Category: Business

KARACHI, Dec 07 (APP):Advisor to the Prime Minister on Commerce Abdul Razzak Dawood chaired a meeting to discuss the progress on issues relating to EXPO 2020 and way forward on Pakistan’s participation in EXPO 2020 at Trade Development Authority of Pakistan (TDAP) here. Abdul Razzak Dawood welcomed the participants and received updates on the progress… Continue reading Razak Dawood chairs meeting on Dubai Expo 2020

KARACHI, Dec 06 (APP):Moody’s Investors Service on Friday affirmed B3 long-term local currency deposit ratings of National Bank of Pakistan (NBP) and upgraded the outlook from negative to stable. The rating action follows Moody’s decision on December 2 to affirm B3 rating for the Government of Pakistan and changed the outlook on the sovereign rating… Continue reading Moody’s affirms B3 ratings to NBP, changes outlook to stable

RAWALPINDI, Dec 06 (APP):The 3rd Pakistan-United Kingdom (UK) Trade and Investment Conference, organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) will begin in Birmingham on December 10. RCCI President Saboor Malik while providing details of the event here on Friday said arrangements of the conference have been finalized. He said the main target… Continue reading RCCI organizing Pak-UK Trade, Investment Conference on Dec 10, in Birmingham

ISLAMABAD, Dec 6 (APP):The Ministry of Planning Development and Reforms has so fare given the authorization to release Rs 5.762 billion for various agriculture sector development projects under its Public Sector Development Program (PSDP) for the financial year 2019-20 as against the total allocation of Rs 12.047 billion. Meanwhile, the authorities concerned had also given… Continue reading Govt releases Rs 5.762 billion for development projects of agriculture sector

ISLAMABAD, Dec 6 (APP):The Asian Development Bank (ADB) approved on Friday $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy besides approving $300 million to support energy sector reforms. The quick dispersing Special Policy-Based Loan is part of a comprehensive multidonor economic reform… Continue reading ADB approves $1.3 bn for Pakistan’s budget support, energy sector reforms

ISLAMABAD, Dec 5 (APP):The Foreign exchange reserve held by the State Bank of Pakistan increased by US $ 431 million to US$ 9,112.9 million during the week ending on November 29, 2019, State Bank of Pakistan (SBP) reported Thursday. The total liquid foreign reserves held by the country stood at US$15,993.2 million. According the break-up… Continue reading SBP reserves up by $ 431 mln

ISLAMABAD, Dec 5 (APP):Moody’s Investors Service (“Moody’s”) has affirmed the B3 long-term local currency deposit ratings of five Pakistani banks and changed the outlook to stable from negative. The banks banks include Allied Bank Limited (ABL), Habib Bank Limited HBL), Muslim Commercial Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Limited (UBL).… Continue reading Moody’s changes outlook to stable on five Pakistani banks, affirms ratings

ISLAMABAD, Dec 5 (APP):Wheat exports during first four months of current financial year reduced by 88.10% as compared the wheat exports of the corresponding period of last year. About 48,081 metric tons of wheat valuing $11.442 million exported during the period from July-October, 2019 as against 456,689 metric tons worth $96.121 million of same period… Continue reading Wheat exports reduces 88.10% in four months,

KARACHI, Dec 05 (APP):State Bank of Pakistan (SBP) on Thursday injected Rs 308.8 billion into money market for eight days as reverse repo purchase through its open market operation. Six bids of Rs 334.8 billion were offered, of which 4 of Rs 308.8 billion were accepted. The rate of return accepted is 13.31 percent per… Continue reading SBP injects Rs 308.8 bn into market

ISLAMABAD, Dec 5 (APP):Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh met a group of leading businessmen representing various export sectors contributing nearly US $ 2 billion exports, to discuss and review progress on the issues pertaining to payment of Sales Tax refunds to exporters. According to press statement issued… Continue reading Hafeez Shaikh reviews progress on Sales Tax refunds payment to exporters

ISLAMABAD, Dec 04 (APP):A delegation of Multi Motive Creation People (MMC People) of South Korea led by Yoohee Jong CEO and Kim Je Jong Advisor visited Islamabad Chamber of Commerce and Industry. The delegation informed that they were working to bring leading South Korean companies to Pakistan for exploring JVs and investment. Shaukat Ali Mukadam, former… Continue reading Korean companies keen to set up JV with local companies

ISLAMABAD, Dec 3 (APP):The Securities and Exchange Commission of Pakistan (SECP) has issued revised and more elaborative Anti Money Laundering and Counter Financial Terrorism (AML/CFT) Guidelines for Non-Profit Organizations (NPOs). The new guidelines explicitly highlights the consequences of money laundering, terrorist financing, predicate crimes and other abuses on the NPO sector,said a statement issued by… Continue reading SECP issues revises AML/CFT guidelines for NPOs

ISLAMABAD, Dec 03 (APP):Pakistan had ambitious plans for increasing its olive production and it had the potential to take over Spain as the biggest producer of olives in the years to come Under a project in Chakwal, the agriculture department of Punjab had almost planted more than one million trees on an area of 3200… Continue reading Pakistan pursuing ambitious plan to increase olive production

ISLAMABAD, Dec 2 (APP):The its Board of Governors of Asian Development Bank (ADB) has unanimously elected Masatsugu Asakawa as new President of the Bank. Mr. Asakawa, 61, currently Special Advisor to Japan’s Prime Minister and Minister of Finance, will assume office as ADB’s 10th President on 17 January 2020. He will succeed Takehiko Nakao, who… Continue reading Masatsugu Asakawa elected ADB president

KARACHI, Dec 02 (APP):A delegation comprising of 45 Chinese Officials visited National Bank of Pakistan and signed a strategic cooperation agreement for provision of banking facilities by NBP to IGEA members. The delegation was headed by Sha Zukhang, former deputy secretary-general of United Nations, president of Pakistan Friendship Association of China and Honorary Chairman of… Continue reading Chinese delegation visits NBP

ISLAMABAD, Dec 2 (APP):The Transport group imports during first four months of current financial year reduced by 32.02 per cent as compared the corresponding period of the last year. According to Pakistan Bureau of Statistics (PBS), the transport group imports came down from US $791,157 million in first four months of last financial year to… Continue reading Transport group imports reduced by 32.02 percent in first quarter

ISLAMABAD, Dec 01 (APP):Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Sunday said that strong rally in stock market showed increasing investor confidence on stabilization measures taken by the government. He said the KSE-100 index had shown tremendous performance during November showing a positive change of 14.9%. In his tweet,… Continue reading Strong rally in stock market shows investor’s confidence on gov’t: Hafeez

ISLAMABAD, Dec 01 (APP):The government has decided to separate gas transmission pipelines from the distribution network under its Ease-Of-Doing-Business (EODB) policy aimed at creating an environment of competition among public and private sector companies. “Major restructuring on the pipelines side by converting them into ‘open access pipes’ is in the offing, as during the next… Continue reading Govt. intends to separate gas transmission pipelines from distribution network

ISLAMABAD, Nov 30 (APP):The cutlery exports from the country witnessed an increase of 9.32 percent during the first four months of current financial year (2019-20) as against the exports of corresponding period of last year (2018-19). Pakistan exported cutlery worth $31.530 million during July-October (2019-20) against the exports of $28.842 million during July-October (2018-19), showing… Continue reading Cutlery exports increase 9% touching $31 million