The Business Times

23/06/2023

Our sincere condolences on the tragic loss of Mr. , a distinguished philanthropist, and his son. Our thoughts are with their grieving loved ones during this challenging time. May their souls rest in eternal peace.

14/06/2023

Petroleum Company Limited (SPCo) has announced that it will sell 77% of its shares in SPL (Shell Pakistan Limited) due to a decrease in sales and purchases in Pakistan. However, the company has stated that this decision will not affect businesses operating under SPL, and they will continue operations for the benefits of their customers and stakeholders.

07/06/2023

, a global food delivery network and technology pioneer, has launched "Share The Table," an initiative aimed at empowering startups in Karachi. Startups are invited to work from foodpanda's office, providing them with a conducive workspace and valuable resources. This initiative aims to support the tech startup ecosystem and help aspiring entrepreneurs achieve their goals. One of the first beneficiaries of "Share The Table" is BusCaro, a Karachi-based startup focused on simplifying reliable and secure mobility in Pakistan.

01/06/2023

A delegation from , led by Eugene Willemsen, CEO of Africa, Middle East, and South Asia, met with Senator Ishaq Dar, the Federal Minister for Finance and Revenue. Willemsen expressed confidence in 's growth potential and highlighted the investment-friendly environment. He discussed the company's profile, business operations, and its contribution to Pakistan's revenue growth. The delegation also raised concerns about taxation and imports. Minister Dar acknowledged PepsiCo's economic contribution through FDI and revenue generation. He emphasized the government's efforts to promote stability, growth, and ease of doing business. The government assured support for PepsiCo's business expansion and investment in Pakistan. The meeting was attended by SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, and senior officials from FBR.

30/05/2023

The power sector in Pakistan is undergoing a significant transformation, transitioning towards a liberalized market model known as the Competitive Trading Bilateral Contract Market (CTBCM). To delve deeper into this industry shift and gain valuable insights, check out this informative article: https://www.thenews.com.pk/tns/detail/1074404-opening-up-the-power-sector

The introduction of competition in the power sector will benefit consumers in the long run

28/05/2023

We are deeply saddened by the demise of the formidable Dr. Seemin Jamali, known as the iron lady. She served as the executive director of Jinnah Postgraduate Medical Centre, Chairperson of the National Health Task Force, and a member of the SPSC. She was a recipient of the prestigious Tamgha-e-Imtiaz and Women Achievement Awards.

Rest in Peace, a true force of inspiration and dedication.

27/05/2023

The Institute of Policy Studies in Islamabad recently conducted a study revealing that the escalating electricity prices are pushing consumers to the brink of affordability and significantly influencing their consumption patterns. The study highlights the severe consequences of this alarming trend for Distribution Companies (Discos), as it greatly hampers their ability to recover financially.

To access the full research, you can visit the website of the Institute of Policy Studies at

Institute of policy studies conducted a research survey to analyze the impact of increase in electricity prices on consumer behavior. A total of 1,180 respondents […]

23/05/2023

Pakistan is gearing up to launch its first-ever online aerial taxi service, revolutionizing transportation within the country. Through a collaboration between Sky Wings and a foreign investor, this cutting-edge service will be available in Karachi within the next two weeks. The agreement with Jinnah International Airport further solidifies this exciting development. With the convenience of booking through a mobile app, the fares for this service will be significantly more affordable compared to traditional charter flights. Initially, the fleet will consist of eight aircraft, with plans for expansion in the near future. The introduction of this service is expected to benefit a wide range of professionals and ordinary citizens alike, providing them with a faster mode of travel and simultaneously boosting the country's sector.

21/05/2023

Group Chief Financial Officer (GCFO), PTCL & Ufone 4G, Nadeem Khan, has been nominated as a member of the Institute of Chartered Accountants of Pakistan (ICAP) on its prestigious Accounting Standards Board (ASB).

The ASB is responsible for overseeing the adoption, development, and implementation of accounting standards in the country, as well as providing guidance and recommending the adoption of new International Financial Reporting Standards (IFRS).

He has been appointed for a 4-year term.

19/05/2023

The All Pakistan Textile Mills Association (APTMA) has made a fervent appeal to the government, urging the revival of energy and other subsidies to give a much-needed boost to the country's textile exports. In a recently submitted draft budget proposal for the fiscal year 2023-24, APTMA has emphasized the restoration of the zero-rating status for the export sector and the implementation of a service-based tariff specifically tailored for exports.

To support its case, APTMA has put forth a comprehensive document outlining 15 crucial budgetary proposals that it believes are indispensable for the revival of textile exports. The decline in the country's textile group exports by a significant 12.40% (equivalent to $1.766 billion) during the initial nine months of the ongoing fiscal year 2022-23 (July-March) serves as a clear impetus for prompt action.

Among the proposals, APTMA's focus extends to vital matters such as refunds of deferred sales tax, the continuation of long-term financing facilities, the refunding of detention and demurrage charges, reasonable open access (wheeling) charges, and addressing the disparity in gas prices and availability between the export sectors of Punjab and Sindh.

APTMA has specifically urged the government to allocate a substantial portion of the budget to ensure the maintenance of the Regionally Competitive Energy Tariff (RCET) until the culmination of the upcoming fiscal year (FY24). It has highlighted that the existing discrepancy in gas prices and availability between Punjab and Sindh has hampered the operational capabilities of industries based in Punjab.

In addition, the association has called for the allocation of funds in the forthcoming budget to address the pressing issue of pending and deferred refunds, which have been posing significant challenges to the industry. These requests from APTMA underscore the critical importance of timely interventions to revive the textile sector and propel it towards sustainable growth and global competitiveness.

17/05/2023

The Pakistani rupee experienced a bearish trend against the US dollar during today's intraday trade, reaching a peak of 281.7 at 11:50 AM. However, in the afternoon, the rupee faced losses, with the interbank rate dropping by 50 paisas to a low of 285.5 before recovering slightly. Despite open market rates hovering around 290-295, traders anticipate uncertain trends due to increased economic and political volatility. At the close of the trading day, the PKR depreciated by 0.15 percent, settling at 285.4 after a loss of 44 paisas.

The PKR was green against most of the other major currencies in the interbank market today. It gained 50 paisas against the Canadian Dollar (CAD), Rs. 1 against the Australian Dollar (AUD), Rs. 1.27 against the Euro (EUR), and Rs. 2.1 against the Pound Sterling (GBP). However, it weakened against the Saudi Riyal and UAE Dirham.

11/05/2023

Pakistan has reiterated its unwavering commitment to accelerate the Pak-Iran Gas Pipeline project, recognizing its immense potential for energy cooperation.

In a high-level meeting between Commerce Minister Syed Naveed Qamar and Chairman Vahid Jalalzadeh of Iran's Commission of National Security and Foreign Policy, both sides stressed the urgency of advancing the project and exploring new collaborative opportunities in aviation and trade.

The proposal for direct flights between the two nations was a focal point, aiming to facilitate enhanced travel and expanded business prospects. Additionally, the discussions highlighted efforts to bolster trade volume, establish new border markets, and implement a barter trade system. The imminent inauguration of the Pasheen Border emerged as a significant milestone, poised to foster trade and bolster connectivity.

The fruitful deliberations underscored Iran and Pakistan's shared dedication to forging closer ties in aviation and trade, with the ultimate objective of strengthening economic cooperation and deepening bilateral relations.