Islamabad, Jan 13: The Competition Commission of Pakistan (CCP) has approved the acquisition of a 94.8percent shareholding in FINCA Microfinance Bank Limited by TPL Corp Limited and ABHI (Private) Limited. The bank’s current shareholders include FINCA Microfinance Coöperatief U.A., International Finance Corporation (IFC), Triodos Fair Share Fund, and Acumen Pakistan. Under the Sale and Purchase Agreement, TPL Corp Limited will acquire 33.17%, while ABHI (Private) Limited will acquire 61.61% of the target bank’s shares. The CCP, in its competition assessment, focused on the microfinance lending services market in Pakistan. The assessment concluded that the acquisition would not result in a…
Author: Mawadat Fatima
Islamabad, Jan 13: The Malir Expressway, a major development aimed at connecting Qayyumabad to Motorway M9 along the Malir River, has been inaugurated prematurely, sparking significant concerns about public safety and infrastructure readiness. Construction and Safety Challenges Despite its inauguration, the expressway remains under construction, with critical sections requiring significant work. Construction materials, active machinery, and on-site labor continue to dominate the scene, presenting a hazardous environment for commuters. Alarmingly, the expressway has been opened without ensuring adequate safety protocols. Motorcyclists, a prominent user group, often neglect helmet regulations and speed limits. The absence of traffic police or regulatory enforcement…
Islamabad, Jan 13: The Pakistan Stock Exchange (PSX) started the week with a robust performance, with the benchmark KSE-100 Index rising by nearly 1,000 points on Monday. This bullish trend reflects growing investor confidence and improved market sentiment. The index closed at 114,230 points, recording an impressive gain of 982.77 points or 0.86% compared to Friday’s closing. Trading Volume and Market Activity The trading volume also saw a notable uptick, with 521.21 million shares changing hands, an increase from 499.85 million shares traded during the previous session. The total value of traded shares stood at Rs. 28.29 billion, significantly higher…
Islamabad, Jan 13: BYD has emerged as a dominant player in Japan’s all-electric vehicle (EV) market, outpacing Toyota and signaling a significant shift in the country’s automotive trends. In 2024, Japan reported 59,736 all-electric vehicle sales, a 33% decline from the previous year, marking the first drop in four years. Despite this downturn, BYD achieved a remarkable 54% growth in EV sales, reaching 2,223 units, while Toyota experienced a 30% decline, selling just 2,038 vehicles, according to the Japan Automobile Dealer Association. BYD entered the Japanese market in 2023 with the Atto 3 crossover (known internationally as Yuan Plus) and…
Islamabad, Jan 13: Mr. Akamatsu Shuichi, the Ambassador of Japan to Pakistan, inaugurated two major electricity projects in District Mandi Bahauddin, Punjab. Hana Development Council manages projects that improve health and infrastructure in rural communities. The non-governmental organization aims to enhance the quality of life in the region. The Government of Japan, through its Grant Assistance for Grassroots Human Security Projects (GGP) Program, provided financial support totaling 92,307 USD for these initiatives. In 2019, the first grant of 42,818 USD was allocated to provide sustainable electricity to eight communities. In 2022, a second grant of 49,489 USD extended electricity access…
Islamabad, Jan 13: The Khyber Institute of Technical Training, a landmark initiative born out of a collaboration between Frontier Corps (FC) North and the Shahid Afridi Foundation, has successfully completed its first three-month training program. Eighty-four students, both men and women, have graduated. They are now equipped with valuable skills to contribute to their community and beyond. The institute’s inaugural batch received hands-on training in various technical fields such as computer literacy, digital skills, sewing and embroidery, motorcycle mechanics, electrical work, and welding. The Inspector General of Frontier Corps (IGFC) awarded certificates to recognize their achievements during a heartfelt ceremony…
Islamabad, Jan 13: Hyundai Nishat has officially introduced the highly anticipated Hyundai Sonata N Line to the Pakistani market through an innovative online launch event. This release marks a significant milestone for Hyundai, blending cutting-edge performance with premium design elements to set a new benchmark in the luxury sedan segment. The Sonata N Line’s striking exterior reflects a bold and dynamic persona. Key design highlights include sleek LED headlamps paired with daytime running lights, a glossy black radiator grille, and sporty two-tone bumpers at the front and rear. Its panoramic electric roof adds a touch of elegance, while twin dual-tip…
Islamabad, Jan 13: SUPARCO will make history by launching Pakistan’s first indigenous Electro-Optical (EO-1) satellite from the Jiuquan Satellite Launch Centre (JSLC) in China on January 17, 2025. This remarkable milestone highlights SUPARCO commitment to propelling Pakistan’s space exploration and technological innovation. The EO-1 satellite is a groundbreaking achievement, representing a major stride in Pakistan’s space program. It underscores Pakistan’s growing capabilities in space science, symbolizing self-reliance and a future-driven vision. This state-of-the-art satellite will transform several sectors by providing high-resolution imagery and data. This will significantly contribute to food security and economic stability. For urban planners, the satellite will…
Islamabad, Jan 13: The federal government’s Rightsizing Committee has announced a comprehensive restructuring of the Ministry of National Food Security and Research, aiming for a 30% reduction in size. This initiative involves abolishing, merging, and transferring the responsibilities of 16 sub-institutes and departments to provincial administrations, significantly streamlining operations. As per official documents, seven institutions will be abolished, and nine will merge into provincial frameworks, with the ministry expected to submit its implementation plan by January 20, 2025. One of the key measures includes eliminating vacancies to adjust the officer-to-staff ratio from 3:1 to 2.5:1. Structural changes include merging the…
Islamabad, Jan 13: Authorities in Makkah have apprehended ten Pakistani nationals allegedly involved in a large-scale operation of selling counterfeit gold to unsuspecting individuals, including Umrah pilgrims. The fraudulent scheme centered on the sale of fake gold coins and bars, designed to appear authentic and lure buyers into a false sense of security. According to the Makkah police, the group strategically targeted individuals seeking to purchase gold as a keepsake or gift during their pilgrimage, exploiting the sanctity and trust often associated with such transactions. These fraudulent activities not only defrauded victims financially but also tarnished the experience of many…
