Author: Faisal Shahnawaz

  • Industry asked to maintain record of employees, guards

    Industry asked to maintain record of employees, guards

    KARACHI: Nasir Aftab, Deputy Inspector General of Police (DIG) West Zone Karachi Friday asked industrialists to maintain record of employees and security guards in order to prevent criminal activities.

    The DIG while addressing a meeting with the office bearers of North Karachi Association of Trade and Industry (NKATI) said that the Sindh Police will continue to take all possible measures to protect the lives and property of the industrialists.

    SSP Central, Ghulam Murtaza Tabassum, SSP Investigation, Shehla Qureshi, President NKATI Faisal Moiz Khan, SVP, Shabir Ismail, VP, Naeem Haider, senior member executive committee Syed Usman Ali, chief CMC Farooq Khatora, former President NKATI, Syed Tariq Rashid and members managing committee were also present.

    READ MORE: NKATI expresses concerns over gas disconnection

    The DIG further said a team will be formed consisting of policemen DIG West, Rangers personnel and representatives from NKATI to formulate SOPs regarding law and order in the industrial area.

    Police services can be availed while withdrawing cash from the bank. He also directed the SSP Central to provide more personnel to the NKATI Crime Monitoring Cell.

    NKATI President, Faisal Moiz Khan appreciated the cooperation of DIG West, Nasir Aftab, and said that all development works in North Karachi Industrial Area have been carried out with the grant from Sindh Government. Which is a sign of full confidence of the Sindh government.

    READ MORE: NKATI condemns artificial raw material shortage

    He suggested that a CPLC-like system should be set up in every industrial zone and it should be regularly notified by the Sindh government to give it a legal status. He requested DIG West to put this proposal before the top government agencies. In this regard, we are also in touch with the Sindh Home Department.

    “Khamisa Goth and Lasi Goth are connected in North Karachi Industrial Area from where criminals enter North Karachi Industrial Area and easily escape after committing incidents. Therefore, police co-operation is required to monitor the routes through which these criminals enter the industrial area. An integrated strategy needs to be formulated in this regard,” he pointed out.

    READ MORE: Gas supply suspension: NKATI appeals PM to save industry

    NKATI president drew attention to the encroachments in the North Karachi Industrial Area, saying that most of the people sitting on chairs outside the tea hotels are criminals. Therefore, it is very important to put an end to such encroachments because criminals sit in the same hotels and keep an eye on the industrialists. At present 7 personnel have been provided to Gabol Town Police Station and 13 personnel have been provided to North Karachi Industrial Area Police Station so the shortage of personnel should be met.

    Syed Usman Ali, senior member, executive committee, said that cooperation with the police and NKATI is very strong, which has resulted in a significant reduction in crime in the North Karachi Industrial Area, but there is a shortage of personnel. He informed that Installation of 750 CCTV cameras in North Karachi Industrial Area will be started soon. While street lights have been installed to illuminate the industrial area, North Karachi Industrial Development & Management Company is paying the bills of K Electric in this regard.

    READ MORE: Water shortage stalls industrial production: NKATI chief

  • Business community demands revisiting mini-budget

    Business community demands revisiting mini-budget

    The business community in Pakistan has vehemently rejected the recent approval of the mini-budget by the government and is urging a reevaluation of the Finance Supplementary Bill 2021-22, which was endorsed by the National Assembly just a day earlier.

    (more…)
  • Stocks ends flat in volatile trading

    Stocks ends flat in volatile trading

    KARACHI: The Pakistan stocks ended flat on Friday owing to an alarming rise in coronavirus cases in the country.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,763.5 points as against previous day’s closing of 45,763.2 points.

    Analysts at Arif Habib Limited said that the market continued to remain volatile as Country reported an alarming rise in Covid-19 cases.

    The market opened on a bleak note and stayed dull throughout the day even after passing of the mini-budget by the National Assembly as investors remained risk-averse due to rising Covid-19 cases.

    In the last trading hour, profit taking was witnessed across the board. Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (+43 points), E&Ps (+28 points), Fertilizer (+18 points), Automobile (+10 points) and Chemicals (+10 points).

    Volumes decreased from 327.6 million shares to 240.0 million shares (-26.7 per cent DoD). Traded value also decreased by 5.9 per cent to reach US$ 34.6 million as against US$ 36.8 million.

    Stocks that contributed significantly to the volumes include UNITYR3, WTL, CNERGY, DSL and UNITY.

  • Pakistani overseas workers send $15.8 billion in 1HFY22

    Pakistani overseas workers send $15.8 billion in 1HFY22

    KARACHI: Pakistani workers living abroad have sent $15.8 billion to their homeland during first half (July – December) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.

    The workers’ remittances grew by 11.26 per cent when compared with $14.2 billion in the same period of the last fiscal year.

    READ MORE: Pakistan’s remittances fall by 6.6% in November 2021

    The central bank said that with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.

    In terms of growth, remittances increased by 2.5 per cent Month on Month and 3.4 per cent Year on Year in December 2021.

    Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

    READ MORE: ECC approves loyalty program for home remittances

    The central bank said that proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year.

    The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).

    READ MORE: FBR not to ask source of remittances sent through ECs

    Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics. The December 2021 data is also compiled accordingly, and this treatment will be followed going forward.

    READ MORE: PM Imran launches incentive program for remittances

  • Dollar falls 31 paisas to PKR in interbank

    Dollar falls 31 paisas to PKR in interbank

    KARACHI: The US dollar fell by 31 paisas against the Pak Rupee (PKR) on Friday owing to improved supply of the foreign currency.

    The interbank foreign exchange market ended at Rs176.07 to the dollar from the previous day’s closing of Rs176.38.

    Currency experts said that the market witnessed sufficient supply of dollars by the commercial banks to feed the demand for import payments. They said that dollar demand remained high due to the last trading day of the week.

    The experts said that positive sentiments also prevailed following the National Assembly passing the Finance (Supplementary) Bill, 2021 a day earlier. The bill contained several import restrictions through imposition of duty and taxes on non-essential and luxury items.

    They said that recent measures introduced by the State Bank of Pakistan (SBP) had also helped the rupee to recover against the foreign currency. The SBP on January 05, 2022 directed exporters to realise their export receipts within 120 days from date of shipment instead of 150 days.

    The experts said that falling foreign exchange reserves and rising oil prices in the international market remained a challenge for the rupee’s stability in the coming days.

  • SBP issues KIBOR rates on January 14, 2022

    SBP issues KIBOR rates on January 14, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 14, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7610.26
    2 – Week9.7910.29
    1 – Month9.8410.34
    3 – Month10.2310.48
    6 – Month11.2111.46
    9 – Month11.2411.74
    1 – Year11.2811.78
  • Customers’ exchange rates on January 14, 2022

    Customers’ exchange rates on January 14, 2022

    Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) released the official exchange rates for January 14, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.

    (more…)
  • Bitcoin to Pak Rupee on January 14, 2022

    Bitcoin to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,537,894.99 on January 14, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,726,379.33 on January 13, 2022.

    The rate of Bitcoin in US Dollar (USD) is $42,754.94 on January 14, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,860.80 on January 13, 2022.

    Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Ripple to Pak Rupee on January 14, 2022

    Ripple to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs136.05 on January 14, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs139.81 on January 13, 2022.

    The rate of Ripple in US Dollar (USD) is $0.77 on January 14, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.79 on January 13, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to Pak Rupee on January 14, 2022

    Dogecoin to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs31.13 on January 14, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs30.43 on January 13, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.18 on January 14, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.17 on January 13, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.