ISLAMABAD, Aug 30: The Competition Commission of Pakistan (CCP) has successfully recovered a penalty of PKR 5 million from Wateen Telecom (Pvt.) Ltd. This recovery was carried out under Section 40(2)(a) of the Competition Act, 2010, which empowers the CCP to recover penalties by attaching the bank accounts of non-compliant entities. The penalty was originally imposed by the CCP following an inquiry triggered by numerous complaints from residents of the Defence Housing Authority (DHA) Lahore. The residents had voiced concerns about the lack of alternative service providers and the substandard quality of services provided by Wateen Telecom. The CCP’s investigation…
Author: Mawadat Fatima
Islamabad, Aug 30: With a rise against the US dollar, the Pakistani rupee (PKR) closed the final week of August at 278 on the interbank market. It closed the green against the greenback after remaining steady all day. During today’s session, it recorded gains against the majority of the other major currencies. The interbank rate closed at 278/$, where it had spent the majority of the day. Today’s open market rates were rigidly set at the 278 level across a number of currency exchanges. The Pakistani Rupee gained 10 paisas versus the US dollar today, and it appreciated by 0.04…
Islamabad, Aug 30: In close collaboration with the Securities & Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP), the Pakistan Stock Exchange (PSX) and Central Depository Company of Pakistan Limited (CDC) aim to provide a smooth and seamless experience for investors taking part in initial public offerings. As part of the plan, 1Link has directed all of its member banks to abolish the funds transfer limitations for transactions carried out through e-IPO platforms, with the assistance of SBP. In the past, the Banks set transactional limits on these electronic payments. 1Link recently released a memo to this…
Islamabad, Aug 30: Ecommerce Gateway has presented Chairman P@SHA Muhammad Zohaib Khan with the inaugural IT Icon Award in recognition of his significant contributions to the regional business community. At the 25th ITCN Asia’s opening session, State Minister for IT and Telecommunication Shaza Fatima gave him the prize. For the previous fifteen years, Zohaib Khan has been involved with the IT association in a variety of roles, including chairman, vice chairman, and member of the central executive committee. As chairman, he oversaw the nation’s record-breaking FY24 export earnings of over $3.2 billion and the first-ever hosting of the APICTA Awards…
The Punjab Chief Minister, Maryam Nawaz Sharif, has initiated the CM Punjab Solar Panel Scheme as part of the “Chief Minister Roshan Gharana Program,” This program, which was announced on April 9, 2024, is to provide 50,000 solar panels to Punjabi homes. The CM Punjab Solar panel scheme has introduced the Solar Panel Scheme 2024, a ground-breaking initiative to support renewable energy, with the goal of making solar energy available and reasonably priced for homes throughout the state. By encouraging a greener, more sustainable future and lowering reliance on conventional electricity, this project aims to empower citizens. In order to…
Islamabad, Aug 30: Due to the expectation of heavy rain, the municipal administration of Karachi has decided to close all public and private schools on Friday. Commissioner Syed Hassan Naqvi ordered the closure of all public and private schools in all districts of Karachi on Friday, August 30, in response to the Meteorological Department’s recommendation, according to a handout from the commissioner’s office in Karachi. Heavy downpours were predicted by the Meteorological Department for Karachi and the majority of Sindh. According to the Met Office, a powerful monsoon system centered over Tharparkar and the Rann of Kutch in India may…
Islamabad, Aug 30: The renowned Gaddafi Stadium in Lahore has seen its name rights sold for one billion rupees as part of a five-year arrangement with a Punjab-based bank, securing a profitable transaction for the Pakistan Cricket Board (PCB). This agreement, which is more than twice as much as the 450 million rupees obtained for the naming rights of Karachi’s National Stadium in 2022, marks a noteworthy accomplishment for the current PCB administration, headed by Mohsin Naqvi. The Karachi venue was rebranded as National Bank Cricket Arena under a similar five-year contract, which runs until 2027 for the next three years. This…
Islamabad, Aug 30: The federal cabinet took a significant vote on Friday, approving the finance agreement between China and Pakistan Railways for the Karachi-Peshawar Railway Upgradation Project (ML-1) as part of the China-Pakistan Economic Corridor (CPEC). According to sources, the government will now carry out the ML-1 project’s initial phase. Additionally, the cabinet authorized a change to the 1973 Rules of Business, officially declaring the Pakistan Public Works Department (Pak PWD) closed and confirming its dormant status. Further information regarding the railway financing project is still pending, but according to a June 2024, China is expected to fund 85 percent…
Islamabad, Aug 30: The Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Exchange rates bulletin, here on Friday. CONVERSION RATES FOR AUGUST 30, 2024 FOR FOREIGN CURRENCY FOR FORWARD COVER FOR DEPOSITS (EXCLUDING FE-25 DEPOSITS) SBP SETTLEMENT VALUE DATE SEPTEMBER,04, 2024 USD 278.5845 GBP 367.9823 EUR 309.5074 JPY 1.9255
Islamabad, Aug 30: On Friday, the Ministry of Education and the Federal Directorate of Education (FDE) formally signed a significant contract with the National University of Science and Technology (NUST) to launch a state-of-the-art curriculum for elementary school students that focuses on robotics, coding, and artificial intelligence (AI). Dr. Khalid Maqbool Siddiqui, the Minister for Federal Education and Professional Training, was present when the agreement was signed in Islamabad. A news statement from the ministry of education states that the goal of this program is to provide young pupils with the necessary 21st-century abilities so they may become technologically literate…
