Trending Now
Today
Spotlight
Explore the ALL-NEW Forex Enhanced Page of MG-Link
- Take advantage of the finest spread available in the local market and reduce your forex volatility exposure.
- Build and execute a winning trading strategy on CNY and CNH.
- Make informed forex trading decision based on technical and fundamental analysis.
- Follow the latest actionable News on forex.
Latest Articles
NAB’s anti-corruption strategy leads towards recovery of Rs538bn: Chairman
September 27, 2021: Chairman, National Accountability Bureau (NAB), Justice (Retd) Javed Iqbal on Mnday said the bureau’s successful anti-corruption strategy has led to the recovery of Rs 538 billion from corrupt elements during the tenure of the incumbent management.
Chairing a meeting to review performance of NAB’s Operations and Prosecution Divisions here at NAB headquarters, he said father of the nation, Quaid-i-Azam Muhammad Ali Jinnah, in his address to the Constituent Assembly of Pakistan, had termed corruption and bribery as the biggest curses for a country.
"That really is a poison. We must put it down with an iron hand," the NAB chairman said, adding that the NAB was established to eradicate corruption in a holistic and integrated manner as NAB strongly believes in zero tolerance in eradication of corruption-100 percent development."
He said NAB was absolutely committed to rooting out corruption with an iron hand in an atmosphere of renewed energy and dynamism, where fighting against corruption was being taken as national duty.
The meeting was informed by Director General Operations that NAB had received 496,460 complaints since its inception, out of which 487,124 complaints were disposed off.
NAB has authorized 16,093 Complaint Verification (CVs), while 15,378 Complaint Verification were completed. NAB has authorized 10,241 inquiries, out of which 9,275 inquiries had been completed. NAB had authorized 4,654 investigations, out of which 4,358 investigations had been completed by NAB since its inception.
It was informed that it has recovered Rs. 819.793 billion directly and indirectly since its inception, which was a record achievement. It was further informed that NAB had filed 3,754 references in various Learned Accountability Courts, out of which 2,477 references were decided by Learned Accountability Courts.
Currently, 1,274 references having worth Rs. 1,335.019 billion were under trial at various Learned Accountability Courts.
NAB was considered a role model among SAARC countries. Due to the reason, NAB was selected as the first Chairman of SAARC anti Corruption Forum. NAB was the focal Department of Pakistan under United Nations Convention against Corruption (UNCAC).
NAB had introduced a new concept of Combine Investigation Team (CIT) to benefit from the experience and collective wisdom of senior supervisory officers to further improve the standard and quality of inquiries and investigations on the basis of solid evidence as well as statements of witnesses and documentary evidence.
Besides that it had established state of the art Forensic Science LAB with the facilities of Digital Forensics, Questioned Documents and Fingerprint analysis. These initiatives of NAB were lending quality.
NAB Headquarters and Regional Bureau’s were being evaluated on annual and midterm basis at a given criteria which had proved successful to increase NAB performance.
APP
Govt prepares customized brand for tourism promotion
September 27, 2021: Digital marketing holds promise for tourism promotion and that’s what exactly the present government is doing by rolling out an inclusive project -Brand Pakistan- in coming days to transform the country’s image by projecting its breath-taking tourist resorts at international level through online means.
“The competent authority has already given approval for Brand Pakistan and now our focus is on its launch which is expected in coming month,” a senior officer of Pakistan Tourism Development Corporation (PTDC) told APP on Monday.
The Pakistan Tehreek-e-Insaf government, soon after coming into the power, tasked the PTDC with transforming the local tourism industry by developing a brand for local tourism industry at global level.
He said the initiative, which includes Brand Pakistan, exclusive tourism portal, a ten-year road-map for tourism promotion, a five-year action plan and national minimum standards for hospitality sector, was meant to boost tourism activities in the country. All the components of project would be unveiled at its launching ceremony, he added.
Giving details of the project, he said international experts were hired to prepare the project, which was finalized after holding thorough consultation with all stakeholders.
He said the Brand Pakistan had an exclusive tourism portal, which was meant to promote the country’s tourist attractions across the world through virtual galleries, videos and documentaries.
It would provide world-class exposure to Pakistan’s tourist attractions through one click. It consisted of a user-friendly interface to interact with the prospective tourists and give them the necessary and latest information about the country’s tourist attractions, he added.
He said a ten-year road-map to invigorate tourism industry was also part of the project. The ‘National Tourism Strategy’ (NTS) 2020-2030 would ensure maximum utilization of its huge resources for sustained economic growth, poverty alleviation and reduced social inequalities.
He said the strategy was guided by a vision (2020-2030) that envisaged, a mature, sustainable and responsible tourism industry contributing significantly to the economic development of Pakistan and the quality of life of all her people, primarily through job creation, social inclusion and economic growth.The NTS would raise the industry’s competitiveness and ensure maximum utilization of Pakistan’s natural, cultural, historical and geographical assets, he added.
The officer said salient features of the strategy included sustained economic growth, employment creation, poverty reduction, safety and security of tourists, roads and efficient transport services, comfortable and hygienic accommodation and restaurants, value shopping, efficient telecommunication services and access to quality health services.
As a part of National Tourism strategy, he said a five-year National Tourism Strategy Action Plan (2020-2025) had also been prepared that would provide a road-map for effective implementation of the strategic efforts to boost tourism.
He said it was a welcoming development that the sector has been bounced back despite the coronavirus pandemic Pakistan. The government kept open the tourism sector during the pandemic by ensuring full implementation of the Standard Operating Procedures (SOPs) issued by the National Command and Operation Center (NCOC) for stemming the virus spread.
About the steps taken by the government to attract foreign tourists, he said the facility of e-visa was introduced for 193 countries, while 50 countries were provided visa-on-arrival service.
395
APP
Prime Minister performs ground-breaking of KCR
Sep 27, 2021: Prime Minister Imran Khan Monday performed ground-breaking of Rs 207 billion Karachi Circular Railway project, at a ceremony held here at Cantt Railway Station and termed it as a revolutionary project and a big gift to Karachiites facing serious transport problems over decades.
The ceremony was also attended by Federal Minister for Information and Broadcasting Fawad Chaudhry, Federal Minister for Planning and Development Asad Umer, Federal Minister for Railways Azam Khan Swati, Federal Minister for Information Technology Amen-ul-Haq, Federal Minister for Maritime Affairs Ali Zaidi, Pakistan Tehreek-e-Insaf’s members of National Assembly and MPAs from Karachi besides a large number of the party office bearers.
On this occasion, Federal Minister for Railways Azam Khan Swati said that KCR was a public-private partnership project with an estimated completion period of 18 to 24 months. It would be a state-of-the-art project having all modern facilities including fast electric trains.
By pursuing the vision of Prime Minister Imran Khan, the PTI government was writing a new history for Karachi as it was the most important city of the country. Besides KCR, there were seven other big Federal Government development projects for Karachi in the pipeline.
He recalled the grandeur of the city during the 1970s when he was studying here; also mentioned the tram-train service. Instead of further development, he regretted, over last forty years this international city had been ruined.
He said in the 1960s Pakistan Railways coaches were much better than those of Iran and Turkey.
He assured that within the next few months Pakistan Railways would be turned into a profitable state organization.
Federal Minister for Planning and Development Asad Umer said Green Line service would be formally operational in November 2021, which would be inaugurated by the Prime Minister.
He said K-4 bulk water supply project was scheduled to start supplying water to Karachi in October 2023, but he desired its completion before August 14,2023.
He informed that the work on another mega project of Freight Corridor would start soon; feasibility was ready and a proposal for it had also been received from a Chinese company.
He said though innovations Pakistan could do a lot in different sectors despite limited resources.
He said in addition to many development projects launched or to be initiated for Karachi by the federal government, the work on development projects in other 14 priority districts of Sindh province were on full swing.
APP
Govt committed to engage IMF to broaden economic development in country: Minister
September 27, 2021: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar Monday said the government is committed to engage the International Monitoring Fund (IMF) to broaden the economic development in the country.
He said this while talking to IMF County Representative for Pakistan Teresa Daban Sanchez who made farewell courtesy call on him. She was accompanied with Esther Perez Ruiz newly appointed IMF country representative in Pakistan, said a press release.
The minister welcomed the appointment of Ruiz in Pakistan and conveyed well wishes to outgoing resident representative Teresa Daban.
During the interaction, the sides exchanged views on economy of Pakistan in post-pandemic situation.
The minister highlighted the government's endeavors to develop a long-term sustainable and viable economic plan to address issues pertaining to the fiscal and monetary situation in Pakistan.
Teresa lauded the efforts of government of Pakistan to curb the negative impact of the pandemic through well-timed monetary and exchange rate policies.
She also commended Pakistan's response to the health and economic crisis amidst the pandemic and said the vital economic reforms needed to achieve the sustainable economic growth in Pakistan.
APP
Power generation of Tarbla dam decreased to 3283 MW
September 27, 2021: The water level of Tarbela Dam reservoir Monday has reduced to 1515.72 feet while power production also declined to 3283 megawatts.
According to the Tarbela dam spokesperson, water inflow and power production once again started reducing and today it was 4020 megawatts where 16 power generations units out of 17 were working with full capacity and one power unit was shut down.
The water inflow in the Tarbaila Dam reservoir which remained 75000 cusec feet and outflow was 110000 cusecs.
It was also disclosed that today no water was released for Pehur High-Level Canal (PHLC) to supply water for some areas of KPK for irrigation.
APP
Sitara Peroxide: Higher input cost hurts profitability
September 27, 2021 (MLN): Sitara Peroxide Limited (SPL) announced its FY21 results today, as per which the company posted profits after tax of Rs34.7mn which was 53% YoY lower than the profits of Rs74.26mn in FY20.
This translated into the company’s earnings per share which nosedived from Rs1.35/sh in FY2) to Rs0.68/sh in FY21.
Despite better downstream demand for hydrogen peroxide (H202) from the textile sector which is the major consumer of hydrogen peroxide, and new contracts agreements from food and paper & pulk industries, the lower H202 prices and higher cost pressures kept the earnings in check.
During the year, net revenues of the company increased slightly by 7% YoY to Rs1.86bn mainly backed by an increase in sales volume due to high demand from the textile sector.
The gross margin of the company clocked in at 10% compared to 19% in the previous year. The decline is mainly attributed to lower prices of hydrogen peroxide during the FY21 and higher RLNG costs.
With regards to major expense heads, the company’s admin expenses surged by 22% YoY while its distribution expense increased by 15% YoY to Rs93mn as this segment is connected to the topline of the company.
Moreover, amidst lower interest rates, the financial charges of the company were reduced by 41% YoY to Rs48.5mn. On the other hand, the Other income improved by 2.7x YoY to Rs128mn.
The company also booked impairment loss on financial assets worth Rs28.3mn which was 12 times higher than the loss incurred in the previous year.
On the tax front, SPL observed a tax incentive of Rs21mn against tax payments of Rs14.7mn in FY20.
Profit and Loss Statement for the year ended June 30, 2021 (Rupees) | |||
|---|---|---|---|
| Jun-21 | Jun-20 | % Change |
Sales | 1,865,396,616 | 1,745,355,899 | 7% |
Cost of Sales | (1,674,177,794) | (1,422,134,718) | 18% |
Gross Profit | 191,218,822 | 323,221,181 | -41% |
Distribution Cost | (92,656,845) | (80,533,486) | 15% |
Impairment loss on financial assets | (28,294,850) | (2,359,609) | 1099% |
Administrative expenses | (134,425,562) | (110,541,513) | 22% |
Other expenses | (1,993,506) | (6,529,154) | -69% |
Finance Cost | (48,502,296) | (81,996,213) | -41% |
Other income | 128,307,176 | 47,713,943 | 169% |
Profit before taxation | 13,652,939 | 88,975,149 | -85% |
Taxation | 21,055,400 | (14,713,173) | -243% |
Profit after taxation | 34,708,339 | 74,261,976 | -53% |
Earnings per share- basic and diluted | 0.63 | 1.35 | -53% |
Copyright Mettis Link News
Dollar closes all-time high of PKR 169.6
September 27, 2021 (MLN): While maintaining its dominancy in the interbank market against the Pakistani Rupee (PKR), the US dollar closed the trading session on Monday at an all-time high of 169.6.
The highest recorded close of greenback was169.116 against PKR, set on September 15, 2021.
The rupee endured a volatile session and moved within a range of 65 paisa per USD, showing an intraday high bid of 169.75 and an intraday Low offer of 169.10.
Expressing his view about the steps taken by the government to ease off the pressure from PKR, Asad Rizvi, the Former Treasury Head at Chase Manhattan said, “Tax break announced on Afghani imports may help for cash or barter trade based on policy.”
“But along with rising oil prices, both will add pressure on BOP,” he added.
Hence, I still do not see respite for PKR as the payment size of oil tankers have substantially increased, he said.
Within the Open Market, PKR was traded at 169.50/171.80 per USD.
According to the data compiled by Mettis Global, the local unit has depreciated by 7.11% or PKR 12.05 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 5.76% or PKR 9.76 in CY21, with the month-to-date (MTD) position showing a decline of 1.89%.
Meanwhile, the currency lost 56 paisa to the Pound Sterling as the day's closing quote stood at PKR 232.35 per GBP, while the previous session closed at PKR 231.79 per GBP.
On the other hand, PKR's value strengthened by 5 paisa against EUR which closed at PKR 198.38 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.78.5 billion for 4 days at 7.4 percent.
The overnight repo rate towards the close of the session was 7.30/7.40 percent, whereas the 1-week rate was 7.35/7.45 percent.
Copyright Mettis Link News
Govt taking steps to facilitate businessmen, providing enabling environment: President
September 27, 2021: President Dr Arif Alvi Monday said steps were being taken to facilitate the businessmen and the industrial sector by providing them an enabling environment to expand economic and commercial activities in the country.
He said the government was conducting intensive trade diplomacy and trying to obtain access to new and better markets for local traders and industry through Free Trade Agreements and Preferential Trade Agreements to encourage and strengthen the Small and Medium Enterprises.
The president made these remarks while talking to a delegation of the Jhang Chamber of Small Traders and Small Industry (JCST&SI), which led by JCST&SI President Liaqat Ali Malik called on him here at Aiwan-e-Sadr.
JCST&SI Senior Vice President Muhammad Adnan Sarwar, Vice President Abdul Quyoum, and executive members attended the meeting.
Liaqat Ali Malik briefed the president about the role of JCST&SI in creating job opportunities and appreciated the government for approving an industrial estate for the businessmen of Jhang.
Talking to the delegation, the president said reforms had been initiated to improve the business climate of the country and attract foreign investment.
He said the government was making concerted efforts to help the industrial sector by reducing the cost of production to enable businessmen to compete in the international markets.
The president said the government was encouraging the youth to establish their own businesses and, in that regard, Rs100 billion had been allocated under the Kamyab Jawan Programme.
He urged the chambers of commerce and industries to play their role in encouraging the traders to pay taxes and support the government’s endeavours with regard to the documentation of economy.
The president appreciated the role of JCST&SI in the country’s economic development and assured the delegation of his support to help address their problems.
APP
TOMCL secures high value contract with Global Developing Food Industries
September 27, 2021 (MLN): The management of the Organic Meat Company Limited (TOMCL) has informed the exchange through a notification that the company has secured a high-value contract for a supply of 250 MT frozen boneless deglanded meat worth $1million to Global Developing Food Industries Company, Saudi Arabia.
Global Developing Food Industries is another successful food processing company in the Middle East. The group is considered one of the growing food manufacturing and distributing companies in the region.
This contract execution gives a pathway for a positive pathway for the company's business and value for its shareholders, the notification added.
The contract further solidifies TOMCL's position as a reputable and reliable meat processor in the export sector.
As a pioneer of frozen boneless meat exporters, TOMCL has been selling the international meat industry for nearly a decade. The company has an impressive history of delivering halal and a variety of qualities of chill d a d froze meat and edible offals to various meat and offal importers all over the Middle East and the Far East. The company's innovative history in the meat sector, its stat of art services played a major role in acquiring the contract for the biggest food processor of the middle east i.e, National Food Company (Americana) and Glo at Developing Food Industries Company.
TOMCL is a high-quality Halal meat processor and exporter. The Company was incorporated in 2010 and commenced operations in 2011 with two initial products, fresh chilled beef and mutton, and frozen boneless meat.
Currently, TOMCL has the largest product range as well as market access from Pakistan's meat export se tor. Moreover, TOMCL's slaughtering and meat processing facility is spread over 15 acres at Gadap, Karachi. The facilities are approved to supply products to Kuwait, man Qatar, Kingdom of Saudi Arabia. (“KSA"), United Arab Emirates (“UAE”), Bahr in, Maldives, Hong Kong, and Vietnam.
Copyright Mettis Link News
Paris Club extends Pakistan’s debt payment deadline
September 27, 2021: The Paris Club of creditor countries said that it was giving Pakistan another extension to service its debt so that it can dedicate its resources to combatting the Covid pandemic.
The country has until December to make the payment, the club said in a statement, without releasing a figure.
Islamabad “is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis,” the statement said.
The country s debt amounts to some 90 percent of its gross domestic product, according to the International Monetary Fund. Its debt service for the 2021-2022 fiscal year totals $56.9 billion, the IMF says.
AFP
