Category: Business

Moody’s downgrades Pakistan’s outlook from stable to negative

Moody’s Investors Service – one of the world’s top three credit rating agencies – on Thursday downgraded Pakistan’s outlook from stable to negative. The decision to change the outlook to negative is driven by Pakistan’s heightened external vulnerability risk and uncertainty around the sovereign’s ability to secure additional external financing to meet its needs, the rating agency said in its report.

Tesla Adds $84 Billion to Valuation on Stock-Split Signal

Tesla Inc. added about $84 billion to its stock-market value, more than Ford Motor Co.’s entire market capitalization. The company is the biggest gainer on the NYSE FANG+ Index this year. On Monday, the shares closed up 8% at $1,091.84, the highest level since Jan. 12. The value addition took place after the electric-vehicle maker said it is planning a second stock split in about two years.

Pakistan’s economy created 5.5 million jobs during the past three years

Pakistan’s economy created 5.5 million jobs during the past three years –on an average 1.84 million jobs a year, which is far higher than yearly average of creation of new jobs during the 2008-18 decade. The data on the employment boom was revealed by Labour Force Survey (LFS) published by the Pakistan Bureau of Statistics (PBS).

UAE-based renewable energy producer to float Pakistan’s first green energy modaraba worth $5.5 million

The Securities and Exchange Commission of Pakistan (SECP) has granted approval to Burj Energy International Management, a UAE-based renewable energy producer, to float the South Asian nation’s first green energy modaraba worth Rs1 billion (approximately $5.5 million), the watchdog and company officials said. Modarabas are equity-like financing vehicles that are a small but significant part of Islamic finance in the world’s second-largest Muslim nation.

Pakistan expected to launch a Rs1 billion technology startup fund in March

Pakistan is expected to launch a Rs1 billion ($5.6 million) technology startup fund this month to support its startup ecosystem by providing seed funding to around 50 enterprises every year. Prime Minister Imran Khan last month announced establishing Pakistan Technology Startup Fund, allowing tax exemptions and 100 percent foreign exchange retention for IT companies and freelancers registered with Pakistan Software Export Board.

Textile exports to surge all-time high as rivals lose orders to Pakistan

Pakistan’s textile exports are poised to surge 40% from last year to a record $21 billion in the 12 months ending June, as the country gained an edge over South Asian rivals during pandemic. According to Abdul Razak Dawood, commerce adviser to PM Imran Khan, the figure would expand to $26 billion in the next fiscal year, surpassing the nation’s total exports last year.

Pakistani startups raised $375 M in 2021, five times higher than 2020

The Pakistani start-ups raised approximately US $ 375 million last year, nearly doubling their total investment over six years. Foreign investors continue to flood into Pakistani companies following the pandemic. According to startup investment advisory platform Alpha Beta Core, Pakistani startups are leading the way in logistics finance at 32%, followed by e-commerce at 27%, fintech at 25%, and health tech at 4%.

Samsung begins producing mobile phones in Pakistan

The world’s largest manufacturer of mobile phones, Samsung, has finally started production in Pakistan. The government and industry hope that this will result in a reduction in imports in the months to come. The development was revealed during the company’s top managers meeting with senators on Tuesday. The officials visited the production site to understand the challenges facing the cellphone manufacturing industry in Pakistan.

Pakistan produces over 18 million smartphones in ten months

Abdul Razak Dawood, Advisor to the PM on Commerce and Investment, claims Pakistan produced 18.87 million mobile phones in its first 10 months of 2021. The “Make in Pakistan” philosophy of MOC is showing results. Xiaomi, the Beijing-based smartphone manufacturer, announced earlier this month that it will manufacture smartphones in Pakistan with a local distributor.

Pakistan Sports Exports Increase by 20% in First Four Months of FY 2021-22

Pakistan sports exports increased by 20.73% in the first four months of this fiscal year compared to the same period last year. Sporting equipment exports in FY 2021-22 reached $105.120 million, according to data released by Pakistan’s Bureau of Statistics. During the same period in FY 2020-21, Pakistan exported sports goods worth $87.070 million.