Renowned American brand Gap Inc. has signed a license for home textiles with Pakistan’s AlKaram Textile Limited for a period of six years. The company has signed a license with Gap Inc. for all of North America and Mexico for six years. The company will be Pakistan’s first home textile company to enter the brand licensing space in international markets.
Two Pakistani companies have made it to the most coveted Forbes ‘Asia’s Best Under A Billion 2020’ list. Information technology company Systems Limited Pakistan (SLP) along with local textile giant Feroze1888 Mills Ltd have made it to this year’s list. The annual list recognises 200 top-performing small and mid-sized companies in the Asia-Pacific region with sales under $1 billion.
Pakistan is sending 600 medical professionals to Kuwait, and a first batch of 221 doctors, nurses and technicians is all set to fly out on Thursday after a gap on 13 years. A second group of 200 medical professionals will also fly to Kuwait in the coming months, under an agreement signed between the two countries in July this year.
While a new fishing policy is expected, local fisherman fear they will be left with no food as 12 Chinese deep-sea trawlers docked at the port of Karachi last month. Pakistani fishermen fear government’s plan to allow Chinese companies to carry out deep-sea fishing in territorial waters could threaten survival of at least three million people who depend on the sea for livelihood.
Any product imported into Pakistan through postal or air courier services with a declared value up to Rs. 5,000 will be exempt from customs duty or any other types of taxes. An FBR official explained that this move has been taken as a relief for the end-users, most likely to be private individuals as opposed to corporate importers.
A latest report, revealing role of global banks in industrial-scale money laundering, has named six Pakistani banks among transgressors. International Consortium of Investigative Journalists (ICIJ) published the catastrophic consequences of money laundering by banks globally in a report titled as FinCEN Files. The recently uncovered trove of government documents revealed 29 transactions that showed suspicious transactions to and from Pakistan.
A low-cost Turkish airline, Pegasus, will be launching flights from Karachi to Istanbul on September 25. Flights from Istanbul Sabiha Gökçen Airport to Quaid-e-Azam International Airport will operate every Monday, Wednesday, Friday and Sunday at 8:35pm, while flights from Quaid-e-Azam International Airport to Istanbul Sabiha Gökçen Airport will depart every Monday, Tuesday, Thursday and Saturday at 04:55am.
Dubai-based mobile app Lock&Stock, which works to curb “digital addiction” among students, is all set to launch its operations in Pakistan on September 15, 2020. The app, founded in 2017 in the United Arab Emirates, rewards students for not using their phones while studying, working out and spending time with friends and family, among other activities. The Lock&Stock app works by locking up other apps in your phone while you use it.
Airlines are looking for new revenue streams as they burn through cash while fleets are largely grounded and people stay at home due to the worst ever global crisis. A recovery is expected to take years and cost carriers billions of dollars more. Here’s a look at what airlines are peddling as they try to make up for the hit from Covid-19.
The Pakistan Stock Exchange (PSX) has been declared Asia’s best-performing market by New York-based global markets research firm, marketcurrentswealthnet.com. In its report published Tuesday, the firm also declared the PSX the world’s fourth best-performing market, a development local economists view as a signal that the country’s otherwise contracting economy is recovering.