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Scientists have raised alarms about a new, highly contagious Covid-19 strain, XEC, which is now spreading across Europe. First detected in Germany in June, the XEC variant has since been identified in 13 other countries, including the UK. It is expected to become the dominant strain as colder weather sets in, following a summer surge…
Unauthorized Payments Made to Shakil Ahmad Sheikh, Muhammad Haroon Rashid Dar, Najam Sethi, and Aizad Sayid The Pakistan Cricket Board (PCB) paid Rs 16.386 million in unauthorized meeting and daily allowances to members of its Board of Governors (BOG) and Management Committee during the 2022-23 fiscal year, an audit revealed. The payments exceeded the entitlements…
Pakistan Targets $25 Billion IT exports in Five Years Tech giant Google has announced plans to produce 500,000 Chromebooks in Pakistan by 2026. The announcement was marked by the presentation of the first locally manufactured Chromebook to Prime Minister Shehbaz Sharif during a ceremony on Thursday. At the “Agay Barho: A Google for Pakistan Event,”…
Pakistan has the lowest allocation for agriculture Research and Development (R&D) among South Asian Nations, allocating just 0.12 percent of its Agricultural GDP. With the lowest spending among the SAARC countries, Islamabad also facing challenges in securing international grants for this sector, noted the Senate Standing Committee on Food Security and Research on Wednesday. The…
Pakistan’s leading oil and gas exploration company, Oil & Gas Development Company Limited (OGDCL), announced Wednesday that it has officially joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, to promote sustainable development. By becoming a member of the UNGC, OGDCL aligns itself with a global network of more than 17,000…
A group claiming responsibility for hacking software company CDK Global is demanding tens of millions of dollars in ransom, according to Bloomberg. CDK, which provides critical software to car dealerships across North America, is reportedly considering paying the ransom, though discussions are ongoing. The cyber outage has now entered its third consecutive day, severely impacting…
The Ministry of Industries and Production on Thursday ordered a third-party audit of local fertilizer companies to determine production costs, aiming for transparency and fair pricing within the industry. Besides, Islamabad also eyes Turkmenistan trade including urea imports. Federal Minister for Industries and Production Rana Tanveer Hussain announced this initiative during a Fertilizer Review…
Pakistan Refinery Limited (PRL) is taking a significant step to enhance its refining capabilities through its Refinery Expansion & Upgrade Project (REUP). Senior management from PRL recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions. On November 16 last year, Pakistan Refinery Limited (PRL) signed an upgrade agreement with…
The Uprise Group has thrown its hat into the ring for the privatization bid for the national flag career, Pakistan International Airlines (PIA), spearheaded by Pakistani seasoned entrepreneur Tabassum Pardesi. Pardesi, renowned for her pioneering role in the aviation industry, now leads the Uprise Group. This conglomerate encompasses Uprise Markets, Uprise Africa, and Uprise Aviation….
The Competition Commission of Pakistan (CCP) has granted approval to the share acquisition in Unity Foods company of Pakistan by four acquirers, including a Singapore-based investment holding company. The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four acquirers. One of the acquirers is M/s. Wilmar Pakistan…
Pakistan has postponed the signing of the Implementation Agreement (IA) with local crude oil refineries for a further six months, citing disagreements with private refiners as a significant hurdle. The delay, primarily attributed to the country’s largest refinery, Pak-Arab Refinery Company (Parco), has exacerbated the situation. The decision to extend the signing deadline reflects ongoing…
The Supreme Court of Pakistan has conditionally allowed military courts to deliver their reserved judgments, subject to specific conditions. Chaired by Justice Aminuddin Khan, a six-member bench presided over a hearing on intra-court appeals regarding civilian trials in military courts. Justices Muhammad Ali Mazhar, Hasan Azhar Rizvi, Shahid Waheed, Musarrat Hilali, and Irfan Saadat Khan…
The International Monetary Fund (IMF) revealed today that it fell victim to a cyber incident, which was detected on February 16, 2024. Following the discovery of the breach, an investigation was promptly initiated, with the collaboration of independent cybersecurity experts, to assess the extent and nature of the breach. Subsequently, remedial measures were swiftly implemented….
The government has unveiled a major policy shift to directly aid farmers by offering fertilizer subsidies, bypassing traditional channels that often favor manufacturers over recipients. Federal Energy Minister Musadak Malik announced the decision Thursday, citing concerns that much of the support meant for farmers ends up with factory owners rather than those working the land….
The Securities and Exchange Commission of Pakistan (SECP) has announced a series of amendments to the Companies (Further Issue of Shares) Regulations, 2020, after extensive consultations with stakeholders and the public. The SECP revealed Thursday the adoption of revised regulations aimed at simplifying the process of right issuance, bolstering disclosures in offer documents, and adjusting…
Federal Minister for Privatization & Board of Investment Abdul Aleem Khan emphasized the urgent need for privatizing 15 to 20 institutions amid the current economic challenges, labeling loss-making entities as detrimental to the national economy. Khan, speaking outside Parliament on Thursday following his Senate vote, underscored that the persisting deficit of Pakistan International Airlines (PIA)…
The Maldives has entered into a defense pact with China, officials revealed on Tuesday, as the directive for Indian troops stationed in the strategically situated archipelago to depart looms. President Mohammed Muizzu, who took office last year with an anti-Indian stance, ordered the exit of Indian military personnel by May 10, 2024. In a diplomatic…
Pakistan’s Ministry of Energy has warned that without substantial investments in indigenous energy resources and energy efficiency measures, the nation could face a staggering annual expenditure of $60 billion on petroleum imports by 2044, a significant leap from the current $17.5 billion in FY2022-23. Pakistan has recently approved work on work on an 80-kilometer portion…
The Competition Commission of Pakistan (CCP) has given the green light to three mergers involving M/s Saudi Iron and Steel Company (Hadeed), which holds a stake in Pakistan’s steel market. The approval for mergers encompasses the restructuring of two entities across three stages of transactions. Hadeed, headquartered in Saudi Arabia, is a prominent producer of…
Miracle Saltworks Collective Inc. USA, a company specializing in the mining and crafting of Himalayan Salt, has announced to investment of $200 million in a collaboration with the Pakistan Mineral Development Corporation (PMDC) to capitalize on the rich mineral resources of the region. The announcement was made during a gathering where the Chairman Senate emphasized…