Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is contributing US$150,000 to Balochistan’s Provincial Disaster Management Authority (PDMA) to support its relief efforts in the wake of unprecedented floods in the region. Remote communities in the province were hardest hit by the heavy monsoon rains which killed more than 500 people in Pakistan. In a phone call today with…
Arif Habib Group (AHG), and Meezan Bank Limited (MBL) have entered into a strategic partnership to jointly develop and sell apartment towers at Naya Nazimabad. This collaboration will allow customers to opt for the Shariah Compliant Home financing services offered by MBL. MBL has entered into a Musharakah Agreement with Globe Residency REIT(GRR), for development…
To be the boss of your own business is a great pleasure with comes with lots of responsibility as well. Many people want to start their own business but starting a business requires lots of hard work, research and self-confidence, and a measure of courage. You’ll ask yourself: How can I start my own business…
Many people in the world earn money online through online Jobs. And after COVID 19 it has become very common. Some are earning by selling their products, some by doing social media marketing, some by teaching and some are doing various other things. But earning money is not easy as it seems because, with lots…
There has been a rise in the frequency of data breaches in the banking industry in Pakistan. There have been recent unsubstantiated claims that Standard Chartered Pakistan is experiencing major security concerns, resulting in clients losing money via debit card transactions they did not make. Several individuals have shared their experiences on Twitter, and it…
The Pakistani Rupee (PKR) crashed below the 240 level against the US Dollar (USD) during today’s trading. During today’s intraday trading, the rupee is taking a beating after the Supreme Court of Pakistan nullified Hamza Shahbaz’s illegal election as chief minister of Punjab, the country’s largest province on Tuesday and appointed Pervaiz Illahi as Chief…
It seems that the market (PKR/USD) is settling around 225. There is no panic today. But without envisaged inflows, the situation can get worse at any time. What happened in the last two days was sheer panic–triggered by Sunday’s poll results. There was no extra pressure for payments. SBP knew the numbers and had a plan…
Dollar continues its ascending march against rupee on Monday with the greenback gaining Rs4.25 in interbank trade. According to the Forex Association of Pakistan, the dollar was trading at a record Rs216 against the local currency at 3:12pm, up Rs5, or 2.4 per cent, from Friday’s close of Rs210.95. The dollar eventually closed at Rs215.2,…
While Pakistan is increasing its attempts to digitize its retail food sector, which ranges from rapid commerce to stringent B2B business models, the startup financing market is seeing a decline. As investment and transactions stagnate throughout startup ecosystems, it is difficult for entrepreneurs to get cash. In terms of worldwide finance, the most recent quarter…
According to a recent report published by the State Bank of Pakistan, about (2020-21) liquefied natural gas (LNG) Pakistan has a 15-year take-or-pay contract with Qatar as well as some private suppliers in Italy. The purchase through these contracts makes up 87 per cent of Pakistan’s LNG imports while the remaining 13pc are spot purchases….
I just heard the news that AirLift has been shut down and that all the staff has been let go due to the financial crisis. One thing that is important to mention here is that it is not unique to Pakistan, we are seeing startups in the other countries go through a similar obstacles. However,…
Pakistan’s top performing startup, Airlift, which had raised $110 million in funding last year, made a declaration on Tuesday that it has permanently shut operations in the country after day-to-day financial struggles. The very giant couldn’t overcome the global startup funding crunch and some bad business decisions. Prior, with the beginning of downturn, Airlift was…
The primary difference between an average person and a billionaire is the way that they think and we all can learn a lot from billionaires that can help us in everyday investments. Most of the billionaires with abundant wealth invest in real estate which is quite a stable investment even during inflation. Never Use Your…
Pakistan has reduced armed forces development programme by Rs72 billion or nearly 20% or one-fifth of the allocation made on June 10 in order to meet a significant condition of the International Monetary Fund (IMF) about accomplishing primary budget surplus in the new fiscal year. The allocations are in addition to the regular defense budget….
If you get monthly remittances from a non-resident Pakistani, you are doing well. Obviously, you have it better than Pakistanis who earn money in the Pakistani rupee, but you also have it better than Pakistanis who get foreign payments for their services. When someone from overseas gives money to their relatives, the funds arrive in…
As of seventeenth June, the State Bank of Pakistan (SBP) had exclusively about $8.238 billion worth of forex reserves that covered only five weeks of import bills of products. At the point when the reserves are not sufficient to cover import bills for a very long time, they are thought of as deficient. That conveys…
The rising inflation and so called “global economic recession” is coming strong on working class and many people have lost their jobs in the past month. We have been hearing and seeing news of many startups shutting down their operations including some major firms like Swvl, Truckitin, Retailo and Dawai, which has left many unemployed…
CEO Earthlink Mr. 𝗠𝘂𝗯𝘂𝘀𝗵𝗲𝗿 𝗛𝗮𝘆𝗮𝘁 received the awards for the most sought-after Earthlink projects 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́, and 𝗣𝗶𝗮𝗻𝗼 𝗯𝘆 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ at the Sheraton Grand London Park Lane Hotel. CEO Earthlink Mr. Mubusher Hayat, honored with 𝗺𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗮𝘄𝗮𝗿𝗱𝘀 and 𝗻𝗼𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻𝘀 for his splendour projects 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ & 𝗣𝗶𝗮𝗻𝗼 𝗯𝘆 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ at the International Property…
Prime Minister Shahbaz Sharif addressed the nation after chairing a meeting of his economic team, in Islamabad, on June 24, 2022. In his address the prime minister addressed the “tough” economic decisions that the current government has to take as the economy was at the brink of bankruptcy. The premier announced that the government would…
During the calendar year 2021, banks nonperforming loans (NPLs) increased 3.8% (Rs31 billion) and Pakistan’s energy sector again continued to remain the largest defaulter in the repayments of loans to banks. In its latest Financial Stability Review of 2021 the State Bank of Pakistan (SBP) reported, “Sector-wise analysis indicates that the rise in overall NPLs…
Records from the Office for National Statistics show May’s inflation was highest since March 1982. The reading was up from 9.0% in April and soaring food prices pushed British consumer price to a 40-year high of 9.1% last month which is the highest rate out of the Group of Seven countries and one which threatens…
As crude has soared in recent months due to tight supplies of crude caused by Russian invasion of Ukraine will not be enough to meet the demand from reopening of world economies, particularly China as it opens up after a month-long lockdowns. On Wednesday oil prices plunged more than five percent which has made traders…
A day after finance minister Miftah Ismail’s announcement of the agreement of $2.3 billion loan from Chinese banks consortium, the Pakistani rupee showed a sharp recovery by Rs4.7 on Thursday morning in the interbank market. According to the State Bank of Pakistan, the US Dollar closed at Rs207.23 in the interbank market while the previous…
Y Combinator logistics startup Rider has raised $3.1million from YC Demo Day as it pursues to upgrade the logistics space in Pakistan and create next day delivery service just like Amazon. Apart from YC, investors including i2i Ventures, Flexport, Soma Capital and Rebel Fund also joined in the financing round. Global founders Capital, Fatima Gobi…
PayFast by APPS (“PayFast”) is pleased to turn into the first fintech in Pakistan to cooperate with worldwide installments pioneer Visa through Cybersource. Through this collaboration Cybersource is offering its powerful and dynamic computerized installment arrangement suite to PayFast. It incorporates E-business checkout, computerized vendor stage, Fraud Management, and SoftPOS. This drive clears the way…
Senior leaders from across the world attend the four-day FATF plenary to discuss a range of money laundering and terrorist financing issues. Finally The Financial Action Task Force (FATF) announced removal of Pakistan from grey list because Pakistan has fully met all 34 action items in its 2018 action plan. However, one last step is…
On Monday, Federal Minister for Revenue and Finance Miftah Ismail being hopeful claimed that the stalled International Monetary Fund’s (IMF) Extended Fund Facility (EFF) would be revived within a day or two. After a meeting held by Senate Standing Committee on Finance the finance minister declared that “I am very hopeful that the IMF programmed…
Being good with finances does not mean just meeting your ends, it means managing your resources or income in efficient way. Life is much easier when you have good skills of managing and organizing your finances. The way you organize your finances shows the impact of your credit score and amount of debt you carry…
On Friday, in the National Assembly the combined government has introduced the so called ‘progressive’ budget for the Fiscal Year 2022-2023 with an outlay of Rs9.5 trillion in the middle of strict conditions for the revival of $6 billion loan programme stalled for months over violation of policies, by International Monetary Fund (IMF). Finance and…
With a record amount deficit and spiraling inflation everyone had been apprehensively waiting for the budget, to see how the government would proceed in one of the worst time periods in Pakistan’s economic history. The government has put forth the budget policies ranging from controlling deficit to urgency of returning to IMF program and boosting…