Business
PSX sees minor gains on US-Iran war uncertainty
The Pakistan Stock Exchange (PSX) on Tuesday recorded marginal increases as uncertainty prevailed over talks to end the war between the US and Iran.
The KSE-100 Index closed at 178,406.69 points, up 206.67 points over the last close.
The market opened the day at 178,200.02 points, the previous closing level, and traded between 178,768.83 points intraday high and 178,023.65 points intraday low.
The benchmark KSE-100 Index a day before staged a tremendous rebound by adding 2,105.91 points, a positive shift of 1.20 percent, to close at 178,200.02 points against 176,094.12 points recorded in the previous trading session.
The ready market saw a volume of 785.361 million shares as opposed to 880.951 million shares a day earlier while the traded value jumped to Rs33.140 billion as compared to Rs24.957 billion.
The market capitalisation rose to Rs19.953 trillion against Rs19.755 trillion a day ago.
Business
After lowering the price of petrol and diesel, the government lowers the price of kerosene.
The government has slashed the cost of kerosene oil after cutting the costs of fuel and high-speed diesel.
Kerosene price reduced by Rs3.58 per litre after drop in pricing of petroleum products announced last night.
The Oil and Gas Regulatory Authority (OGRA) has decreased the price of kerosene from Rs305.22 to Rs301.64 per litre in an announcement.
The Petroleum Division in a statement last night for August 4 announced a Rs4.08 per litre drop in the price of petrol, making the new price Rs331.95 per litre.
The price of high-speed diesel has also been cut by Rs2.45 a litre to Rs389.93 a litre.
Business
Through HRMIS, the federal government digitizes 75% of civil servants’ service records.
– The federal government has digitized around 75 percent of service records of federal civil servants belonging to four occupational groups as part of a broader reform aimed at modernizing human resource management and reducing reliance on paper-based records.
Official documents presented to the Senate Standing Committee on Cabinet Secretariat, and available with Wealth Pakistan, show that the Establishment Division has made significant progress through the implementation of the Human Resource Management Information System (HRMIS) – a centralised digital platform for managing service records of officers belonging to the Pakistan Administrative Service (PAS), Police Service of Pakistan (PSP), Office Management Group (OMG), and Secretariat Group (SG).
According to the briefing, approximately 75 percent of service record data has already been entered into HRMIS, while the remaining records are being prioritized for digitization.
The Establishment Division is also carrying out a comprehensive verification and correction exercise to ensure the authenticity, completeness and accuracy of the data.
The digital platform contains officers’ personal profiles, postings, promotions, seniority, qualifications, training history, leave records, Performance Evaluation Reports (PERs) and other service-related information.
Officers have been provided access to review their records and submit correction requests, which are verified before system incorporation.
The Establishment Division informed the committee that there are no delays in the digitisation process due to manual record handling and that the current focus is on completing the remaining data entry and validation before the system becomes the government’s authoritative source for personnel management.
Once fully operational, HRMIS will serve as the single digital repository for service records, supporting promotions, transfers, training and other human resource functions.
The initiative is expected to improve efficiency, transparency, data integrity and evidence-based decision-making across the federal government.
Business
Pakistani, Bangladeshi firms sign vehicle export contract to increase bilateral trade
Pakistani car maker MG JW Automobile inked a memorandum of understanding (MoU) with Bangladeshi conglomerate RANCON Group this week to export Pakistani cars to Bangladesh as both nations look to boost business-to-business (B2B) connections.
RANCON is a large corporate organization in Bangladesh and they are working in several sectors like vehicles, real estate and electronics. Under the deal, MG JW Automobile will sell 100 vehicles to Bangladesh during the current year while total shipments are expected to exceed 5,800 vehicles during the next four years, the Pakistan High Commission in Bangladesh announced on Friday.
“The deal is expected to benefit Bangladesh by increasing the availability of vehicles in the Bangladesh market, healthy competition and the consumers will get more choices at competitive prices,” the High Commission stated.
“The agreement will also lead to closer economic cooperation between Pakistan and Bangladesh and promote more business-to-business cooperation,” said the high commission.
Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, praised the deal. He said he was confident such collaborations will improve trade and economic relations between the two countries and provide avenues for cooperation between the corporate sectors of the two countries.
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