Islamabad, Feb 19: Digitt+, a leading fintech company, has partnered with United Bank Limited (UBL) to enable digital disbursements exceeding Rs. 1 billion to Pakistan’s agricultural sector. This initiative leverages Digitt+’s Crop Procurement Receipt (CPR) financing solution, streamlining access to funds for farmers and significantly improving the efficiency of agricultural financing. The partnership underscores a global shift in banking-fintech collaborations, combining the financial stability and extensive networks of traditional banks with the speed and innovation of fintechs. By integrating these strengths, critical challenges like financial inclusion and payment agility in underserved sectors are being addressed, leading to game-changing solutions for…
Author: Iqra Khan
Islamabad, Feb 19: inDrive, a global ride-hailing and urban services platform, has experienced significant growth in Pakistan, reporting a 26% increase in rides and a 25% rise in active users in 2024. This surge is largely driven by its ‘fair price’ model, which allows passengers and drivers to negotiate fares rather than relying on fixed pricing, giving both parties greater flexibility. Since entering the Pakistani market in 2021, inDrive has expanded its services across 20 cities for local rides and 200 cities for intercity travel. This rapid growth has established it as a major player in the ride-hailing industry, competing…
Islamabad, Feb 19: United Bank Limited (UBL) has reported a record-breaking consolidated profit after tax (PAT) of Rs. 75.78 billion for the calendar year 2024 (CY24), marking a 34% year-on-year (YoY) increase from Rs. 56 billion in CY23. This is the highest-ever annual profit for UBL and the second-highest in Pakistan’s banking sector for the year. In line with its strong financial performance, the bank announced a cash dividend of Rs. 11 per share (110%), in addition to the interim cash dividend of Rs. 33 per share (330%) already disbursed. UBL’s Net Interest Income (NII) surged by 17% YoY to…
Islamabad, Feb 19: Lotte Chemical Corporation South Korea (LCC Korea) has decided to sell its entire 75.01% stake in Lotte Chemical Pakistan Limited as part of its broader business portfolio transformation. The company’s Board of Directors has authorized the divestment, which will proceed subject to regulatory and corporate approvals. The potential buyers, AsiaPak Investment Company Limited and Montage Oil DMCC, have already submitted an offer through their transaction manager, Arif Habib Limited (AHL). In a formal statement, AHL confirmed that they have submitted a Public Announcement of Intention (PAI) to acquire at least 75.01% of Lotte Chemical Pakistan Limited on…
Islamabad, Feb 19: Pakistan’s oil sector is set for partial deregulation as the federal government introduces a new pricing framework aimed at increasing competition among oil marketing companies. Federal Minister for Petroleum Musadik Malik announced that a price cap will be implemented, ensuring that fuel remains affordable while allowing companies to compete by offering lower petrol and diesel prices to gain a larger market share. The move is expected to bring a shift in the country’s oil industry, encouraging competitive pricing strategies while maintaining stability at the pumps. The minister emphasized that the policy aims to benefit consumers by driving…
Islamabad, Feb 19: Millat Tractors Limited (PSX: MTL) has reported a 31% decline in profit after tax for the first half of FY25, posting Rs. 3.6 billion (EPS: Rs. 19.01) compared to Rs. 5.2 billion (EPS: Rs. 27.36) in the same period last year. However, the company’s quarterly earnings showed a positive turnaround, with a 3% YoY increase in profit for 2QFY25 to Rs. 3 billion (EPS: Rs. 15.86) and a massive 434% QoQ surge. According to Topline Securities, gross margins fell to 25.4%, marking a 350 basis point decline on a QoQ basis, despite an increase in sales. This…
Islamabad, Feb 19: The newly formed Murree district is set to undergo a major transformation with the approval of three large-scale development projects. These include the construction of a Judicial Complex, the remodeling of Jhika Gali Bazaar and Chowk, and the expansion of Murree Kachehri Chowk. While authorities claim these projects will enhance the region’s infrastructure and ease traffic congestion, they have sparked concerns among locals over displacement, historical preservation, and loss of ancestral properties. A major point of contention is the Judicial Complex, which will be built on the site of MC High School in Jhika Gali, a century-old…
Islamabad, Feb 19: Pakistan is once again engaging in discussions to bring PayPal into its market, with the Ministry of Information Technology and Telecommunication (MoIT&T) leading the negotiations. Finance Minister Senator Muhammad Aurangzeb confirmed this in a written response to the National Assembly, stating that the State Bank of Pakistan (SBP) has expressed its willingness to facilitate PayPal’s entry, provided it aligns with regulatory requirements. Current Status of PayPal in Pakistan No legal restrictions: The Finance Minister clarified that there are no legal barriers preventing PayPal or other international payment gateways from operating in Pakistan, as long as they comply…
Islamabad, Feb 19: The Sindh Assembly’s Public Accounts Committee (PAC) has ordered a comprehensive audit of all seven provincial education boards, citing serious concerns over financial mismanagement and exam result manipulation. The audit, set for completion within four months, will examine financial expenditures, procedural irregularities, and marking practices from 2022 to 2024. The decision was made during a PAC meeting chaired by Nisar Khuhro, with committee members Sadia Javed, Khurram Karim Soomro, and Javed in attendance, alongside senior officials including Universities and Boards Secretary Abbas Baloch and board heads. Khuhro expressed dissatisfaction with the boards’ handling of funds and exam…
Islamabad, Feb 19: Lahore’s traffic police have introduced a new regulation mandating that motorcycle rickshaw and loader rickshaw drivers wear helmets while on the road. Chief Traffic Officer (CTO) Lahore confirmed that strict penalties will be imposed on those who fail to comply. To ensure smooth implementation, the traffic police have launched an awareness campaign, distributing helmets to rickshaw drivers. The rule officially came into effect yesterday, and authorities have warned of immediate action against violators.
