KARACHI: In a challenging economic landscape, fintech disruptor NayaPay and e-commerce startup DealCart earned coveted spots on Forbes Asia’s 100 to Watch list for 2024. The list highlights the region’s most promising startups across sectors like finance and retail, and the two Pakistani companies stand out for their innovation and growth. Danish A. Lakhani, the CEO and founder of NayaPay, said that being honoured on Forbes Asia’s 100 to Watch is a proud moment for the company. NayaPay is redefining digital finance in the country. Founded in 2016, the Karachi-based startup is transforming how Pakistanis handle money. With over 1.8…
Author: Hasnain Abid Khanzada
KARACHI: The private sector has yet to begin borrowing from banks this fiscal year, despite a 2.5 per cent cut in the interest rate aimed at diverting liquidity towards economic growth. According to the latest data released by the State Bank of Pakistan on Tuesday, the private sector remained cautious over the last 47 days, with a net debt retirement of Rs333 billion. Throughout the previous fiscal year (2023-24), the State Bank faced significant pressure to reduce the interest rate, as the previous 22pc rate severely hampered economic growth and led to widespread unemployment. With inflation on the decline, the…
ISLAMABAD: A parliamentary committee on Tuesday expressed concerns over what it called a lack of transparency in the contracts of Independent Power Producers (IPPs) and directed the concerned ministry for their forensic audit. The Senate Functional Committee on Devolution held a meeting with Senator Dr Zarqa Suharwardy Taimur in the chair. The chairperson of the committee expressed concerns about the functioning of IPPs and the lack of transparency in their contracts. She stated that the IPPs had caused significant hardships to the people and there is a need for their accountability. She directed the ministry concerned to conduct a forensic audit of…
ISLAMABAD: The government’s much-touted tax reform is likely to face substantial resistance as the traders’ community has announced a nationwide strike on Wednesday (today), with partial support from a few political parties and trade associations. Prior to the strike call, traders’ representatives visited the Federal Board of Revenue’s headquarters on Tuesday to express their discontent to FBR Chairman Rashid Mahmood and his team regarding the Tajir Dost Scheme, which was implemented in April, and the recently notified tax rates that took effect in August. The expansion of the country’s tax base will now pose a significant challenge for the PML-N and its coalition…
ISLAMABAD: Pending approval of the $7 billion bailout by the IMF’s executive board, the government made a poor take-off and received just $436.4 million in foreign assistance and grants in July, almost 85pc lower than the same month last year. The $426m in foreign loans and $10.5m in grants in the first month of the current fiscal year appeared a non-starter when seen in the context of the mammoth $19.4bn target for the foreign assistance set for FY25 — even higher than last year’s $17.4bn target that was missed by $7.6bn. In July last year, Pakistan realised over $2.89bn mainly because of…
ISLAMABAD: An accountability court on Tuesday issued a notice to the National Accountability Bureau (NAB) on the post-arrest bail petition of former prime minister Imran Khan and his spouse, Bushra Bibi. The accountability watchdog has filed a reference against the couple, accusing them of retaining an expensive Bvlgari jewellery set from Toshakhana at a throwaway price. Mr Khan and his spouse are seeking bail in the reference filed by NAB last week. The couple also pleaded with the court to grant them interim bail till their post-arrest bail petition is decided. The accountability court judge, Nasir Javed Rana, summoned the case record…
ISLAMABAD: As rain lashed Islamabad and Rawalpindi, five deaths were reported in Model Town, Sihala, on Tuesday after the roof of a warehouse belonging to an automobile company caved in due to the downpour. After the incident in which eight people were buried, the warehouse was sealed by the district administration and an inquiry was ordered to probe the incident. The officials of the capital administration said legal action will be taken in light of the inquiry. Police said the labourers — who died in the incident — had arrived at the site in the morning to repair a leak…
ISLAMABAD: The Election Commission of Pakistan (ECP) on Tuesday reserved verdict on Pakistan Tehreek-i-Insaf’s plea for halting the hearing in the intra-party polls case until the Supreme Court’s clarification comes with regard to its majority judgement in the reserved seats case. A three-member bench of the ECP, headed by Chief Election Commissioner Sikandar Sultan Raja, heard the case. PTI Chairman Barrister Gohar Ali Khan, advocate Ayesha Khalid and advocate Uzair Bhandari appeared before the bench. Barrister Gohar referred to the FIA’s raid at the PTI’s office and seizure of the party record. He said the FIA officials even took away the water dispenser. He,…
PESHAWAR: The signs of infighting within the ruling Pakistan Tehreek-i-Insaf’s Khyber Pakhtunkhwa chapter are growing as two senior office-bearers have been sacked with the approval of provincial president of the party and Chief Minister Ali Amin Gandapur. The removal of PTI president for Peshawar region MNA Mohammad Atif Khan and president for Peshawar district MNA Sher Ali Arbab comes 10 days after the de-notification of communication and works minister Shakeel Khan over alleged corruption. These three PTI leaders are reportedly part of a group opposing Mr Gandapur. PTI general secretary in the province Ali Asghar Khan notified the elevation of PTI Peshawar…
ISLAMABAD: Over 41 per cent of women in Pakistan suffer from anaemia, with 14.4pc being underweight and 24pc overweight, according to a new report. The state of maternal nutrition is so bleak that 186 women die per 100,000 live births; suboptimal breastfeeding leads to 2,000 deaths in mothers due to breast and ovarian cancer and 1,100 deaths due to type-II diabetes annually. Moreover, there are 1.4 million cases of low birth weight in Pakistan each year. This has been revealed in the ‘Cost of Inaction Tool’ developed by Nutrition International. The report was presented at the ‘National Policy Dialogue on…
