Islamabad, Aug 29: The Baseline Credit Assessment (BCA) has been increased to caa2 from caa3, and the Corporate Family Rating (CFR) of Pakistan Water and Power Development Authority (WAPDA) has been upgraded from Caa3 to Caa2. According to the Rating Agency, the rating’s outlook was changed from stable to positive. This rating action comes after the Pakistani government’s (Caa2 positive) rating action from Moody’s Ratings. Given their strong credit relationship, the upgrade of WAPDA’s CFR and outlook change is consistent with the action taken on the rating of the Pakistani government. According to Spencer Ng, a vice president and senior…
Author: Mawadat Fatima
Islamabad, Aug 29: Many retirees who live overseas are receiving pensions in foreign currency to which they have no legal claim. The Finance Division has emphasized that the federal government is not authorized to permit foreign-resident retirees to receive their pension in foreign currency due to the country’s current account balance. After taking notice of the situation, the Finance Division issued an office memo (OM) directing that pensioner appointed after January 2, 1959, be prohibited from receiving their benefits in foreign currency. According to the OM, “the Finance Division has received reports of certain retirees who live overseas and are…
Islamabad, Aug 29: According to the Framework for “Domestic Systemically Important Banks (D-SIBs)” notified in April 2018, the State Bank of Pakistan has announced the designation of D-SIBs for the year 2024. The structure that State Bank has established adheres to international standards and considers both local dynamics and global best practices. It outlines the improved regulatory and supervisory requirements, the process for identifying and designating D-SIBs, and the D-SIB implementation recommendations. The purpose of the increased standards is to increase the systemically important banks’ ability to manage risk and to withstand shocks. There are two steps involved in identifying…
Islamabad, Aug 29: Three people, one of them was a woman, were apprehended by the Anti-Narcotics Force (ANF) in Karachi for drug trafficking while assuming the identity of non-governmental organization (NGO) employees. The group leader was among the individuals who were captured in the Landhi area. Authorities found more than 1.5 kg of heroin during the operation. Following a tip, the ANF detained a female narcotics courier who was traveling from Tando Adam to Karachi and seized 400 grams of heroin. After more research, another suspect was apprehended and 500 grams more of heroin were taken from them. The group…
Islamabad, Aug 29: The Pakistan Stock Exchange’s (PSX) 100-Index saw a bullish trend on Thursday, rising 356.88 points and closing at 78,349.66 points as opposed to 77,992.79 points on the previous working day. This represents a positive movement of 0.46 percent. The Government of Pakistan’s senior unsecured debt and local and foreign currency issuer ratings were raised by Moody’s Ratings to Caa2 from Caa3 one day earlier. In comparison to the 636,024,989 shares traded the day before, a total of 599,820,775 shares were moved during the day. The price of the shares was Rs. 20.409 billion as opposed to Rs.…
Islamabad, Aug 29: According to a notice to the Pakistan Stock Exchange (PSX), Hi-Tech Lubricants Limited, the well-known producer of ZIC Brand Lubricants in partnership with SK Enmove Co. Ltd. from South Korea, has announced a strategic partnership with MDS Foods (Pvt.) Ltd., the territorial rights holder of the American fast-food giant, Hardee’s Restaurant. By establishing Hardee’s Restaurants at Hi-Tech Lubricants’ extensive statewide network of HTL Fuel Stations, the deal seeks to significantly expand the Hardee’s brand throughout Pakistan. On August 28, 2024, a Memorandum of Understanding (MOU) was signed, formalizing this collaboration. The Company’s main business is the acquisition…
Islamabad, Aug 29: In order to assist people with disabilities (PWDs), the Punjab government launched the “Himmat Card,” which gives them access to ATM cards. Chief Minister Maryam Nawaz Sharif was present at the signing ceremony of a memorandum of understanding (MoU) between the Department of Social Welfare and the Bank of Punjab to formalize this effort. The specifics state that 65,000 people with disabilities will receive ATM cards from the Bank of Punjab throughout the province. Every quarter, each recipient of a Himmat Card will receive Rs 10,500. 40,000 people will receive their Himmat Cards in the first phase,…
Islamabad, Aug 29: According to the German Embassy in Islamabad, they are unable to handle the volume of student visa applications for the winter semester. Only the most eligible applications will therefore probably be processed. Many students have had protracted delays in their immigration interviews in the past few weeks, despite having been accepted to German universities. Students said that there had been issues with the embassy’s visa appointment system, which opened for winter semester enrollment on May 21. They asserted that only fast-track applications appear to be getting attention, and that appointments for conventional processing are either difficult to…
Islamabad, Aug 29: For months, rumors have been circulating regarding a redesign of Samsung’s Galaxy S25 Ultra’s design. The main focus of these rumors has been on a more ergonomic form factor. The most recent rumor indicates that portability won’t be sacrificed in Samsung’s quest of a pleasant grip. Should the rumors be accurate, the S25 Ultra is expected to be extremely light and thin. According to leaked information, the S25 Ultra is expected to surpass the weight and slimness of both Google’s Pixel 9 Pro XL and the iPhone 16 Pro Max. Although the Pixel 9 Pro XL offers…
Islamabad, Aug 29: The Pakistan Telecommunication Authority (PTA) has come under fire from the country’s auditor general for allegedly changing the terms of long-distance and international (LDI) licenses without the required consent from the federal government. The LDI license granted to M/s Zeta Technologies (Pvt.) Ltd. on January 5, 2023, was modified. New clauses 3.2.6 to 3.2.8 under the name “Network Rollout Obligations” are included in this update. The provisions of the De-Regulation Policy 2003 and the Telecommunication Policy 2015 are violated, according to the Auditor General. The audit report states that Rule 5.2.3 of the Telecommunication Policy 2015 requires…
