Qudsia Bano Pakistan's startup outlook, once hailed as a beacon of innovation and growth, has hit a sobering low as the first quarter of fiscal year 2023-24 witnessed a staggering absence of funding. Amid global recovery in venture capital investments, Pakistani startups found themselves in dire straits, with not a single dollar raised during this period. The Federal Shariat Court’s landmark ruling in April 2022, aimed at eradicating interest from Pakistan’s economy by December 2027, marked a significant shift in the nation's financial paradigm. However, the transition towards an interest-free ..read more

Chief Minister of Punjab, Maryam Nawaz, has approved the establishment of a Provincial Enforcement Authority (PEA) in Punjab and directed immediate legislative action to initiate the creation of this authority, which includes amendments to 11 laws, rules, and ordinances. During a meeting chaired by Chief Minister Maryam Nawaz, a comprehensive briefing was provided regarding the formation of the provincial enforcement authority at the district and tehsil levels. Chief Minister Maryam Nawaz Sharif has set a target to activate the enforcement authorities across the province within the next six mo ..read more

Shams ul Nisa Pakistan Oilfields Limited's (POL) net sales rose by 13.5%, gross profit by 18.67%, and net profit by 22.5% in the first half of ongoing Fiscal Year 2024, reports WealthPK. During the period, the company recorded a net profit of Rs17.57 billion, driven by higher sales value, decreased exploration costs, and increased interest income due to the higher deposits and interest rates on bank deposits. Thus, the company’s gross profit margins grew to 69.60% in 1HFY24 from 66.56% in 1HFY23. Furthermore, the company’s profit before tax increased 36.77% to Rs26.7 billion during the review ..read more

The head of Awami Muslim League Sheikh Rasheed Ahmad has criticized the government, declaring it a complete failure. He stated that the people are suffering due to a flood of false cases and demanded the withdrawal of all such cases. Speaking to the media outside the Anti-Terrorism Court on Tuesday, Sheikh Rashid expressed his concerns over the mounting number of cases against the public. He said, "Every day, we have to appear in courts due to these fabricated cases. The situation has become so absurd that even individuals who weren't present in Pakistan during certain events are being implica ..read more

Ayesha Mudassar Bank Alfalah Limited (BAFL), one of the country’s largest commercial banks, recorded an unconsolidated profit-before-tax (PBT) of Rs78 billion for the year ending December 31, 2023, with an impressive growth of 116% over the earlier calendar year, reports WealthPK. According to the financial results submitted to the Pakistan Stock Exchange (PSX), the bank registered a profit-after-tax (PAT) of Rs36 billion for CY23 as against the profit-after-tax of Rs18 billion in CY22. Moreover, the bank announced an earnings per share (EPS) of Rs23.12 for the year under consideration. The ..read more

Faiza Tehseen Pakistan needs relevant legislation to regulate mining, which will help build the confidence of both domestic and foreign investors and fetch the much-needed foreign exchange to the state coffers, Muhammad Yaqub Shah, principal geologist at the Islamabad-based Global Mining Company Private Limited, told WealthPK. "To make the mineral sector an active participant in the national economic cycle, law implementation, rights, protection acts, and necessary security assurance, especially for foreign investors, are the necessary elements," he opined. He said, "In 1948, after a little am ..read more

Karachi Port Trust (KPT) has secured its first major revenue stream under a new concession agreement with Abu Dhabi Ports Group (AD Ports). According to port industry sources, a signing ceremony was held in the presence of the Maritime Affairs Minister, where AD Ports subsidiary, Karachi Gateway Terminal (KGTL), presented a check of $50 million to KPT. This payment breaks down into two parts: $25 million represents an upfront concession fee, while the remaining $25 million is an advance payment for using the port facilities. The overall concession agreement with AD Ports Group is valued at $13 ..read more

Faiza Tehseen Pakistan needs a carbon exchange system to overcome the environmental impacts and the current financial crisis. The companies can easily buy and sell permits in the carbon exchange market to emit CO₂ and other greenhouse gases (GHG). This will not only help conserve the environment but also boost revenue generation and employment opportunities, and create a new value chain of work and services, former conservator and ex-secretary Sindh Forests and Wildlife Department (SFWD) Aijaz Nizamani told WealthPK. He said the Sindh government earned about PKR3.5 million in 2022, which will ..read more

Arooj Zulfiqar The emrgence of blockchain technology promises to revolutionise transparency and traceability in operations of modern agribusiness. “Blockchain technology is the future and in every sector of life, it is becoming increasingly important. As a country that heavily relies on agriculture, it is vital for Pakistan to adopt technological advancements that can revolutionise traditional practices. Among these advancements, blockchain technology emerges as a powerful tool, offering unparalleled transparency and efficiency,” said Khan Muhammad Wazir, a former director to the minister of s ..read more

The stage is set for an exciting cricket showdown as Abbottabad and Rawalpindi gear up to host the 24 matches of the prestigious President Cup. The 50-over-a-side tournament is scheduled to kick off from April 24 and will culminate on May 12. Seven of Pakistan's leading departments will showcase their cricketing prowess in this high-stakes tournament. The participating teams include Sui Northern Gas Pipelines Limited (SNGPL), Pakistan Television (PTV), State Bank of Pakistan (SBP), Water and Power Development Authority (WAPDA), Khan Research Laboratories (KRL), Higher Education Commission (HEC ..read more