Author: Faiza Liaquat
The recent trend in the exchange rate between the US Dollar and the Pakistani Rupee has witnessed a significant shift. For the past three months, the Dollar had maintained a higher value against the Rupee. However, a noteworthy change occurred on Wednesday morning in the interbank market when the US Dollar dropped by 86 paisas, bringing its value to Rs279.65. This is the first time in three months that the Dollar has fallen below the Rs280 threshold in the interbank market. Similarly, in the open market, the US Dollar also saw a substantial decline, falling below the Rs280 mark and…
The Pakistan Stock Exchange has revealed the highly anticipated roster of recipients for the Top 25 Companies Awards of 2022. These awards recognize companies that have displayed exceptional financial and managerial performance. The list includes: These prestigious PSX Top 25 Companies Awards have been a tradition since 1978, recognizing exceptional companies listed on the Stock Exchange. The criteria for these awards include a minimum dividend distribution of 30 percent and the condition that the company’s shares must have been traded on at least 75 percent of all trading days in one year. The primary stock exchange evaluates listed firms based…
After Pakistan’s impressive six-wicket victory over Sri Lanka in an ICC World Cup match in Hyderabad, star batsman Mohammad Rizwan dedicated his remarkable 131-run score to the besieged Palestinians in Gaza, who have been enduring indiscriminate Israeli strikes. The Pakistani team successfully chased down a record target of 345 in 48.2 overs, with Rizwan and opener Abdullah Shafique (113) playing pivotal roles in achieving this feat with 10 balls to spare. Rizwan expressed his support for Gaza on social media, giving credit to his teammates and showing gratitude to the Indian fans for their hospitality and support in Hyderabad.
A white paper released by China’s State Council Information Office on October 10, titled “The Belt and Road Initiative: A Key Pillar of the Global Community of Shared Future,” highlights the significant achievements of the Belt and Road Initiative (BRI) over the past decade. The BRI has delivered tangible benefits to participating nations, serving as a welcomed public good and cooperation platform. The paper emphasizes the international community’s positive reception of the initiative and its substantial outcomes. The white paper sheds light on China-Pakistan cooperation in various sectors during this period, such as policy coordination, infrastructure development, trade, financial integration,…
Pakistan’s cricket captain, Babar Azam, is not only celebrated for his exceptional batting prowess but also for his benevolent and friendly demeanor. His fan base extends across borders, valuing him for not just his cricketing skills but also for his amicable personality and philanthropy. In a recent heartwarming act, the captain of the Green Shirts endeared himself even further to fans and netizens worldwide, earning the title of a “king” from many. During a visit to the Rajiv Gandhi International Cricket Stadium in Hyderabad, the world’s top-ranked ODI batsman presented his jersey as a gift to the ground staff. This…
After the successful launch of the Honda CG 125S Gold, the renowned Japanese motorcycle manufacturer, Atlas Honda, has unveiled an exciting development bound to thrill motorcycle enthusiasts nationwide. In a recent social media announcement, Atlas Honda introduced an enticing 6-month installment plan with ‘0% markup’ in collaboration with Alfa Mall. The response from the audience has been overwhelmingly positive, with the post proudly proclaiming, “You can now acquire your very own Honda CG125S Gold Motorcycle from Alfa Mall with 0% markup for 6 months.” This offer presents a fantastic opportunity for motorcycle enthusiasts who have set their sights on the…
The United Arab Emirates (UAE) government is planning a substantial $200 million investment in Pakistan’s cloud services development. Additionally, Pakistan foresees over $1 billion in investments in its Information and Telecom Sector. These investment initiatives encompass the creation of four data centers with backup facilities, offering public cloud services for government entities such as the National Telecommunication Corporation (NTC), the National Database and Registration Authority (NADRA), and the Federal Board of Revenue (FBR). Private cloud services will cater to sectors like banking, telecommunications, educational institutions, and small and medium-sized enterprises (SMEs). The plan also includes an air-gapped tri-services cloud and…
Stringent measures against illegal currency trading and smuggling have yielded a remarkable $900 million surplus in the open market, which has been subsequently deposited in banks. Zafar Paracha, the General Secretary of the Exchange Companies Association of Pakistan (ECAP), reported that approximately $800-900 million found its way into banks following the crackdown that began in September 2023. This crackdown has significantly boosted the daily average trading volume of exchange companies, increasing it from a range of $5-$7 million to a substantial $50 million. Paracha noted that dealers are now selling up to $40 million per day to banks, and remittances…
Pakistan retained their T20 Wheelchair Asia Cup championship by securing a resounding victory of 103 runs against Sri Lanka in a one-sided match. The crucial game took place in Kathmandu, Nepal, where Pakistan won the toss and opted to bat first. Pakistan’s opening batsmen made a powerful start, amassing a total of 215 runs while losing 5 wickets. In contrast, Sri Lanka’s batting performance proved inadequate, with all their players being dismissed for 113 runs in 17.2 overs while attempting to chase down a target of 216 runs.
Attock Petroleum Limited (APL) has reported a profit after tax (PAT) of Rs. 5.26 billion in the first quarter of the financial year 2023-24 (1QFY24), marking a 23 percent increase compared to Rs. 4.29 billion in 1QFY23. This growth was attributed to the imposition of additional super tax in the previous quarter (4QFY23) on the profit before tax for FY23. In terms of net sales, 1QFY24 saw a 10 percent YoY increase, reaching Rs. 136.4 billion. This increase was driven by higher average retail prices of petroleum products and a 2 percent increase in MS (Motor Spirit) and a 3…