Islamabad, Dec 20: The repatriation of profits and dividends by foreign investors rose sharply by 112% to $1.129 billion in the first five months of FY25, compared to $523 million during the same period in FY24, marking a $597 million increase, according to the State Bank of Pakistan (SBP). Of these outflows, $1.074 billion was attributed to returns on Foreign Direct Investment (FDI), reflecting a 118% rise from $492 million in the corresponding period of FY24. Additionally, $54 million was repatriated as returns on Foreign Portfolio Investment (FPI), up from $41 million last year. In November 2024 alone, $322 million…
Author: Mawadat Fatima
Islamabad, Dec 20; The government, citing select datasets, asserted on Wednesday the success of its policies in achieving macroeconomic stability and approved approximately Rs44 billion in supplementary grants, including funds for advertising these achievements. In a rare move, the initial segment of the Economic Coordination Committee (ECC) meeting was broadcast live, where Finance Minister Muhammad Aurangzeb highlighted key accomplishments. He cited a $944 million current account surplus in the first five months, a 35% rise in remittances, 33% growth in technology exports, and a 31% increase in Roshan Digital Account deposits. The minister also noted a 900-basis point drop in…
Islamabad, Dec 20: OpenAI has introduced new ways to interact with its AI chatbot, ChatGPT, through a free phone service in the United States and global integration with WhatsApp. As part of its “12 Days of Christmas” updates, OpenAI announced a simplified way for users to engage with AI technology. In the US, users can call ChatGPT by dialing 1-800-CHATGPT, a free service with a monthly limit of 15 minutes per phone number. For international users, OpenAI has integrated ChatGPT with WhatsApp, enabling interaction via messages sent to 1-800-242-8478. OpenAI’s Chief Product Officer, Kevin Weil, described the feature as a…
Islamabad, Dec 20: The country’s total liquid foreign exchange reserves rose by $32 million last week. As per the State Bank of Pakistan’s (SBP) weekly report, total liquid foreign exchange reserves reached $16.633 billion on December 13, 2024, compared to $16.601 billion on December 6, 2024. During this period, SBP’s reserves grew by $31 million, totaling $12.082 billion. Meanwhile, net foreign exchange reserves held by commercial banks saw a slight increase of $1.1 million, amounting to $4.551 billion by the end of the week. Remittances saw a 5.0 per cent decline MoM but increased by 29 per cent year-on-year, reaching…
Islamabad, Dec 20: Russia has developed its own mRNA cancer vaccine, which will be provided free of charge to patients, according to Andrey Kaprin, General Director of the Radiology Medical Research Center under the Russian Ministry of Health. The Russian news agency TASS reported the announcement, which Andrey Kaprin made in an interview with Radio Rossiya. Pre-clinical trials of the vaccine demonstrated its effectiveness in suppressing tumor growth and reducing metastasis. The incorporation of artificial intelligence has enabled the rapid customization of the vaccine in just one hour, significantly speeding up what is typically a lengthy process. The vaccine aims…
Islamabad, Dec 20: Shaheen Shah Afridi delivered a remarkable display of seam bowling, helping Pakistan secure the One-Day International series against South Africa with one match remaining. Pakistan achieved a dominant 81-run victory at Newlands on Thursday, taking an unbeatable 2-0 lead before the final match in Johannesburg on Sunday. South Africa made the surprising decision to field first on a ground where chasing under lights is notoriously difficult. Pakistan capitalized on the opportunity, setting an impressive target of 329 before being bowled out. Heinrich Klaasen stood out for South Africa with a superb 97 off 74 balls, but his…
Islamabad, Dec 19: The ICC Board has confirmed that matches between India and Pakistan during ICC events in the 2024-2027 rights cycle will be held at neutral venues, regardless of the host nation. This policy will be applied to the ICC Men’s Champions Trophy 2025, set to take place in Pakistan during February and March, as well as the ICC Women’s Cricket World Cup 2025 in India and the ICC Men’s T20 World Cup 2026, co-hosted by India and Sri Lanka. Furthermore, the Pakistan Cricket Board (PCB) has been granted hosting rights for the ICC Women’s T20 World Cup in…
Islamabad, Dec 19: With the launch of the Google Pixel 9 Pro and iPhone 16 Pro, both tech giants have introduced their latest flagship devices, boasting advanced features and designs. While both smartphones have similar specifications, there are key differences that may sway consumers’ decisions. Regarding design, both devices feature a flat-sided form, a continuation of previous models, but with unique elements. The Pixel 9 Pro features a distinct camera bar that protrudes, offering a fresh look, while the iPhone 16 Pro retains its traditional square camera bump. The Pixel 9 Pro is made of aluminium, whereas the iPhone 16…
Islamabad, Dec 19: In a move to enhance the agriculture sector, the State Life Insurance Corporation of Pakistan (SLIC) and Fauji Fertilizer Company (FFC) have launched a new microinsurance program aimed at supporting farmers. The initiative, introduced on Wednesday, is a joint effort to provide crucial financial protection to farmers while promoting sustainable agricultural development. Commerce Minister Jam Kamal Khan highlighted that this collaboration between SLIC and FFC marks a significant step towards securing the future of Pakistan’s agriculture. “It’s not just about financial coverage; it’s about empowering our farming communities and building resilience,” he remarked. Farmers and their families…
Islamabad, Dec 19: Between October 2023 and October 2024, 28,000 applications for international protection were submitted by Pakistani nationals in European Union Plus countries, according to a report released by the EU Agency for Asylum (EUAA) on Wednesday. The data reveals a decline in monthly applications since October 2023, when the number peaked at around 3,400, dropping to 1,900 in October 2024. Italy received the highest number of asylum requests from Pakistanis, followed by France, Greece, and Germany. The EUAA’s “Country Focus on Pakistan” report also noted that approximately 20,000 first-instance decisions were made on Pakistani asylum applications, with only…
