SECP ceases guarantee-business of Crescent Star Insurance Limited By: APP on December 27, 2024The Securities and Exchange Commission of Pakistan (SECP) has ceased the guarantee business of Crescent Star Insurance Limited (Crescent Star) through a Direction, under section 60 of the Insurance Ordinance, 2000 (Ordinance). Crescent Star had issued guarantees amounting to Rs. 229 billion without obtaining requisite collateral and any valid reinsurance arrangements,said a press release issued […]
State Bank injects over Rs575bn into market By: APP on December 27, 2024The State Bank of Pakistan (SBP) injected Rs575.8 billion in the market through Open Market Operation (OMO) reverse repo purchase on Thursday. The SBP, as per results issued here, conducted Open Market Operation, Reverse Repo Purchase (Injection) on December 26, 2024 for 8-day tenor and accepted an amount of Rs575.8 billion offered through 3 bids. […]
OGDCL enhances oil production from Pasakhi-5 Well By: APP on December 27, 2024Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has successfully revived and enhanced oil production from the Pasakhi-5 well, located in Hyderabad district of Sindh. According to a new release, the well is part of the Pasakhi Development & Production Lease (D&PL), with OGDCL holding a 100% working interest. As […]
Sesame output grew by 455% in five years By: APP on December 27, 2024Minister for National Food Security and Research, Rana Tanveer Hussain on Wednesday said that sesame production has increased by 455 percent during last five years, reaching 1.119 million tons annually. While addressing the International Investment Conference on Sesame, the minister said that sesame exports have grown by 327%, amounting to 0.760 million tons per year. […]
Foreign reserves stand at $16.3 billon: SBP By: APP on December 27, 2024The total liquid foreign reserves held by the country stood at US$ 16,371.5 million as of December 20, 2024, State Bank of Pakistan (SBP) reported Thursday. According to breakup figures, foreign reserves held by the State Bank of Pakistan stood at US$ 11,853.5 million whereas net foreign reserves held by commercial banks were recorded at […]
realme Closes 2024 with Record-Breaking Growth and Launches the Industry’s Best Waterproof Smartphone, the realme C75 on December 26, 2024Lahore – 26 December 2024: As the fastest-growing smartphone brand in the world, realme has cemented its place as a trailblazer in the tech industry. With an impressive 11% market share in Pakistan, a staggering growth from just 3% last year, realme now ranks among the top four smartphone brands in the country, surpassing industry […]
France to tap into trade, investment opportunities in Pakistan: diplomat By: Agencies on December 26, 2024French Ambassador to Pakistan, Nicolas Galley, stated that Pakistan and France currently enjoy excellent diplomatic and political relations. He emphasized the need to further promote economic, trade, and diplomatic ties between the two countries, noting that France appreciates Pakistan’s efforts toward regional peace and stability. A number of French companies are investing in Pakistan, and […]
Dubai hits over a decade high; most Gulf shares muted By: Reuters on December 26, 2024Dubai’s benchmark share index jumped on Wednesday to its highest level in more than a decade, while most other markets in the Gulf were muted as investors braced for fewer rate cuts by the US Federal Reserve in the coming year. Dubai’s benchmark stock index extended its gain to a second straight session, rising 0.6% […]
Toyota global production down for 10th month despite rising sales By: Reuters on December 26, 2024Toyota Motor’s global production decreased for a 10th straight month in November, the Japanese carmaker said on Wednesday, although its worldwide sales grew for the second consecutive month on solid demand in the United States and China. The world’s biggest automaker manufactured 869,230 vehicles globally in November, down 6.2% from the same month last year, […]
Tech, finance key to Pakistan’s industrial decarbonization By: APP on December 26, 2024A roundtable discussion on the “Business Case for Decarbonization in Pakistan” hosted by the Sustainable Development Policy Institute (SDPI) emphasized the critical need for industrial decarbonization to address the nation’s economic, energy, and environmental crises that was possible through ensuring emerging technologies and financial instruments accessible to developing nations like Pakistan. The event, moderated by […]