Business

Web Desk — Pakistan’s financial sector has been abuzz with new players as the country adopts digital payments.  The State Bank of Pakistan (SBP) reported in its first quarterly Payment Systems Review (PSR) report that Pakistan Real-time Interbank Settlement Mechanism (PRISM) recorded 1.1 million transactions valued at Rs159.1 trillion during the first quarter (July-Sept) of this fiscal year (FY22). The …

Web Desk — To improve food packaging and follow hygiene standards during food preparation, foodpanda partnered with the Punjab Food Authority (PFA) to train Home chefs regarding enhanced safety protocols and government SOPs. The training session was conducted with the aim of promoting and encouraging a food safety culture across Punjab, training the Homechefs on basic food preparation and hygiene …

Volkswagen Chief Financial Officer (CFO) Arno Antlitz says semiconductor chip supply is unlikely to be enough to completely satisfy demand again until 2024. In an interview with German daily Boersen-Zeitung, he said that although bottlenecks would likely begin to ease towards the end of this year, with production returning to 2019 levels next year, this would not be enough to …

Web Desk — Pakistan International Airlines (PIA) will operate direct non-stop flights to Sydney from April 22 with an interline arrangement made with Virgin Australia (VA) for eight more connecting destinations within Australia. A spokesman for the national flag carrier said on Thursday that initially the PIA flights would be operated from Lahore to Sydney on Fridays and from Sydney …

Web Desk — The Monetary Policy Committee of the State Bank of Pakistan (SBP), at an emergency meeting, decided to raise the policy rate by 250 basis points to 12.25%. The SBP, in a surprise statement, said that since the last MPC meeting, the outlook for inflation has deteriorated and risks to external stability have risen. “The MPC decided at its …

Web Desk — The local and international players have taken an overwhelming interest in the State Bank of Pakistan’s (SBP) digital bank initiative which reflects their confidence in the country’s financial sector which has been making huge profits despite economic challenges. According to the SBP, it had concluded the process of receiving applications for the issuance of licenses for digital …

Web Desk — In the auction conducted by the State Bank of Pakistan (SBP) on Wednesday, the cut-off yield for Treasury bills was raised by up to 80 basis points. Through the auction of three, six, and 12-month T-bills, the government raised Rs679.89 billion while the target was Rs600 billion. The cut-off yields for 3, 6, and 12 months saw …

Web Desk — In an appreciable move, the Central Directorate of National Savings (CDNS) has announced that the Islamic financing system will be implemented in the country by the end of next month. A CDNS official told APP on Monday that prize bonds and saving certificates would be issued in accordance with Shariah financing laws.  “CDNS will provide Shariah-compliant investment opportunities …

Web Desk — The BBDO Pakistan advertising agency that developed Generation and Greenstar’s “The Veil of Care”, received the Grand Effie Award at the fourth Effie Awards organized by the Pakistan Advertisers Society (PAS) on Friday. BBDO Pakistan became the only agency to win the Grand Prix for the fourth consecutive year, according to a press release. Effie Awards spotlight …

Web Desk — Following the footsteps of its competitors, Pak Suzuki Motor Company Ltd (PSMCL) on Friday increased the prices of two-wheelers by Rs8,000-15,000 and four-wheelers’ by Rs99,000-1.615 million. In a circular, to its authorized dealers the company said that the new price of Alto VX, VXR, and AGS models is Rs1.425m, Rs1.675m, and Rs1.886m. Wagon VXR, VXL, and R …