Pakistan’s long steel sector is bracing itself for a potential shortage of raw material in anticipation of steel scrap prices hitting a record high. A move that poses a significant threat to the industry’s operations and profitability. With Letters of Credit (LCs) not being opened, domestic scrap shortage is compounding and is hitting manufacturers drastically, said Syed Wajid Bukhari, Secretar
The International Monetary Fund (IMF) has raised objections to Pakistan’s plan to directly borrow from local commercial banks in relaxation of competition rules, resisting the move that might cause distortion in the debt market. The objections were raised during a meeting held on Monday between Pakistani authorities and an IMF team, according to sources. The IMF did not endorse federal cabinet’
Share prices closed on the lower side on Tuesday as investors reacted negatively to the news report that the International Monetary Fund (IMF) requires assurance on financing the expected gap in the balance of payments in 2022-23. Analyst Ahsan Mehanti said the ratings’ downgrade by Moody’s of five banks along with a slump in textile exports, which dropped 28 per cent to $1.2 billion in Febru
Trukkr, a fintech platform for Pakistan’s trucking industry, said on Tuesday it had raised $6.4 million in a funding round and also received a non-banking financial company (NBFC) licence. Trukkr offers small and medium-sized trucking companies a transport management system and supply chain solutions, and is unique in providing fintech to digitise the largely unbanked and undocumented industry.
The National Assembly Standing Committee on Commerce on Tuesday approved Trademarks (Amendment) Bill 2023 to facilitate local brands to protect their logos in more than 130 countries. The committee meeting, chaired by its chairman Khursheed Ahmed Junejo, after detailed deliberations approved minor amendments to the Trademarks Ordinance 2001 required under the Madrid Protocol, which Pakistan joi