Tech and Telecom

Mobilink Microfinance Bank Limited (MMBL) posted a 98 percent growth in total revenue, with the Profit before Tax (PBT) growing by 14,601 percent compared to the first half of 2021. The bank successfully continued its growth momentum from the corresponding year across all verticals while acknowledging uncertainties related to COVID-19 on customer portfolio, behavior, and recovery trends. ALSO READ U Microfinance Bank, Kashf Foundation Partner to Digitize Loan Repayments and Disbursements Contrary to the industry average of Rs. 50,000, MMBL’s average loan ticket stood at Rs. 168,000 during the first half of the year and continues to grow further. The…

Pakistan Mobile Phone Manufacturers Association has approached Finance Minister Shaukat Tarin for the immediate removal of a major tax anomaly on the sale of locally manufactured mobile phones to retailers. The association has also requested the Federal Board of Revenue (FBR) to exclude locally manufactured mobile phones from the category of “Electronics” to avoid the applicability of 0.5 percent tax at the retail stage. Under section 236H of the Income Tax Ordinance, a tax of 0.5 percent is applicable on the sale of “electronics” to retailers. ALSO READ Cabinet Approves National Cyber Security Policy 2021 According to a communication of…

The government has set up a ‘Cyber Governance Policy Committee’ for the implementation, oversight, strategy and action plan of the ‘National Cyber Security Policy 2021’. The federal cabinet on Tuesday approved the country’s first ‘National Cyber Security Policy 2021’ prepared by the Ministry of IT & Telecom. ALSO READ Govt Approves Pakistan’s First Ever Digital Advertisement Policy A team equipped with experts and all required and modern tools will work to ensure cybersecurity. A budget of Rs. 1.92 billion has been allocated for the national level response team, said Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque…

The federal cabinet on Tuesday approved the country’s first-ever government’s Digital Advertisement Policy 2021, under which advertisements will be made digital while ensuring transparency. The objective of the policy is to provide a broader framework for Government advertisements and communications in order to inform and inculcate awareness among the masses on the issues of public importance/interest and achievements of the government in print, electronic, social, digital, new and allied media. Federal Information Minister Fawad Chaudhry announced it while addressing a press conference after the cabinet meeting chaired by Prime Minister Imran Khan. ALSO READ CDC Group Agrees $50 Million Trade…

CDC Group, the UK’s development finance institution and impact investor, has announced a $50 million risk-sharing facility with HBL UK, the majority-owned subsidiary of HBL, Pakistan’s largest private sector bank operating in 14 countries across the world. The facility will increase HBL UK’s capacity to support trade with local banks and trade supply chains across South Asia and Africa. As COVID-19 continues to disrupt trade in goods and commodities, CDC and HBL UK’s facility will provide critical credit support to ensure consumers have access to essential goods and services. It will boost the import of food and agricultural commodities, metals,…

The Federal government has decided to import 100,000 metric tons of sugar. Sources told ProPakistani that the Economic Coordination Committee is likely to approve importing 100,000 metric tons of sugar in tomorrow’s meeting as the Ministry of Industries and Production, on the instructions of the Prime Minister secretariat, has prepared a summary in this regard. Sources said that Pakistan had imported 0.130 million metric tons of sugar last year. ALSO READ Rupee Posts Losses Again After One Day of Improvement Pakistan has ample sugar till November 15, 2021, but the government wants to acquire more sugar to stabilize the prices,…

A meeting of the Senate Standing Committee on Cabinet Secretariat was held under the Chairmanship of Senator Rana Maqbool Ahmad on Tuesday. A detailed briefing on the working and performance of the Oil and Gas Regulatory Authority (OGRA) and the National Electric Power Regulatory Authority (NEPRA) was received by the committee members. The Public Petition PP-3745 pertaining to PTDC, submitted by Malik Muhammad Khan, Chairman MK Pakistan, referred by Chairman Senate on 29th June 2021, was also considered. ALSO READ SBP Retains Interest Rate at 7% The meeting commenced with welcoming words by the Chairman Committee and underlined that the…

The Pakistani rupee (PKR) posted losses against the US dollar in the interbank market today. PKR traded between Rs. 159.79 and Rs. 161.45 today, before closing at Rs. 161.32 to the USD (27 July), down 10 paisas from Monday’s (26 July) exchange rate of Rs. 161.22 to the USD. ALSO READ Pakistani Rupee Makes a Huge Recovery Against All Major Currencies Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said earlier in the day, “Earlier, the market got a very good opportunity to buy PKR against their foreign exchange holdings. Next level to watch is 160. A…

Punjab Prisons has provided an explanation for the early release of Shah Hussain who was convicted in 2019 for stabbing law student Khadija Siddiqui 23 times in 2016 in Lahore. According to the statement issued by Punjab Prisons, Hussain was released early from jail after getting remission admissible under the rules and deposited a fine of Rs.50,000/-+ Arsh of Rs. 84,016/-+ Daman of Rs. 1,70,000/- (Total Rs. 3,040,16) at the jail gate. The Remission earned / Granted to the said Convict (Shah Hussain) while in jail is as under: pic.twitter.com/tdUTtfRnAO — Punjab Prisons Official (@Punjab_Prisons) July 27, 2021 ALSO READ…

Former Pakistan captain and chief selector, Inzamam-ul-Haq, has expressed displeasure over Cricket West Indies (CWI) decision to reduce their upcoming T20I series against Pakistan to four matches. The five-match T20I series, as originally planned, was set to start from Tuesday, 27 July at Barbados. However, the first game was omitted from the series to adjust the third ODI against Australia. The series will now start on Wednesday at the same venue, with the final T20I scheduled for 3 August. ALSO READ Scottish Muslim Cricketer Breaks Stereotypes by Playing in a Hijab The CWI had to make a last-minute adjustment after…