In an effort to comply with the State Bank of Pakistan’s (SBP) regulatory requirements, banks have injected a record amount of over Rs1 trillion into non-bank financial institutions (NBFIs). This move is aimed at avoiding the incremental tax that would apply if they fail to meet the advance-to-deposit ratio (ADR) target of 50% by the end of 2024. According to the latest report from the SBP, the massive liquidity influx into NBFIs exceeded the total credit stock to these institutions by 130%. NBFIs are financial entities that offer a range of financial services but do not hold a banking license.…
Author: Web Desk
The Pakistan Stock Exchange (PSX) reached an all-time high above 100,000 points last week, as dominant bulls navigated through a volatile market amid ongoing political instability, economic concerns, and security issues. Despite rising costs and a deteriorating law-and-order situation causing alarm among businesses and multinational companies—some of which are considering relocating abroad—the PSX demonstrated resilience. According to AKD Securities Ltd, the market remained volatile throughout the week, as political instability increased with opposition protests in the capital. This uncertainty led to a significant one-day decline in the KSE-100 index, which fell by 3,506 points on Tuesday. However, the market regained…
Regal Automobiles Industries Ltd (RAIL) introduced Pakistan’s first locally assembled electric SUV, the Seres 3, at its Lahore plant on Saturday. This launch marks a significant milestone in Pakistan’s journey toward adopting cleaner energy solutions and reducing its carbon footprint. Adeel Usman, the Managing Director of RAIL, highlighted that this achievement demonstrates the potential of Pakistan’s automotive industry to lead in the global shift toward electric mobility. He emphasized that the Seres 3 has the ability to reshape the automotive sector in Pakistan and position the country as a key player in electric mobility innovation.
The 500kV Lahore (North) grid station is expected to be partially operational by next month, facilitating the evacuation of power from the Matiari-Lahore High Voltage Direct Current (HVDC) transmission line. This will allow electricity to be distributed to various cities in the Gujranwala division through the 500kV Nokhar grid station and nearby transmission lines in Gakhar, Gujranwala. The project, initially slated for completion last summer, faced delays due to land acquisition challenges and administrative hurdles. However, sources from the National Transmission and Despatch Company (NTDC) reported that the newly formed board of directors (BoD) addressed these issues, resolving most of…
Internet users across Pakistan, including in major cities like Karachi, Islamabad, Lahore, and Rawalpindi, are facing significant disruptions as internet speeds plummet, leading to widespread frustration and hindering daily activities. Social media platforms such as Facebook, Instagram, and WhatsApp have been particularly affected, with users struggling to upload or download photos and videos. Reports indicate that many users are turning to Virtual Private Networks (VPNs) to bypass the issues and access social media. However, VPN services themselves have also been down in several areas, adding to the challenges faced by freelancers, business owners, and students. Citizens have voiced concerns, with…
Shaza Fatima, the Minister of State for Interior, defended the government’s decision to block X (formerly Twitter), stating that the move was taken based on directives from the Ministry of Interior in the interest of national security. Fatima clarified that the decision to block X should not be seen as a restriction on freedom of expression, highlighting that fewer than 2 percent of Pakistan’s population uses the platform. In addressing the wider issue of cybersecurity, Fatima emphasized the rise in cyber-attacks within the country and underscored the need for stronger cybersecurity measures. “Cybersecurity is crucial at this time,” she stated,…
The Pakistan Telecommunication Authority (PTA) announced on Sunday that it would delay the ban on Virtual Private Networks (VPNs) following a legal review that found no legal grounds to block the service. This decision means VPNs will continue to operate, even after the previously set deadline of November 30. Earlier, the PTA had established November 30 as the deadline for VPN registration, warning that unregistered VPNs would be blocked after that date. However, despite the deadline passing, no action has been taken, and VPNs remain operational. PTA sources have confirmed that VPN registration is still ongoing, with decisions about the…
The Roads and Transport Authority (RTA) of Dubai has announced the introduction of free WiFi at four major bus stations, effective from Sunday, December 1. The stations offering this service include Satwa, Union, Al Ghubaiba, and Gold Souq, marking a significant step in the city’s connectivity plans. Officials have also revealed plans to extend the free WiFi service to all bus stations across Dubai in the near future, ensuring wider access for commuters. In a related development, Karachi, Pakistan, has also joined the trend. Karachi’s Mayor, Barrister Murtaza Wahab, announced that free WiFi services would soon be available at all…
Namibia’s Communications Regulatory Authority (CRAN) has instructed Starlink, the satellite internet service operated by SpaceX, to cease all operations in the country due to the lack of necessary telecommunications licensing. The cease-and-desist order was issued on November 26, requiring Starlink to immediately stop its services in Namibia. CRAN has also issued a warning to the public, urging them not to purchase or subscribe to Starlink services, stating that these actions are in violation of Namibian law. In addition to the directive, CRAN confirmed that it had already seized unlicensed Starlink terminals from consumers and opened criminal investigations with the police…
In a dominant performance, Pakistan’s blind cricket team thrashed Nepal by 10 wickets on Sunday to reach the final of the Blind T20 World Cup 2024 at Multan Cricket Stadium. Chasing a modest target of 95 runs, Pakistan comfortably reached the required runs in just 5.3 overs, with no wickets lost. Kamran Akhtar was the star of the chase, playing an explosive knock of 63 runs off 21 balls, which included 13 boundaries and a six. His opening partner, Babar Ali, supported him well, scoring 32 not out off 14 balls. Earlier, Nepal, batting first, could only manage 94/7 in…
