Author name: Bussiness

Islamabad: A dramatic attempt by independent director Javed Kureishi to remove K-Electric CEO Syed Moonis Abdullah Alvi collapsed Thursday as five board members walked out, stripping the meeting of quorum and halting all decisions. The directors issued a joint statement warning against a 5-5 deadlock and dragging KE into “internal politics,” prioritizing uninterrupted power supply to Karachi.The session—called after a November 5 no-show left no quorum—was meant to finalize top-level changes, including CEO removal, CFO and CDO appointments. Kureishi, backed by government lobbying and AsiaPak’s Shaheryar Chishty, expected majority support. However, deep rifts between government, AsiaPak, and Saudi Al-Jomaih shareholders surfaced. Secretary Finance Imdadullah Bosal skipped the meeting; Secretary Power Dr. Fakhr-e-Alam attended amid rising tension.Even routine items stalled. A CDO candidate’s appointment—despite a withdrawn FIR—faced resistance due to shareholder disputes. Al-Jomaih, holding significant stakes, reiterated commitment to amicable resolution despite a $2 billion legal notice earlier this year over delayed share transfers and unpaid dues. KE confirmed the meeting via PSX but withheld details. Leadership uncertainty persists.

Islamabad: The Ministry of Commerce has completed a draft five-year (2025-30) Textile and Apparel Policy, set for submission to the Economic Coordination Committee (ECC) after inter-ministerial consultations, sources informed Business Recorder.The policy aligns with the National Export Development Board’s (NEDB) targets under the Uraan Pakistan initiative, aiming for $29.381 billion in textile and apparel exports by FY 2029-30. Year-wise targets include: FY26 – $19.370bn; FY27 – $21.420bn; FY28 – $23.740bn; FY29 – $26.710bn; and FY30 – $29.381bn.Before ECC review, the ministry will hold an inter-ministerial meeting to incorporate feedback from relevant stakeholders. The draft emphasizes value-added exports, local raw material utilization, high-tech investments, and sustainable practices including decarbonization, circular economy, and resource efficiency.It also prioritizes workforce training and capacity building. However, industry stakeholders express skepticism, warning that without honoring industry recommendations and amid IMF program constraints, the policy risks remaining a paper document. They stress the need for a conducive business environment and genuine public-private collaboration to achieve export goals and strengthen the “Made in Pakistan” brand globally.

Karachi: The Pakistan Stock Exchange (PSX) extended its bullish momentum on Friday, with the benchmark KSE-100 Index climbing more than 1,000 points in the first half of trading. By 12:00 PM, the index stood at 161,669.42, up 1,011.93 points or 0.63%.Strong buying was seen across automobile assemblers, commercial banks, fertilisers, oil and gas exploration firms, OMCs, power generation, and refineries. Blue-chip stocks like OGDC, POL, PPL, PSO, WAFI, HBL, and MCB traded firmly in the green.Thursday closed at 160,657.50 after a robust 2,473.55-point (1.56%) gain, fueled by M&A optimism in the cement sector.Corporate tensions escalated at K-Electric, where a Board meeting was abruptly adjourned Thursday after one faction walked out following approval of the first agenda item. Government and AsiaPak-aligned directors aimed to oust CEO Syed Moonis Abdullah Alvi, irking Saudi-based Al-Jomaih Group, which issued a $2 billion legal notice to Islamabad.Globally, Asian markets tumbled—Nikkei down 1.8%, Australia 1.5%, South Korea 2.3%—as Fed hawkishness slashed US rate-cut odds to 51%. Wall Street plunged overnight on Nvidia-led AI selloff and Treasury retreat. China’s upcoming activity data adds to economic jitters.

Gold prices in Pakistan dropped on Friday, mirroring a decline in the global market. Locally, the price per tola fell by Rs3,300 to Rs439,762, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, 10-gram gold was priced at Rs377,025 after decreasing by Rs2,829. On Thursday, per tola gold had risen by Rs8,300 to Rs443,062. Internationally, gold fell $33 per ounce to $4,174 (including a $20 premium). Meanwhile, silver gained Rs140, reaching Rs5,522 per tola.