Tech and Telecom

After rising by nearly Rs. 2,500 per tola on Thursday, the price of gold in Pakistan remained unchanged on Friday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) remained unchanged at Rs. 240,600, while the price of 10 grams was Rs. 208,333. The Sarafa Association said that the price of gold has been kept under cost by Rs. 4,000 due to the reduction in purchasing power of the buyers. The price of gold in the local market remained unchanged on Monday before going up by Rs. 700 per tola on Tuesday. On Wednesday,…

In a video shared on social media, former Pakistani women’s cricketer and commentator Urooj Mumtaz expressed her concerns about the team’s performance against the USA. It sparked a debate that kicked off with a question from ESPN where the former cricketer was asked about whether Fakhar Zaman or Iftikhar Ahmed should have been on strike during the super over. Urooj Mumtaz asserted that Fakhar was the right choice, given his prowess as a left-arm batter, but the team management downplayed its significance in their decision-making. “Yes, Fakhar should have been on the strike, as he’s a left-arm batter so the…

Founder and Chief Investment Officer at Tundra Fonder Mattias Martinsson Friday called the Pakistani government to abandon the Capital Gains Tax (CGT) for foreign investors. In a detailed post on X addressed to Prime Minister Shehbaz Sharif, Martinsson presented his point of view on the rumors that Pakistan will increase its CGT on equities. For years we have repeatedly called for Pakistan to abandon its counterproductive capital gains tax, and replace it with a turnover-based tax like Vietnam has (10bps when selling), he said. Martinsson said it is much simpler to collect, would result in significantly more tax revenue for…

The New Gwadar International Airport, a major project of the China-Pakistan Economic Corridor (CPEC), is nearing completion with a substantial investment of $246 million. Set to be completed and handed over to local authorities this year, the construction of this international-standard airport began in 2019. Located on 4,300 acres of land, the airport features a runway capable of accommodating the world’s largest airplane, the Airbus A380, and includes a modern terminal building spanning 14,000 square meters. According to the 24News HD TV channel, the airport recently made history by successfully conducting a five-day flight test operation starting on Tuesday, June…

Private Educational Institutions Regulatory Authority (ICT-PEIRA) has issued a notification announcing the summer vacation schedule for 2024 for private educational institutions within the Islamabad Capital Territory (ICT). The notification states that, in accordance with the powers conferred under Section 5 of the Islamabad Capital Territory Private Educational Institutions (Registration & Regulation) Act, 2013, all private educational institutions, including schools and colleges, in the Islamabad Capital Territory will remain closed from June 10, 2024, to August 12, 2024, for summer vacations. This announcement from ICT-PEIRA comes after similar declarations from other provincial education departments. Recently, the Sindh Education Department announced summer…

The e-bus service in Rawalpindi will be operational next year, aiming to address the commuting challenges faced by citizens. There will be six routes, including one from Taxila, Wah Cantt, IJ Principal Road to Chongi No 26, and another connecting Daultala with Rawalpindi. Maintenance work on Metro Bus tracks will be carried out from June to December this year, as disclosed by Provincial Transport Minister Bilal Akbar Khan during a press conference on Thursday. He mentioned that he has been regularly visiting Rawalpindi under special instructions from Chief Minister Mariyam Nawaz Sharif to address transportation and traffic management issues in…

The University of Health Sciences (UHS) Advanced Studies and Research Board (ASRB) has approved the MPhil/PhD committee’s recommendation to revise the admission eligibility criteria for MPhil and Master’s degree programs. The 202nd ASRB meeting, chaired by UHS Vice Chancellor Prof. Ahsan Waheed Rathore, was held on Thursday. Under the new criteria, candidates must score at least 75 percent on the University’s Postgraduate Entrance Test to be eligible for admission, up from the previous requirement of 50 percent. Additionally, the board has waived the requirement for a minimum of two years of relevant experience for admission. Fresh graduates are now eligible…

On Friday, Karachi’s Jinnah International Airport experienced disruptions in its flight schedule, with several domestic and international flights being canceled, as reported by 24NewsHD TV channel. Among the affected flights were AirBlue’s PA-173 and 171 bound for Jeddah, AirSial’s PF-144 heading to Lahore, FlyBaghdad’s IF-333 destined for Najaf, and SereneAir’s ER-551 to Peshawar, ER-503 to Islamabad, and ER-523 to Lahore. The cancellations caused inconvenience for passengers and necessitated adjustments to travel plans. It is pertinent to mention that during the last few weeks, dozens international and domestic flights have been cancelled at the Karachi airport. In a separate news, the…

The Sensitive Price Index-based inflation for the week ended June 6, 2024, increased by 0.45 percent due to increase in the prices of onions (33.21 percent), tomatoes (15.34 percent), bananas (4.93 percent), pulse gram (3.69 percent), potatoes (2.62 percent), chicken (1.84 percent), lawn (0.66 percent) and cigarettes (0.41 percent), says Pakistan Bureau of Statistics (PBS). The year-on-year trend depicts an increase of 21.69 percent mainly due to increase in the prices of gas charges for q1 (570 percent), onions (100.37 percent), chilies powder (57.89 percent), garlic (43.40 percent), tomatoes (36.23 percent), salt powder (31.30 percent), shirting (30.52 percent), gents sandal…

The Pakistani rupee (PKR) ended the week with gains against the US Dollar today after opening trade at 278 in the interbank market. It was stable all day and closed in green against the greenback. It posted losses against most of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR appreciated by 0.07 percent and closed at 278.2 after gaining 19 paisas against the dollar today. On a fiscal year-to-date basis, the…