Business

As the 100-Index surpasses 100,000, the PM congratulates the nation for setting a new record.

Published

2 months ago

Farwa

Upon the 100 Index of the Pakistan Stock Exchange surpassing 100,000 points, Prime Minister Muhammad Shahbaz Sharif congratulates the entire country.

According to the prime minister’s statement, the first-ever crossing of 100,000 points on the stock exchange shows that investors and the business sector have faith in the government’s economic initiatives.

For reaching this milestone, he remarked, the government’s economic team and the leaders promoting investment in the nation deserve praise.

The prime minister had assured the populace that he would do everything within his power to support the nation’s economic growth and stability.

According to Shehbaz Sharif, he gave up his political career to keep Pakistan from going into default, and fortunately, it was not in vain.

He claimed that those who oppose the stability and advancement of the nation are attempting in vain to bring the nation to its knees once more.

According to him, the country’s inflation rate has further dropped, interest rates have risen to 15%, and remittances have hit all-time highs.

“The enemies of national progress and prosperity will not be allowed to succeed in their nefarious objectives,” the prime minister said, vowing to keep up his hard work for the country’s development.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

21 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

21 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.