ISLAMABAD: President of Pakistan Dr. Arif Alvi and Prime Minister Imran Khan on Sunday congratulated the Pakistan cricket team for a comprehensive 10-wicket victory against India in T20 World Cup.
In a tweet the Prime Minister said, “Congratulations to the Pakistan Team & esp [especially] to Babar Azam who led from the front, as well as to the brilliant performances of Rizwan & Shaheen Afridi. The nation is proud of you all.”
Congratulations to the Pakistan Team & esp to Babar Azam who led from the front, as well as to the brilliant performances of Rizwan & Shaheen Afridi. The nation is proud of you all. pic.twitter.com/ygoOVTu37l
President of Pakistan Dr. Arif Alvi in his tweet congratulated the team with words: “Tremendous batting by Mohammad Rizwan and Babar Azam. What a pleasure to see total dominance. Going towards a good ending.”
شاباش گرین شرٹس۔ مکمل صفایا۔ دس وکٹوں سے میچ جیت لیا۔ ہمیں آپ پر فخر ہے۔ ایک اچھا میچ تھا مزا آگیا۔ پاکستنیوں آپ سب کو مبارک ہو۔ pic.twitter.com/sJVgINW4FU
Earlier, Pakistan smashed the Indian cricket team with a 10 wicket win; their first-ever win in ICC Men’s T20 World Cup against India.
Jubilant cricket lovers danced to the tune of music and the slogans of Pakistan reverberated across the country and abroad; wherever the Pakistanis reside.
Pakistani skipper Babar Azam and Mohammad Rizwan hit unbeaten half-centuries and successfully chased target of 152 runs set by India.
The Pakistani openers remained in control of the match throughout their innings and achieved a resounding victory ending the domination of India against Pakistan in the T20 World Cup matches.
Messages of felicitations poured in from the President of Pakistan, Prime Minister, ministers, and Pakistani crickets fans.
“The business, industry and trade community of Pakistan demands a better, more competent and responsible leadership at the helm of the affairs at State Bank of Pakistan,” said Mian Nasser Hyatt Maggo, President FPCCI while criticizing irresponsible and fictitious statement by the Governor SBP on deprecating value of Pakistani Rupee and how it is benefiting Pakistan.
FPCCI Chief said that there is no economic sense and justification in the statement that Pakistan has gained around $3 billion due to recent depreciation in Pak Rupee. He added that the ground realities are diametrically opposite than that of assertions by SBP Chief.
Mian Nasser Hyatt Maggo emphasized that monetary policy should be devised in a manner to promote economic growth and bring stability in the economic indicators; however, monetary policy has failed to achieve any of the above.
Nasir Khan, VP FPCCI, has said that unrelentingly depreciating exchange rate is playing a havoc with Pakistani society and the economy. This is unsustainable and the Prime Minister should intervene – in the larger national interest – immediately to arrest the slide in the value of Pak Rupee.
Nasir Khan said that the government must address the domestic and imported inflation through its monetary and fiscal policies; instead of making lame excuses.
Mian Nasser Hyatt Maggo said that hardly any justification exists in continuation of the present Governor SBP. In fact, ethically speaking, he should prefer to resign himself in view of totally indefensible policy structure given by SBP.
Mian Nasser Hyatt Maggo has also demanded a binding inquiry into the conduct of SBP in recommending sweeping tax concessions for non-resident companies to attract investments in government debt at very high rates to favor certain foreign commercial banks. The same conduct of Governor SBP is part of the history archives, when he was in Egypt.
KARACHI: Bestway Cement Limited announced on Friday its plans to significantly expand its production and energy capabilities with the establishment of a Brownfield cement plant and a 6.4 MW off-grid solar power plant.
KARACHI: Murree Brewery Company Limited on Friday announced financial results for the quarter ended September 30, 2021. The profit after tax of the company increased by 22 per cent to Rs437 million for the quarter under review as compared with Rs357.2 million in the corresponding quarter of the last year.
The company declared earning per share (EPS) at Rs15.80 for the period as against Rs12.91 in the same period of the last year.
The board of directors of Murree Brewery Company Limited in their meeting held on October 22, 2021 recommended an interim cash dividend for the quarter ended September 30, 2021 at Rs5 per share i.e. 50 per cent. However, the board has not recommended any bonus shares, right shares or any other entitlement.
According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company’s net turnover increased to Rs3.71 billion for the quarter ended September 30, 2021 as compared with Rs3.05 billion in the same quarter of the last year.
Cost of sales also increased to Rs2.76 billion as compared with Rs2.22 billion. The company declared gross profit of Rs945 million as compared with Rs832 million.
The operating profit of the company grew to Rs525 million as compared with Rs469.52 million. The payment of tax for the quarter was flat at Rs160.5 million as compared with Rs160.48 million.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 22, 2021 (The rates are updated at 11:40 AM):
Currency
Buying
Selling
Australian Dollar (AUD)
128.00
129.50
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (CAD)
138.00
140.00
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
201.00
203.50
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
46.50
47.00
Singapore Dollar (SGD)
126.00
127.50
Swedish Korona (SEK)
18.35
18.60
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.00
48.50
UK Pound Sterling (GBP)
238.50
241.00
US Dollar (USD)
173.80
174.80
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 21, 2021 (The rates are updated at 11:10 AM):
ISLAMABAD: Pakistan has spent an amount of $400 million on import of COVID-19 vaccines during the month of September 2021 and overall $1 billion during first quarter (July – September) of fiscal year 2021/2022, said a statement issued by the ministry of finance on Wednesday.
Overall, the deficit in the first quarter reported at $3.4billion. It is important to note that the surge in import bill is due to combination of few one-off imports, rising global commodities and energy prices, it said.
Therefore, adjustment with vaccines import, the current account deficit for the quarter has reduced to $2.4 billion.
Moreover, the sudden surge in import bill is function of abnormal surge in commodity prices. Energy prices including oil, LNG or coal prices are following upward trend. While, chemicals, steel and food prices are also on rise. “We expect supply bottlenecks of above-stated items will streamline in the months to follow. This will further reduce pressure on import bill,” said the statement.
On Export front, the trend is increasing on month-on-month basis to $2.64 billion in September 2021 or 12.5 per cent. In the first quarter, exports recorded at $7 billion. It is expected that exports will be close to $31 billion and $6-7 billions services exports in June ending 2022.
Similarly, remittances are right on track to mark $32 billion. Remittances and exports of goods and services combined will be in the range of $70 billion in fiscal year 2021/2022.
Lastly, due to better crop outlook, the import of sugar, wheat and cotton will witness massive slowdown during the second half of fiscal year. This will further reduce the import and in-turn, current account deficit.
The risk to above includes further hike in global commodity and energy prices, the finance minister said.
ISLAMABAD: A task force constituted by Prime Minister Imran Khan has initiated proceedings against individuals whose names were reported in the Pandora papers.
Consequent upon disclosures made by International Consortium of Investigative Journalists (ICIJ) regarding certain Pakistani individuals, their offshore companies, trusts and assets, the Prime Minister of Pakistan tasked Prime Minister’s inspection Commission (PMIC) to examine the matter and propose further action, said a press release received here on Wednesday.
PMIC has commenced its proceedings and has at the outset sought assistance from the lCIJ. Pakistani Journalists who were associated with 1CIJ investigations have also been requested to share information and data which is in their knowledge and possession, necessary cooperation is however still awaited.
Assistance from relevant government agencies has also been requested. PMIC will complete its task and formulate recommendations after a comprehensive review and analysis or relevant record/information.
It will be ensured that the exercise is concluded fairly and objectively. Individuals concerned will be afforded opportunity to clarify their position. PMIC believes in accountability, transparency, good governance and is committed to upholding these principles.
Any input, information and assistance from other organizations and whistleblowers in this regard will be appreciated.
BEIJING: Moin ul Haque, Pakistan Ambassador to China, on Wednesday said that Pakistan is planning to enhance automobile annual production from 0.25 million to eight million units during next five years.
“It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as interest showed by different automobile companies from across the world especially from China which plans to invest in Pakistan,” he said while addressing Pakistan Automobile Industry Roundtable Seminar held at Pakistan Embassy, Beijing.
The representatives of over 50 renowned automobile companies from different parts of China attended the seminar.
While addressing the participants, the ambassador said that a number of the Chinese companies are already in Pakistan in automobile manufacturing sector while up to 10 new companies have showed interest to invest in Pakistan and are in the process of having joint ventures with their local partners in the private sector.
He informed that the government is formulating a new and very attractive automobile sector policy which will be announced soon, adding, more incentives and concessions in taxes are likely to be offered in the new policy.
Ambassador Haque said that automobile companies including manufacturers of energy vehicles from China will be invited to set up their plants both in the Greenfield and Brownfield sectors.
Giving details about the automobile sector in Pakistan, he said that the automobile is the fastest growing sector in Pakistan because of the large demand in view of the population which is close to 220 million people.
In the past, the Japanese manufacturers had set up their production units but in the recent times the Chinese automobile companies also started looking at the opportunities available in Pakistan.
He said that China is now becoming one of the leaders of automobile manufacturer in the world with very high quality products and expressed the pleasures that the Chinese companies have also entered to the Pakistani automobile market.
While sharing the opportunities under the China Pakistan Economic Corridor (CPEC), he said that the flagship project of the Belt and Road Initiative (BRI) has entered into the second phase which is focusing industrialization, science and technology and agriculture sectors.
“We are setting up special economic zones where we are inviting the Chinese investors to come and set up their manufacturing units,”he added.
Ambassador Haque said that special incentives and policies have been announced for the Chinese companies and so far close to 100 Chinese companies have already established are in the process of establishing their units in the special zones.
He said that the infrastructure like roads, highways and communication network is being upgraded in Pakistan and invited the Chinese companies to take advantage of all these incentives and expand their presence.
Welcoming the representatives of the automobile companies, Commercial Counselor, Badar uz Zaman said that the new automobile policy for years 2021 to 2026 will soon be announced offering more incentives and benefits to local and foreign investors.
He informed that under the current automobile a number of new companies particularly Chinese manufacturers entered in Pakistani market.
Badar said that a number of Chinese companies are already setting up their businesses in Pakistan while some new companies are keen to invest in Pakistan owing to investment friendly policies offered by the present government.
He informed the companies that government has formulated rules and regulations which support the foreign investment in Pakistan.
Badar also shared details of the incentives, concessions in the taxation and easy repatriation of profits.
“Many local companies listed with the stock exchange are very keen and are looking forward to the Chinese partners for the joint ventures,” he added.
He said that there are over 600 auto parts manufacturers who are also supplying the parts to the existing players, adding, “We offer very comprehensive auto financing policies and the banks are very active.
And the amount that has been financed in cars is three times more than the housing finance in Pakistan.”
The commercial counsellor also shared with the companies details of concessions on taxes, duties and particularly cheap labour.
He said that in the current global scenario when there is a supply chain shock, and it is difficult to move things from one place to another place, it is right time for the Chinese investors to take advantage of Pakistan location, low wages and other benefits.
Later, representatives of the companies who are already operating in Pakistan shared their experiences and put forward some useful proposals.
Some new companies which plan to enter into Pakistani automobile industry asked questions and more details about the policies.
The representatives of Anhui Jianghuai Automobile Group, Beijing Henrey Auto, Hozon New Energy Automobile, BAIC Intl, Great Wall Motor Company, Beijing Sanxing Automobile, Foton Motor Group, Tianjin Tianqi Group Meiya Automobile, Zhongtong Bus Holding Co., Youtong Bus, Dongfeng Motor Company, Jiangxi Jiangling Motor, Xiamen Golden Dragon Bus Co., Liaoning Aerospace Automobile Co., Wolkswagen Group, Geely Automobile International Corporation and others attended the seminar.
