Category: Business

Pakistan signs multi-million dollar deal to export pine nuts to China

Pakistan is going to start exporting pine nuts to China soon. A Chinese snack company, Bestore, has inked a deal worth 300 million yuan ($42 million) with Pakistani pine nut company Halo foods. According to Yang Yinfen, CEO and president of Bestore, hand peeled pine nuts are one of the most expensive nut products for Bestore now as both demand and output has grown rapidly. 

Swvl to collaborate with Sindh government

Dubai based ride hailing service Swvl recently announced its plans to collaborate with the Sindh government to set up mass transit systems within the province, starting with Karachi, the company said in a statement. The company said Swvl and Sindh government have explored multiple avenues to improve the transportation landscape of Sindh, and will be entering into a public-private partnership to provide high quality, cutting-edge mass transit solutions.

Indian cotton exporters want to trade with Pakistan again

Indian cotton exporters are looking forward to resuming trade with Pakistan after halting it after India’s decision to revoke the disputed status of Indian occupied Kashmir. India exported 500,000 bales of cotton to Pakistan last year and is expecting to sell 1.5-2 million bales this year. As the quality of cotton produced in Pakistan has decreased, Pakistan is seeing a 35-percent fall in cotton production this year becoming a net importer of cotton from a cotton exporting country. 

Alibaba claims its Singles Day hit $13bn in first hour

Chinese e-commerce giant Alibaba Group Holding Inc’s sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009.

Bangladesh to import onions from Pakistan after 15 years

Pakistan has received first onion export order of more than 300 tons from Bangladesh after nearly 15 years. This is after an Indian ban on Bangladesh to avert price hike in domestic markets. At least 12 containers of onions are being exported to Bangladesh and more will follow. The onion trade was also agreed on in government-to-government talks. The shipment value from Pakistan will be around $600/ton.

Exports of manufactured leather goods grow by 10.41%

Exports of manufactured leather goods from Pakistan grew by 10.41% during the first quarter of the current financial year as compared to exports of the corresponding period last year. According to the data released by the Pakistan Bureau of Statistics, the export of leather garments increased by 11.48%. Other leather goods exports of the country also recorded a positive growth of 5.20%. i.e. worth $2.6 million as compared to to the exports of $2.5 million in the same period last year.

Pakistan might remain on FATF list even after February

Pakistan may remain on the grey list of the Financial Action Task Force (FATF) beyond February 2020, mainly because of its risk profile and in view of two simultaneous evaluations according to senior officials. Officials also revealed that the government recovered only Rs5.6 billion in taxes on foreign assets worth about $7.4bn (Rs1.15 trillion) of Pakistanis reported by the international

Russia to invest $8 billion in Pakistan after resolving 40 year old trade dispute

Pakistan and Russia have finally agreed to settle a 4-decade old trade dispute, with the latter agreeing to invest $8 billion. Sindh High Court dismissed the previous case as the involved parties reached an out of court agreement, paving the way for the agreement to be officially signed. Under the agreement, Russia and Pakistan will get the pending payments and Russia will go ahead with its plan of investing $8 billion in different energy projects and Pakistan Steel Mills.

Government slashes national savings profit rates for various schemes

The government has reduced the profit rates on various National Savings’ schemes, effective from November 1, 2019, according to a directive issued by the Central Directorate of National Savings (CDNS). Profit rate on the Defence Saving Certificate have been cut by 2.33% to 10.68%, Pension Behbood’s rate has been cut by 2.28% to 12.48%, 2.04% reduction on Regular Income Certificate to 10.92%, 1.70% drop on Special Saving Certificate to 11% and on saving accounts, the rate has been slashed by 2.05% to 8.20%.

Pak-China free trade agreement brings down India’s cotton exports

The report highlights that the China-Pakistan Free Trade Agreement (FTA) has played a key role in shrinking India’s export of cotton yarn by 38.8%. The free trade agreement (FTA)  was signed in April this year. Under which, Pakistani goods worth $64 billion got duty free access to the Chinese market, large part of these goods belonged to the textile sector.