Business Trends

FBR extends date of payment and submission of Sales Tax & FED return

FBR extends date of payment and submission of Sales Tax & FED return

Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of April, 2021 under Section 74 of the Sales Tax Act, 1990 and Section 43 of the Federal Excise Act, 2005, said a press release. “In its letter to all Chief…

SECP seeks comments on conversion of shareholding into book entry form

SECP seeks comments on conversion of shareholding into book entry form

In order to minimize shareholding disputes and make the entire process of holding, monitoring and transferring of shares much easier, cost-efficient and transparent, the SECP is considering a proposal requiring all the public listed, public unlisted, public interest and private limited companies to have their shares in book-entry form in compliance with Section 72 of…

Former SBP Governor appointed as PSX Chairperson

Former SBP Governor appointed as PSX Chairperson

Dr. Shamshad Akhtar has been unanimously elected as the Pakistan Stock Exchange (PSX) Board Chairperson in the first meeting of the newly elected PSX Board held on Tuesday, PSX said in its press release. “Dr. Akhtar needs no introduction as she is a veteran of the financial markets of Pakistan and has also held the…

Aramco records net income of $21.7 billion in first quarter

Aramco records net income of $21.7 billion in first quarter

The Saudi Arabian Oil Company today announced its first quarter financial results, posting a 30% year-on-year increase in net income to $21.7 billion and declaring a dividend of $18.8 billion to be paid in Q2. The results were underpinned by higher oil prices and an improved economic environment in the first three months of 2021,…

Ford, BMW lead $130 million investment round in solid state batteries startup

Ford, BMW lead $130 million investment round in solid state batteries startup

Solid Power, an industry-leading producer of all solid-state batteries for electric vehicles, announced a $130 million Series B investment round led by the BMW Group, Ford Motor Company and Volta Energy Technologies. Ford and the BMW Group have also expanded existing joint development agreements with Solid Power to secure all solid-state batteries for future electric…

Pakistan exports cross $2bn mark for 7 consecutive months: Abdul Razak Dawood

Pakistan exports cross $2bn mark for 7 consecutive months: Abdul Razak Dawood

Pakistan’s monthly exports have crossed the two billion dollars mark for seven consecutive months for the first time since 2011. This is claimed by the country’s Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on his official twitter account. He tweeted, “Alhamdulillah, Pakistan’s export for April 2021 stood at USD 2.191…

Nestlé Pakistan posts revenue of PKR 32.3 billion in Q1 2021

Nestlé Pakistan posts revenue of PKR 32.3 billion in Q1 2021

Nestlé Pakistan Limited posted a revenue of PKR 32.3 billion for the three months period ended 31 March 2021, an increase of 8.2% compared to the same period last year, despite many difficulties emanating from the COVID-19 crisis. These results were announced following a Board of Directors’ meeting at the Company’s Head Office, the company…

SECP launches combined digital registration with provincial agencies

SECP launches combined digital registration with provincial agencies

As part of its transformational journey, the SECP has now introduced a single combined digital certificate evidencing registration with SECP and some provincial departments simultaneously, said a press release on Friday. “The SECP continues to strive for reducing physical interaction with the citizens, and is focused on providing services through use of modern technology at…

LG posts operating profit of USD 1.36 billion in first quarter 2021

LG posts operating profit of USD 1.36 billion in first quarter 2021

LG Electronics Inc. (LG) announced first-quarter 2021 consolidated sales of KRW 18.81 trillion (USD 16.90 billion) and operating profit of KRW 1.52 trillion (USD 1.36 billion) – the highest quarterly results in the company’s history with the 8.1 percent operating profit being a first-quarter record, said a news release on Thursday. “Compared with the first…

Samsung reports 4% increase in Q1 operating profit from previous quarter

Samsung reports 4% increase in Q1 operating profit from previous quarter

Samsung Electronics reported financial results for the first quarter ended March 31, 2021.Total consolidated revenue was KRW 65.39 trillion, a 6% increase from the previous quarter and a record for the first quarter, the company said in its press release on Thursday. “Operating profit increased 4% from the previous three-month period to KRW 9.38 trillion…