Tag Archives: Finance

In a significant financial milestone, The Hub Power Company (HUBCO) has reported its highest-ever Profit After Tax (PAT) of PKR 17.1 billion in the first quarter (1Q) of its fiscal year. This remarkable increase in profitability can be attributed to several factors, including the expansion of its portfolio and favorable currency exchange rates. Record-Breaking Earnings: HUBCO’s achievement of PKR 17.1 …

In a remarkable turn of events, United Bank Limited (UBL) has shattered records by achieving the highest-ever profitability and a historic dividend payout in the first nine months of 2023 (9MCY23). The bank’s outstanding performance can be attributed to various factors, including increased net interest income and provisioning reversals. UBL’s Remarkable Profitability: UBL reported a Profit After Tax (PAT) of …

Despite concerns about Pakistan’s growing debt, the interim government has approved a $300 million loan from the Asian Development Bank (ADB) to improve tax compliance. This move has raised questions about whether such objectives could be achieved through efficient tax collection methods rather than borrowing. The Central Development Working Party (CDWP) cleared four development projects worth Rs126.2 billion during its …

  Information Minister Murtaza Solangi reaffirmed the caretaker government’s authority to make significant economic decisions and enact reforms during a press conference of key ministers of the interim government at a meeting of the Special Investment Facilitation Council (SIFC). The press conference featured caretaker Finance Minister Shamshad Akhtar, Commerce Minister Gohar Ejaz, and Power Minister Mohammad Ali. Solangi stated that …

As the US dollar rate continues to soar to all-time highs, automakers in Pakistan are facing the inevitability of increasing car prices. However, in a bid to maintain customer interest and mitigate potential drops in demand, they are rolling out various benefits and incentives. Pak Suzuki Motor Company (PSMC) has introduced a “price lock” offer for all new bookings made …

The Pakistan Stock Exchange (PSX) witnessed a significant surge in sentiment on Monday, with the benchmark KSE-100 index gaining over 400 points during intra-day trading. As of 2:04 pm, the benchmark KSE-100 index stood at 45,714.56, marking an impressive increase of 401.91 points or 0.89%. The previous week had seen the PSX facing considerable pressure, characterized by a sharp decline …

  The US dollar’s ascent against the Pakistani rupee persists, reaching new heights in the open market. During Monday’s trading, the dollar was quoted at 334.5 for selling and 331.5 for buying, marking an increase of Rs3.5 from the previous trading session’s levels of 331 and 328, according to dealers reached by Business Recorder. However, the Exchange Companies Association of …

  More than 1,600 textile factories in Pakistan have shut down over the last sixteen months, dealing a significant blow to the country’s textile industry, according to Interim Commerce Minister Dr. Gohar Ijaz. The impact of these factory closures extends across the entire value chain of the textile industry, affecting activities from ginning, weaving, spinning, and processing to garment manufacturing. …

  UK Finance Minister Jeremy Hunt has set his sights on halving the country’s inflation rate by the end of 2023, outlining his priorities for the economic recovery as the nation prepares for an upcoming general election. Hunt’s commitment to reducing inflation and enhancing productivity in the public sector is aimed at boosting voter optimism and fulfilling key pledges. Currently, …

Introduction: The Pakistan Stock Exchange (PSX) faces another day of losses as the KSE-100 index drops by nearly 960 points, signaling a bearish trend. The decline is attributed to a combination of profit-taking activities, political uncertainty, and economic factors that have weighed down investor sentiment. Bearish Trend Continues Amid Political Uncertainty: The bearish sentiment prevailed as political uncertainty surrounding the …