ISLAMABAD, AUGUST 16: Engro Polymer & Chemicals (EPCL) reported a combined loss of Rs. 688 million for the second quarter of 2024. Due to this, the 1H2024 loss was reduced to Rs. 1.6 billion from the Rs. 2.7 billion profits in 1H2023. According to Topline Securities, the 2Q2024 loss exceeded industry projections because financing expenses were more than anticipated. The financing cost for the second quarter of 2024 was Rs. 2.1 billion, which increased by 37% YoY and 27% QoQ as a result of increasing borrowings. Due to decreased PVC pricing (US$ 810/MT vs. US$ 830/MT in 2Q2023), the company’s…
Author: Mawadat Fatima
ISLAMABAD, AUGUST 16: Lahore is predicted to get thundershowers through the evening, and over the next three days, further rain is possible. Today’s peak and low temperatures in the city varied from 36 to 26 degrees Celsius, offering some relief from the summer heat. In other regions of the nation, the monsoon rains had an impact as well. There have been reports of sporadic downpours on the national highway in the areas of Abdul Hakeem, Multan, Rajana, Mian Channu, Khanewal, and Basti Maluk. In several places, these rains have caused problems including power outages and slick roads. The rainy weather…
ISLAMABAD, AUGUST 16: According to reports, the internet business is losing $50 million every day as a result of the ongoing problems. This has had an especially negative impact for IT exports, which are losing almost $13 million per day, underscoring the industry’s unique effects. Some reports suggest that the recent firewall installation may be the cause of these internet issues; however, the Ministry of Information Technology has not yet offered a clear explanation for the disruption. Shaza Fatima, the minister of state for information technology, has acknowledged that the government has asked the Pakistan Telecommunication Authority (PTA) for data…
ISLAMABAD, AUGUST 16: Lahore: Chairman Mohsin Naqvi has given his final clearance for the redesigns of Gaddafi Stadium, National Stadium, and Rawalpindi Stadium, as reported on August 16. The Pakistan Cricket Board (PCB) has proposed a substantial upgrading project for these venues. According to the specifics, the goal of this project is to update these important cricket grounds in time for the next Champions Trophy. Naqvi recently visited the offices of BDP, a well-known worldwide stadium design company, in the UK. There, he was given an update on the status of the improvement work and seen the final design designs.…
ISLAMABAD, AUGUST 16: Muhammad Saleem Ashraf, Managing Director of the Water and Sanitation Agency (Wasa) Rawalpindi, has started a project to install rain collecting systems at 30 municipal buildings. The relationship with UN-HABITAT would leverage cutting edge technologies to enhance Rawalpindi’s water management, as stated by Wasa MD Muhammad Saleem Ashraf. In an effort to ease the strain on the city’s water supplies and promote a more sustainable future, the project would direct rooftop rainfall into subterranean tanks for non-potable applications. Rain collection technologies are essential for preserving safe drinking water, according to Ashraf. With these infrastructures, he thinks Rawalpindi…
ISLAMABAD, AUGUST 16: The publication of the revised valuation of immovable assets nationwide has been postponed by the Federal Board of Revenue (FBR). According to the FBR’s proposal, by July 2024, notice would need to be issued in order to raise the assessment of immovable assets in major urban areas from 75% to 90% of the market rate. As of mid-August 2024, nevertheless, the FBR has not yet released the updated alerts. The Regional Tax Offices and stakeholders held meetings to finalize new rates of immovable properties in the field formations. In the meantime, the new FBR Chairman, who has…
ISLAMABAD, AUGUST 16: Data on social media content banning over the previous three and a half years has been made public by the Pakistan Telecommunication Authority (PTA), showing the disparities in success rates among various categories. The category with the lowest blocking rate, defamatory or impersonating content, was seen between January 2021 and June 2024. Only 7,353 of the 13,305 URLs that were processed for blocking were successful, yielding a 55.26 percent success rate. Social media sites blocked 307,610 of the 363,111 URLs that the PTA reviewed over the course of the previous three and a half years related to…
ISLAMABAD, AUGUST 16: The federal government with the help of a Chinese IT company will issue certifications to 300,000 IT professionals, Prime Minister’s Coordinator Rana Ehsan Afzal said at an event held recently. He announced that 50,000 IT certifications will be issued by 2025 through the NewTech platform Rana Ehsan Afzal further guaranteed that, under Prime Minister Shehbaz Sharif’s direction, the government remained dedicated to economic growth. The privatization of Pakistan International Airlines (PIA) and energy distribution businesses would be the first step in the federal government’s effort to cut costs. According to him, the goal of this privatization endeavor…
ISLAMABAD, AUGUST 16: Arshad Nadeem, the gold winner from Pakistan at the Olympics, has revealed his audacious goal to compete in javelin throw competitions till the 2032 Summer Olympics. During a news conference at the Governor House in Karachi, the renowned athlete expressed his goals of securing more worldwide recognition for Pakistan. Arshad Nadeem, who created history in the 2024 Summer Olympics in Paris with his gold medal victory, declared his intention to retain his championship in 2028 and, if health permits, to compete in the 2032 Summer Olympics. He said, This is just the beginning of my journey. I…
ISLAMABAD, AUGUST 16: The purpose of Punjab University’s Alumni Scholarship Endowment Fund (ASEF) is to support worthy students in their pursuit of higher education by offering financial aid. The PU Alumni Office met on Thursday under the direction of Vice Chancellor Prof. Dr. Khalid Mahmood to discuss the proposal. Prominent dignitaries in attendance were Prof. Dr. Mumtaz Anwar Chaudhry, Director of the PU Alumni Office, and Prof. Dr. Hafiz M. Anwaar Asghar, Director of Planning & Development. Prof. Mahmood brought up during the conference how alumni all across the world financially support research and teaching at their alma institution. The…
