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2019 was a unique year for the banking sector which not only provided different opportunities to the commercial banks but some challenges as well. Some of the banks succeeded in cashing on the window of opportunity and embraced the challenges whereas other banks could not utilize the available options, facing different hurdles. These all reflect on their profitability, resulting in the ranking of the banks varying in terms of their profits with the competition among them becoming more intensified in 2020. The imposition of Super Tax on commercial banks ate up a big amount on the balance sheet of the banks in 2019. On the other hand, they got a lucrative opportunity to invest in government papers. High-interest rates have proven to be a double-edged sword as they made huge money from the interest income, but the borrowings of the private sector have decreased as well. Some of the banks are trying to deal with specific issues whereas a few of them minted money from specific advantage..

The EAD has issued an office memorandum stated that in pursuance of powers conferred under clause-11 of Policy for Regulation of Organizations Receiving Foreign Contributions 2013, the Government of Pakistan has exempted local NGOs from signing of MoU with EAD to utilize foreign economic assistance, for a period not exceeding six (06) months with immediate effect. This exemption will be applicable only to specific NGOs that have applied to the Economic Affairs Division for permission/signing of MoU. According to EAD, there are 92 NGOs whose documents are completed and have been circulated to stakeholders. Further, the same number of NGOs has signed MoUs with EAD so far. According to the MoU draft which was required earlier for the NGOs to be signed with EAD and is now waived off, the government may allow NGOs to receive foreign contributions including funds, materials, and services, emanating from declared sources, through legal channels, subject to reporting requirements. Further t..

In light of the present COVID-19 pandemic, telecom operators have been undertaking many initiatives to facilitate their subscribers across Pakistan and to provide them with awareness about Coronavirus & uninterrupted services. In this context, on Pakistan Telecommunication Authority (PTA)’s directions, SMS on precautionary measures against COVID-19 in national & regional languages are being sent to all mobile subscribers on a regular basis. Cellular Mobile Operators (CMOs) have replaced their standard ring back tone (heard by caller when a call is being made) with messages about COVID-19 preventive measures. New packages/offers (by giving additional data and on-net voice minutes) at low prices have been launched by all CMOs to facilitate people to stay and work from home (details are available at operators and PTA’s websites). Other initiatives include the abolishment of balance validity period by Jazz and extension in balance validity period by Zong, free Whatsapp and balance share..

G20 nations have pledged a “united front” in the fight against coronavirus. To counter the pandemic amid forecasts of a deep recession, the G20 nations are injecting $5 trillion into the global economy. US President Donald Trump and Russian President Vladimir Putin joined the emergency video conference chaired by Saudi Arabia’s King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets. The talks come amid criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 21,000 dead worldwide according to official data, and triggered financial shock waves as more than three billion people are locked down. “We are strongly committed to presenting a united front against this common threat,” the leaders said in a joint statement after the summit. We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and gua..

All the educational institutions including public and private schools, colleges, universities, & madaris in the country will remain closed till May 31, 2020. This was stated by Shafqat Mehmood, federal minister for Education, professional training and National Heritage on twitter. He said that the school closure was ordered by the National Coordination Committee (NCC) on the recommendation of Interprovincial Education Ministers meeting held on Thursday. Following the ministers’ recommendations, NCC ordered the closure of all educational institutions in the country till May 31. This includes public and private schools, colleges, universities, & madaris, he added. He further stated that this closure will be treated as summer vacation and if by the grace of Allah the corona problem is resolved, the educational institutions will reopen in June. ALSO READ Govt is Launching a New National TV Channel Within a Week However, the educational authorities would continue to engage with studen..

With over 85,000 cases, US now the global epicenter of coronavirus Cases in Pakistan cross the 1,200 mark PIA withdraws decision to operate special flights to Canada and UK Pakistan decides to seal areas with coronavirus cases Sindh & Balochistan ban congregational prayers Pakistan pays tribute to doctors, nurses, & paramedics today With over 85,000 infections so far, US now tops the world in coronavirus cases overtaking China and Italy. In terms of death toll, however, Italy remains the worst hit with the virus having claimed over 8,000 lives so far, followed by Spain where over 4,000 people have lost their battle against COVID-19. Pakistan is seeing a continuous surge in its virus tally too with confirmed cases crossing 1,200 and its toll risen by one on Thursday to nine. Both the center and the local governments are scrambling to contain the spread with nearly all cities already locked down. The federal and provincial governments have also decided to seal the areas where new cases..

The Ministry of Energy has canceled crude oil imports with effect from 1 April 2020, in order to support Pakistan’s domestic refining industry through an official order. The MoE also defined all of the nation’s refiners as an essential service in the midst of the current lockdown. The order guarantees free movement of the industry’s employees, vendors, and contractors to ensure that Pakistan’s refining industry can provide a continuous supply of petroleum products at all petrol pumps across the country. ALSO READ Pakistani Auto Parts Manufacturers Offer to Manufacture Ventilators Oil Refining Companies like PRL, NRL, ARL, Byco, and Parco have been deemed essential services by The Ministry of Energy (MoE), Petroleum Division through a recent order. The Refining Industry has lauded the MoE’s steps to direct law enforcement agencies to facilitate the unhindered movement of refineries/OMCs including their subcontractors, personnel and vehicles so that an uninterrupted supply of petrol..

While the nation is under lock-down, to contain the spread of Coronavirus, the internet consumption has surged in the country. According to information being collected from telecom operators by Pakistan Telecommunication Authority (PTA), a net increase of around 15% in internet usage was witnessed since last week as the country fights against Corona virus. The increase has been observed due to increased online activities by educational institutions and businesses and ‘work from home’ policy adopted by individuals and organizations across the country. While some users faced congestion and slower speeds, particularly while on mobile broadband, PTA has said that there is sufficient internet capacity available in the country to meet the growing demands of the future. PTA said that it has been closely monitoring the internet usage patterns so as to ensure that fast & efficient telecom services remain available to the consumers in this difficult time.