The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) announced its first policy rate cut in four years on Monday, reducing the rate by 150 basis points to 20.5%. This move, coming just ahead of the budget announcement, was anticipated by market analysts who expected a reduction between 100 and 200 basis points, as reported by Business Recorder. The SBP’s decision to ease monetary policy follows a decrease in CPI inflation to 11.8% in May, down from a historic high of 38% the previous year. Additionally, central banks worldwide, including the Bank of Canada and the Bank…
Author: WebDesk
The Pakistani government is taking measures to address a loophole in the importation of used vehicles. Prime Minister Shehbaz Sharif has instructed the Federal Board of Revenue (FBR) to tighten oversight on the importation of used cars under schemes intended for overseas Pakistanis, such as the baggage scheme. The issue stems from the misuse of programs like the “personnel baggage scheme,” “transfer of residence,” and “gift scheme,” which permit returning residents and recipients of gifts from abroad to import used cars at discounted rates. However, some individuals exploit these schemes for commercial purposes. The Misuse: Cars are imported under these…
Switzerland has announced that ninety nations from across the globe have committed to attending a conference aimed at charting a path to sustainable peace in Ukraine. However, Russia will not be represented. Swiss President Viola Amherd informed reporters in Bern on Monday that the objective of the event, scheduled for June 15-16, is to establish a roadmap for ending the conflict that began nearly 28 months ago with Russia’s invasion of Ukraine. Notably, Russia will not participate in the conference, which Switzerland is hosting at the request of Kyiv. Switzerland previously stated that Russia was not invited as it had…
NEW YORK: Following Pakistan’s defeat against India, PCB Chairman Mohsin Naqvi expressed disappointment with the team’s performance, stating that it indicates the need for a “major surgery”. Speaking to reporters after the Pakistan vs India match at Nassau County International Cricket Stadium, Naqvi described the loss against India as “disappointing in every sense”. Despite an impressive performance by the bowlers, who restricted India to 119 after winning the toss, Pakistan suffered a humiliating defeat by six runs. Naqvi remarked that he understands the issues within the team leading to the losses. He initially thought minor adjustments would suffice but now…
In Nowshera, on June 10th, Pashto drama actress Khushboo was discovered dead in the Khush Maqam area. District Police Officer (DPO) Azhar Khan reported that the police were alerted about a body found in the fields, later identified as that of the well-known actress. According to Khushboo’s brother, Shehryar, the accused had repeatedly warned her against performing at music concerts. Allegedly, upon her refusal to comply, she was shot and her body was disposed of in the fields. The police have relocated her body to a hospital for a post-mortem examination. Based on Shehryar’s complaint, a murder case has been…
Sindh Chief Minister (CM) Syed Murad Ali Shah has announced the commencement of the construction of 2.1 million houses, amounting to Rs. 650 billion, for those affected by floods in the province. The announcement was made on June 10 during an inauguration ceremony at Naya Nazimabad. During the event, the CM underscored the government’s dedication to addressing the housing needs of flood-affected individuals. He mentioned that a significant portion of the required funding, Rs. 550 billion, has already been secured for this ambitious project. Additionally, he expressed confidence in initiatives like Naya Nazimabad, recognizing their role in urban renewal and…
Prime Minister Shehbaz Sharif announced on Saturday that the government will sponsor a group of 1,000 students to undergo advanced agricultural training at China’s Yangling Agricultural Demonstration Base. This initiative aims to modernize Pakistan’s agricultural sector and improve productivity. The Prime Minister assured that all expenses for the students’ training would be covered by the government. He instructed the Ambassador of Pakistan to China and other relevant officials to finalize the arrangement in consultation with Chinese authorities. This announcement was made through a press release from the PM Office Media Wing. Additionally, PM Shehbaz extended an invitation to the North…
The Ministry of Federal Education and Professional Training is poised to receive a significant boost in government funding in the upcoming fiscal year. As per Education Secretary Mohyuddin Ahmad Wani, the Planning Commission has allocated Rs. 20.25 billion for the ministry in the Public Sector Development Programme (PSDP) 2024-25. This marks an almost 140 percent increase from the Rs. 8.5 billion allotted in the previous fiscal year of 2023-24. Recently, the federal government also reinstated the budget for the Higher Education Commission (HEC) to Rs. 65 billion for the financial year 2024-25. HEC Chairman Dr. Mukhtar Ahmed mentioned that the…
Today’s much-anticipated policy rate cut by the State Bank of Pakistan (SBP) is anticipated to have a positive impact on the earnings of at least 13 listed companies on the main stock exchange. Arif Habib Limited has highlighted that the 150-basis-point rate reduction is expected to benefit five key sectors. The brokerage firm stated in a concise announcement that the policy rate cut will be favorable for the cement, power, textile, chemical, and auto sectors. Here’s a breakdown of the expected winners and losers: Winners: 1. Cement Sector: D.G. Khan Cement Company (PSX: DGKC) is projected to experience a 5.8…
In a recent study, researchers successfully breached over half of their test websites by employing teams of GPT-4 bots operating independently. These bots coordinated their attacks and generated additional bots as required. Notably, they exploited previously unidentified security flaws, known as “zero-day” vulnerabilities, during their efforts. Several months ago, a research team published findings demonstrating GPT-4’s autonomous exploitation of “one-day” or N-day vulnerabilities—security flaws for which no fixes are available yet. Impressively, when provided with the Common Vulnerabilities and Exposures (CVE) list, GPT-4 independently exploited 87% of the most critical vulnerabilities. Now, in their latest study, the same researchers have…