Browsing: Business

Pakistan awaits potential relief at the pump as OGRA considers a significant reduction in petrol and diesel prices, driven by the global dip in oil prices. The anticipated announcement on December 1st could bring economic respite for consumers amid international market fluctuations.

The Pakistan Stock Exchange soared to a new pinnacle, surpassing 60,000 points with a 1.37% surge in the KSE-100 index, marking a remarkable 50% gain in 2023. CEO Mohammed Sohail attributed the rapid rise to the market’s low valuation, stating that such a recovery was expected with a PE of 3-4.

Abu Dhabi’s Nation Trust Holdings is set to invest AED 30 million in Pakistan, partnering with Kohinoor Spinning Mills to establish a mineral-based business, starting with Bauxite processing. The collaboration marks a significant move to tap into Pakistan’s mineral resources and boost the country’s mining sector.

Caretaker Prime Minister Anwaar-ul-Haq Kakar and UAE President Sheikh Mohamed bin Zayed Al Nahyan signed MoUs for multi-billion dollar investments, marking a historic milestone in Pak-UAE economic partnership and reinforcing their deep-rooted fraternal ties.

Islamabad is set to introduce a state-of-the-art electric bus service with 30 buses arriving from China next month, forming part of the Capital Development Authority’s plan to import a total of 160 electric buses. The service, scheduled to launch soon, will operate on 13 routes, marking a significant step in enhancing the city’s public transportation infrastructure.

Digitt+, the agri-fintech company, celebrates securing full commercial approval from the State Bank of Pakistan, gearing up to launch its app and transform financial services in the country with a focus on inclusivity and innovative solutions. CEO Ahmed Saleemi emphasizes their commitment to accessibility and efficiency in the fintech industry.

Caretaker Prime Minister Anwaar-ul-Haq Kakar is slated to inaugurate the $6.7 billion ML-1 project in February before the upcoming general elections, connecting major cities with new railway tracks. The revised plan is set for approval in January.

Habib Bank Limited (HBL) has officially endorsed the United Nations Women Empowerment Principles (WEPs), a comprehensive framework developed by UN Women and the UN Global Compact comprising seven principles. Aligned with HBL’s diversity agenda and commitment to fostering a more inclusive workforce, this initiative guides businesses on advancing gender equality and women’s empowerment across the workplace, marketplace, and community.

HBL views diversity as a fundamental growth pillar and actively integrates women into its workforce. The WEPs serve as a crucial mechanism for corporations to address gender equality aspects of the 2030 agenda and the United Nations Sustainable Development Goals.

Muhammad Aurangzeb, President & CEO of HBL, emphasized the bank’s belief in the indispensability of gender equality for sustainable economic development. Aurangzeb expressed pride in HBL becoming a signatory to the WEPs, highlighting diversity, equity, and inclusion (DEI) as foundational to the bank’s growth and business outcomes. He underscored the value of DEI in cultivating a broader range of perspectives and experiences, contributing to better decision-making and an enhanced work environment.

Aurangzeb emphasized HBL’s commitment to DEI, noting the bank’s recognition as the “Most Inclusive Organization of 2022” and its multiple awards across 15 categories for Global Diversity, Equity & Inclusion Benchmarks (GDEIB). He expressed anticipation for collaboration with WEPs to make meaningful contributions to global gender equality advancement.

Russia and Pakistan are joining forces to reinstate direct flights, a move expected to fortify ties and enhance trade. Pakistani Ambassador to Russia, Muhammad Khalid Jamal, highlights the significance of this initiative in fostering closer people-to-people connections and improving economic interactions between the two nations.

Topline Securities foresees a notable decline in Pakistan’s inflation from January 2024, projecting an average Consumer Price Index (CPI) of 18.5% over the next year. The firm also predicts a significant 7% reduction in the State Bank of Pakistan’s key interest rate by December 2024, down from the current 22%.