December 10, 2021 (MLN): Fauji Foods Limited (FFL) has appointed Mr. Ebad Khalid as Chief Executive Officer (CEO) of the company with effect from December 09, 2021, in place of Mr. Muhammad Haseeb Aslam, the company filing on PSX showed on Friday.
To recall, Mr. Haseeb Aslam had resigned as CEO of the company with effect from November 26, 2021.
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May 19, 2022 (MLN): In a crushing blow, the Pakistani rupee (PKR) has further depreciated by 1.6 rupees against the US dollar in today's interbank session as the currency settled the trade at PKR 200 per USD compared to the previous close of 198.39.
While enduring a bumpy session, the rupee traded in a range of 1.1 rupees, witnessing an intraday high bid of 200 and an intraday low offer of 199.90.
The government’s confusion while taking economic decisions has resulted in lousy outcomes and the situation created enough panic amongst the market participants. Meanwhile, the dollar hoarding and speculative elements have added more fuel to the fire.
From July’21 to date, the local unit has lost Rs42.45 against the USD. Similarly, the rupee fell by Rs23.48 in CYTD, with the month-to-date (MTD) position showing a wither of 7.15%, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 23.32% against the greenback, reached its lowest at 199.99 today, and touched its high of 153.22 on May 19, 2021.
Furthermore, the local unit has weakened by 11.02% since its high on July 02, 2021, against EUR. While, it has dropped by 12.54% against GBP since its high on May 20, 2021.
In addition, the performance of PKR remained bleak against major currencies in the calendar year to date as it weakened by 11.82%, 11.74%, 6.30%, 5.72%, 4.90%, 3.76%, and 1.98% against SAR, AED, CNY, CHF, EUR, GBP, and JPY, respectively.
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Within the open market, PKR was traded at 199.50/201.50 per USD.
Meanwhile, the currency lost 1.5 rupees to the Pound Sterling as the day's closing quote stood at PKR 247.59 per GBP, while the previous session closed at PKR 246.06 per GBP.
Similarly, PKR's value weakened by 1.2 rupees against EUR which closed at PKR 209.93 at the interbank today.
On another note, within the money market, the overnight repo rate towards the close of the session was 12.25/12.50 percent, whereas the 1-week rate was 12.35/12.45 percent.
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May 19, 2022 (MLN): Image Pakistan Limited has informed on Thursday that its latest Schiffli embroidery machine has started commercial production from April 18, 2022.
According to the notice issued by PSX, the existing Lässer Schiffli embroidery machine has been upgraded and its performance is now at par with the new machine.
In order to cater to the increasing demand of Islamabad customers, it has been decided to open a 2nd outlet in Islamabad at Centaurus Mall. The Company plans to open the outlet before the end of the financial year on June 30, 2022.
The company, through its newly incorporated subsidiary company namely, Tri-Star Image (USA) Inc. has now started scaling business on Amazon by operating the FBA model in the USA.
During the period July 2021 to March 2022, the company has managed to generate consolidated sales revenue of more than Rs1.286 billion.
With the full-fledged operation of new Schiffli and multi-head embroidery machines coupled with existing machines, the company is on the path in achieving its projected sales revenue target of Rs.1.8 billion by the end of the financial year in June 2022.
The start of the Spring / Summer Season from mid-March 2022 has helped achieve revenue growth and the company’s famous/renowned un-stitched Lawnkari and the ready-to-wear collection have outperformed the market with its unique designs made with the latest technology and excellent styling, it said.
Image Pakistan Limited has successfully and prudently utilized the funds through the Right Issue of shares and has made significant investments in its property, plant and equipment, and working capital requirement.
Based on performance to date and projections, it is expected that the company will be able to further raise its sales revenue and generate sufficient cash flow in the coming future, it added.
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May 19, 2022 (MLN): NetSol Technologies Limited on Thursday announced a buyback of 175,000 ordinary shares of the company in today's trading session of the Pakistan Stock Exchange (PSX) to improve the earnings per share (EPS) and future dividend of the company.
Yesterday, the company had purchased 75,000 ordinary shares of the company, bringing it to 250,000 in two days.
Last week, in an extraordinary general meeting, the members of NetSol had passed the special resolution that the company has been accorded to buyback of its own 2 million issued ordinary shares, having a face value of Rs10 each at spot/current price during the purchase period through PSX.
According to the notice, the purchase period commences from May 18, 2022, to August 08, 2022 (both days inclusive).
Currently, the stock is trading at Rs89, down by Rs1.41 or 1.56% DoD.
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May 19, 2022: Supreme Court barred authorities from making new appointments and transferring officials involved in "high-profile" and National Accountability Bureau (NAB) cases as well as those being heard by special courts.
Court also issued notices to the Federal Investigation Agency (FIA) director-general, the NAB chairman and the interior secretary.
The court asked the parties concerned to give an explanation as to why there was "interference" in criminal cases.
Notices were also issued to all the provincial prosecutor generals and the FIA's legal director.
During the hearing, the Chief Justice of Pakistan Umar Ata Bandial observed that there should be "no interference in the prosecution process or the prosecution wing".
The CJP also said that FIA's former director Mohammad Rizwan, who was probing the money laundering charges against Prime Minister Shehbaz Sharif and his son Punjab Chief Minister Hamza Shahbaz, was also transferred and later died of a heart attack.
"We are concerned over these developments," the CJP said. Justice Bandial also stated that according to news reports, "thousands" of people had benefitted after their names were removed from the no-fly list.
"We have been seeing such news reports for the past one month. This has an effect on the rule of law," the CJP said, adding that it was the court's responsibility to maintain peace and trust in society under the Constitution.
The CJP also stated that the suo motu was not meant to embarrass or hold anyone responsible. "It is meant to protect the criminal justice system and the rule of law," he observed.
The court wants the implementation of Article 10-A (right to a fair trial) and Article 4 (due process), he said, adding that notices were being issued to the parties concerned. He also expressed the hope that the federal government would cooperate in providing an explanation.
Press Release
May 19, 2022: Foreign Minister Bilawal Bhutto Zardari in a meeting with his Turkish counterpart Mevlüt Çavusoglu in New York has expressed commitment to work together to enhance economic cooperation and unleash the full potential of Pak-Turk trade relations.
This was agreed upon on the sidelines of the Ministerial meeting on ‘Global Food Security Call to Action held in New York, Foreign Office said Thursday.
Both sides agreed to remain in close contact to maintain the upward trajectory and add momentum to the friendly ties between Pakistan and Turkey.
Expressing satisfaction over the excellent bilateral partnership between the two countries, FM Bilawal reiterated Pakistan’s resolve to further enhance its wide-ranging cooperation with Turkey.
He noted that in November this year, the 75th anniversary of the establishment of diplomatic relations between Pakistan and Turkey would be celebrated in a befitting manner.
FM Bilawal thanked the Turkish Government for its steadfast support and principled position on the Jammu and Kashmir dispute. He also briefed his counterpart on the so-called “Delimitation Commission” and India’s illegal steps in IIOJK.
Views were also exchanged on various international issues.
Foreign Minister Bilawal appreciated Turkey’s role and contributions toward the promotion of peace and stability in the region.
He appreciated Turkey’s support to address the humanitarian crisis in Afghanistan.
APP
