Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on February 23, 2022

    Dogecoin to Pak Rupee on February 23, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs23.22 on February 23, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.45 on February 22, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.13 on February 23, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.13 on February 22, 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.

  • EFP organizes women empowerment seminar in Dubai

    EFP organizes women empowerment seminar in Dubai

    The representative body of Employer’s in the region, the Employer’s Federation of Pakistan (EFP) has organized its Women Empowerment Seminar in the Dubai Expo 2020- Pakistan Pavilion.

    The purpose of the imperial event, is to showcase the success stories of different Female Entrepreneurs in the region of Pakistan that have inspired and empowered many to stay committed to their core goals.

    EFP in its advocacy for women entrepreneurship and inclusion has been actively working for gender-based equality in the industry and supporting female led SMEs.

    READ MORE: EOBI to launch self assessment scheme for employers

    Zaki Ahmed Khan, Vice President EFP, in his welcome remarks said that “EFP has been working on different fronts to promote women empowerment in Pakistan. A significant achievement has been the active participation of females in the agricultural sector of Pakistan, particularly in interior Sindh and Punjab region of the area. Today, we share the success stories of different women entrepreneurs who have inspired many”.

    The event featured Guest Speakers sessions by Ms. Jehan Ara, Founder and CEO of Katalyst Labs, and Ms. Naila Naqvi, Founder and CEO of Pie in The Sky. The Session covered personal journey of Ms. Naqvi who currently runs one of the largest business chains in Pakistan, while Ms. Jehan Ara shared stories of female entrepreneurs who are changing the startup landscape of Pakistan.

    READ MORE: Employers criticize increase in key policy rate

    To recognize and appreciate the contribution made by employers to support inclusion of women in the workforce, EFP also featured corporate success stories of K-Electric and Mobilink Microfinance Bank to promote spirit of responsible practices by corporations.

    K-Electric’s Roshni Baji safety ambassadors – Abeera Almas and Zara Afshan were also invited to share their remarkable journey towards leading a massive behavioral shift in the society. The ambassador program is winner of various national and international accolades including the 23rd S&P Global Platts Energy Awards.

    READ MORE: Employers flay new tax ordinance

    Speaking at the occasion, Ghazanfar Azam, President & CEO MMBL said, “We strongly believe women’s participation in the formal economy is crucial for Pakistan’s economic progress. That is why we strive to engender an enabling environment where women have both the opportunity and the financial means to grow and prosper.  Our customized financial products and services ecosystem and special initiatives such as Women Inspiration Network (WIN) continue to make a difference for women both in and outside our organization”.

    Ismail Suttar, President EFP, greatly admired the contribution made by the guest speakers. He further commented that EFP has a crucial role to play to make Pakistan a more progressive economy with high women participation across all sector and industry.

    Suttar said, “We cannot move forward if half our population is not active, therefore, the efforts made by EFP are very important and soon we will see how Pakistan will have higher women ratio in workforce because we can’t afford to have only the men to work and earn a living”.

  • Engro Fertilizers highlights food security at Dubai Expo

    Engro Fertilizers highlights food security at Dubai Expo

    KARACHI: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, hosted an insightful dialogue at Expo 2020 Dubai to highlight the food security situation in the Gulf and the potential partnership opportunities with Pakistan to overcome the regional food security challenges.

    The panel comprised global agricultural and industry experts including Dr. Abdul Rashid (IFA Laureate), Charles Schneider (International Finance Corporation), Ayman Alwadhy (The Corporate Group, UAE), Wasim Halabi (Foodco National Foodstuff Co PJSC), Fredric Favre (MAS Seeds, France) and Khusrau Nadir Gilani (Engro Fertilizers).

    The event was also graced by Hussain Dawood (Chairman of Engro Corporation and Dawood Corporation), Shahzada Dawood (Vice Chair, Engro Corporation), Ghias Khan (President & CEO of Engro Corporation) and Nadir Salar Qureshi (CEO of Engro Fertilizers), along with other members of the Engro leadership team.

    The expert panel pointed out that food security in the Gulf region is a growing challenge due to high dependence on food imports, increasing water scarcity, climate change and supply chain interruptions.

    In 2020, the region’s share of the acutely food insecure global population was 20 per cent, which is disproportionately high compared to its 6 per cent share of the population. By forging partnerships in the agricultural sector with large established sustainable agri-base countries, like Pakistan, the region can benefit from enhanced agricultural output to overcome its food security challenge.

    There is significant potential to increase Pakistan’s agricultural output with focus on modern technology, seed quality, balanced use of fertilizers, and uplift of infrastructure across the agri value chain. It was noted that if average farmer yields are brought at par with those of progressive farmers within the country, Pakistan will see a dramatic increase in wheat and rice production serving not only the needs for domestic consumption, but also create significant surpluses for exports to the Gulf-Region.

    The Government of Pakistan was also applauded for its efforts to improve water provision and farm economics, resulting in an increase of approximately 1.6 million hectares in area under cultivation with further growth anticipated with large irrigation projects underway.

    According to Nadir Qureshi, “To bridge the agri yield gap and enrich crops with essential nutrients, Engro Fertilizers has introduced innovative products and seed-to-harvest solutions, farmer upskilling programs, access to expert advice by leveraging technology, and free of cost soil testing laboratories. We hope that this dialogue will serve as an initial step to encourage Pakistan, Engro and Gulf entities to work together to jointly develop innovative solutions and explore the scope for international partnerships in the agri space.”

    The panel discussion concluded that the food and agriculture sector can be an engine of economic growth for both the Gulf region and Pakistan. Through the adoption of technological innovation and sustainable practices, the agricultural sector of Pakistan can be transformed to reduce dependence on food imports, create surpluses to drive significant exports and meet the Gulf regions’ dietary nutrition requirements.

  • Stocks plunge 351 points on high international oil prices

    Stocks plunge 351 points on high international oil prices

    KARACHI: Pakistan’s stocks plunged by 351 points on Tuesday due to surge in international oil prices.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,012 points as against 45,363 points, showing a decrease of 351 points.

    Analysts at Arif Habib Limited said that the market remained under pressure today due to mounting international oil prices.

    READ MORE: Equities shed 313 points in lackluster trading

    New York’s West Texas Intermediate crude contract rose more than three percent on Tuesday as Russian President Vladimir Putin deployed troops to separatist areas of Ukraine.

    Selling was witnessed throughout the day mainly in the tech and cement stocks, which led the market to stay in the red zone.

    READ MORE: Weekly Review: positive sentiments likely on PM Moscow visit

    In the last trading hour, value hunting was observed which led to recovery in the market.

    Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include technology (-124.2 points), Cement (-54.1 points), Fertilizer (-40.5 points), Power (-38.3 points) and OMC’S (-20.7 points).

    READ MORE: Stocks gain 235 points on declining crude oil prices

    Volumes increased from 137.7 million shares to 227.2 million shares (+65.0 per cent DoD). Traded value also increased by 111.1 per cent to reach $ 43.3 million as against $ 20.5 million.

    Stocks that contributed significantly to the volumes include WTL, BOP, TELE, TRG and TPLP.

    READ MORE: Stocks end down by 244 points on corporate results

  • SBP issues KIBOR rates on February 22, 2022

    SBP issues KIBOR rates on February 22, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 22, 2022.

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  • Customers’ exchange rates on February 22, 2022

    Customers’ exchange rates on February 22, 2022

    Karachi, February 22, 2022: The State Bank of Pakistan (SBP) has released the official exchange rates for February 22, 2022, providing insights into currency values against the Pakistani Rupee.

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  • Rupee plummets 48 paisas to dollar

    Rupee plummets 48 paisas to dollar

    KARACHI: The Pak Rupee (PKR) fell by 48 paisas against the dollar on Tuesday amid rising oil prices in the international markets.

    The rupee ended Rs176.23 to the dollar from previous day’s close of Rs175.75 in the interbank foreign exchange market.

    READ MORE: Dollar falls 11 paisas to PKR

    Currency experts said that rupee was under pressure during the day owing to expectations of rising oil import bill.

    The oil prices in the international market continuously rising after Russia-Ukraine tensions. The benchmark Brent crude reached to near $100 barrel.

    READ MORE: PKR slides 47 paisas to dollar on payment demand

    Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

    On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

    The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

    READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

  • Citi Pharma declares 100% increase in half year profit

    Citi Pharma declares 100% increase in half year profit

    KARACHI: Citi Pharma Limited on Tuesday announced about 100 per cent increase in its net profit for the half year ended December 31, 2021.

    The net profit of the company was Rs343 million for the half year ended December 31, 2021 as compared with Rs168 million in the same period of the last year.

    READ MORE: PSX notifies listing of Citi Pharma

    The company said that the net profit had witnessed significant rise in spite of the expenses incurred on the listing of the company during the period under review.

    In the period under review, the net sales increased to Rs4.84 billion for the half year ended December 31, 2021 as compared with Rs2.63 billion in the corresponding period of the last year, showing a growth of 84 per cent.

    Similarly, the gross profit increased to Rs701 million for the period under review as compared with Rs410 million in the same period of the last year.

    READ MORE: Citi Pharma’s IPO oversubscribed; Rs2.32 billion raised in book building

    On the quarter basis there is an increase of sales of the company from Rs1.99 billion to Rs2.85 billion and registered an increase of 43 per cent from the previous quarter.

    The gross profit for the quarter increased to Rs405 million as compared with Rs296 million from the previous quarter and witnessed an increase of 37 per cent.

    READ MORE: Citi Pharma’s IPO book building starts June 15

    Net profit of the second quarter has improved to Rs261 million a compared with Rs81 million and registered an increase of 222 per cent on quarter basis, in the first quarter listing expense of Rs129 million was incorporated otherwise the profit could have been Rs210 million.

    The company has also decided to increase the number of beds of the hospital from 50 to 200.

    READ MORE: List of cities contributing tax above Rs1 billion

  • Bitcoin to Pak Rupee on February 22, 2022

    Bitcoin to Pak Rupee on February 22, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs 6,529,859.26 on February 22, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs 6,636,674.84 on February 21, 2022.

    The rate of Bitcoin in US Dollar (USD) is $36,878.88 on February 22, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $37,629.20 on February 21, 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 February 22, 2022

    Ripple to Pak Rupee on February 22, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs121.90 on February 22, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs128.40 on February 21, 2022.

    The rate of Ripple in US Dollar (USD) is $0.69 on February 22, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.73 on February 21, 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.