Author: Ibraheem Sheikh
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Prime Minister Shehbaz Sharif secures $3 billion investment package in Qatar visit
Prime Minister Shehbaz Sharif returned to Islamabad but was not empty-handed. In addition to a $600 million investment package from Saudi Arabia, Mr Sharif also managed to get Qatar to pledge three billion dollars across various sectors in Pakistan. This investment from Qatar is vastly different from the ones received by Saudi Arabia. This is…
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Dollar falls to 152 against rupee on Google
The United States (US) Dollar on Friday evening took a dive against the Pakistani rupee on the Google currency converter, leaving traders perplexed. As per the details, the USD crashed to Rs152.62 from Rs277.50 earlier in the evening. While no statements were issued by Google or Morningstar Inc that provides the search giant with data…
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PIA auction fails: Sole bid rejected by government for being too low
Spectators watched as the televised auction of the flag carrier, Pakistan International Airlines (PIA), failed horribly. The government seemed interested in selling PIA for the right price but did not approve the sale when the sole bid was off by 88.2 per cent of the original value. The reason for only one bid is the…
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Can African imports of Pakistani tractors save the ‘sinking industry’?
Farmers and tractor producers watched on as officials in Pakistan’s high commission in Kenya facilitated the export of Pakistani tractors. These tractors are headed to their new home in Tanzania: Masai Trekta Company Ltd’s tractor depot. The export deal marks a significant moment for ATS (ATS tractors), which does not operate on the same scale…
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Vegetable shortage crisis: Export surge could spell trouble for farmers
Businessmen involved in the agricultural sector managed to boost vegetable exports by 11.5 per cent in the first quarter of the fiscal year. This comes at a time when seasonal rains have left vegetable fields devastated nationwide – especially in Sindh. The consequence of mass exports and heavy rainfalls has caused major shortages in the…
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Pakistan eyes over $12 billion in Riyadh investments
Business owners in Pakistan have their eyes set on the Riyadh meetings as developments in the Future Investment Initiative (FII) are underway. Prime Minister Shahbaz Sharif and the delegation from Islamabad is expected to bring back upwards of $12 billion in investments. Premier will be meeting the Crown Prince Muhammad bin Salman along with other…
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Can trade with India guide Pakistan out of the darkness?
Independent power producers and business owners in the pharmaceutical industry worriedly watched the developments of the World Bank meetings on Sunday. This is because, during the IMF and World Bank meetings, Finance Minister Muhammad Aurangzeb stressed the importance of trade links with India. Pakistan is a net importer of power and pharmaceutical products, which ensures…
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Textile manufacturers unhappy as government policy threatens 18 billion dollar export sector
Textile exporters expressed great displeasure over the government’s decision to stop the supply of natural gas to their power plants. Islamabad’s decision puts the USD 18 billion textile export industry at risk by leaving it to function on the national power grid. While the motivations are not entirely clear, experts believe that by cutting the…
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Bullish trend persists: PSX closes just under 90,000 points amid strong investor confidence
Traders on the floor of the Pakistan Stock Exchange (PSX) rode on a wave of joy today as they witnessed the market break yet another record. During day trading, the KSE-100 index crossed the 90,000 mark for the first time ever, and it stayed that way until the trading day was about to close. At…
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What Punjab’s 182 billion rupee missed IMF target means for local businesses
Business owners in Punjab are preparing for tough times ahead as the provincial government of Punjab missed the budget surplus goal set by the International Monetary Fund (IMF) for this quarter by a staggering 182 billion rupees. Not meeting the IMF stipulated objectives might foster bad will as international lenders will be weary of extending…