Business

Web Desk — Jazz has been awarded contracts worth approximately Rs300 million by the Ministry of IT & Telecom (MoITT) through Universal Service Fund (USF) for providing high-speed mobile broadband services on the M3 and M5 motorways, according to a press release. USF’s CEO, Haaris Mahmood Chaudhary, signed the contract with Syed Fakhar Ahmed, its Chief Corporate Regulatory Affairs Officer, …

Web Desk — Pakistan’s economic crisis is worsening every day as electricity will become more expensive and there will be hardly any gas available for household and industry, said renowned finacial and economic expert Ateeq ur Rehman. According to Ateeq ur Rehman revolving debt of gas sector has reached to almost Rs 700 billion and circular debt of electricity sector …

Web Desk — In order to facilitate small borrowers the State Bank of Pakistan (SBP) removed written declarations and credit information reports as requirements for obtaining loans from microfinance banks (MFBs). The SBP has introduced changes to microfinance regulatory regulations to streamline the process of obtaining Credit Information Reports (CIRs) and simplify the documentation requirements for microfinance borrowers. It is …

Web Desk — Punjab Information Technology Board (PITB) has shared information about the Federal Food Security Portal, which allows importers and exporters to register themselves and initiate trade requests without visiting field offices for submission of applications. In a presentation to Federal Minister Syed Fakhar Imam, PITB Chairman Azfar Manzoor and DG IT-Operations Faisal Yousaf presented the portal which will …

Web Desk — Federal Board of Revenue (FBR) Director Intelligence Abdul Rehman Rind says the track and trace system will not only help discourage hoarders but will also generate more revenue and eliminate the crisis of goods. Rind reveals that implementation of the track and trace policy had already started. He was speaking at a seminar organized by Hyderabad SITE …

Web Desk — According to Pakistan’s statistics agency, the country’s consumer price inflation rate rose to 11.5% in November. Business Recorder quoted analysts as saying that the November number was higher than expected. The government and central bank continue to battle inflation, which has reached its highest level in 21 months. The figure also increased from 9.2% the previous month. …

Web Desk — In an alarming development, Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has found systematic flaws in the security of confidential/classified data of taxpayers. The FTO, thereby, has passed directions to the Pakistan Revenue Automation Limited (PRAL) to develop security policies/infrastructure and implement international standards to secure the Federal Board of Revenue (FBR) website from cyber attacks …

Web Desk — A letter sent to general industries stated that Sui Southern Gas Company (SSGC) has decided to curtail gas supplies to all captive power plants (CPPs) for general industries (non-export) in Sindh and Balochistan with immediate effect until further orders are issued. SSGC states in its letter that discontinuation of gas supplies is being implemented under the Gas …

Web Desk — In accordance with the IMF staff-level agreement, the government has decided to issue an Islamic Sukuk Bond to earn $1bn by pledging a portion of Motorway (M1). The News quoted an official as saying that the Ministry of Finance was seeking a No Objection Certificate (NOC) from relevant quarters and that it was expected that Sukuk Bonds …

Web Desk — With inspiration from Chinese agro-based innovative technologies and techniques, China’s digital farming and smart agriculture practices will spur Pakistan’s agricultural growth. An innovative group of young Pakistani agri-tech entrepreneurs has pioneered the “Digital Dera” project in the Pakpattan district, located around 148 km from Lahore. A technologically advanced project called “Digital Dera” aims to empower farmers with …