Tech and Telecom

Former New Zealand cricketer Simon Doull recently revealed that he received death threats following his criticism of Indian batting maestro Virat Kohli. Doull had initially commented on Kohli’s strike rate at the beginning of the season, expressing concerns over his performance ahead of the T20 World Cup. However, despite the backlash, Doull emphasized that Kohli has always treated him with warmth and respect during their interactions. Kohli’s statistics this season have been impressive, with the Indian skipper scoring 741 runs at a strike rate of 154.70 and an average of 61.75. He scored five half-centuries and one century and he…

Karachi recorded its hottest day of the year on Wednesday, with temperatures soaring to 41.5°C. According to the Pakistan Meteorological Department (PMD), the port city experienced the hottest day of the year just 10 days after it first experienced temperatures over 40°C this summer. On May 19, the Met Department recorded a maximum temperature of 40.2°C in Karachi, which was 4.4°C above the May average of 35.8°C and the highest temperature recorded in 2024 up to that point. According to Met Office data, Karachi’s temperature peaked at 41.5°C yesterday, 5.7 degrees higher than the city’s normal temperature of 35.8°C. The…

The Pakistani rupee (PKR) fell third day in a row against the US Dollar today after opening trade at 278 in the interbank market. It was slightly bearish all day and closed in red against the greenback. It also posted losses against some 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 depreciated by 0.04 percent to close at 278.5 after losing 10 paisas against the dollar today. On a fiscal…

Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi has urged the nation to offer unwavering support to the national cricket team as they prepare for the 2024 T20 World Cup in the West Indies and the USA. Speaking at a dinner held in honor of the team at Pakistan House in London, Naqvi emphasized the importance of unity and backing the players during this critical period. “This is the time to support the team. I urge everyone to stop criticizing the team for the next four weeks. This team will win the World Cup for you,” Naqvi said during his address…

Dewan Farooque Motors Limited (PSX: DFML) has entered into a toll manufacturing agreement with ECO-Green Motors Limited (EGML) for manufacturing of EGML’s Honri-VE (200KM and 300KM range), the automobile assembler informed the main bourse on Thursday. With this, DFML said it will become the leading manufacturer of electric vehicles in Pakistan. “The production thereof is expected to commence in the month of August 2024,” the stock filing added. The principal activity of the Company is assembling, progressive manufacturing, and sale of vehicles in Pakistan. On Wednesday, DFML announced the resumption of commercial production of “Special Purpose KIA Commercial Vehicle” with…

The International Monetary Fund (IMF) has proposed a massive Rs. 12.9 trillion tax collection target for the Federal Board of Revenue (FBR) next fiscal year. Sources told ProPakistani this proposal includes over Rs. 1,500 billion in new taxes. A recent meeting of the economic team with Prime Minister Shehbaz Sharif revealed that instructions have already been issued to finalize these proposals in order to unlock a bigger IMF loan next fiscal year. The suggested measures include increasing tax duties on imported goods and withdrawing sales tax exemptions on various items, including food. Sources added the proposals call for raising withholding…

Pakistan Meteorological Department (PMD) has predicted monsoon rains for the next three months, giving everyone a break from the summer heat. According to details, the meteorological department has forecasted a spell of moderate to heavy rainfall across different regions from June to August. Central and northern Punjab, southern Sindh, and Balochistan will likely receive heavy rain during this period. However, Khyber Pakhtunkhwa and Gilgit-Baltistan are expected to experience average rainfall this year.  The PMD forecast suggests that the first phase of the monsoon will see heavier rainfall compared to the second phase. Earlier, on May 27, the department announced that…

After going up a day earlier, the price of gold in Pakistan fell by Rs. 1,500 per tola on Thursday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) dropped by Rs. 1,500 per tola to Rs. 241,200, while the price of 10 grams fell by Rs. 1,286 to Rs. 206,790. The Sarafa Association said in a brief statement that the price of gold has been kept under cost by Rs. 3,000 considering the reduction in purchasing power of the buyers. Gold rates in the local market have a mixed week so far with…

The 6-Month Karachi Inter-Bank Offered Rate (KIBOR), a benchmark for lending to consumers and businesses, fell by 18 basis points (bps) on a day-on-day (DoD) basis after this week’s domestic bond auction helped raise Rs. 501 billion against a target of Rs. 360 billion. According to the State Bank of Pakistan (SBP) data, the 6-month KIBOR clocked in at 21.07 percent, after the mid-week secondary market auction which saw the government raise 39 percent higher debt at rates roughly 100 bps below the central bank’s policy rate of 22 percent. The other widely used 3-Month KIBOR was down 25 bps…

Pakistan’s advanced communication satellite, PAKSAT MM1, is set to revolutionize internet services, broadcasting, broadband, and cellular services across the country. After the success of iCube Qamar, the second satellite will be launched today at 4 PM from the XiChang Satellite Launch Center (XSLC) in China. The launch marks a significant milestone in Pakistan’s space and telecommunications endeavors. The satellite, developed through the tireless efforts of Pakistani scientists and engineers, is designed to address the country’s growing needs in communication and connectivity. According to the Space and Upper Atmosphere Research Commission (Suparco), PAKSAT MM1 will play a pivotal role in ushering…