Tech and Telecom

The government doesn’t understand if it should withdraw a 15 percent tax on bank profits from lending to the Finance Ministry or tighten existing laws to fetch Rs. 60 billion more next year. Authorities are split between relief for banks or more stringent measures to tax banks’ profits on lending to the federal government, reported Express Tribune. The Federal Board of Revenue (FBR) wants higher tax on bank loans to the government to close a loophole that lets banks avoid the 15 percent tax by adjusting their lending before the December 31 tax deadline. Meanwhile, the State Bank of Pakistan…

The federal government is considering ending Saturday as a holiday, sources familiar with the development said on Tuesday. The Cabinet Division has asked all ministries to provide suggestions regarding the potential cancellation of Saturday as a holiday. Sources revealed that after collecting feedback from various ministries, the proposal to eliminate Saturday as a holiday will be presented to the federal cabinet for final approval. Reports suggest that observing Saturday as a holiday has yielded unsatisfactory results. The proposal to eliminate the Saturday holiday is set to be reviewed during a cabinet meeting scheduled to take place after Eid-ul-Adha. According to…

Pakistan’s all-rounder Imad Wasim has been ruled out of the T20 World Cup clash against the USA due to discomfort in his right rib cage during a training session last week, just before the fourth T20I match against England. Earlier, Pakistan Cricket Board (PCB) promptly sent him for a scan as a precautionary measure. Consequently, Imad was rested for the final match against England so that he could get match-ready for the T20 World Cup that will take place in the USA and the Caribbean in June. A medical panel of the PCB recommended the scan and they were closely…

The Sindh government has imposed a three-month ban on the display of licensed weapons across the province, effective immediately. This measure, announced on Tuesday, aims to enhance public safety and reduce the sense of insecurity among the populace. The ban, detailed in a notification issued by Additional Chief Secretary-Home Muhammad Iqbal Memon, exempts personnel of law enforcement agencies while on duty. Additionally, guards of registered private security companies are permitted to carry weapons during duty hours at their assigned locations. However, these guards are prohibited from displaying or brandishing their weapons while traveling in vehicles. The notification further stipulates that…

The World Bank is likely to restructure Tarbela Fourth Extension Hydropower Project (T4HP) to extend the closing date of IBRD Loan of $390 million, which is financing Tarbela Fifth Extension Hydropower Project (T5HP), to September 30, 2027. Official documents available with ProPakistani revealed that the results framework has been revised to incorporate indicators from the World Bank Group’s (WBG) Corporate Scorecard approach and framework. The Project comprises: IBRD Loan-81440 (US$ 400 million, fully disbursed and closed) and IDA Credit-50790 (SDR 179 million, fully disbursed and closed) approved by the Bank on March 20, 2012, that financed the 1410 megawatt (MW)…

The Netherlands won the toss and decided to bowl first at the Grand Prairie Stadium against Nepal, who made their second appearance at the T20I World Cup in history. Nepal’s skipper Rohit Paudel was the only batter who kept the innings glued together while scoring 35 runs off 37 balls so that the Nepali side could post a total of 106. Tim Pringle and Logan Van Beek ran havoc as they picked up three wickets each to restrict the batting line-up of Nepal to an easily changeable total in Dallas. Logan Van Beek was the pick of the bowlers for…

HBL and EXIM (Export-Import Bank of Pakistan) signed a Memorandum of Understanding (MoU) to collaborate in the structuring and implementation of EXIM’s Trade Credit Insurance facilities to support Pakistan’s export growth. With a special focus on Small and Medium Enterprises (SME) and Emerging Corporate/Commercial tier exporters, the Export Receivables Discounting is a first of its kind in Pakistan. With HBL’s industry-leading SME lending portfolio, of over Rs. 100 billion, and EXIM’s key role as the official Export Credit Agency (ECA) of Pakistan, this MoU represents the unification of the commitments of both in growing the ‘S’ of the SME business…

Prime Minister Shehbaz Sharif Tuesday met with Meng Fanli, Party Secretary of Shenzhen Municipal Committee, and Deputy Party Secretary of Guangdong Provincial Committee in Shenzhen China. The prime minister noted that the deep-rooted ties between Pakistan and China were characterized by frequent engagement and dialogue at the leadership level, people-to-people contacts, cultural and educational exchanges. He lauded the impressive economic growth and exemplary innovative spirit of Guangdong province. He also termed Shenzhen as a trade gateway for China’s business linkages with Pakistan. Reaffirming the time-honored all-weather strategic cooperative partnership between Pakistan and China, the two sides agreed on the need…

The Capital Development Authority (CDA) has announced a significant initiative to reduce heavy electricity bills by transitioning to solar power for its buildings, street lights, tube wells, and water pumps. This decision comes as part of the CDA’s broader effort to promote sustainability and cost-efficiency. The CDA Board has given the green light to a feasibility study for the solarization project. According to CDA sources, this move is projected to save the agency Rs. 250 million monthly. The project will be implemented in three phases: initially converting tube wells and water pumps to solar power, followed by street lights, and…

Basing the central bank’s monetary response on core inflation is likely a more appropriate approach in the current high inflation episode in Pakistan, the Pakistan Business Council (PBC) said in a report on Tuesday. This report, prepared for Pakistan Business Council by Sakib Sherani of Macro Economic Insights, mentions that Pakistan has experienced a protracted, high double-digit inflation episode since July 2021. The inflationary pressure has been caused primarily by post-Covid pandemic global supply disruptions and release of pent-up demand, the impetus to commodity prices in the wake of Russia’s conflict with Ukraine, in conjunction with the substantial fall in…