Oct 28

Facebook changes name to Meta

Facebook at its annual developer conference announced to change the name to Meta. The company said it would better “encompass” what it does, as it broadens its reach beyond social media into areas like virtual reality. According to BBC, the company, which announced the change at its annual developer conference, said it would better “encompass” […]

by Mrs. Anjum Shahnawaz

Oct 28

Stock & Commodity

Brokers’ JTT causes disconnections, slow speed: PSX

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday defended its new trading system and said that Jade Trading Terminal (JTT), which was developed on demand of stockbrokers, is causing problems of disconnections and slow speed. In a statement, the PSX said that it had made the changeover to the new trading system on Monday, October […]

by Mrs. Anjum Shahnawaz

SCBL posts 17% decline in net profit during nine months

Oct 28

Corporate, Money & Banking, Top stories

SCBL posts 17% decline in net profit during nine months

KARACHI: Standard Chartered Bank (Pakistan) Limited (SCBL) on Thursday announced a 17 per cent decline in profit after tax for the nine months period ended September 30, 2021. The bank declared Rs9.91 billion as profit after tax during January – September 2021 as compared with Rs11.91 billion in the corresponding period of the last year. […]

by Mrs. Anjum Shahnawaz

Oct 28

Corporate

Lucky Cement wins corporate excellence award

KARACHI: Lucky Cement Limited has won the Management Association of Pakistan’s Corporate Excellence Award in the Cement Sector category. Noman Hasan, Executive Director of Lucky Cement Limited received the award at the 36th MAP Annual Corporate Excellence Award Ceremony held at a local hotel yesterday. The Corporate Excellence Awards was instituted by MAP in 1982 […]

by Mrs. Anjum Shahnawaz

Pakistan’s forex reserves fall to $23.934 billion

Oct 28

Finance, Top stories

Pakistan’s forex reserves fall to $23.934 billion

KARACHI: The liquid foreign exchange reserves of Pakistan have declined by $393 million on weekly basis, according to statistics released by the State Bank of Pakistan (SBP) on Thursday. The foreign exchange reserves of the country declined to $23.934 billion by the week ended October 22, 2021, as compared with $24.327 billion a week ago. […]

by Faisal Shahnawaz

KSE-100 index gains 199 points amid thin volumes

Oct 28

Stock & Commodity

KSE-100 index gains 199 points amid thin volumes

The Pakistan Stock Exchange (PSX) experienced a positive uptick on Thursday as the benchmark KSE-100 index gained 199 points, closing at 45,991 points from the previous day’s closing at 45,792 points.

by Faisal Shahnawaz

KCCI urges SBP to restore PKR at Rs150 to dollar

Oct 28

Money & Banking, Trade & Industry

KCCI urges SBP to restore PKR at Rs150 to dollar

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has sought State Bank of Pakistan (SBP) intervention to reverse back the Pak Rupee (PKR) to Rs150 against the dollar. Chairman Businessmen Group (BMG) and Former President KCCI Zubair Motiwala in a statement issued on Thursday expressed deep concerns over the continuous devaluation of Pakistani rupees against […]

by Hamza Shahnawaz

LEAs to get cash reward under Customs Rules

Oct 28

National, Pakistan Customs, Top stories

LEAs to get cash reward under Customs Rules

ISLAMABAD: Federal Board of Revenue (FBR) will give cash rewards to law enforcement agencies (LEAs) for recovery and confiscation of smuggled or non-duty paid goods under Customs laws. The FBR issued SRO 1398(I)/2021 dated October 20, 2021, and proposed to include law enforcement agencies (LEAs) in Customs Reward Rules, 2021. According to the draft amendment, […]

by Faisal Shahnawaz

KE’s profit up by 161% on high tariff adjustment

Oct 28

Corporate, Energy, Top stories

KE’s profit up by 161% on high tariff adjustment

KARACHI: K-Electric Limited (KE), the power generating and supply company, on Thursday announced massive 161 per cent growth in net profit for quarter ended September 30, 2021, mainly surge in revenue in the shape of tariff adjustment. The profit after tax of the KE grew by 161 per cent to Rs2.9 billion for the quarter […]

by Faisal Shahnawaz

Oct 28

Money & Banking

Dollar slides to Rs172.26 in interbank

KARACHI: The dollar continued to slide against Pak Rupee (PKR) on Thursday following an announcement of Saudi Arabia to support Pakistan in its balance of payment. The rupee ended Rs172.26 to the dollar from the previous day’s closing of Rs172.78 in the interbank foreign exchange market. The Saudi government on October 26, 2021 announced to […]

by Faisal Shahnawaz