Islamabad, Dec 3: The National Assembly’s Standing Committee on Communications was informed that Pakistan Post’s annual income is Rs. 9.2 billion, compared to expenditures of Rs. 28 billion, creating a significant deficit. The Committee reviewed Pakistan Post’s operations and modernization efforts, along with the National Highways and Motorway Police (NHMP) performance. Key Highlights from Pakistan Post Revenue Growth: Achieved a 30.35% growth in FY 2023-24, aided by expanded services like mail, remittance solutions, and bill collections. Modernization Drive: Supported by Korea’s EXIM Bank, upgrades include ICT systems, field automation, and paperless mail. Completion expected by November 2026. Cost-Saving Measures: Abolished…
Author: Mawadat Fatima
Islamabad, Dec 3: Banks aggressively increased lending in October 2024 to meet the Advance-to-Deposit Ratio (ADR) target set by the regulator, resulting in a Rs. 1.47 trillion jumps in advances. The sector’s ADR improved to 44.2%. Key Financial Insights Total Advances: Reached Rs. 13.77 trillion in October, up from Rs. 12.30 trillion in September, showing an 11% month-over-month growth. Deposits: Declined slightly to Rs. 31.11 trillion in October from Rs. 31.34 trillion in September, attributed to discouraging banking attitudes and lower savings rates. Investment Reduction: The banking sector’s investment fell by Rs. 1.7 trillion (5.7%) to Rs. 28.9 trillion in…
Islamabad, Dec 3: The Board of Directors of United Bank Limited (UBL), in its 252nd meeting on Monday, approved the amalgamation of Silk Bank Limited (SBL) into UBL. The merger will proceed under a share swap arrangement aligned with Section 48 of the Banking Companies Ordinance, 1962. Key Highlights Share Swap Ratio: UBL will issue 1 new ordinary share (PKR 10 face value) for every 325 SBL shares (PKR 10 face value). Shares Issued: A total of 27,944,188 UBL shares will be issued, excluding any rights issue. Approvals Required: The amalgamation is contingent on definitive agreements, corporate and regulatory approvals…
Islamabad, Dec 3: A monumental gold deposit containing around 1,000 metric tons of gold has been unearthed in central China’s Pingjiang County, Hunan Province. Estimated to be worth 600 billion yuan (USD 83 billion), the deposit is among the most valuable ever discovered, surpassing South Africa’s South Deep mine, which holds 900 metric tons. Details of the Discovery The Hunan Province Geological Bureau identified 40 gold veins within a 2-kilometer depth, housing 300 metric tons of gold. Further exploration suggests reserves could extend up to 3 kilometers. Core samples revealed visible gold and an exceptionally high grade of 138 grams…
Islamabad, Dec 3: Honor has introduced its latest smartphone lineup, the Honor 300 series, comprising the Honor 300, 300 Pro, and 300 Ultra. Each device caters to distinct user needs while emphasizing exceptional portrait photography. This article focuses on the Honor 300 and with a separate feature planned for the Ultra model. Design and Display The Honor 300 series emphasize premium design and functionality. Honor 300 Pro: Features a 6.78-inch OLED display with a 120Hz refresh rate, 4,000-nit peak brightness, and vibrant visuals. Honor 300: Offers a slightly smaller 6.7-inch OLED display with similar immersive quality. Both models include under-display…
Islamabad, Dec 3: Finance Minister Muhammad Aurangzeb emphasized on Monday the necessity of adhering to the reform agenda to ensure Pakistan completes its final International Monetary Fund (IMF) program and achieves long-term economic development. Briefing the National Assembly Standing Committee on Finance, chaired by Syed Naveed Qamar, Aurangzeb highlighted commitments to the IMF, including reforms in taxation, energy, state-owned entities (SOEs), and public finances. Sensitive topics led to a partially in-camera session for selective discussions and Q&A. Economic Reform The minister outlined the government’s commitments and progress on IMF targets, including fiscal and governance reforms, quantitative performance criteria, structural benchmarks,…
Islamabad, Dec 3: Donald Trump, the US president-elect, issued a stern warning on Monday, stating that if Hamas does not release the remaining Israeli hostages in Gaza before he assumes office in January, it will result in serious consequences in the Middle East. Trump’s remarks came as the current administration, led by Joe Biden, intensifies efforts to negotiate a deal between Israel and Hamas that exchanges hostages for a ceasefire. This follows a successful agreement last week that ended the conflict between Israel and Hizbollah in Lebanon. Using his Truth Social platform, Trump declared that if the hostages remain captive…
Islamabad, Dec 3: Internet users across Karachi and other cities in Pakistan are struggling with persistent connectivity issues, affecting both Wi-Fi and mobile data services. The slow internet speeds are severely disrupting activities on platforms like WhatsApp, where sending and receiving multimedia messages is difficult. Key Areas and Impacted Groups: Affected Localities: Saddar, Liaquatabad, FB Area, and Gulistan-e-Jauhar in Karachi report significant connectivity issues, with some areas experiencing complete Wi-Fi outages. Most Affected Groups: Freelancers, remote workers, digital marketers, and students face major productivity and learning disruptions due to unreliable connectivity. Economic Consequences: Telecom Sector Losses: Pakistan’s telecom sector, generating…
Islamabad, Dec 3: The upper regions of Pakistan are enduring intense cold weather, with Duki, Balochistan, experiencing its most severe hailstorm in 42 years. The aftermath of this storm, coupled with recent snowfall, has worsened the chill across the country. Kalam and Swat are facing heightened cold due to heavy snowfall, while Balakot and Kaghan Valley remain blanketed in snow. Key Weather Developments: Damages in Balochistan: Heavy hail and rain in Barkhan have severely impacted crops, with cold winds sweeping across Quetta, where temperatures dropped to -8°C. Karachi’s Weather Changes: Karachi’s nighttime temperatures continue to fall, with strong winds expected…
Islamabad, Dec 2: Bank Alfalah, a leading commercial bank in Pakistan, has been honored with two prestigious accolades at the Pakistan Banking Awards (PBA) 2024. The bank received the ‘Best Bank for Digital Excellence’ award for the third consecutive year and the ‘Best Bank for Customer Engagement’ award for the sixth year. These awards reflect the bank’s innovation and commitment to enhancing the banking experience through digital transformation and customer engagement. Digital Excellence: Bank Alfalah’s New Alfa application has been redesigned to integrate digital banking into customers’ lifestyles, offering features for savings, investment, and borrowings. The Cheque Deposit Kiosk (CDK),…
