Corporate News

Pakistan International Airlines (PIA), the national flag carrier, has announced a significant pay raise for its daily waged employees. This move is intended to boost employee morale and enhance productivity. Details of the Pay Raise Effective from July 1, 2024, the daily wages for PIA’s employees have been increased by Rs 5,000. This adjustment brings the new monthly salary to …

British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces. Impact and Scope The …

French authorities have formally placed Telegram CEO Pavel Durov under investigation, suspecting his involvement in criminal activities carried out on the messaging platform. The investigation, initiated by a French judge, includes allegations of complicity in facilitating illicit transactions, dissemination of child sexual abuse materials, drug trafficking, money laundering, and failure to cooperate with judicial authorities. The investigation has sparked widespread …

Introduction The International Monetary Fund (IMF) has postponed the approval of Pakistan’s $7 billion bailout package, as it is not part of the IMF Executive Board’s agenda for the upcoming week. This delay adds to the uncertainty surrounding Pakistan’s efforts to stabilize its economy, which continues to struggle with significant financial challenges. IMF Executive Board Meeting Schedule The IMF’s Executive …

The Hub Power Company Limited (HUBC) has reported robust financial results for the fiscal year 2024 (FY24), with consolidated earnings reaching PKR 70,018 million (Earnings Per Share: PKR 54.0), marking a 22% year-on-year (YoY) increase compared to PKR 57,554 million (EPS: PKR 44.4) in FY23. Despite a 14% YoY decline in profitability during the fourth quarter of FY24 (4QFY24), where …

Traders Across Pakistan Prepare for Nationwide Strike on August 28 On August 28, traders across Pakistan will unite in a nationwide strike to protest the unbearable electricity costs and the continuation of Independent Power Producer (IPP) agreements. The Central Traders Association (CTA) and the Sindh Traders Alliance (STA) are leading this movement, emphasizing the dire need to safeguard the economy …

FSWL Directed to Disclose Details Amidst Unusual Share Price Movements In accordance with Section 97 of the Securities Act, 2015, and clause 5.6.3 of the PSX Regulations, listed companies are required to disclose relevant information to the public when unusual movements in the price or volume of their traded securities are observed. This requirement ensures transparency and provides investors with …

Suspension of Trading in Mughal Iron & Steel Industries Limited Sukuk [MUGHALSC] In a recent update from the Pakistan Stock Exchange (PSX), trading in the Sukuk of Mughal Iron & Steel Industries Limited, identified by the symbol [MUGHALSC], will be suspended due to the company’s book closure dates. Key Dates and Suspension Details Mughal Iron & Steel Industries Limited has …

Order Against Deceptive Marketing Practices The Competition Commission of Pakistan (CCP) has imposed a fine of Rs60 million on Unilever Pakistan for airing deceptive claims in television commercials promoting its hygiene and cleansing products, ‘Lifebuoy Soap’ and ‘Lifebuoy Hand Wash’. The fine follows proceedings related to a show-cause notice issued to Unilever for alleged violations of Section 10 of the …

Mari Petroleum Company Ltd (MPCL) has achieved a record-breaking financial performance for the fiscal year 2024 (FY24), reporting the highest-ever earnings of Rs77 billion. This represents a notable increase of 38% from the Rs56 billion earned in FY23. The company also declared a substantial final cash dividend, alongside an interim dividend of Rs232 per share for FY24, marking a payout …