Islamabad, Nov 20: PM Orders FBR to Take Action Against Sugar Mills for Hoarding and Evading Taxes In a recent meeting at the Prime Minister’s House on the country’s economic situation, the Prime Minister directed the Federal Board of Revenue (FBR) to take action on various key sectors, including steel, cigarettes, cement, and beverages. He also instructed the FBR, Federal Investigation Agency (FIA), and Intelligence Bureau (IB) to investigate these sectors thoroughly. The Prime Minister emphasized the need for effective monitoring of the sugar sector, particularly under the track and trace system, to ensure accurate tax payments on production, sales,…
Author: Mawadat Fatima
Islamabad, Nov 20: IBEX Limited Buys Back Over 3.5 Million Shares from TRG Associate Company in Strategic Move TRG Pakistan Limited (PSX: TRG) has disclosed that its affiliate, The Resource Group International Limited (TRGI), has finalized an agreement with its portfolio company, IBEX Limited (Nasdaq: IBEX), under which IBEX has repurchased around 3.56 million IBEX shares from TRGI. The total value of the transaction is $70 million, made up of $45 million in cash and $25 million in seller financing. The purchase price of $19.65 per share is based on the last closing price before the deal announcement and the…
Islamabad, Nov 20: Chery is establishing the world’s first GWh-level all-solid-state battery production line in Wuhu, Anhui Province, with equipment delivered to the site on November 18. Covering 100,000 square meters, the project is part of a solid-state battery industrial park developed in collaboration with Anhui Anwa New Energy and the Wuhu Economic and Technological Development Zone. The facility will feature a 5 GWh research and development center and an automated production line with a capacity of 1.25 GWh, marking the world’s first large-scale solid-state battery production line. Solid-state batteries, known for their safety, environmental friendliness, and higher energy density compared…
Islamabad, Nov 20: Jazz, Pakistan’s top digital operator, has launched the ‘Digit Z1’, a dual SIM 4G LTE phone offered with an easy installment plan to boost digital connectivity and make affordable technology more accessible. The device, priced at PKR 9,800, can be purchased with an initial down payment of PKR 5,180, followed by six monthly installments of PKR 770. It is available at Jazz Business Centers and selected retail locations, with payment options through JazzCash and Kuickpay. The ‘Digit Z1’ is compatible with all mobile networks and comes preinstalled with popular apps such as JazzCash, Tamasha, YouTube, WhatsApp, and…
Islamabad, Nov 20: Govt Sees 3x More Hajj 2025 Applications with Installment Plan The Ministry of Religious Affairs’ decision to allow installment payments for Hajj charges has resulted in a significant increase in applications this year. Official records show that 4,774 applications were submitted in the first two days, compared to just 1,300 during the same period last year. Out of the total, 4,734 applications were made under the regular government Hajj scheme, while 40 were submitted through the sponsorship scheme. The regular scheme requires an initial payment of Rs. 200,000 with the application, and if selected through the lottery,…
Islamabad, Nov 20: Xiaomi’s SU7 Breaks Production Record, Boosting Q3 Growth and Setting New Milestones Xiaomi has set a new record by producing 100,000 cars in just 230 days, nearly halving the previous record held by Aito. The company’s third-quarter results reflect significant growth, with revenue rising 30.5% to 92.5 billion yuan, and net profit increasing to 6.3 billion yuan. Cash reserves also reached a record high of 151.6 billion yuan. The success is largely attributed to Xiaomi Auto’s SU7 model. As more customers opted for its Pro and Max versions, the average selling price of the SU7 grew. In…
Islamabad, Nov 20: IDEAS 2024 Pakistan Unveils Advanced Third-Generation Haider Tank, a Game-Changer in Military Technology At the International Defence Exhibition (IDEAS) 2024 in Karachi, Pakistan unveiled its latest armored warfare innovation, the third-generation Haider tank. This new addition to the country’s defense arsenal follows the success of the Al-Zarrar and Al-Khalid tanks, reinforcing Pakistan’s capabilities in tank manufacturing. Developed by Heavy Industries Taxila (HIT), the Haider tank is designed to address the challenges of modern warfare. HIT engineer Inza Aqeel highlighted that the tank integrates advanced technology to meet current combat demands. The Haider is powered by a 1,200-horsepower…
Islamabad, Nov 20: Electricity Distribution Companies Incur Rs. 239 Billion Loss in 3 Months, Impacting National Power Sector Electricity distribution companies (DISCOs) reported a loss of Rs. 239 billion during the first quarter of the 2024-25 fiscal year, a decrease of Rs. 69 billion from Rs. 308 billion during the same period last year, according to the Power Division. This improvement is attributed to higher collection rates, which rose to 91 percent in the first quarter, compared to 84 percent in FY24. However, DISCOs still incurred a total loss of Rs. 591 billion in the 2023-24 fiscal year, primarily due…
Islamabad, Nov 20: Google has introduced a new memory feature for its Gemini chatbot, akin to OpenAI’s update for ChatGPT in February. This new functionality, launched today, allows Gemini to remember users’ preferences and interests, enabling it to provide more accurate and personalized responses. According to Google’s official notes, the memory feature will help Gemini offer more relevant answers tailored to each individual user. Users can input the information they want Gemini to remember through regular conversations or a specific “Saved Info” page. On this page, users can manage their saved data by viewing, editing, or deleting it. Additionally, the…
Islamabad, Nov 20: A report by Fredrich Ebert Stiftung (FES) suggests that applying tax rates on agricultural income similar to those imposed on other sectors could generate Rs. 65 billion annually for Pakistan. With IMF conditions urging action, provinces are moving toward implementing Agricultural Income Tax (AIT). Punjab Assembly has passed the AIT bill, while other provinces—Sindh, Khyber Pakhtunkhwa, and Balochistan—still need legislative approval. The report also reveals a significant Rs. 1.2 trillion tax compliance gaps in the corporate sector, particularly in industries like tobacco, real estate, automobiles, tea, and pharmaceuticals, with an estimated Rs. 310 billion in tax evasion…
