The Pakistan Engineering Company Limited (PECO) Board of Directors (BoD) has decided to issue shares to existing shareholders to raise Rs284.5 million to meet the company's funding requirements, blaming the former managing director (MD) for the current financial crisis. In a press statement and a notice to the Pakistan Stock Exchange (PSX), the board announced its decision for the rights issue
To ramp up economic growth through robust businesses, trade, and exports, exporters, industrialists, and the Karachi Chamber of Commerce and Industry (KCCI) have urged the government to develop a pro-business Strategic Textile Policy Framework (STPF) and a textile and apparel policy for quick implementation, prioritising the export sector's promotion. They stressed that the policy must include
In contrast to the global bullish trend in world stock markets following the inauguration of Donald Trump as the 47th president of the United States, Pakistani shares declined on Tuesday due to aggressive selling triggered by proposed changes to tax laws. Topline Securities Ltd reported that the benchmark index started the day on a positive note, reaching an intraday high of 116,425 points. Ho
The outflow of profit and dividends on foreign investments surged 114 per cent during the first half of the current fiscal year. The profit repatriation was primarily restricted in FY24 to contain the country’s fast-depleting foreign exchange reserves. Foreign investors widely criticised the government policy, and the International Monetary Fund (IMF), among other harsh conditions, asked Pakist
China said on Tuesday it hoped to cooperate with the United States to resolve trade issues, as President Donald Trump began his second term after threatening to impose biting tariffs on the Asian giant. Beijing is “willing to strengthen dialogue and communication with the United States, properly manage differences and expand mutually beneficial cooperation,” foreign ministry spokesman Guo Jiaku