Islamabad, Feb 21: Standard Chartered Bank Pakistan Limited (SCBPL) has reported a record-breaking profit before tax of PKR 100.6 billion, marking a 13% year-on-year (YoY) growth in 2024. The bank’s exceptional performance was fueled by strong income growth of 9% YoY, with positive contributions from all business segments. Despite operating in a high-inflation environment, the bank effectively controlled expenses, achieving the industry’s lowest cost-to-income ratio of 19%. A prudent risk management strategy and recoveries of bad debts resulted in a net impairment reversal of PKR 4.9 billion, further strengthening the bank’s financial position. On the liabilities front, total deposits reached…
Author: Iqra Khan
Islamabad, Feb 21: The Pakistan Stock Exchange (PSX) 100-Index closed the week on a bearish note, shedding 938.23 points (-0.82%) to settle at 112,800.93 points, down from 113,739.16 points in the previous session. Despite a strong start, profit-taking in the latter half of the session erased early gains, as investors locked in profits ahead of the weekend. According to Topline Securities, initial optimism was driven by Lucky Cement (LUCK) after the company announced a 5-for-1 stock split, fueling early gains. However, selling pressure emerged as the session progressed, with investors focusing on quarterly earnings results. The market saw a significant…
Islamabad, Feb 21: Microsoft, in collaboration with Teachable AI Experiences and Ninja Theory, has launched Muse, an advanced AI tool designed to revolutionize game development. Developed by Xbox Game Studios’ Ninja Theory, Muse aims to accelerate the creation of in-game visuals and player interactions, leveraging a deep 3D understanding of game environments. To achieve this, Muse underwent extensive training on 1.6 billion parameters, 1 billion images, and 1 billion controller actions, equivalent to seven years of continuous human gameplay. The data was sourced from Ninja Theory’s multiplayer action game, Bleeding Edge, with user-consented gameplay inputs serving as a foundation. The…
Islamabad, Feb 21: Police have registered three cases under the Prevention of Electronic Crimes Act (Peca) 2025 against individuals accused of sharing AI-generated deepfake videos and defamatory content targeting Punjab Chief Minister Maryam Nawaz and state institutions. The cases, filed at Shahdara, Shahdara Town, and Kot Lakhpat police stations, invoke multiple sections of the Pakistan Penal Code (PPC), including 500, 504, and 505-1(C). The FIRs were lodged by local citizens and businessmen, though authorities have yet to make any arrests. According to the Shahdara Town FIR, complainant Mohammad Amir accused an individual, Rana Mohammad Dawood, of uploading an AI-generated immoral…
Islamabad, Feb 21: The 13th Lahore Literary Festival (LLF) has officially begun at the Lahore Arts Council, Alhamra, bringing together a distinguished gathering of literary and artistic minds for a three-day celebration of literature, history, and civilisation. The event, known for its rich intellectual discourse and cultural vibrancy, was inaugurated in the presence of LLF Chairman Iqbal Z. Ahmed, LLF CEO Razi Ahmed, Punjab Minister for Information and Culture Azma Bukhari, British Council Director James Hampson, UNESCO Officer-in-Charge in Pakistan Karahang Anthony Tom, and Alhamra Executive Director Tauqeer Haider Kazmi, among others. A significant highlight of the festival’s opening ceremony…
Islamabad, Feb 21: Inflation in Pakistan continued its upward trend as the Sensitive Price Indicator (SPI) recorded a 0.27% increase for the combined consumption groups during the week ending February 20, according to the Pakistan Bureau of Statistics (PBS). The SPI stood at 319.12 points, compared to 318.26 points the previous week, reflecting ongoing price fluctuations in essential commodities. On a year-on-year basis, inflation for the same period marked a 1.21% rise, highlighting persistent economic pressures on consumers. The SPI, which tracks weekly price movements in 17 urban centers across 51 essential items, revealed mixed trends across different income groups.…
Islamabad, Feb 21: In a surprising move, Wyoming-based entrepreneur Reid Rasner has made a $50 billion bid to acquire TikTok’s U.S. operations from its Chinese parent company, ByteDance, according to The New York Post. The proposed acquisition would give Rasner control over TikTok’s assets, operations, and proprietary algorithm, positioning him as a key player in one of the world’s most influential social media platforms. Economic Vision for Wyoming If successful, Rasner plans to relocate TikTok’s U.S. operations to Wyoming, a move he believes would diversify the state’s economy and create thousands of well-paying jobs. His lawyer, Steve Roberts, emphasized that…
Islamabad, Feb 21: Pika Labs has introduced a new iOS app, allowing users to experiment with AI-powered video creation directly from their mobile devices. This release follows the debut of Pika 2.1, an upgraded version of the platform that offers improved video quality, smoother motion, and more realistic depictions of people and animals. Users can also access Pika Turbo, a faster but slightly less refined model that consumes fewer credits. The app brings Pika’s most popular AI tools to mobile. Pikaffects enables surreal, dreamlike transformations, turning static images into melting, morphing visuals reminiscent of Salvador Dalí’s work. Pikadditions allows users…
Islamabad, Feb 21: The Khyber Pakhtunkhwa (K-P) government has launched free outpatient department (OPD) services under the Sehat Card Plus program, a significant step toward expanding healthcare access for low-income families. The initiative was officially unveiled by Chief Minister Ali Amin Gandapur during a ceremony at the Chief Minister’s House, attended by provincial ministers, lawmakers, and health officials. The program will be rolled out in phases, beginning with a pilot project in Mardan, where 50,000 deserving households will benefit from free consultations, medications, and diagnostic tests. The next phase will extend to Chitral, Malakand, and Kohat, eventually covering around 120,000…
Islamabad, Feb 20: Faysal Bank Limited (FBL) continued its success story in 2024, demonstrating strong financial resilience and operational excellence. During its second year as a full-fledged Islamic Bank, FBL has announced remarkable financial results for the year ended 2024. On a standalone basis, the Bank has reported a Profit Before Tax (PBT) of PKR 50.4 billion, 22% higher than PKR 41.4 billion in the last year. The Bank’s net profit reached PKR 23.0 billion and growth was confined to 15% due to the imposition of additional income tax. Earnings Per Share increased from PKR 13.21/- to PKR 15.17/-. Reflecting…
