023 growth outlook upgraded to 4.9%
The Asian Development Bank has raised its economic forecast for developing economies in Asia and the Pacific to 4.9 percent.
Mobilink Bank, Unikrew & USAID collaboration for women’s financial inclusion
Pakistan’s leading digital microfinance bank, Mobilink Bank, has joined forces with a prominent fintech player, Unikrew Solutions, to drive women’s financial inclusion in the country through a project funded by USAID. Quratulain Chaudhary, Executive Manager Women Financial Services (WFS) Mobilink Bank, and Muhammad Naveed Sharif, Director Unikrew Solutions, signed a Memorandum of Understanding in Islamabad, alongside Project Leads to set the collaboration in motion.
Federal cabinet approves country’s first-ever National Space Policy
Caretaker Federal Minister of Information Technology and Telecommunication (MOITT) Dr. Umar Saif said that the federal cabinet has approved the country’s first-ever “National Space Policy.”
Gohar unveils new collaborative potential with Chinese company in different sectors
Minister for Commerce Dr Gohar Ejaz, who is currently on an official visit to China, visited the Hengli Group headquarters, a trailblazing entity in oil refining, petrochemicals, polyesters, and textiles to explore collaboration and boost bilateral ties.
PTA issues Cyber Security strategy 2023-2028 for Pakistan’s Telecom sector
The Pakistan Telecommunication Authority has issued its Cyber Security Strategy for Pakistan’s Telecom Sector, a comprehensive and ambitious plan set to span from 2023 to 2028.
SECP to unveil 5-year strategic plan in InsureImpact Conference
The Securities and Exchange Commission of Pakistan will be hosting the International InsureImpact Conference 2023 in Karachi on December 13 and 14, 2023. The broad theme underpinning the conference is “Journey to an Insured Pakistan.” The Federal Minister of Finance and Revenue, Dr. Shamshad Akhtar, will kick off the two-day conference.
State Bank to Maintain the policy rate at 22%
Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent. The decision does take into account the impact of the recent hike in gas prices on inflation in November, which was relatively higher than the MPC’s earlier expectation.
Govt.’s to assures uninterrupted gas to the fertilizer plants
Caretaker Minister for Petroleum Muhammad Ali said the government was committed to ensuring uninterrupted gas supply to all fertilizer plants throughout the current winter season to maximize fertilizer production.
First Ijarah Sukuk Auction at PSX results in resounding success
The first primary market auction of the government of Pakistan one-year Ijarah Sukuk at Pakistan Stock Exchange (PSX) has resulted in a resounding success, the Stock exchange said in a statement.
Czech companies keen for collaboration in Pakistan’s mining, energy, chemical sectors: Envoy
Ambassador of the Czech Republic to Pakistan Ladislav Steinhübel said Czech companies were looking for collaboration in Pakistan’s diverse sectors including mining, energy and chemical.
SBP to announce monetary policy today
The State Bank of Pakistan will announce monetary policy on Tuesday. The Monetary Policy Committee (MPC) of the central bank will meet on December 12.
Tetra Pak extends nutrition partnership with Islamabad United for PSL
Tetra Pak Pakistan announced the extension of their partnership with Islamabad United as its official nutrition partner during the upcoming season 9 of the Pakistan Super League (PSL), scheduled between February to March 2024.
ADB approve $155.5 Million financing for MSMEs to women empower
The Asian Development Bank has approved $155.5 million in financing for Pakistan that will support policy reforms enhancing women’s access to finance and provide credit to women-led micro, small, and medium-sized enterprises.
Pakistan Wins 8 Awards in APICTA
Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association (P@SHA), has informed that Pakistani IT firms have won major awards on Friday in the Asia-Pacific Information & Communication Technology Alliance (APICTA) Awards 2023 held in Hong Kong. Pakistani IT companies have won 8 awards in APICTA 2023 in total; and, most notably, Superwomen Pakistan won the Gold award in Superwomen category. The girls have made Pakistan proud, Zohaib Khan added.
1,446 graduates receive degrees as IoBM hosts 26th annual Convocation
The Institute of Business Management, held its 26th Convocation at its campus on Saturday, December 09, 2023. 1,446 graduates from more than 40 disciplines including Bachelor’s, Master’s, and Ph.D. were conferred degrees at the ceremony this year that was attended by senior representatives from IoBM, graduating students, their parents, and faculty.
Workers’ remittances record inflow of $2.3 billion in November
The overseas workers’ remittances recorded an inflow of $2.3 billion during last month, the State Bank of Pakistan reported.
Bank branches to open on weekend to collect Hajj applications
All designated branches of authorized banks will remain open on Saturday and Sunday across the country in order to facilitate the intending pilgrims to deposit application forms along with dues for Hajj 2024.
Spotify hosts Wrapped 2023 event in Karachi
With 2023 coming to an end, Spotify Pakistan hosted an electrifying event in Karachi to mark the highly anticipated Wrapped campaign for the year. Focusing on the theme of “food” this year, the event welcomed hundreds of guests including artists, influencers, and media representatives, creating an immersive experience to celebrate the diversity and richness of Pakistan’s music as well as cultural scene.
Pakistani exports to South China surge by 65%
Pakistan has witnessed an extraordinary 65% increase in its exports to South China from July 2022 to October 2023, showcasing the nation’s growing influence in the region, said Muhammad Irfan Trade & Investment Counsellor at Pakistan Consulate in Guangzhou.
Sister Zeph from Pakistan wins the 2023 Global Teacher Prize
Sister Zeph has been named winner of the 2023 Global Teacher Prize at an awards ceremony at UNESCO’s General Conference in Paris.
IAC first meeting ‘Vision Pakistan: Road to $100 Billion Exports’
The Ministry of Industries and Production has announced the inaugural meeting of the Industrial Advisory Council (IAC) under the visionary leadership of the Federal Minister for Industries and Production Dr. Gohar Ejaz.
Pakistan liquid foreign reserves reach US$12,107.1 Million
The total liquid foreign reserves of Pakistan reached US$12,107.1 million while the central bank held the reserves of$7,020.2 million.
SECP to releasing International Financial Reporting Standard for insurance industry
The Securities and Exchange Commission of Pakistan has notified the adoption of the International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – for the companies engaged in insurance/Takaful and re-insurance/re-Takaful business.
Germany want expand to business ties with Pakistan: AHK
Pakistan’s Representative in German Emirati Joint Council for Industry & Commerce (AHK) Muhammad Usman has said that German government and businesses have been looking towards Pakistan in recent years for strengthening business and investment ties which was the basic reason for establishment of Pakistan’s desk at AHK in Dubai.
During the first Q1 Fiscal deficit reduce to 0.9%, while impressive growth rise in tax collection: Economic Outlook Report
The fiscal deficit during the first quarter (Q1) of the current fiscal 2023-24 declined to 0.9 percent of Gross Domestic Product (GDP) compared to one percent shortfall during the same period of last year.
Fatima Fertilizer’s “Salam Kissan” Campaign Wins the Prestigious DRUM Award in London
Fatima Fertilizer, a leading name in the fertilizer industry, has once again garnered international acclaim with its ground breaking “Salam Kissan” campaign, winning the prestigious Drum Award 2023 in London, in the category, “Social Purpose: Social Media”. Titled “Life without Kissan (Farmers),” the campaign aimed to highlight the stark reality of a world without the contributions of farmers. This remarkable achievement underscores Fatima Fertilizer’s unwavering commitment to meaningful social impact and innovation in the realm of digital marketing.
Meta to start fully encrypting messages on Facebook and Messenger
META Platforms said it has started to roll out end-to-end encryption for all personal chats and calls on Messenger and Facebook.
Privatization commission meeting with Financial advisors and Management regarding privatization of FWBL
Caretaker Minister for Privatization, Fawad Hasan Fawad chaired a meeting of the Privatization Commission with the Financial Advisor and Management of First Women Bank Limited (FWBL).
SECP releases annual report of the FY Year 2023-24
The Securities and Exchange Commission of Pakistan has released its annual report for fiscal year 2022-23, which details its accomplishments and financial accounts. Chairman, Akif Saeed expressed satisfaction with the SECP’s focus on fostering capital formation, simplifying procedures, robust enforcement and facilitative measures aimed at ease of doing business in Pakistan.
PSX crosses another milestone, reaches to 63,917 points
The 100-index of Pakistan Stock Exchange crossed another milestone reached to 63,917.72 points by gaining 961.70 more points, a positive change of 1.53 percent, PSX reported.
Mobilink Bank’s commitment to fostering gender-responsive climate finance at COP28
Pakistan’s leading digital microfinance institution, Mobilink Bank has reaffirmed its commitment to fostering gender-responsive climate finance at the Conference of the Parties (COP28) held in UAE. Representing the bank, Chief Operating Officer Haaris Mahmood Chaudhary addressed an engaging panel on the importance of gender-intentional green financing for combating climate change.
China starts up world’s first fourth-generation nuclear reactor
The fourth generation Shidaowan plant in China’s northern Shandong province is designed to use fuel more efficiently and improve its economics, safety and environmental footprint as China turns to nuclear power to try to meet carbon emissions goals.
Ufone 4G’s Digital Grand Offer brings exciting discounts
Ufone 4G users can avail Digital Grand Offer via Golootlo at a discounted price of PKR 1500, down from the actual product price of PKR 1600. The bundle includes 100GB high-speed data, 1000 Off net minutes, and unlimited Ufone to Ufone and PTCL minutes for the entire month.
Airline Industry expected US$25.7 billion net profit in 2024, due to growth of travel demand
The global airline industry is forecast to post a net profit of US$25.7 billion and achieve record total revenue of US$964 billion next year, on the back of continued strong demand for air travel.
SBP Issued Instructions for Enabling ‘RAAST’ Person to Merchant Service
State Bank of Pakistan has issued instructions to its Regulated Entities for enabling RAAST Person to-Merchant (P2M) payment service for their customers. The Raast P2M system will enable merchants to accept payments through different modes including Unified Quick Response (QR) Codes, Raast Alias (such as mobile phones), bank accounts (IBAN), and Request to Pay (RTP).
ADB approves $658.8 Million for Pakistan’s sustainable development of projects
The Asian Development Bank has approved this week three projects amounting to $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development.
NEPRA increase power tariff for December under of FCA
The National Electric Power Regulatory Authority notified Rs 3.0786 per unit increase in power tariff for consumers of XWAPDA power distribution companies (DISCOs) under the fuel cost adjustment mechanism for October 2023.
SECP & AAOIFI to establish an Islamic finance research & development Centre
The Securities and Exchange Commission of Pakistan and
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have joined hands to establish a Joint Research and Development Centre (JRDC) to foster growth in Islamic
finance.
State Bank injects Rs.454.6 billion into market
SBP injected Rs. 454.6 billion in the market through reverse repo purchase and Shariah Compliant Modarabah Open Market Operation (OMO) cumulatively.
India to become World’s third largest economy by 2030: S&P Global
INDIA will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world’s third-largest economy by 2030, According to the S&P Global Ratings report.
Excise Department of Capital City crackdown on 7000 vehicles registration suspend
Crackdown on unauthorized vehicle modifications, the Islamabad Excise and Taxation Department has suspended the registration of over 700 vehicles in the past three months.
United Insurance to undertaking whole control of SPI Insurance
The Sindh High Court has sanctioned the scheme of merger, transferring the entire undertaking and business of M/s SPI Insurance Company Limited to and vested in the United Insurance Company of Pakistan.
ABHI to empower wage financial needs to Unilever employees
In a significant move towards empowering employees financially, ABHI, an embedded finance platform, has partnered with Unilever Pakistan, a global FMCG company with a presence in 190 countries, to offer AbhiSalary – an Earned Wage Access (EWA) solution. This collaboration aims to empower Unilever Pakistan’s workforce by providing them with immediate access to a portion of their earned wages.
Bitcoin hits US$40,000 level for the first time this year
BITCOIN hit US$40,085 on Tomorrow Sunday(Dec 03), its highest in almost a year and a half, fuelled by bets that US regulators will soon approve stock-market traded bitcoin funds. Bitcoin was up 1.55 per cent at 2234 GMT, adding US$611 to its previous close.
In Second quarter of 2023-24 the National Savings issue Rs.40 Billion Islamic Bonds
The Central Directorate of National Savings has secured Rs.40 billion in Islamic finance bonds in the second quarter of the Current Fiscal Year 2023-24.
PMEX holds first Invest Expo 2023
The Pakistan Mercantile Exchange organised Invest Expo, featuring exhibitions by leading entities in the financial sector, including stock brokers, commodities brokers, mutual funds, insurance, and microfinance companies.
Ufone 4G introduces WhatsApp Chatbot
Ufone 4G has introduced an innovative and futuristic WhatsApp Chatbot, ‘U BOT’ to make customer engagements seamless and hassle-free. Ufone 4G customers will now have access to instant support and facilitation without having to wait on lengthy helpline calls.
IMF demand to restructuring independent HR board of four SOEs
The National Highway Authority (Amendment) Ordinance, 2023 Pakistan Postal Services Management Board (Amendment) Ordinance 2023, Pakistan National Shipping Corporation (Amendment) Ordinance 2023, Pakistan Broadcasting Corporation (Amendment) Ordinance 2023 The Secretaries of all the concerned ministries briefed the President as to the urgency of these ordinances as the matter was agreed upon with the IMF in July this year regarding these four SOEs.
Zong 4G’s international roaming connectivity across the nine continents
Zong 4G, Pakistan’s leading telecommunications provider, has exclusively crafted a one-stop international roaming solution for nine countries in Continental Asia. This comprehensive offering empowers Zong 4G users to stay connected seamlessly across 9 prominent countries, including China, Malaysia, Thailand, Bangladesh, Saudi Arabia, Qatar, UAE, Australia, and Sri Lanka.
Prices of petrol kept unchanged
The government kept prices of petrol unchanged at Rs.281.34 and reduced the rates of all petroleum products.
Pakistan’s First AAA Rated gender bond launch by the InfraZamin
InfraZamin Pakistan, a licensed NBFI and credit guarantee provider, in partnership with Kashf Foundation, a not for profit and licensed microfinance institution, are proud to announce the closing of South Asia’s and Pakistan’s inaugural ‘Gender Bond’ thereby revolutionizing financial empowerment and inclusion for women. The Bond, which holds a prestigious long-term AAA rating by PACRA, marks a significant leap in Pakistan’s capital market, establishing our commitment to market development and economic opportunities for women.
Pakistan’s Tractor industry massive production growth
The production of farm tractors in the Pakistan witnessed an increase of 55.1 per cent to 17,098 units during the first four months of the financial year 2023-24.
IHC granting to banks stay order on windfall tax till next week
The Islamabad High Court refrained the government from collecting windfall tax from banks till the next hearing.
FBR Committed To Eliminate Tax Evasion In Sugar Industry
Monitoring teams from Field formations of FBR have been deputed on sugar mills across the country. Sugar is one of the notified products on which monitoring or tracking of production, sales, clearances, stocks or any other related activity is implemented.
Atif Aslam remains the most streamed Pakistani artist
This year saw Atif Aslam and Talha Anjum retain their respective spots at the helm among the top local artists, joined by a host of emerging talents like Umair, Abdul Hannan, and Rovalio, and seasoned artists including Talhah Yunus, Asim Azhar and Young Stunners. The legendary “Shehnshah-e-Qawwali”, Ustad Nusrat Fateh Ali Khan, still holds an unflinching place in the hearts of audiences along with his nephew and renowned Sufi artist, Rahat Fateh Ali Khan, completing the list of top 10 most streamed local artists.
Group CEO of VEON meets Dr. Saif, and to discuss IT, Telecom and 5G developments in Pakistan
Group Chief Executive Officer of VEON Mr. Kaan Terziolu along with CEO Jazz Aamir Ibrahim called on Caretaker Federal Minister for IT and Telecommunication Dr. Umar Saif in his office.
OECD forecast global growth of next year slow
THE global economy will slow slightly next year but the risk of a hard landing has subsided despite high levels of debt and uncertainty over interest rates, the Organisation for Economic Cooperation and Development (OECD) said on Wednesday (Nov 29).
President Arif Alvi directs Bank to refund Rs 344,600 to fraud victim
President Dr Arif Alvi has upheld the orders of Banking Mohtasib directing Allied Bank Ltd to pay Rs 344,600 to a customer as the amount was fraudulently transferred from his account and the bank had committed maladministration by opening the fund transfer facility without his consent which caused financial loss to the customer.
PSX set new records to crosses 61,000 Points of 100 index
The benchmark index of the Pakistan Stock Exchange continued its bullish run on Wednesday(Nov 29) to cross the 61,000 barrier in a record high.
Tetra Pak partner with WWF to mentor 10,000 Pakistani students on waste recycling awareness
Tetra Pak Pakistan, a frontrunner in sustainable food processing and packaging solutions, has partnered with WWF Pakistan for the sixth consecutive year to continue its nationwide awareness program aimed at educating young Pakistani students on the importance of reducing, reusing, and recycling. This year, the student engagement drive will span across 50 schools situated in the metropolitan cities of Lahore, Karachi, Gujranwala, Sialkot, Faisalabad, Rawalpindi, and Islamabad.
Expected Petroleum product Prices drop by Rs.7 to next fortnightly
Government is expected to give relief in petroleum product prices will be reduced by Rs 7.50 per liter for the next fifteen days.
Pakistan travel services export up by 27.72% to $157 million
Pakistan earned US $157.075 million by providing different travel services in various countries during the first three months of FY-2023-24.
Digitalization, automation, and globalization are changing labor markets
The Institute of Business Management recently bought a diverse range of thought leaders together for the Second International Conference on Education (ICE) 2023. Addressing the theme of “The Changing Education Landscape.”, this edition of the annual conference focused on the Sustainable Development Goal 4 (SDG-4) established by the UN which aims to shed light on the subject of Quality Education globally.
WB to launch ‘Policy Notes’ for Pakistan’s key-area reforms
The World Bank will present a series of ‘Policy Notes’ outlining the most critical policy shifts for Pakistan’s key areas including achieving fiscal sustainability.
Pakistan export to Asian countries increase up by 14.21% during July-October
Pakistan’s exports to the seven regional countries witnessed an increase of 14.21 percent in the first four months of the fiscal year 2023-24.
Financial literacy and customer awareness can reduce the financial crimes: Sirajuddin Aziz
Technological solutions and customer awareness are two crucial aspects of combating the rising incidents of financial crimes across the country, said Federal Banking Ombudsman Sirajuddin Aziz.
Mobilink Bank secures Best Bank for Inclusion Award at PBA 2023
Mobilink Bank has won the prestigious title of Best Bank for Inclusion at the Pakistan Banking Awards (PBA) 2023, held at Pearl Continental Hotel, Karachi, November 24.
Jubilee Life Insurance Marks 5-Year Milestone in Empowering Youth through Enterprise Challenge Pakistan
Jubilee Life Insurance, Pakistan’s largest private sector insurance company, proudly celebrated its 5th consecutive year of collaboration with SEED Ventures on the Enterprise Challenge Pakistan (ECP), the country’s premier business challenge for school children with an event held at the British Deputy High Commission (BDHC) Karachi.
Beaconhouse Jubilee Campus showcasing sustainable fashion talent of its students
The Beanconhouse School System, Jubilee Campus in its pursuit to conserve the environment and promote a sustainable lifestyle held an event to showcase the creative fashion accomplishments of its students fully based on recyclable material.
Amazon hit by strikes, protests across Europe during Black Friday sale
AMAZON workers came out on strike at multiple locations across Europe on Friday (Nov 24) as protests against the US e-commerce giant’s working practices picked up pace on one of the busiest shopping days of the year.
Demand to State Bank set up a gold bank, to regulate prices of gold: Gold & Gems President Muhammad Ahmed
Gold & Gems Art Promotion Council of Pakistan (GGAPCP) President Muhammad Ahmed has demanded Caretaker Federal Finance Minister Dr Shamshad Akhtar and State Bank of Pakistan Governor Jameel Ahmed to set up a gold bank at national level for dealing with fluctuation in gold prices.
Kazakhstan a new emerging market for Pakistan, Pakistan trade can grow up to $1 Billion
The local business leaders and traders called for the Free Trade Agreement (FTA) to take bilateral trade between Pakistan and Kazakhstan up to the level of $1 billion.
Pakistan’s online video gaming industry growing to make $50 Million per annum: Imran Azhar
Founder and CEO Of AzCorp Entertainment Imran Azhar talking to the news channel that Pakistan’s online video gaming industry flourishing and could generate huge annual revenue currently making $50 million per annum to support the growth of technology.
Beaconhouse first school in Pakistan to introduce The Green Raiment brand
The Beaconhouse School System is organising an event here at its Jubilee campus on Friday (today) to showcase the clothing and fashion accomplishments of its students aimed at promoting a sustainable lifestyle.
Banks Pay 40% additional tax on windfall income, profits, and gains during 2021-22 of by Nov 30: FBR
The Federal Board of Revenue has issued a notification for financial institutions to settle the payment of a 40% additional tax on windfall income, profits, and gains for transactions that occurred in 2021 and 2022, as stated by a source on November 22.
Donor agencies to release $1.5 quick financial assistance after SBA approval by IMF board: Dr. Shamshad Akhtar
Federal Minister for Finance and Revenue, Dr. Shamshad Akhtar said that Pakistan would get quick disbursement of financial assistance from various multilateral institutions once the first review of the Stand-By Arrangement (SBA) is approved by the International Monetary Fund (IMF) Executive Board next month.
FBR asked to get rectify errors in filing ST returns
President Karachi Chamber of Commerce & Industry Iftikhar Ahmed Sheikh has asked the FBR to issue directives for rectifying the technical errors being suffered by the filers of Sales Tax Return who have been facing a lot of problems in filing their Sales Tax Returns since last three months.
Pakistan’s unveiling first ever national IT Export Strategy
Pakistan Software Export Board (PSEB) under Ministry of IT and Telecommunication (MoITT) in collaboration with Price water house Coopers (PwC), and other international partners, including faculty from the University of Oxford, developed the strategy closely aligned with the government’s vision.
US remain top destination of Exports to Pakistani Products
The United States (US) remained the top export destination of Pakistani products during the first four months of the current financial year 2022-23.
Takamol Holdings to establish training centers in Pakistan to providing skill labor to Saudi Arabia
Takamol to establish training centers in Pakistan to align worker skills with the requirements of the Saudi labor market.
UPaisa offers exciting weekly cash-back prizes
UPaisa has announced an exciting Lucky Draw Campaign set to award full cash back on Ufone 4G Super Cards to 100 UPaisa users every week from Nov. 20th to Dec 16th, 2023.
Tetra Pak Highlight Sustainable Development Goals initiatives at 26th Sustainable Expo 2023
Tetra Pak Pakistan, a front runner in sustainable food processing and packaging solutions, proudly participated in the 26th Sustainable Development Conference and Expo, held from November 19th to 20th in Islamabad. The annual flagship event, hosted by the Sustainable Development Policy Institute (SDPI), brought together thought leaders, policymakers, and industry experts to address pressing issues and pave the way for a more sustainable and resilient South Asia.
Emirates world’s first airline to operate A380 demonstration flight with 100% Sustainable Aviation Fuel
Emirates has become the world’s first airline to operate an A380 demonstration flight using 100% Sustainable Aviation Fuel (SAF). Today’s flight, proudly commanded by Captain Khalid Binsultan and Captain Philippe Lombet, took off from Dubai International Airport (DXB) with one of four engines powered on 100% SAF, helping demonstrate its potential as a drop-in replacement that matches jet fuel’s technical and chemical requirements, while being a more sustainable alternative. SAF can reduce carbon emissions by up to 85%* over the fuel’s life cycle when compared to conventional jet fuel.
Need to focus attract foreign Investment, instead of loans to strength economy: Nadeem Ul Haque
PIDE Vice Chancellor Nadeem Ul Haque speaking at the inaugural session of a 3-day Annual General Meeting and conference that the need for giving due attention to attracting foreign investment instead of getting loans to achieving sustainable growth of the national economy.
Japanese brands of car sale to drop by 50% in first four months of FY-23
The sale of cars during from July to October of the current financial year 2023-24 has dropped by 47.4 percent, During the four months sales 20,871 units of cars, data shared by Pakistan Automobile Manufacturing Association(PAMA).
Pakistan’s export boosted in four months to reach Rs.2.7 Billion
Pakistan’s over all exports from the country in the rupee term witnessed an increase of 29.96 percent during the first four months of the current fiscal year. Exports during July-October (2023-24) were recorded at Rs. 2,767,606 million, reported By Pakistan Bureau of Statistics.
Zindagi Trust, Meta join hands with PTA to promoting youth safety in digital spaces
This collaborative digital campaign will also include video messages from students who talk about safety tools like Privacy Check Up, Locked Profiles, Hidden Words, Supervision Tools, and managing false information.
Eastnets to host a conference on “Financial Crime in the Digital Age”
Eastnets, a global provider of compliance and payment solutions for the financial services sector, will host a conference on “Financial Crime in the Digital Age” on November 25 at the Pearl-Continental Hotel in Karachi.
TPL Maps Launches Reseller Program for Dynamic Collaborations
TPL Maps, a prominent leader in mapping and location-based services, is excited to introduce its Reseller Program, a strategic initiative designed to create compelling business opportunities for partners seeking to resell TPL Maps’ innovative mapping solutions.
Pakistan Textile exports decline by 6.3% in four months
Pakistan exported textile products worth $5,565.079 million during the first four months of the current financial year, The exports of the product however witnessed a decline of 6.33 percent during July-October.
Pakistan exported food products of $1.944 Billion from July to October
Pakistan’s Food group exports from the country during the first four months of the current financial year grew by 30.29 per cent. During the period from July-October, 2023 food commodities valuing $ 1.944 billion were exported.
FBR implemented new rules for Non-Filers to blocking of Sims, Electricity and gas connections
Federal Board of Revenue has established 145 District Tax Offices which will focus on bringing 1.5 to 2 million new taxpayers into the tax net till June, 2024.
Governor SBP highlights of next five year bank’s vision
Governor SBP highlighted that SBP Vision 2028 represents SBP’s commitment to foster price and financial stability and to contribute in a sustainable economic development of the country.
Spotify moderates a dynamic chat with leading artists at +92Disrupt
+92Disrupt, a national tech and innovation conference designed to offer startups a comprehensive launchpad and bring together visionaries as well as innovators, recently hosted a captivating panel moderated by Khan FM, Spotify’s Artists and Label Partnerships Manager for Pakistan, Sri Lanka and Bangladesh titled ‘Pakistani Tunes on the Global RADAR’. The star-studded lineup accompanying him during the discussion included prominent artists Natasha Baig, and Maria Unera, both EQUAL Ambassadors designated by Spotify as well as Taha G, the RADAR artist for the last quarter, and Faisal Kapadia, a legend who needs no introduction.
Economic instability halted the growth of LSM production
Large Scale Manufacturing Industries (LSMI) in the country showed a growth of 0.68 per cent during the first quarter of the current fiscal year.
ADB approve of $250 Million loan for KP, Punjab to Power and dispatch transmission line
The Asian Development Bank has approved $250 million in loans to help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces.
Australian cricket team expected to better perform in ICC Final
India and Australia have faced off in some of the most engaging contests in recent times and a new chapter to their rivalry will be added when they contest 50-over cricket’s ultimate glory in Sunday’s World Cup final in Ahmedabad.
Panama Canal drought to create American LNG more expensive
THE gap between liquefied natural gas (LNG) prices in Asia and Europe is increasing as tighter restrictions at the drought-stricken Panama Canal threaten to make journeys costlier from mainly US suppliers.
UAE based Emirates airline announces order for 15 Airbus A350-900s
DUBAI-BASED Emirates announced an order for 15 long-haul Airbus A350-900s, bringing to 110 the number of additional aircraft the company has ordered at this year’s Dubai Air Show. The deal is worth US$6 billion.
Spotify to use Google’s AI to tailor podcasts, audiobooks recommendations
Swedish streaming music app, Spotify expanded its partnership with Google Cloud to use large language models (LLMs) to help identify a user’s listening patterns across podcasts and audiobooks in order to suggest tailor-made recommendations.
Govt reduce prices of Petroleum products
The government reduced the petrol prices by Rs.2.04 per liter, bringing it down to Rs.281.34 from Rs.283.38. Government has decided to revise the prices of petroleum products for the fortnight starting 16 November 2023 as recommended by the Oil and Gas Regulatory Authority.
Cabinet approves levy of 40 % tax on banks’ windfall profit
The Federal Cabinet in its meeting chaired by Caretaker Prime Minister Anwaar-ul-Haq, accorded approval, upon the recommendation of Federal Board of Revenue, to impose 40 percent tax on windfall profit earned by banks on the foreign exchange transactions during the years 2021 and 2022.
Unity Foods CEO Highlights Agricultural Opportunities for Investors at The Future Summit
Unity Foods Limited, a leading agro-products company, is the Principal Sponsor of the 7th Edition of The Future Summit, a 2-day event that brings together leading experts and thought-leaders across sectors to deliberate on key issues and opportunities posed to Pakistan. The theme of this annual event this year is “The Big Picture.”
Serene Air set to launch flights between Karachi-Islamabad-Beijing
Serene Air, a Pakistani airline, is set to launch a new international route from Karachi to Islamabad to Beijing, starting on November 19. The route will operate twice a week.
Pakistan Pavilion inaugurated at the China Outbound Travel and Tourism Market
Pakistan Ambassador to China, Khalil Hashmi inaugurated the Pakistan Pavilion at the China Outbound Travel and Tourism Market (COTTM) Expo-2023.
SECP watch Insurance Premium projected growth 129% to1,221Billion by 2028
The Securities and Exchange Commission of Pakistan is all set to boost the premium for the insurance sector by around 129.8 per cent from existing Rs 533 billion to Rs. 1,221 billion in the next five years.
ASA Microfinance Bank Limited to commence its commercial operations nationwide
The State Bank of Pakistan has allowed ASA Microfinance Bank (Pakistan) Limited to commence microfinance lending business nationwide from November 13, 2023.
Conducive policies are key for sustainable growth of pharmaceutical industry: PPMA Chief
Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Mian Khalid Misbah ur Rehman while inaugurating the 20th Pharma Asia Exhibition and Conference organized by Ecommerce Gateway Pakistan.
Islamic finance ideally placed to help the country transition towards sustainable finance – Director SBP
The Institute of Business Management’s (IoBM) two-day International Conference on Islamic Banking and Finance (ICBIF) 2023 began today. Focusing on the theme of “Sustainable Development and Islamic Finance: Examining the Role of Islamic Financial Institutions in Promoting Sustainable Economic Growth…
TPL Trakker Pinkober campaign Awareness Barhao Jaan Bachao
TPL Trakker remains committed to “Awareness Barhao Jaan Bachao”, a slogan of positivity, contributing to the collective effort to create awareness about the fight against breast cancer.
China’s GACC allow to import of Pakistan’s Dairy Products in China
The General Administration of Customs of China (GACC) issued a bulletin recently regarding the inspection and quarantine requirements for imported Pakistani dairy products. The bulletin states that Pakistani dairy products that meet the requirements are now permitted to be imported to China as of November 6.
KCCI advised to identify exportable products for Kenyan Market
High Commissioner of Kenya Ms. Nyambura Kamau has requested Karachi Chamber of Commerce & Industry to submit its input at the Ministry of Commerce about exportable products which can be supplied by Karachi to Kenya so that the same could also be negotiated in the next Joint Trade Committee…
FPCCI has demand of reduces petroleum prices to Rs.20
Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the federal government should announce a reduction of 18 – 20 rupees per liter in the prices of petroleum products as international oil prices are showing a declining trend….
Mobilink Bank carries the day at Veon’s Ignite Awards held in Istanbul
Pakistan’s leading digital microfinance bank, Mobilink Bank, outperformed at Veon’s Ignite Awards held in Istanbul by winning in three of the most highly contested categories, including ‘Double-Digit Growth’, ‘Financial Services’, and ‘Diversity and Inclusion’
UPaisa launches Daily Cash Reward Program
UPaisa is offering an exciting Daily Cash Reward Program for its active customers on maintaining balance in their accounts. Starting from a minimum daily account balance of Rs.500 only
NUST goes up 3 places to stand at #64 in Asia
National University of Sciences and Technology (NUST) has ascended 3 positions to now stand at #64 among Asian universities as per QS Asia University Rankings 2024.
National Savings achieving of Rs.35 Billion investment in Islamic bonds to Q2
The Central Directorate of National Savings has secured Rs 35 billion in Islamic finance bonds in the mid of second quarter of the Current Fiscal Year 2023-24.
Emirates tapping big deal with Boeing for 777X
BOEING is closing in on a major order for its 777X wide-body model from Emirates, according to people familiar with discussions, in what would provide an important boost to a programme that’s years behind schedule….
SIM disowning charge apply on SIMs having less than six months
Cellular Mobile Operators in Pakistan and AJK & GB may levy a “SIM Disowning Charge” up to Rs.200 on SIMs having retention period of less than six months.
Workers’ remittances record $2.5 Billion
The overseas workers’ remittances recorded an inflow of US$2.5 billion during October 2023, the State Bank of Pakistan reported. During the month under review, remittances increased by 11.5 per cent on month on month basis and 9.06 per cent on year on year basis.
Karachi based SMEs demand of Subsidized electricity tariff: President FBATI
President Federal B Area Trade and Industry Syed Raza Hussain said the government should provide a subsidized electricity tariff to Small and Medium Sized Enterprises (SMEs) of the commercial capital Karachi to revive economic activity at an accelerated pace.
Ambassador Zamir Akram’s book explores a vision for security
The Institute of Business Management’s Global and Regional Studies Center (GRSC) in collaboration with the Center for International Strategic Studies Sindh (CISSS) hosted the launch of Ambassador Zamir Akram’s book, “The Security Imperative: Pakistan’s Nuclear Deterrence and Diplomacy” on November.
Emirates Celebrates a Decade of Success in Sialkot
Emirates, the world’s largest international airline and facilitator of vital trade links, is proud to announce a significant milestone in its history in Pakistan. This month, Emirates is celebrating its 10th anniversary of providing customers in Sialkot with passenger and cargo services.
Asan Mobile Accounts reached to 20 Million by 2024
Federal Minister for Finance and Revenue Dr Shamshad Akthar said that Pakistan had targeted to take the number of Asan Mobile Accounts from existing 8.5 million to 20 million by 2024.
IoBM hosts the International Conference on Business Management and Sustainability 2023
The Institute of Business Management recently hosted the two-day International Conference on Business Management and Sustainability (ICBMS). This first day of the event poised to be a pivotal gathering, attracting a diverse range of participants, including prominent government officials, experts from renowned educational institutions as well as senior corporate executives from leading companies in Pakistan.
Unity Foods and Pakistan Environment Trust together for to achieve Net Zero Emissions by 2050
Unity Foods Limited (UFL) and its affiliated companies have embarked on a transformative journey towards a more sustainable and environmentally responsible future. In a landmark initiative, UFL has teamed up with the Pakistan Environment Trust (PET) to commit to achieving Net Zero emissions by the year 2050, solidifying their dedication to combat climate change and reduce their carbon footprint.
SECP and FIA to collaboration for safeguards of digital financial system from cyber crime and fraud
The Securities and Exchange Commission of Pakistan and Federal Investigation Agency have signed a memorandum of understanding (MoU) to formalize mechanism for information sharing and cooperation between the both organizations.
Challenging Economic Conditions and Ray of Hope for Real Estate Sector of Pakistan
Business networking lunch held at Lakeshore Tower’s site at TOP City-1, a delegation of Islamabad Chamber of Commerce & Industry, business Community leaders and government officials discussed the opportunities & critical challenges for Real Estate industry and showed their resolve to collectively work to enhance the potential of Real Estate industry.
State Bank declared public holiday on 09 November
The State Bank of Pakistan announced public holiday on November on the occasion of Iqbal Day.
WHO & National Health Services to upgrade 464 hospitals for Universal Health Coverage
The WHO support for upgradation of the health facilities throughout the country will contribute to meeting the objective of Universal Health Coverage besides creating a better image of the government in the public for provision of decent health care services to them.
Pakistan exports to China rise by 26.42% in Q1 of FY 23-24
Pakistan’s export of goods and services to China witnessed an increase of 26.42 per cent during the first three months of the current fiscal year 23-24.
The Arab Monetary Fund & SBP Sign an MoU to Facilitate Cross-border Remittances
Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund (AMF), and H.E Mr. Jameel Ahmad, Governor of the State Bank of Pakistan, signed a Memorandum of Understanding (MoU) in Abu Dhabi. The MoU is signed to establish a framework of cooperation between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, and Raast, Pakistan’s Instant Payment System.
President directs FIO to ensure conflict of interest disclosure before selling insurance policies
President Dr Arif Alvi asked the Federal Insurance Ombudsman (FIO) to ensure that insurance companies disclosed the conflict of interest to the purchaser of the insurance policy before selling the policy as there had been instances of grave mis-selling of policies which required a serious re-look at product structure and front-loaded commission of the agents of insurance companies.
Globally food prices to down in October: FAO
THE United Nations food agency’s world price index fell in October to its lowest level in more than two years, driven by declines in sugar, cereals, vegetable oils and meat.
Government Commitment to Boost Business and Investment in Pakistan
The Honorable Secretary of BOI Muhammad Sohail Rajput addressed a gathering of esteemed CEOs and business leaders at the CEO Investment Summit organized by CEO Club Pakistan, underscoring the pivotal role played by the business community in the economic development of Pakistan.
Pakistan services exports Decline in FY 23-24
Pakistan earned foreign exchange worth $1,707 Million from exports of various services during the first quarter (Q1) of the current fiscal year (2023-24), Pakistan Bureau of Statistics (PBS) reported.
IMF appreciates Pakistan’s efforts to normalize situation: SBA Meeting
The International Monetary Fund Mission Chief, Nathan Porter appreciated the government’s commitment to meeting the first Quarter targets and commended its efforts and measures taken in some critical areas.
Mobilink Bank witnesses a 38% growth in lending to MSMEs
Mobilink Bank exhibited significant growth in the first three quarters of 2023, as evidenced by the Q3 financial statements. This milestone highlights the Bank’s dedication to supporting Micro, Small, and Medium-Sized Enterprises (MSMEs), supported by substantial deposit growth and improvements on multiple indicators.
Pakistan is the eighth most vulnerable nation to the climate crisis
Climate change is a global issue but in Pakistan’s case it is evident that climate change is happening now and not a phenomenon that only our future generations will experience, said Amir Paracha at the 2nd Pakistan Climate Conference.
SECP to establish online dashboard ‘ESG Sustain’
SECP establishing an online dashboard called ‘ESG Sustain’ that will be the premier national-level one-stop repository for all sustainability-related laws, regulations, capacity building, reports, and data covering all regulated sectors
Latest prices of Cars in Pakistan
Pakistan leading auto makers Toyota, Honda, Hyundai, KIA and Changhan are reduced prices of cars due to recent rupee appreciation against US Dollar. After falling of dollar Auto makers has decided to pass this benefit to their customers.
FBR record revenue collection of Rs.2,748 Billion in July-October 2023
FBR has collected Rs.2,748 Billion (2022: 2,159 Billion) against assigned target of Rs.2,682 Billion, thereby exceeding it by Rs.66 Billion. FBR has put in tremendous efforts to achieve revenue target for the month of October, 2023.
Government reduces prices of Kersosene oil and light diesel products
The government kept unchanged the prices of petrol and high speed diesel at Rs.283.38 per liter and Rs.303.18 per liter respectively for next fortnight.
Internet Governance Conference: Highlight of importance of Internet and 5G
The Internet Governance Conference, a pivotal event focusing on addressing pressing issues in Internet governance and resource allocation within the Asia-Pacific region.
Pakistan’s economic growth gain momentum: Economic Outlook Report
The economic indicators of first quarter of the current fiscal year (2023-24) show Pakistan’s economy had set the growth momentum and was yielding positive results owing to government’s stabilization measures, according to the finance ministry.
ECC approved raise gas tariff from November
The Economic Coordination Committee of the Cabinet approved revision of the natural gas sale pricing for different categories of consumers for the fiscal year 2023-24, with effective from November 1st, 2023.
Mobilink Bank to provide financial services to HRSG
Mobilink Bank signed a Memorandum of Understanding (MoU) with HRSG, a globally renowned service provider. This collaborative agreement strives to extend financial services to HRSG employees, showcasing the Bank’s dedication to improving the economic well-being of these individuals and supporting their financial aspirations.
Sports In Pakistan Presents Pinktober
Sports in Pakistan, a leading sports organization, is proud to announce its flagship event, Pinktober, in support of the battle against cancer. This remarkable initiative aims to raise funds for the renowned Shaukat Khanum Memorial Cancer Hospital, serving as a beacon of hope for those affected by cancer throughout Pakistan.
PTCL Group adopts Red Hat hybrid cloud solutions
PTCL Group (PTCL & Ufone 4G) announced today that it is leveraging Red Hat OpenShift, the industry’s leading hybrid cloud application platform powered by Kubernetes and Red Hat Application Foundations. These are a comprehensive set of components for developing and modernizing software to strengthen the Group’s digitalization ambitions.
State Bank decided to maintain the policy rate at 22%
Monetary Policy Committee decided to maintain the policy rate at 22 Percent. The Committee noted that headline inflation rose in September 2023 as expected. However, it is projected to decline in October and then maintain a downward trajectory, especially in the second half of the fiscal year.
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.
AUR Takes the Number 1 Spot on Spotify’s Daily Viral Songs
Spotify Pakistan has revealed another remarkable achievement for its Fresh Finds Pakistan artist as “Tu Hai Kahan” by AUR, an emerging R&B and hip-hop trio hailing from Karachi, has secured the number 1 position on the music streaming app’s Daily Viral Songs Global chart.
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.
Irish Dairy Delegation has keen to invest in Pakistan’s Dairy sector
Pakistan’s rising appeal as an investment destination, a prominent delegation from Ireland’s dairy sector recently met with representatives of the Islamabad Chamber of Commerce and Industry (ICCI) to explore potential avenues for investment in the nation’s dairy sector. This visit, accompanied by the Board of Investment of Pakistan, underscores the global recognition of Pakistan’s dairy potential.
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.”
PTCL collaboration with Nokia to transform its nationwide optical ultra-long-haul network
PTCL Group, a leading telecommunications service provider in Pakistan, has announced its collaboration with Nokia to transform its nationwide optical ultra long-haul network to deliver an astounding 15 Terabits per second (15T) capacity, setting a new benchmark for network scalability and performance in Pakistan.
Chinese company TGOOD and the REC Group of Pakistan sign MoU to establish EV charging stations across Pakistan
A leading Chinese company TGOOD and the REC Group of Pakistan signed a memorandum of understanding in Beijing aimed at promoting environmentally friendly electric vehicles (EVs) in Pakistan.
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.
Spotify launches RADAR Fest featuring Maanu at 5 Iconic Global Locations
Spotify has elevated last quarter’s RADAR artist Maanu onto the global stage by featuring him not only at the digital billboard of Times Square, New York City, but also on four other iconic global locations, including Penn Plaza, New York, The Reef, Los Angeles, Leicester Square, London, and Cardiff, Wales as part of RADAR’s global creative approach.
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.
Pakistan’s Rice exports decline by 164,525 MT in FY-23
Over the past three months, the Basmati rice exports registered a growth of 20.48 per cent as 134,839 metric tons of Basmati rice, valued at $131.611 million.
Mobilink Bank signed a strategic partnership with BMA Capital
Mobilink Bank has signed a strategic partnership with BMA Capital Management Limited, one of the oldest and top financial groups in Pakistan, welcoming the company as a ‘Brand Ambassador Organization’ to help diversify revenue streams and boost business bottom lines for both organizations. Mobilink Bank aims to enhance customer journeys through this partnership and help enable sustainable business growth.
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.
Furniture Exporters Association delegation seeks KCCI’s help in dealing with rising raids by customs
Members of a delegation from All Pakistan Furniture Exporters Association (APFEA), while expressing deep concerns over rising number of raids being conducted by customs authorities, stated that the upsurge in customs raids at the furniture markets of the city including the most recent one in Nursery Furniture Market, were terribly tarnishing the reputation and integrity of legitimate shopkeepers who have to be saved from unbridled harassment by customs authorities.
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.
PTCL customers now can enjoy better experience of EVAM’s cuting-edge technology
PTCL Group will be introducing new customer experiences and products with support from Evam’s next-gen real-time engine. This cutting-edge technology will ensure seamless experiences across all digital and telco touchpoints.
ECC approve to increase gas tariff for all consumers from November
ECC approved revision of gas pricing, and also immediate orders to import of 200,000 MT of Urea Fertilizer and One Million tons of milling wheat for FY-2023-24.
SBP forecast GDP growth FY 23-24 around 2 to 3 Percent
he State Bank of Pakistan said that Pakistan’s economic situation started to show some early signs of improvement and real GDP growth is expected to remain in the range of 2-3% while inflation may subside to 20 to 22% in FY24.
SBP introduces new measures to facilitate IT Exporters and Freelancers
To facilitate the IT exporters to boost the exports of IT and IT enabled services, SBP has increased the permissible retention limit of IT exporters from 35% to 50% of their export proceeds in the Exporters’ Specialized Foreign Currency Accounts (ESFCAs).
Salman Khan Named New COO of Rewterz
Rewterz, a prominent cyber security company, proudly announces the appointment of Salman Khan as its new COO. With over 25 years of global technology leadership experience and a proven track record in managing international teams, Khan’s appointment ushers in a new era of growth and innovation for Rewterz, fueled by the strategic partnership with AshreiTech.
Mr. Saleem Khan Tanoli congratulated the Government of Pakistan on renewal of GSP Plus
Mr. Saleem Khan Tanoli, Vice President – Asia Advertisement Association (AAA) and Former Sr. Vice President – German Pakistan Chamber of Commerce & Industry (GPCCI) congratulated the Government of Pakistan following the announcement that the European Union (EU) had officially extended Pakistan’s Generalized Scheme of Preferences Plus (GSP Plus) status for an additional four years, ensuring its continuation until 2027.
25 PIA flights cancelled as airline’s financial crunch
As many as 25 Pakistan International Airlines (PIA) domestic flights were cancelled on Sunday as the airline’s financial crisis aggravates further. As many as 16 flights of the airline heading to different destinations from Karachi could not take off.
Locally-produced medical devices to ensure affordable treatment:Dr Shahid Noor
Healthcare experts urged for the government support and collaboration of stakeholders to develop the local medical devices and equipment sector in the country to meet the local demand of hospitals and medical units.
Mohamed Essa Al Taheri appointed as new President & CEO of UBank
PTCL Group, the largest ICT services provider in Pakistan, is pleased to announce the appointment of Mr. Mohamed Essa Al Taheri as the new acting President and CEO of U Microfinance Bank.
7th BUILD PAKISTAN Mega Exhibition Inaugurated in Lahore
Pakistan’s leading Building and Construction Industry Exhibition – 7th Edition of BUILD PAKISTAN organized by Fakt Exhibitions (Pvt.) Ltd. opened its doors on 20th October 2023 at Expo Centre, Lahore.
Turkiye’s investors interested to invest in Mining, Pharma sectors and SEZs
Turkish Ambassador Mehmet Pacaci said that Turkish investors have shown keen interest in making substantial investments in Pakistan, especially in mining, equipment manufacturing, paper products, pharmaceutical sector and special economic zones.
Nadra, sharing data with FBR to increase taxpayers
Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana held a meeting with Chairman National Database and Registration Authority (NADRA) Lieutenant General Muhammad Munir Afsar at FBR Headquarters.
Digital Health highlighted various efforts of the private sector
The 20th edition of Health Asia has commenced hosting various seminars on critical health issues to discuss the way forward to bring modern practices of healthcare treatment across the country through high-tech infrastructure and innovative technologies at Karachi Expo Center.
PSX Crosses 50,000 index after six years
The three top-trading companies were K-Electric Ltd with 83,163,817 shares at Rs.3.37 per share, Pak Refinery with 37,666,822 shares at Rs.17.47 per share and WorldCall Telecom with 25,884,545 shares at Rs1.28 per share.
Ufone 4G introduces VoLTE for HD voice & video calling
Ufone 4G’s VoLTE service aims to cater to the increasing demand for HD voice and video calls by redefining the way its customers communicate with their loved ones across the country and overseas. The initiative mirrors Ufone 4G’s relentless commitment to fostering digital innovation and customer satisfaction.
Spotify Smart Shuffle offers a new way to experience your favorite playlists
Smart Shuffle offers a new way to experience your favorite playlists. It intelligently reshuffles tracks and seamlessly introduces brand-new recommendations that harmonize with the playlist’s original mood, breathing new life into your carefully curated collections. This innovative feature not only enhances your favorite playlists but also adds a fresh dimension to your ‘Liked Songs’ playlist.
Pakistan IT exports reaches $448 Million in July-August
Pakistan earned US $448.971 million by providing different Information Technology (IT) services in various countries during the first two months of the current fiscal year.
China Oil expressed keen interest to invest in agriculture sector of Pakistan: PM
Caretaker Prime Minister Anwaar-ul-Haq Kakar said that the government was taking measures to uplift the agriculture sector as well as the processing and exports.
PRL and United Energy Group of China sign MoU to enhance capacity of Petroleum products
The United Energy Group of China and Pakistan Refinery Limited signed a Memorandum of Understanding for the investment worth $1.5 billion in the petroleum sector.
Friesland Campina Engro Pakistan achieves strong 40% growth in nine months
Friesland Campina Engro Pakistan Limited (FCEPL) announced its financial results for Q3, 2023, revealing strong top-line growth of 40% despite the challenging operating environment and economic slowdown.
PTCL Group double digit growth in FY-23
PTCL Group’s revenue of Rs 139.6 billion in 2023 is 26.3% higher as compared to the same period of last year.
Business Community appreciates Army Chief’s role in Economic stabilization
Mr. Irfan Iqbal Sheikh, President FPCCI, said that the business community of Pakistan appreciates the effective, timely and crucial role played by the Army Chief in swiftly reducing economic uncertainty; bringing back stability and fostering positive sentiment in the country.
Pakistan and UAE expand cooperation in AI, IT and digital economy
Pakistan and the United Arab Emirates agreed to expand bilateral cooperation in Information Technology specifically in Artificial Intelligence and Digital Economy.
Conventional banking being shifted to Islamic mode: State Bank
Additional Director State Bank of Pakistan (SBP). Dr Mohammad Salim has said that under a ruling of the Federal Shariat Court, conventional banking in the country was being shifted into Islamic banking system to get the people rid of interest-based banking.
Carrefour Pakistan Celebrates its 12th Anniversary with Customers in a Grand Way
Customers will be able to win gold coins, return tickets to Turkey, a Toyota Yaris, motorcycles, and many other prizes as part of the celebration 50 per cent discount on selected products Special offers will be valid from 28 October to 10 November Carrefour, owned and operated by Majid Al Futtaim in Pakistan, is celebrating its…
IMF, Pakistan reach staff-level agreement on $1.2bn disbursement
Pakistan and the International Monetary Fund (IMF) reached a Staff-Level Agreement (SLA) on the fourth review of the 37-month Extended Fund Facility (EFF) and the third review of the 28-month Resilience and Sustainability Facility (RSF), paving the way for Pakistan to access about $1.2 billion from the Fund’s resources.
SECP Introduces Passive Equity Sub-Fund Under Voluntary Pension Scheme
SECP has introduced a Passive Equity Sub-Fund under the Voluntary Pension Scheme (VPS) framework.
BYD Shark 6 Marks One Year in Pakistan with Exclusive Anniversary Edition Variant
Mega Motor Company (MMC), the official partner of BYD in Pakistan, recently marked one year of the BYD Shark 6 in Pakistan with an exclusive anniversary edition colour, “Outback Orange.”
PAFLA and HBL to empower freelancers in Pakistan
Pakistan Freelancers Association (PAFLA) and Habib Bank Limited (HBL) have signed a Memorandum of Understanding (MoU) to empower freelancers across the country, with the enhanced banking services and the strengthening of the freelancing ecosystem in the country.
Formal Banking Retail Payments Surge 58% in FY26
The State Bank of Pakistan (SBP) released its Annual Report on Payment Systems FY26, informing that retail payments through formal banking channels grew 58% to reach 14.3 billion transactions, of which 13.2 billion were conducted through digital channels.
Fatima Fertilizer Secures Top Position at UN GCNP Sustainability Awards 2026
Fatima Fertilizer Company Limited has secured 1st Position in the Human Rights category at the (GCNP) Sustainability Awards 2026.
SBP to Introduce Express Clearing System for Faster Cheque Processing
The State Bank of Pakistan announced the launch of Pakistan Express Clearing System (PECS) for reinforcing the digital payments ecosystem and enhancing the efficiency of the existing cheque clearing and settlements mechanism. The new system will be based on the concept of cheque truncation under which cheques will be cleared on the basis of images…
SECP Directs Companies to Hold AGMs by October 28
SECP advised companies whose financial year ended on June 30, 2026, to hold their Annual General Meeting (AGM) by October 28, 2026.
LUMS calls for trauma-informed approach to improve student well-being
LUMS (SOE), in collaboration with the Ali Institute of Education, hosted the seminar “Recognizing and Supporting Students’ Mental Health: Trauma-informed Approaches as a Whole-School Framework.
Al-Ghazi Tractors Champions Smarter Mechanization as Platinum Sponsor of Pakistan Agriculture Coalition’s Agri-Connections Conference & Expo 2026
CEO Yasin Seker sets out a practical, farmer-led roadmap for bringing modern agricultural technology to Pakistan’s fields Al-Ghazi Tractors Limited (AGTL), one of Pakistan’s leading agricultural machinery manufacturers, served as Platinum Sponsor of the Pakistan Agricultural Coalition’s (PAC) Agri-Connections Conference & Expo 2026, using the platform to make the case that Pakistan’s next leap in…
SECP Updates REIT Regulations to Make Real Estate Investment More Accessible
SECP is revamping the regulatory framework for Real Estate Investment Trusts to make REIT structures more accessible, commercially feasible and investable.
PTML partners with myco to bring exclusive EPL discounts to Ufone and Telenor customers
Under the three-month promotional offer, Ufone and Telenor customers will receive an exclusive 55% discount on all myco EPL packages during the first month.