Islamabad, Aug 28: The Pakistan Telecommunication Authority (PTA) announced in a statement on Wednesday that the problem in two (SMW4, AAE-1) of the seven international submarine cables connecting Pakistan internationally is the primary cause of the continuous internet delay throughout the nation. According to updates, it is expected that the SMW-4 underwater cable problem would be fixed by early October 2024. It further stated that the submarine cable AAE-1 has been fixed, which might enhance internet performance. PTA informed the Senate Standing Committee on IT and Telecom last week that the nation’s internet services were being overburdened by VPNs. At…
Author: Iqra Khan
Islamabad, Aug 28: Mondelez Pakistan is pleased to announce that it has received recognition for its continuous dedication to sustainability, health, safety, and social impact with three prestigious awards.”These awards are a testament to Mondelez Pakistan’s ongoing efforts to integrate sustainability and social responsibility into our business practices,” stated Sami Wahid, Managing Director of Mondelez Pakistan. We are committed to making a constructive contribution to society and the environment, and we eagerly anticipate carrying on with this outstanding journey. Environmental Excellence Award: During its 21st Awards Ceremony, the National Forum for Environment & Health (NFEH) honored The Hub Plant. The…
Islamabad, Aug 28: The Competition Commission of Pakistan (CCP) has confirmed its exclusive jurisdiction to prevent and prohibit anti-competitive practices under Chapter II, including Section 10(d) of the Competition Act, 2010. Section empowers the Commission to restore and maintain market competition, especially in cases of deceptive marketing practices. A Commission’s bench passed an order affirming its exclusive jurisdiction, which reinforces that the Competition Act of 2010 serves as the specialized legal framework for regulating anti-competitive practices throughout Pakistan. The CCP’s consistent application of Section 10 in multiple rulings underscores its unwavering commitment to addressing specific marketing malpractices under its jurisdiction.…
Islamabad, Aug 28: One of the top Islamic banks in Pakistan, Faysal Bank Limited (FBL), has reported strong financial results for the six months ended June 30, 2024, and has kept up its rapid development. In comparison to the same time last year, when the Bank recorded Profit After Tax (PAT) of Rs. 7.5 billion, there was a significant 76.3 percent increase to Rs. 13.3 billion. The rise in earnings per share was from Rs. 4.96 to Rs. 8.74. In light of this impressive achievement, the Bank announced a 20 percent interim cash dividend of Rs. 2/-per share,with deposits reaching…
Islamabad, Aug 28: In a duly called meeting on August 27, 2024, the Board of Directors of JS Bank Limited (PSX: JSBL) approved the creation of a currency exchange firm with an initial paid-up capital of Rs. 700 million. Subject to receiving permission from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and compliance with all other applicable rules and regulations, the firm will be a wholly owned subsidiary of the Bank. Additionally, the bank approved a Rs. 606 million investment in the Real Estate Investment Trust (REIT), which will be run by JS Investments Limited,…
Islamabad, Aug 28: The Government of Pakistan’s senior unsecured debt and local and foreign currency issuer ratings have been improved from Caa3 to Caa2, according to Moody’s Ratings (Moody’s). Additionally, we raised the senior unsecured MTN program’s rating from (P)Caa3 to (P)Caa2. The Rating Agency stated that concurrently, the Government of Pakistan’s outlook has shifted from stable to positive. Pakistan’s improving macroeconomic circumstances, along with somewhat improved government liquidity and external positions from extremely low levels, are reflected in the upgrading to Caa2. As a result, Pakistan no longer faces default risk at a level that is commensurate with a…
Islamabad, Aug 28: The metro bus service in Multan has been interrupted due to a burst in a Water and Sewerage Authority (WASA) line, as heavy rains continue to affect daily life across the nation, according to a private news station.The bus between BCG Chowk and BZU Station is not operating, as stated by the district administration. Officials said that after the WASA line is stabilized and repairs are finished, service will resume. Severe rainfall has severely damaged Multan and other parts of Southern Punjab, causing extensive flooding. At Chungi No. 9 Disposal Station in Multan, there was an unprecedented…
Islamabad, Aug 28: In accordance with Sections 279 to 283 and all other applicable provisions of the Companies Act, 2017, the Board of Directors of Reliance Cotton Spinning Mills Limited (PSX: RCML) approved the Scheme of Compromises, Arrangement and Reconstruction for Amalgamation/Merger of Amer Cotton Mills (Pvt.) Limited (ACML) and its members with and into Reliance Cotton Spinning Mills Limited (RCSML) at their meeting on August 28, 2024. The High Court of Sindh in Karachi has ordered the dissolution of Amer Cotton Mills (Pvt.) Limited without winding up after the merger or amalgamation through the intended Scheme is completed. The…
Islamabad, Aug 28: Redmi’s Watch 5 Active is a new entrant to the smartwatch industry. Notable characteristics of this newest model include a long-lasting battery that can last up to eighteen days between charges. The gadget has a 2-inch IPS LCD touchscreen, clear+ noise cancellation technology, and Bluetooth calling capabilities. Xiaomi’s HyperOS is the brains behind the Redmi Watch 5 Active, guaranteeing seamless functionality and broad compatibility. Using Bluetooth 5.3, the watch is simple to pair with smartphones running iOS 12 and higher or Android 6.0 or later.Users can use the convenient Mi Fitness companion app to control their watch.…
Islamabad, Aug 28: It appears that Chinese phone manufacturers are vying to release new concepts for tri-folding phones. While Xiaomi and Huawei are getting ready to reveal their updates, Tecno has already unexpectedly unveiled the Phantom Ultimate 2. It comes after the Phantom Ultimate, a rollable phone prototype from the previous year. Its stunning 10-inch expandable screen, this trifold phone can rival full-sized tablets in size. The phone’s screen measures 6.48 inches when fully folded. When unfolded, it becomes a 10-inch 4:3 aspect ratio LTPO OLED display with a resolution of 1,620 x 2,880 pixels. The Phantom Ultimate 2 blurs…
