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The AD Ports Group, based in the United Arab Emirates (UAE), has recently signed a momentous 50-year concession agreement with the Karachi Port Trust (KPT) in Pakistan. A huge partnership at a crucial time The agreement grants AD Ports Group the operation of Karachi Gateway Terminal Limited (KGTL) and involves an impressive investment of $220 […]
Shell Pakistan (SHEL.PSX) has announced that its parent company, Shell Petroleum Company (SPCo), will be divesting its 77% shareholding in the company, signaling its exit from Pakistan. The decision comes after SPCo faced losses in 2022 due to various factors such as exchange rate fluctuations, the devaluation of the Pakistani rupee, and overdue receivables. Simultaneously, […]
Spotify Technology SA announced on Monday its decision to downsize the podcast division, resulting in the layoff of approximately 200 employees. This move accounts for roughly 2% of the company’s global workforce in the audio streaming giant. The decision comes as Spotify aims to optimize its operations and streamline its podcasting efforts. Spotify’s broader vision […]
In May 2023, Pakistan took a significant step to address its mounting fuel oil stock, which had accumulated due to sluggish demand in the country. 90,000 tons in one month Pakistan successfully shipped a substantial 90,000 tons of fuel oil during that month. This recent export adds to the impressive figure of 250,000 tons of […]
Peshawar, the capital city of Khyber Pakhtunkhwa (KP) has emerged as Asia’s largest market for the honey business, marking a significant milestone for the region. Known for its rich biodiversity and diverse flora, Peshawar has become a hub for the production and trade of high-quality honey. Factors that make Peshawar the best The growth of […]
Earlier today, Iran’s President Ebrahim Raisi and Pakistan’s Prime Minister Shehbaz Sharif joined hands to inaugurate the Mand-Pishin border sustenance market, a significant step towards enhancing bilateral trade between the two nations. Boosting cross-border trade The Mand-Pishin joint-border market is one of six constructed along the common Pak-Iran border and will serve as a vibrant […]
ISLAMABAD: On Sunday, Pakistan and Afghanistan’s Taliban government reached an agreement to boost trade and lower tensions along their border. The agreement was struck between Pakistani Foreign Minister Bilawal Bhutto Zardari and Afghanistan’s Taliban-appointed foreign minister, Amir Khan Muttaqi in Islamabad. What does the agreement hold? The agreement aims to improve bilateral trade and boost […]
The BRICS group, which is composed of Brazil, Russia, India, China, and South Africa, is reportedly collaborating on the creation of a new form of currency. According to recent reports, there is a possibility that the member countries may transition to using their own national currencies, and eventually introduce a novel form of currency, possibly […]
According to Malik Bostan, President of the Exchange Companies Association of Pakistan (ECAP), his organization has proposed providing the Pakistani government with $1 billion per month in financing for the next two years to eliminate the need for International Monetary Fund (IMF) funding. Bostan suggested that exchange companies should be authorized to borrow US dollars […]
According to recent reports, Amazon Inc. is set to let go of an additional 9,000 employees, which will mark the highest number of layoffs in the company’s history. The layoffs are expected to affect a wide range of employees, from software engineers to marketing specialists. Despite the layoffs, Amazon has stated that it will be […]
