logo
NBP marks country's Independence Day

NBP marks country's Independence Day

KARACHI: National Bank of Pakistan (NBP) celebrated Pakistan's 78th Independence Day with great enthusiasm and pride. The event brought together NBP's leadership, employees and their families for a day filled with patriotic spirit.
Festivities included the hoisting of the national flag, singing of the national anthem, and a cake-cutting ceremony at the NBP headquarters. This year, the national anthem was made even more special as children from the Deaf Reach School joined in using sign language. Their participation was a powerful reminder that patriotism goes beyond words; it is about unity, inclusion, and love for the country in every form.
Speaking on the occasion, Rehmat Ali Hasnie, President, NBP, said: 'Independence Day is a time to honor the resilience, courage, and determination of our people. We take immense pride in our country's achievements and remain dedicated to playing our role in its economic and social progress. This day is an opportunity to reflect on the sacrifices made by those who fought for Pakistan's independence and to renew the commitment to safeguarding the values and principles on which the country was founded.'
Copyright Business Recorder, 2025
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iqbal urges joint push for $100b exports
Iqbal urges joint push for $100b exports

Express Tribune

time4 hours ago

  • Express Tribune

Iqbal urges joint push for $100b exports

Federal Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal, on Saturday, called upon the government and private sector to work shoulder to shoulder in achieving an ambitious target of $100 billion in exports under what he termed an "export emergency." Speaking at a ceremony titled Marka-e-Haq and 78 years of Independence Day celebrations – Uraan Pakistan – at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Iqbal said Pakistan's economic stability hinged upon export-led growth, tax reforms, and foreign direct investment. He stressed that the business community was the main driver of the economy, and the private sector would play a decisive role in steering the country out of past cycles of instability. The minister said eight sectors had been identified as central to Pakistan's export expansion plan, including hospitality, IT, mining, manpower, blue economy, and creative industries. He urged FPCCI to immediately constitute eight joint working groups with the government to prepare actionable strategies in each sector. "Pakistan has faced severe economic crises in the past two years, but today international institutions are recognising our macroeconomic turnaround," Iqbal said. "We have to ensure that this turnaround becomes sustainable by focusing on exports and productivity." Iqbal likened the current phase to Pakistan's "fourth flight," referring to earlier failed attempts at sustained economic take-off. "The success of this Uraan depends on learning from the past three crashes. If we repeat old mistakes, we will fail again. But if we innovate, reform, and stand united, this time Pakistan will truly fly," he remarked. He stressed that Karachi remained the heart of Pakistan's economy, with FPCCI representing industries and businesses that fuel national growth. He further noted that the tax-to-GDP ratio remained among the lowest in the world, underscoring the urgent need to broaden the tax base. State Minister for Religious Affairs and Interfaith Harmony, Kheal Das Kohistani, also addressed the gathering. He praised the business community for its resilience, saying its role was crucial in strengthening Pakistan's economy. FPCCI President Atif Ikram Shaikh assured full support to the government's export-led strategy. He said global institutions' positive reports had boosted confidence in Pakistan's economy and that the private sector would serve as the government's partner in achieving the $100 billion target. "Through research-based policy inputs, FPCCI will continue providing feedback to the government to align strategies with ground realities," Shaikh noted. He added that new opportunities under Public-Private Partnership (PPP) mode would help accelerate growth. Senior Vice President FPCCI Saqib Fayaz and industrialist Bashir Jan Mohammed also underscored the need for closer cooperation between policymakers and businesses to sustain momentum. SM Tanveer, Patron-in-Chief of the United Business Group (UBG), said Pakistan's $40 billion trade deficit could only be addressed through aggressive export promotion. "The solution is export, export, and only export," he declared. Tanveer highlighted FPCCI's role in pushing down electricity tariffs from Rs48 per unit to Rs31 per unit, though he added the struggle was ongoing to bring rates further down to 9 cents (Rs26 per unit). Lowering interest rates from the current 11% to 6-7%, he said, would save the government Rs3,500 billion annually in debt servicing. He urged the government to focus on "district economy," giving local leadership authority over regional economic planning. "Every district in Pakistan can export its own product and earn foreign exchange. Decentralisation will strengthen the economy," he argued. Separately, FPCCI also hosted the Pakistan–Ethiopia Business Council meeting. Ethiopian Ambassador to Pakistan, Jemal Beker Abdula, noted that Ethiopia's economy was growing at 8.2% annually, presenting opportunities for Pakistani exporters. The FPCCI president reaffirmed that under the government's "Look Africa" initiative, Pakistan would increase exports to African markets. "Pakistan and Ethiopia hold immense untapped trade potential, and FPCCI will act as the government's arm in realising it," he said. Chairman of the Pakistan–Ethiopia Business Council, Ibrahim Khalid Tawab, added that African markets, particularly Ethiopia, were highly attractive for Pakistani exports.

PSX scales new peak despite profit-taking
PSX scales new peak despite profit-taking

Express Tribune

time4 hours ago

  • Express Tribune

PSX scales new peak despite profit-taking

Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE The Pakistan Stock Exchange (PSX) extended its bullish run in the shortened four-day trading week, with the benchmark KSE-100 index hitting an all-time high of 147,005 points before closing at 146,492, up 1,109 points, or 0.8% week-on-week (WoW). The rally was fueled by robust corporate earnings, Moody's upgrade of Pakistan's sovereign rating to Caa1 and optimism about the declining circular debt in the power sector, though profit-taking capped gains by the week's end. On a day-on-day basis, bulls marched towards 150k on Monday with full excitement as the KSE-100 index breached 146k and ended the day at 146,930, up 1,547 points, in anticipation of a Pakistan-US trade deal. The bourse had a consolidation day on Tuesday where the KSE-100 floated in both directions and ultimately ended at 147,005 (+76 points) by keeping intact the 147k level as investors did some switching-cum-profit-taking. On Wednesday, profit-booking around 148k pushed the index to close negative at 146,529, down 476 points. After the break of the Independence Day, the PSX ended the last session of the week on a flat note, settling at 146,492, down 38 points. During the day, investors largely squared off weekly positions, which kept sentiment mixed and prevented the index from holding above the 147,000 mark. Arif Habib Limited (AHL), in its weekly review, noted that during the four-day trading week, shortened due to the Independence Day holiday, the KSE-100 index maintained its upward trajectory, reaching an all-time high of 147,005 points on Tuesday. The rally was fueled by healthy corporate earnings during the ongoing results season. Furthermore, Moody's upgraded Pakistan's sovereign rating to Caa1 from Caa2, citing improving external buffers, fiscal consolidation and reform progress under the IMF programme. In addition to this, the circular debt in the power sector declined to Rs1,614 billion as of June 2025, AHL said. In July, the auto industry recorded sales of 11,034 units, down 49% month-on-month (MoM) but up 28% year-on-year (YoY). Furthermore, oil production registered an uptick of 0.8% WoW, arriving at 59,604 barrels per day. Production at the Makori East and Nashpa increased during the week. Also, the Pakistani rupee appreciated marginally by 0.14% WoW, closing at 282.06 against the US dollar, it said. The sectors that contributed positively were banks (1,062 points), cement (531 points), auto parts (104 points), auto assemblers (67 points) and investment banks (62 points). Meanwhile, sector-wise negative contribution came from fertiliser (318 points), E&P (214 points), oil marketing companies (159 points), power (102 points) and refinery (43 points). Scrip-wise positive contribution came from Meezan Bank (354 points), Lucky Cement (289 points), HBL (253 points), Bank Alfalah (158 points) and Mari Petroleum (136 points). On the other hand, negative contributors were Fauji Fertiliser Company (313 points), Pakistan Petroleum (198 points), UBL (195 points), OGDC (171 points) and Hub Power (125 points). Average daily volumes arrived at 606 million shares, down 7.2% WoW, while the average traded value settled at $143.8 million, down 13.1%, AHL added. Wadee Zaman of JS Global mentioned that the KSE-100 extended its bullish streak during the outgoing week, touching the high of 147,534 points before slipping into the red on Friday. The index closed at 146,492 points, up 0.8% WoW. Investor sentiment was driven by Moody's upgrade of Pakistan's rating to Caa1 with the outlook changed to stable, reflecting the country's improving external position. On the economic front, he said, the power-sector circular debt dropped to Rs1.6 trillion by the end of June 2025, showing a notable reduction of 33% from last year's level of Rs2.4 trillion. It was largely attributed to the disbursement of Rs801 billion to power producers under the government's stock clearance drive. The Power Division is also expected to present its final proposal for the complete implementation of debt re-profiling with the Chinese independent power producers (IPPs), whose dues currently stand at Rs475 billion. Meanwhile, as per trade data, services' exports rose 9.2% YoY to $8.4 billion in FY25, Zaman said.

Bajaur pays the price again
Bajaur pays the price again

Business Recorder

time8 hours ago

  • Business Recorder

Bajaur pays the price again

EDITORIAL: Days after Minister of State for Interior Talal Chaudhary had declared on the floor of the National Assembly that no military operation would be launched in Khyber Pakhtunkhwa (KP), the authorities have done exactly that, proceeding with one in the province's Bajaur district. The operation, it must be noted, had initially begun last month but was paused amid hopes that talks between the Bajaur Amn Jirga and militant commanders may bear fruit, making armed action in the area avoidable. But with negotiations collapsing, August 11 saw security forces launch what is being termed a 'targeted' operation, striking militant hideouts in several tehsils of the district. Parts of Bajaur will now face a three-month curfew, signalling that the security situation may remain volatile for an extended period. As with operations past, this latest armed action will also likely displace the local population from their homes and upend their lives, with the authorities having already asked residents to move into relief camps. Such experiences have long fuelled opposition to military operations, which have repeatedly brought mass displacements, destruction of infrastructure and property, followed by entirely lacklustre rehabilitation efforts. Nevertheless, with the terror threat emanating from KP's erstwhile tribal districts mounting by the day – militants targeting civilians and security personnel alike, and terrorising the people of Bajaur – doing nothing was never going to solve matters either. The question does arise, however: why were such elements allowed to re-entrench themselves in parts of KP over a prolonged period, facing little meaningful resistance from the law enforcement and intelligence apparatus, while civilian authorities – both federal and provincial – were also caught napping? The hard-won gains of past operations, which had driven these groups out at great cost have been recklessly squandered, and now the hapless people of Bajaur will once again pay the price of this lax attitude to the terror menace. Their opposition to armed action must not be misconstrued as sympathy for militants; it is the natural response of communities that have spent decades as victims in a war that never seems to end. This latest operation must also serve as a sobering reminder that the fight against terror cannot be waged in silos. The threat is national, and so must be the resolve to confront it, with an unambiguous consensus on denying terror groups and extremist ideologies any physical or ideological space within society. History shows that while armed actions against these forces may become unavoidable after a certain point, they cannot be the sole answer. Without a united political front and sustained societal efforts to tackle the roots of radicalisation, Pakistan will remain trapped in a cycle of perpetual instability and violence. In this context, the prime minister's Independence Day call for national unity and invitation to all political parties to join the 'Misaq-i-Istehkam-i-Pakistan' – yet another bid to forge national solidarity in the face of domestic and external threats – may sound promising on paper. But too often such initiatives prove to be heavy on rhetoric, but devoid of follow-through. The government has repeatedly shown that it has little appetite for forging genuine unity, as demonstrated by its clampdown on political dissent, muzzling of the media and hounding of opponents. When political rivals are routinely convicted under anti-terror clauses, it cheapens the gravity of laws meant to protect the public from genuine threats, while also deepening societal fault lines, breeding resentment and diverting resources away from the task of tackling forces that pose existential dangers to the country. This erodes the collective resolve needed to confront terrorism in all its forms. Our rulers must realise that calls for national unity ring hollow when they prioritise their own political survival over the hard work required to build a united front against threats that endanger us all. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store