Tech and Telecom

“Qudrat ka Nizaam” is hard at work for Pakistan as the latest weather forecast indicates that the much-anticipated 2024 T20 World Cup match between the USA and Ireland is likely to go ahead in Lauderhill, Florida. While there is still a high chance of rain around the scheduled match time of 10-11 am, the forecast suggests only light drizzle afterwards, potentially allowing for the game to commence, albeit with a possibility of reduced overs. This Group A match is critical for both the USA and Pakistan. The stakes are particularly high: if the USA wins or if the match ends without…

In a groundbreaking move aimed at providing significant relief to electricity consumers, the Sindh government has initiated an ambitious ‘Floating Solar Power’ project at Keenjhar Lake, approximately 36 kilometers from Thatta city. This innovative project, spearheaded by Sindh’s Department of Energy, marks a significant step towards sustainable energy solutions in the region. An agreement has been signed with Go Energy Pvt Ltd to kickstart the Floating Solar Power project, which is expected to be completed within two years. Upon completion, the project will generate 500 Mega Watts of electricity, which will be supplied to K-Electric through the Sindh Transmission and…

Zindigi, the digital banking initiative of JS Bank, has launched its game changing Zindigi 2.0 upgrade. This major App design revamp is set to take a significant position in the world of financial management apps, reaffirming Zindigi’s spot as the ultimate all-in-one finance app. The revamped interface offers a sleek, sophisticated design that enhances user engagement and simplifies interactions within the App. The redesign is attending to the changing needs & preferences of Zindigi’s growing 5 million+ customer base. This customer-centric approach is a testament to Zindigi’s commitment to provide best in class financial service experiences. Zindigi 2.0 offers a…

The co-hosts USA will lock horns with Ireland at Lauderhill, Florida at the 2024 T20 World Cup in a crucial fixture that can be pivotal for Pakistan’s qualification in the Super 8s. Florida is amid a tropical disturbance that has brought intense rainfall. And there’s no respite for the remainder of the week. It is crucial for Pakistan in Group A that the USA does not win this game against Ireland while the game between India and Canada tomorrow will be crucial as well for Pakistan’s qualification. All the matches including Pakistan vs Ireland will be held in Florida and…

VIS Credit Rating Company has upgraded the long-term entity rating of House Building Finance Company Limited (HBFC) to ‘AAA’ from ‘AA- ‘. The long-term rating of ‘AAA’ denotes highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt. The short-term rating has been maintained at ‘A-1+’ which is already the highest short-term rating. The Rating Outlook remains ‘Stable’. The revision in rating takes into account improvement in asset quality indicators, comfortable liquidity position, consistent reduction in NPLs, sound profitability indicators, and strong capital adequacy of the institution along with demonstrated shareholder…

The federal government has drawn up a Rs. 1,190 billion subsidy package for the power sector in the new federal budget. These subsidies are 104 percent or Rs. 606 billion more than Rs. 585 billion allocated for the current fiscal year. Key estimates from the government’s document include: Rs. 9.5 billion for agricultural tube wells in Balochistan Rs. 276 billion for tariff differentials of distribution companies (DISCOs) Rs. 65 billion for subsidies in the merged districts Rs. 74 billion for Karachi Electric’s tariff differential Rs. 108 billion for the tariff differential in Azad Jammu and Kashmir Despite repeated demands of…

The Senate Standing Committee on Finance and Revenue advocated for the removal of all taxes from digital applications, highlighting the significant number of youth engaged in online freelancing and social apps, which also contribute to international remittances. The committee members also proposed imposing taxes on phone usage after the user earns $500. The inaugural session of the Senate Standing Committee on Finance and Revenue was convened at the Parliament House to review and finalize the recommendations on the Finance Bill, 2024, which contains the Annual Budget Statement presented in the house on June 12th. Commencing the session, the chairman welcomed the…

Commissioner Karachi has officially notified a new retail price for milk following successful negotiations with the Dairy Farmers Association. According to a notification issued on Thursday, the retail price of milk has been set at Rs 220 per litre, marking an increase of Rs 20 per litre. The new wholesale price has been fixed at Rs 205 per litre, while the price for dairy farmers has been set at Rs 195 per litre. The price adjustment comes in the wake of demands from dairy farmers for a rise in dairy product prices, despite a concurrent decrease in petroleum product prices.…

Former Pakistan captain Rashid Latif has openly criticized the International Cricket Council (ICC) for the inadequate playing conditions in New York and the unfavorable weather forecast in Lauderhill, Florida. His concerns highlight potential issues that could impact Pakistan’s chances to qualify for Super 8s in the ongoing 2024 T20 World Cup. In New York, the playing surfaces have been problematic, with Canada’s 137-7 being the highest total and India’s 111-3 the highest run chase in the eight matches played there. Latif expressed his frustration on social media, pointing out the unsatisfactory state of the pitches. “After eight matches in New…

Faysal Islami Currency Exchange Co. (FICEC), a wholly owned subsidiary of Faysal Bank Ltd. (FBL) officially commenced operations in ten cities, marking a significant development for Pakistan’s financial sector. The inaugural ceremony was graced by Mr. Yousaf Hussain, President & CEO FBL, Mr. Syed Muhammad Fraz Zaidi, Chairman, FICEC. Mr. Faisal Azim Lehri, CEO, FICEC, and senior members of FICEC and FBL were also present. Mr. Yousaf Hussain on the occasion said: “The establishment of FICEC is a testament to our unwavering commitment to excellence and reinforces our position as the best and fastest growing Islamic Bank in Pakistan. We…