Tech and Telecom

The federal government has proposed an amount of Rs. 5.394 billion for five new IT and Telecommunication schemes under the Public Sector Development Program (PSDP) for the upcoming financial year 2024-25. The PSDP outlines the proposed allocations for several key projects, including the Digital Economy Enhancement Project (MoITT/BoI/NITB/NADRA), the Expansion of Cellular Services in AJK and GB Phase-IV (SCO), the NGMS Core Upgradation (SCO), the National Semiconductor HR Development Program (NSHRDP) Phase-I (IT Wing), and the Revamping of the IT Industry Landscape (PSEB). The government has earmarked Rs. 3.5 billion for the World Bank-funded Digital Economy Enhancement Project. This amount…

The banking deposits increased by 20.3 percent to Rs. 29.349 trillion as of May 2024 compared to Rs. 24.388 trillion as of May 2023. According to data released by the State Bank of Pakistan (SBP), advances increased by 0.8 percent year-over-year to Rs. 12.169 trillion during April 2024 as compared to Rs. 12.072 trillion as of April 2023. Investments also witnessed a significant increase of 43.6 percent year-over-year to Rs. 28.923 trillion compared to Rs. 20.144 trillion as of May 2023. The advance-to-deposit ratio stood at 41.5 percent in May 2024, down 804bps year-over-year while down 87bps on a month-over-month…

The Securities and Exchange Commission of Pakistan (SECP) has taken a major stride towards promoting responsible business practices and environmental stewardship with the issuance of Environmental, Social, and Governance (ESG) Voluntary Disclosure Guidelines for listed companies. Furthermore, amendments in Listed Companies (Code of Corporate Governance) Regulations, 2019 (Corporate Governance Regulations) have been made to strengthen oversight responsibilities of the board regarding sustainability priorities. The issuance of ESG Guidelines marks the achievement of a key milestone under the SECP’s ESG regulatory roadmap issued in 2022. These Guidelines, voluntary in nature and in alignment with globally recognized sustainability reporting frameworks provide baseline…

The price of gold in Pakistan fell by Rs. 1,200 per tola on Thursday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 1,200 per tola to Rs. 240,700, while the price of 10 grams decreased by Rs. 1,029 to Rs. 206,361. The Sarafa Association said that the price of gold has been kept under cost by Rs. 1,500 due to the reduction in purchasing power of the buyers. The discount has been reduced as earlier the association was keeping gold under cost by as much as Rs. 4,000 per tola.…

As part of its ongoing commitment to humanitarian causes, foodpanda, Pakistan’s leading delivery platform, has partnered with the World Food Programme (WFP) to offer critical assistance to people in Gaza. The ongoing conflict in Palestine has led to a dire humanitarian crisis, with thousands of families facing food insecurity and lack of access to basic necessities. Recognizing the urgent need for assistance, foodpanda has stepped forward to contribute towards the relief efforts being undertaken by WFP in Gaza. Under the ongoing program, foodpanda enabled customer donation through the app and matched all funds raised. foodpanda also partnered with Islamabad United,…

Sindh Education Minister Sardar Shah has disclosed that 14,000 schools in the province lack drinking water facilities, and 38 primary schools in Karachi do not have washroom facilities. Speaking at the Sindh Assembly session on Wednesday, Shah noted the challenge of maintaining school infrastructure, mentioning that solar panels installed in schools are often stolen within days. During the session, opposition leader Ali Khursheedi emphasized the non-partisan nature of education issues, expressing willingness to cooperate fully to improve the situation. The session, chaired by Jameel Soomro, began 30 minutes late and saw the passage of the Gorakh Hill Amendment Bill. A…

The details of the Public Sector Development Program (PSDP) for the federal budget 2024-25 have been disclosed. Under the PSDP, an amount of Rs. 23.53 billion has been proposed for 16 ongoing projects of the Ministry of IT and Telecom for the year 2024-25. The federal government plans to allocate Rs. 300 million for implementing the e-office project in federal ministries and departments. Additionally, Rs. 100 million has been proposed for the certification project of IT professionals, and Rs. 80 million for the Crime Analysis and Smart Policing project under PITB. According to the PSDP document, Rs. 1 billion has…

More than 230,000 Pakistanis migrated to the UAE last year seeking better opportunities, according to authorities from Pakistan. The UAE ranked as the second top destination for Pakistani migrants, accounting for 26.77 percent of all emigrants from South Asia in 2023, as reported by the Bureau of Emigration and Overseas Employment (BE&OE) and Overseas Employment Corporation (OEC). Currently, the UAE hosts 1.7 million Pakistani expatriates, making it the second-largest Pakistani community abroad. Many professionals, including doctors, engineers, and IT specialists, left Pakistan due to a lack of job opportunities, raising concerns about a potential brain drain. The Gulf Cooperation Council…

Logo is excited to announce the grand opening of its latest outlet in Dubai, marking a significant milestone in its journey of growth and excellence. As a prestigious brand under SKS Footwear Industries (Pvt) Ltd, Logo is renowned for its exceptional craftsmanship and elegant sophisticated footwear. Heritage of Excellence LOGO / Opia, a distinguished entity under SKS Footwear Industries (Pvt) Ltd, has long been a beacon of excellence in the world of footwear. Celebrated for its unparalleled craftsmanship in leather, LOGO has, for over 25 years, been synonymous with sophistication and artisanal mastery. Each pair of LOGO shoes is a…

OpenAI, the company behind the popular ChatGPT tool, may not be profitable yet, but a recent report suggests their revenue is booming. According to The Information, OpenAI’s annualized revenue – a way of estimating yearly income based on monthly earnings – has doubled in the past six months. CEO Sam Altman reportedly informed staff that OpenAI’s annualized revenue currently sits at $3.4 billion. This is a significant jump from $1.6 billion at the end of 2023 and $1 billion a year before that. The revenue surge is attributed to two main sources. Firstly, a paid subscription version of ChatGPT. This…