IslamabadFrom June to October 2024, the Pakistani State Bank (SBP) bought a total of $ 3.8 billion in the local foreign exchange market (FX), according to data issued by the Central Bank on Tuesday. SBP reports usually foreign exchange market interventions with a three -month delay. These interventions in the market contributed to an increase … Read more
Islamabad: A new sea service connecting Pakistan directly with Europe is set to transform the country’s trade dynamics, significantly reducing transportation costs and improving export delivery times. The weekly service, which will begin operations globally on February 5 with its maiden departure from Karachi, aims to strengthen Pakistan’s role in the global trade supply chain. … Read more
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a meeting on New Energy Vehicle (NEV) Policy 2025 at the Finance Department today. The policy aims to address key challenges in the adoption and production of electric vehicles (EVs) and set ambitious targets for the transition to clean energy in the transportation sector. The … Read more
A new undersea internet cable, capable of providing 24 terabytes of bandwidth, is currently being installed and is expected to significantly enhance the speed and reliability of the internet across Pakistan. Media reports indicate that the 45,000 km cable is being installed by a French company and will complement the existing seven cables, which currently … Read more
Chinese company ADM Group has announced a $350 million investment in Pakistan’s electric vehicle sector, with support from the Special Investment Facilitation Council (SIFC), according to Radio Pakistan. The initiative aims to develop the ecosystem for electric vehicles, reduce carbon emissions, and reduce dependence on traditional fuel. As part of this investment, 3,000 charging stations … Read more
Islamabad: Minister of State for ICT Shatha Fatima Khawaja chaired the 45th R&D Fund Policy Committee meeting on Monday where Rs. A budget of $599.29 million has been approved for Ignite for the second quarter of fiscal year 2024-2025. The meeting was attended by IT Secretary Zarar Hashim Khan, ICT Department Special Secretary Azfar Mansoor … Read more
Global arms sales of the top 100 companies reached $632 billion in 2023, representing a 4.2% increase in real terms compared to 2022, according to data from the Stockholm International Peace Research Institute (SIPRI). Arms revenues rose in all regions, with notable growth among companies in Russia and the Middle East. Small arms producers have … Read more
A coalition of leading fintech and cryptocurrency companies, including Robinhood, Kraken, Paxos, and Anchorage Digital, have announced the launch of the Global Dollar Network – a new initiative aimed at accelerating the global adoption of stablecoins. At the heart of the project is USDG, a stablecoin pegged to the US dollar, designed to offer a … Read more
Gov. Gavin Newsom’s office said in a statement that he is scheduled to announce a proposal on Sunday to support California’s struggling television and film industry. Newsom is scheduled to appear in a studio in Los Angeles to make the announcement, alongside entertainment industry leaders and labor unions. California offers $330 million in tax breaks … Read more