The Pakistan stock market shed over 750 points and slipped below 35,000 points today as individual investors are mainly seen booking profits. Profit booking came after the market made a historical recovery of 7.65% last week. Investors are primarily booking profit in cement and steel stocks, which had invited significant buying last week after the announcement of Market Support Fund.
Hira Jalal, ACCA, founder of Finperial, organized a financial literacy seminar for entrepreneurs in Islamabad on 14th September, 2019. The event was held at WeCreate Centre and was attended by 70+ startup founders. The seminar touched upon numerous accounting standards and included topics related to bookkeeping, financial statements, budgeting, break-even analysis, FBR, SECP or any other financial fundamentals.
Atoms, a Pakistani e-commerce brand and one of the trailblazers in the world of footwear, has raised $8.1 million from a list of illustrious backers to bring its concept to the masses. The company has been selling directly to consumers in the US via its website and at one point had a list of nearly 40,000 people waiting to buy.
The Pakistan International Airlines (PIA) management has laid off nearly 1,000 surplus employees in order to reduce operational cost. The staff which has been termed “redundant” by PIA President Arshad Malik, was laid off on cost cutting recommendations of Finance Minister Dr Abdul Hafeez Sheikh. Dr Sheikh asked PIA to effectively utilise its assets, improve revenue streams and ensure efficiency and financial discipline.
The government is ready to establish a mobile phone manufacturing plant in Haripur in collaboration with the private sector, dropping the idea of privatizing the Telephone Industry of Pakistan (TIP). To fully realize the potential of IT sector, talks are underway with five to six different Chinese companies for establishing a mobile handset manufacturing plant.