BOL NEWS BUSINESS DIGEST. Image: Unsplash
Economy on strong footings to absorb trade deficit, inflationary pressures: Tarin
ISLAMABAD: A record trade deficit, double-digit inflation and increase in the interest rate of T-bills auction created panic at the Pakistan stock market but the economy is on strong footings and will grow beyond 5 per cent in this financial year, a senior government official said on Friday. –HAMZA HABIB
PSX remains bearish on rupee instability
KARACHI: The Pakistan equity market witnessed a roller-coaster ride on Friday with the first session posting impressive gains in the oversold market; however, the second session witnessed correction given free-fall of the local currency, dealers said. –JAVED MIRZA
Microsoft announces software for business meetings
KARACHI: Microsoft Teams announced stand-alone “Teams Essentials” for small and medium businesses, a statement said on Friday. –LATIFUR REHMAN
Urea sales surge 5% in November
KARACHI: Urea off-take grew 5 per cent to 561k tonnes in November 2021, compared with 533k tonnes in the same month of the last year, provisional fertiliser off-take data for the month suggests. –JAVED MIRZA
Bond yields, Kibor at two-year high
KARACHI: The local money market is witnessing a bearish spell; following a surprise increase in the cutoff yield in the treasury bills and increase in the benchmark lending rate, i.e., Karachi Interbank Offered Rate (Kibor), analysts said. –SHAHNAWAZ AKHTER
Ghani Chemical increases stake in G3 Technologies to 15.93%
KARACHI: Ghani Chemical Industries Limited (GCIL) has bought additional 22.8 million shares in G3 Technologies (formerly Service Fabrics) increasing its stake in the associated company to 15.93 per cent. –LATIFUR REHMAN
Argentine ambassador visits UVAS
LAHORE: Ambassador of Argentine Leopoldo Francisco Sahores along with deputy head of the mission Camilo Ernesto Silberkasten called on University of Veterinary and Animal Sciences (UVAS) vice chancellor Prof Dr Nasim Ahmad on Friday and discussed potential areas of cooperation for the development of livestock and dairy sector in Pakistan. –IQTIDAR GILANI
Pakistan’s trade deficit increases 134% in November
KARACHI: The import bill of Pakistan recorded a hike in November, 2021, as the country witnessed a growth of more than 82 per cent in imports on a year-on-year basis. –LATIFUR REHMAN
FBR wins first-ever court conviction under Anti-Money Laundering Act
KARACHI: The Federal Board of Revenue (FBR) has succeeded in winning the first-ever case of conviction for the offence of money laundering based on massive tax evasion. –HAMZA HABIB
Forex reserves fall $275 million to $22.499 billion
KARACHI: The foreign exchange reserves of the country fell $275 million to $22.499 billion by the week ended November 26, 2021, the central bank reported. –SHAHNAWAZ AKHTER
UNDP, NICL host innovators in plastic waste recycling at SolutionsFest
KARACHI: The National Incubation Centre Lahore (NICL) at LUMS collaborated with the Innovation-Acceleration Lab at the United Nations Development Programme (UNDP) Pakistan to host SolutionsFest 2.0: Reimagining our relationship with plastics in Pakistan, a statement said. –JAVED MIRZA
Mastercard, LMKR to simplify commuter experience
KARACHI: Mastercard has announced a strategic partnership with LMK Resources Pakistan (Private) Limited (LMKR) to oversee the deployment of the country’s first open-loop transit payment solution, a statement said. –JAVED MIRZA
KSE-100 opens bearish today
KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100 index witnessed a decline of 87.85 points, or 0.20 per cent, in the first hour of trading on Friday. LATIFUR REHMAN
Dollar hits new peak of Rs176.77
KARACHI: The dollar recorded a new high of Rs176.77 against the Pakistani rupee at the interbank foreign exchange market on Friday. –SHAHNAWAZ AKHTER
Need stressed to devise policies for economic growth
LAHORE: Speakers at the launching ceremony of a report have stressed the need for devising short-term and long-term strategies for achieving potential growth of the economy. –IQTIDAR GILANI
Dollar touches historic high at midday in interbank market
KARACHI: The Pakistani rupee plunged to a historic low as the dollar crossed Rs177 at the midday trading in the interbank exchange market on Friday. –LATIFUR REHMAN
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