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The Chief Minister of Sindh, Syed Murad Ali Shah, visited Indus Motor Company’s (IMC) manufacturing facility at Port Qasim Authority, Karachi on 12th August 2024, underscoring Sindh government’s commitment to continue fostering large-scale industrial growth in the province. During his visit, Chief Minister Shah toured IMC’s state-of-the-art manufacturing facility and was briefed on the latest …
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The Korangi Association of Trade and Industry (KATI) has called on the government to immediately release a pending PKR 33 billion electricity subsidy crucial for Karachi’s industrial sector. Addressing an emergency press conference, KATI President Johar Qandhari emphasized the urgent need to address the discrimination faced by Karachi’s industries, which have been deprived of a …
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The government is planning to impose a price equalization levy, also known as a surcharge, on the gas produced at wellheads. This move aims to help cover the costs of subsidies for residential consumers and certain industrial sectors, easing the burden on the federal budget by Rs10-15 billion each year. This initiative is part of …
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Prime Minister Shehbaz Sharif announced on Friday that the next phase of the Pak-China ties will focus heavily on business-to-business (B2B) partnerships, particularly in the industrial sector. Speaking to representatives of international companies operating in Pakistan, he emphasized the importance of transforming the close friendship between Pakistan and China into deeper economic cooperation. The Prime …
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The National Electric Power Regulatory Authority (Nepra) has announced an increase in electricity tariffs by Rs 2.56 per unit. This hike, effective from August, is expected to generate an additional Rs 33 billion from consumers across Pakistan. The new tariff is part of the monthly fuel cost adjustment (FCA) for June and will be reflected …
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Federal Tax Ombudsman Dr. Asif Mahmood Jah has announced the opening of a help desk at the Korangi Association of Trade and Industry (KATI) to address tax issues faced by industrialists. This initiative aims to raise awareness among the public and business community about the services offered by the Federal Tax Ombudsman (FTO). Dr. Jah …
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The trade relationship between Pakistan and Morocco holds significant promise, as noted by Ambassador Mohamed Karmoune of Morocco. Speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), the Ambassador expressed optimism about increasing the current trade volume to over $232 million. The event saw the participation of key figures …
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At a recent event in Karachi, Malik Tahir Javaid, President of the Employers Federation of Pakistan (EFP), highlighted the importance of responsible business practices. He emphasized that these practices promote decent work, enterprise sustainability, and social justice. The occasion was the National Conference on Responsible Businesses and the 10th Employer of the Year Award Distribution, …
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The government is considering easing the income tax burden on salaried individuals earning up to Rs100,000 per month, according to sources within the finance ministry. Prime Minister Shehbaz Sharif has tasked his finance team with exploring various options to provide this relief. This development comes as the Pakistan Muslim League-Nawaz (PML-N)-led coalition government faces mounting …
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Prioritizing Industrial Development: KATI’s Urgent Plea to Sindh Govt Karachi – The Korangi Association of Trade and Industry (KATI) plea the Sindh government to give top priority to the allocation of development budgets for industrial zones. Johar Qandhari, President of KATI, emphasized this need, especially considering past practices. Congratulating the New Ministers Qandhari extended congratulations …
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SECP Guidelines Issued for Digital Lenders: Enhancing Borrower Protection The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to NBFCs engaged in digital lending. SECP guidelines digital lending aims to ensure best practices in advertisements and call centre management. This significant move underscores the SECP’s commitment to regulating the digital lending sector effectively. …
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SBP Maintains 22% Policy Rate: Monetary Policy Statement In its recent announcement, the State Bank of Pakistan (SBP) upheld the policy rate at 22 percent after careful evaluation of economic conditions. The announcement was made after the meeting of Monetary Policy Committee in Karachi on Monday March 18, 2024 Despite a decline in inflation since …
Karachi: Deputy Governor of the State Bank, Saleem Ullah during his address at the 2nd National Islamic Economic Forum condemned interest-based loans as a form of oppression, emphasizing the need for a rapid shift towards Islamic banking in Pakistan. The forum, held in collaboration with Saylani Welfare International Trust and Darul Uloom Memon at a …
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Karachi: Adeel Siddiqui, Coordinator of Businessmen Panel Progressive (BMPP), attributed the clean sweep in the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) elections to the pivotal role played by the Chambers of Commerce & Industry of Sindh, supported by the Associations. He highlighted that the successful candidates achieved a significant margin, securing over …
Continue reading “FPCCI Elections: BMP Progressive has emerged as a powerful in business Community.”
Due to quality issue of kinnow, the export of kinnow worth USD 22 million from Pakistan is in jeopardy, Season’s span of 5 months has shrunk to 1.5 months, 50% Kinnow processing plants have shut down, Significant drop in exports’ orders, a big question mark on Rs.300 billion invested in the Kinnow processing plants & …
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Karachi: The United Business Group (UBG) and Businessmen Panel Progressive (BMP) emerged victorious in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) elections for the term 2024-25, with a majority of their nominated candidates succeeding in various key positions. Unofficial results, disclosed late Saturday night, revealed a sweeping success for UBG and BMP …
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Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is set to conduct its elections today for the term of 2024-25, featuring a keen competition between two major groups, the Businessmen Panel (BMP) led by Anjum Nisar and the alliance of Businessmen Panel (Progressing) with United Business Group (UBG) led by Iftikhar Ali Malik and …
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In a tribute to its rich history and contributions to the nation’s economy, the State Bank of Pakistan (SBP) has unveiled a new Rs. 75 banknote, marking the central bank’s 75th anniversary since its establishment. The commemorative banknote was revealed by Governor SBP, Jameel Ahmad, during an inaugural ceremony held on Tuesday. The newly issued …
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Finance Minister Ishaq Dar announced in a televised address that the federal government has decided to keep fuel prices unchanged for the upcoming fortnight. This decision was made in consideration of international rates, despite slight increases in global crude oil and gas prices in recent days. Fuel Prices Ishaq Dar emphasized that the government had …
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KARACHI (Commerce Reporter) – In a historic move, Pakistani rupee has gained strength against the dollar. This comes after the State Bank of Pakistan (SBP) introduced new measures. These measures allow foreign exchange dealers to purchase dollars from the Interbank market for credit card payments. As a result, the pressure on the dollar in the …
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ISLAMABAD: In a significant move, the federal government of Pakistan has announced a substantial reduction in the prices of petroleum products, providing much-needed relief to the general public. Finance Minister Ishaq Dar delivered the eagerly awaited announcement in a televised address earlier today. Effective midnight tonight, petrol prices will be lowered by Rs8 per liter, …
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KARACHI – On Wednesday, the dollar’s value witnessed mixed interbank and open market movements. According to the State Bank of Pakistan (SBP), the dollar in the interbank increased by 12 paise, trading between Rs 285.35 and Rs 285.47. The day started with a decrease of 55 paise in the interbank rate, but by the end, …
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KARACHI – In a significant development, the global market recorded gold prices surge at $1960 per ounce yesterday, resulting in a substantial rise in the local market. The cost of gold prices surged by Rs 1600, reaching Rs 2,34,400 for ten grams of gold. Additionally, the price of gold per tola rose by Rs 1372, …
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