Tech and Telecom

The State Bank of Pakistan (SBP) expects foreign exchange reserves to stay above $9 billion by end-June 2024 despite repayments of around $1 billion in the remaining days of the month. According to the post Monetary Policy Committee (MPC) analyst briefing notes shared by Topline Securities, during 11MFY24, SBP has repaid $10.7 billion while another $1bn will be repaid in June 2024. This will take total repayments to $11.7 billion for FY24. This is in addition to the rollovers of $11-12 billion in FY24, suggesting a gross requirement of $22.7-23.7 billion. Separately, in July 2024, external repayments were close to…

Former Pakistan captain Wasim Akram lashed out at the Pakistani cricket team following their narrow 6-run defeat against India in the T20 World Cup at Nassau Cricket Stadium in New York. Speaking alongside former Indian cricketer Navjot Singh Sidhu on an Indian media channel, Akram did not mince words in expressing his frustration with the team’s performance. “Pakistan team doesn’t need enemies; they are enemies of themselves,” Akram said, his voice laced with exasperation. “We cannot spoon-feed these players. Babar Azam and the coach cannot be expected to teach the basics and situational awareness to players who have been in…

The Competition Commission of Pakistan (CCP) has approved the acquisition of 100 percent shareholding of M/s Tenaga Generasi Limited (TGL), an independent power producer with a 49.5 MW wind power plant, by M/s Artistic Milliners (Private) Limited (AMPL), one of the world’s top denim manufacturers. Tenaga Generasi Limited, a Malaysian company, was incorporated in Pakistan in 2004 to set up a 50 MW wind power plant. The company was allocated 1,200 acres of land in District Gharo, Sindh, for the project. NEPRA issued a Generation License to TGL with an initial validity of 20 years. In January 2008, the company…

It was as if the cosmos conspired in Pakistan’s favour, all the stars aligned, yet Pakistan still missed their moment in the spotlight. This was supposed to be the golden generation of Pakistan, but the legacy of this team will be synonymous with their ability to lose from any given situation. Masters of snatching defeat from the jaws of victory, they add another chapter to their record by failing to chase 120 against India in the T20 World Cup in New York. Pakistan, choosing to bowl first after winning the toss, looked to be in the driver’s seat early on.…

After yesterday’s gut-wrenching loss to India at the 2024 T20 World Cup, Pakistan may have a chance of redemption next year. According to various reports, an India-Pakistan clash in Lahore is all but confirmed for the upcoming Champions Trophy 2025. According to reports, the India-Pakistan game is scheduled to be the last league match of the Champions Trophy 2025, which will be held in Pakistan. The draft schedule, submitted to the International Cricket Council (ICC), outlines the tournament running from February 19 to March 9, 2025. The match in Lahore is contingent on approval from the Government of India. If…

Servis Tyres, a leading Pakistani tyre brand exported to over 40 countries, has truly become a global symbol of quality. With continuous investment in cutting-edge production facilities and technology, Servis Tyres is poised to further elevate Pakistan’s economic standing. Renowned for their commitment to innovation, Servis Tyres consistently sets industry standards. Their highly anticipated Mega Campaign 2024 is no exception, featuring the Turkish superstar Burak Ozcivit. In a thrilling new TVC, Burak Ozcivit puts Servis Tyres to the test across various challenging terrains. From cobble stone roads to wet and rocky hilly paths, the tyres’ exceptional grip and resilience are…

HBL Microfinance Bank (HBL MfB) inaugurated today its new Regional Headquarters for Gilgit Baltistan. The ceremony was attended by Prince Rahim Aga Khan, Chair of the Executive Committee of the Aga Khan Fund for Economic Development (AKFED); Mr. Sultan Ali Allana, Chairman, HBL; Mr. Muhammad Nassir Salim, President & CEO, HBL; Mr. Rayomond Kotwal, Chairman, HBL MfB; and Mr. Amir Khan, President & CEO, HBL MfB. The building underlines the Bank’s commitment to sustainability, innovation, and local community development. A blend of modern architecture and local cultural elements, the building meets some of the highest international standards of green construction.…

The price of gold in Pakistan remained unchanged on Monday after dropping by over Rs. 3,500 per tola on Saturday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) stood at Rs. 239,400, while the price of 10 grams was recorded at Rs. 205,247. It is pertinent to mention here that the price of the precious metal fell by Rs. 3,600 per tola on Saturday, the biggest single-day decline during the week. In the international market, gold prices clawed back some ground after dropping the most in over three years in the previous session,…

Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Atif Ikram Sheikh Monday termed the 150 basis points (bps) rate cut too little, too late. In a statement, Sheikh said the business, industry, and trade community was expecting higher and more substantive cut in the key policy rate of the State Bank of Pakistan due to a decline in core inflation. The FPCCI president said that the interest rate should come down to 15 percent to enable exporters to compete in the regional and international export markets by reducing the cost of capital. This step should be accompanied by…

Just days after Turkish-fintech unicorn Papara’s acquisition of Pakistan-based Electronic Money Institution (EMI) SadaPay, CEO Brandon Timinsky has resigned from his position. In a message to employees, reported by Profit, Timinsky wrote that his responsibilities as the CEO took a toll on his mental and physical health. Timinsky founded SadaPay in 2019. “My role shifted from creating new things to managing more and more responsibility. Eventually, my days became consumed with solving problems, and the relentless demands of running a company with nearly 300 employees began to take a toll on me,” he said in a message to employees. Timinsky…