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SBP Cuts Interest Rate For the First Time in 4 Years

In a big move, the State Bank of Pakistan (SBP) Monday announced that it has decreased the interest by 150 basis points to 20.5 percent, effective from June 11, 2024. Before today, the central bank had kept the key lending rate unchanged for seven consecutive sessions. This is the first time in four years that SBP has cut its key lending rate. The last rate cut was on 25 June 2020, our research showed. Monetary Policy Statement The MPC noted that while the significant decline in inflation since February was broadly in line with expectations, the May outturn was better…
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Visa Launches New Service For Cardholders to Track Their Subscriptions

Visa (NYSE: V), a world leader in digital payments, today announced the launch of Subscription Manager, a new, all-in-one service for financial institutions to provide Visa cardholders with a simple, convenient way to track their subscriptions, all from the palm of their hands. The global subscription market is on a steady rise, expected to reach a staggering $406 billion by 2025. As the trend of consumers subscribing to services in sectors such as retail, food, and more increases, so does the challenge of managing their payments. Visa’s new Subscription Manager streamlines key aspects of recurring payments in one place, allowing…
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This Insane Quad Bike Has a Price of €1.2 Million

Slovakian company Engler has unveiled a new creation that redefines the boundaries of what a quad bike can be. The Engler V12 is a twin-turbo V12-engined quad bike with 1,200 horsepower (HP). A few years ago, Engler made headlines with the Desat, a quad bike boasting the headlights and a 5.2-litre V10 engine from an Audi R8. However, the Engler V12 takes the concept of a ‘super quad’ to an entirely new level. This latest model is equipped with a 12-cylinder engine producing 1,200PS (1,184bhp) and 1,200 Nm of torque (885 lb-ft), all packed into a machine weighing just 1,200kg.…
pcb-chairman-claims-pakistan-needs-major-over-haul-after-the-t20-world-cup
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PCB Chairman Claims Pakistan Needs Major Over-Haul After The T20 World Cup

In the aftermath of Pakistan’s defeat against India by 6 runs at the Nassau Cricket Stadium in the T20I World Cup, Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi has called for a major overhaul within the national team. Babar Azam’s men failed to chase down a meager total of 120 on a New York pitch as no batter tried to rise on the big occasion with all the batters failing to capitalize on the brilliant spells of Haris Rauf, Mohammad Amir, Naseem Shah, and Shaheen Afridi. During a press talk with the media, Naqvi expressed his dissatisfaction with the team’s…
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Pakistan to Send 1,000 Students to China for Training

Prime Minister Shehbaz Sharif announced on Saturday that the government will send a batch of 1,000 students to the Yangling Agricultural Demonstration Base in China for advanced training in agriculture. This decision is part of the government’s efforts to modernize the agricultural sector and enhance productivity. The Prime Minister assured that the government would cover all expenses for the student’s training. He directed the Ambassador of Pakistan to China and other relevant officials to finalize this arrangement in consultation with Chinese authorities. This announcement was made through a press release from the PM Office Media Wing. Additionally, PM Shehbaz extended…
raeem-international,-formerly-core-media-pakistan,-becomes-talon-partner-agency-to-fuel-growth-in-the-pakistani-out-of-home-advertising-industry
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Raeem International, Formerly Core Media Pakistan, Becomes Talon Partner Agency to Fuel Growth in the Pakistani Out of Home Advertising Industry

Talon, the pioneering global independent Out of Home (OOH) agency, today announced its partnership with Raeem International to revolutionize the OOH media landscape in Pakistan. The partnership will see Raeem International become a Talon partner agency to accelerate major opportunities for Pakistan OOH across key markets. Combining Talon’s global OOH expertise – facilitating campaigns in over 100 markets – and Raeem International’s 12 years of successful experience in the local outdoor industry, offers brands and marketers a wealth of resources and best practices expertise in Pakistan. As a Talon partner agency, Raeem International will have a multi-market campaign launch capability…
pakistan-football-team-departs-for-tajikistan-after-multiple-flight-delays
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Pakistan Football Team Departs for Tajikistan After Multiple Flight Delays

The remaining members of the Pakistan National Football Team have finally departed for Tajikistan after enduring a protracted logistical nightmare. The squad faced significant delays after a Pakistan International Airlines (PIA) flight cancellation left half of the team stranded in Pakistan ahead of their last match group match of the FIFA World Cup Qualifiers round 2 on June 11. It has been anything but a normal day for Pakistani football. Head Coach Stephen Constantine and a few players who managed to depart earlier are already in Dushanbe, preparing for the upcoming fixture against Tajikistan. The team’s preparation has been severely…
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CDC Pakistan and Pakistan’s first Digital Insurer Ink Agreement For Information Sharing

Newly licensed by SECP, Pakistan’s first Digital Insurer Salaam Family Takaful Limited (SFTL) and Central Depository Company of Pakistan Limited (CDC) have entered an arrangement for SFTL’s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and Centralized Insurance Repository (CIR) which are key cross-industry information sharing systems developed and administered by CDC. The agreements were signed by Badiuddin Akber CEO-CDC and Rizwan Hussain CEO-SFTL, in the presence of Syed Nayyar Hussain Executive Director-SFTL, Abdul Samad COO-CDC, and other senior members of the Companies. Salaam Family Takaful Limited holds the distinction of being the first digital-only Islamic…
load-shedding-to-worsen-as-electricity-shortfall-nears-6,000-mw
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Load-Shedding to Worsen As Electricity Shortfall Nears 6,000 MW

Electricity shortfall in Pakistan has reached 5,902 MW as summers intensify. Sources said due to the current shortfall, load shedding is becoming more frequent across the country. Today’s power generation stands at 20,098 MW, while the demand has surged to 26,000 MW. Hydropower Plants 6,888 MW Thermal Power Plants 790 MW Private Power Plants 7,980 MW Wind Power Plants 877 MW Solar Power Plants 198 MW Bagasse 143 MW Nuclear 3,222 MW Total 20,098 MW Different parts of the country are facing daily load-shedding of 8 hours. Electricity isn’t available for 12-14 hours in areas experiencing heavy line losses. The…
bank-alfalah-launches-pakistan’s-first-digital-agriculture-financing-to-boost-rural-economy
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Bank Alfalah Launches Pakistan’s First Digital Agriculture Financing to Boost Rural Economy

Bank Alfalah, one of the leading commercial and digital banks, proudly announces the launch of Pakistan’s First Digital Agriculture Financing product, an initiative aimed at empowering small-scale farmers and entrepreneurs in the country’s Agriculture sector. This innovative product allows customers to avail dairy and equipment financing through a seamless digital process, marking a significant milestone in Pakistan’s financial landscape. Digital Agriculture Finance is part of the Bank’s commitment to revive economic growth and foster financial inclusion in Pakistan. The launch of this product comes as part of the Revive and Rise initiative, which aims to provide potential farming citizens with…