According to high-level sources, the International Monetary Fund (IMF) has expressed growing concern regarding the escalating financial deficits of State-Owned Enterprises (SOEs), urging immediate action from the federal government. Negotiations between the IMF and the Ministry of Finance continue at a policy level, with the IMF expressing dissatisfaction with the performance of government-operated institutions. The IMF has emphasized the necessity for urgent measures to privatize these financially struggling entities and has requested a comprehensive and current assessment of their financial status. In response, officials from the Finance Ministry have assured the IMF of delivering the requested report within a span…
Author: WebDesk
JS Bank, recognized as one of the country’s fastest-growing banks, has joined forces with Euronet Pakistan, a division of Euronet Worldwide renowned for its global payment processing and transaction services. Together, they aim to elevate JS Bank’s Debit Card Management and ATM driving services. This partnership will empower JS Bank to efficiently oversee its credit and debit card portfolio while delivering enhanced services to its clientele, leveraging Euronet’s robust payment processing technology infrastructure. By consolidating card services through a single partner, the Bank anticipates operational streamlining and heightened effectiveness. Under this agreement, Euronet Pakistan will leverage its advanced technological framework…
The cost of petrol in Pakistan has undergone a significant decrease, dropping by Rs. 15.39 per liter. This adjustment brings the new price to Rs. 273.10, down from the previous Rs. 288.49. Concurrently, the price of diesel has been revised to Rs. 274.08 from its previous rate of Rs. 290.38. These revised prices will take effect from May 16, 2024. This reduction can be attributed to several factors including a decline in the international crude oil rates, the stability of the Pakistani Rupee against the US Dollar, and the overall stable economic conditions within the country. Such developments are particularly…
Last month, Elon Musk virtually terminated nearly all employees in Tesla’s electric-vehicle charging division. The day before this mass termination, charging chief Rebecca Tinucci met with Musk to discuss the network’s future, according to statements from four former charging. Two weeks prior to this meeting, Tinucci had already laid off around 15% to 20% of the staff as part of broader layoffs. Despite these reductions, the team anticipated Musk would confirm plans for a significant expansion of the charging network. However, the meeting did not unfold as expected. Musk was reportedly dissatisfied with Tinucci’s presentation and demanded further layoffs. When…
Chief Minister Maryam Nawaz has requested the monthly schedule for the five-year education reform plan, as reported on Wednesday. Presiding over a special meeting on school education reforms, the Chief Minister focused on reviewing the Public School Reorganization Programme. During the session, the Secretary of School Education provided updates on the School New Trash Project. Chief Minister Maryam Nawaz gave approval for providing 32,298 computer tablets to primary school heads. The meeting also reached an agreement to establish STEM IT and Science Labs in 1,000 elementary schools. It was briefed that the Asian Development Bank will provide financial assistance of…
On Wednesday, the Pakistan Cricket Board (PCB) announced the appointment of David Reid, hailing from Australia, as the mental performance coach for the national team in preparation for the T20 World Cup. According to the PCB, the management team for the T20 World Cup will include a mental performance coach. David Reid, a well-known expert in mental health from Australia, has previously collaborated with the IPL team Chennai Super Kings, the Big Bash League team Melbourne Stars, and Australian Olympic athletes. Reid is recognized for his ability to guide athletes in maintaining focus on their goals. The Australian mental health…
Sindh Governor Kamran Khan Tessori warmly welcomed investors from Mauritius, encouraging them to actively explore and capitalize on the diverse investment prospects offered by Pakistan. This invitation was extended during his productive meeting with the High Commissioner of Mauritius to Pakistan, Rashidally Soobadar, held in Karachi today. During the meeting, both sides engaged in comprehensive discussions covering various aspects of bilateral relations, including bilateral trade, cultural exchanges, and mutual investment opportunities. The dialogue aimed to strengthen economic ties and foster closer collaboration between Pakistan and Mauritius. Additionally, matters of mutual interest and importance were thoroughly deliberated upon to enhance bilateral…
Pakistan experienced its wettest April in over six decades, with rainfall recorded at 59.3mm (2.3 inches), significantly surpassing the normal average of 22.5mm (0.9 inches), according to the meteorology department’s monthly climate report released late on Friday. The southwestern province of Balochistan witnessed the highest rainfall, recording a staggering 437 percent more than the average. Tragically, at least 144 people lost their lives in thunderstorms and house collapses caused by the heavy rains in April. The most substantial death toll occurred in the northwestern Khyber Pakhtunkhwa province, where 84 people, including 38 children, perished, and over 3,500 homes sustained damage.…
The Pakistani rupee (PKR) showed bearish trends against the US Dollar today, commencing trading at 278 in the interbank market. Although it remained relatively stable throughout the day, it concluded on a downward trajectory against the greenback and experienced declines against other prominent currencies during today’s trading session. Maintaining a consistent interbank rate of 278/$ for the majority of the day, it ultimately closed at the same level. Across various currency counters in the open market, rates stood firm at 278 throughout the day. The PKR depreciated by 0.03 percent, ending at 278.26 after losing eight paisas against the dollar…
The burgeoning small business sector in Pakistan highlights its significant economic potential. The fusion of talent and innovation has given rise to numerous noteworthy small enterprises. However, a primary challenge faced by many of these businesses is the limited resources available for marketing and promoting their offerings to the appropriate audience. While social media holds immense potential for building brand identities, there remains a need to amplify the visibility of small businesses to drive sales and attract customers. However, advertising on social media platforms can be costly, leading business owners to rely on algorithms that may not always prioritize their…
