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Arshad Nadeem Reflects on Olympic Success

Khashif Sarfraz
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Arshad Nadeem Reflects on Olympic Success

Arshad Nadeem Reflects on Olympic Triumph

Pakistani javelin thrower Arshad Nadeem expressed his thoughts on Sunday about the hard work and dedication that led to his success at the Paris Olympics. Nadeem shared his journey, saying, “I used to participate in different sports at the school level. It was back in 2015 when I started competing at the national level.”

Despite undergoing surgeries on both knees and elbows, Nadeem’s unwavering dedication allowed him to qualify directly for the Olympics. He encouraged the youth of Pakistan to follow his example, stating, “The youngsters should continue to work hard as the higher power gives the reward of dedication.”

Abrarul Haq Honors Arshad Nadeem

Recently, renowned singer Abrarul Haq paid tribute to Nadeem’s achievement by presenting him with Rs1.5 million. Haq praised Nadeem’s accomplishment, highlighting the significance of his gold medal win after a 44-year wait for such a victory.

Addressing the press conference, Haq said, “Arshad Nadeem has brought good news for the masses, who are facing a multitude of challenges, including the economic crunch.” He also announced the establishment of “Sahara Sports” in Nadeem’s honor.

Nadeem expressed his gratitude towards Haq and his family for the recognition and reward. Furthermore, he emphasized the values of hard work, devotion, and humility in achieving success. As he stated, “Those who embrace hard work, devotion, and humbleness reap benefits.”

PIA Announces Pay Raise for Daily Waged Employees

Khashif Sarfraz
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PIA Announces Pay Raise for Daily Waged Employees

Pakistan International Airlines (PIA), the national flag carrier, has announced a significant pay raise for its daily waged employees. This move is intended to boost employee morale and enhance productivity.

Details of the Pay Raise

Effective from July 1, 2024, the daily wages for PIA’s employees have been increased by Rs 5,000. This adjustment brings the new monthly salary to Rs 37,000. The company has formally issued a notification regarding this change.

Objective of the Pay Increase

The pay raise is part of PIA’s broader strategy to improve working conditions for its employees and enhance overall operational efficiency. The airline’s chief executive expressed optimism that the increase in wages will result in a more motivated workforce and better performance.

Impact on Operations

By increasing wages, PIA aims to not only uplift employee morale but also to foster a more productive working environment. The move reflects the airline’s commitment to investing in its workforce and improving operational outcomes.

Conclusion

PIA’s decision to raise daily wages is a strategic effort to improve employee satisfaction and productivity. As the airline continues to focus on enhancing working conditions, it hopes to see positive changes in both morale and operational efficiency.

WhatsApp to Launch New Voice Chat Mode for Meta AI Interactions

Khashif Sarfraz
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WhatsApp to Launch New Voice Chat Mode for Meta AI Interactions

WhatsApp, the renowned messaging platform, is developing an innovative feature that aims to enhance user interaction with its Meta AI. WABetaInfo reports that the new voice chat mode is expected to deliver a more personalized and efficient communication experience.

New Voice Chat Mode for Meta AI

The voice chat mode is currently available in the latest WhatsApp beta for Android, version 2.24.18.18. This feature allows users to engage in real-time voice conversations with the Meta AI, offering a seamless and hands-free communication experience. The update will enable users to select from a range of voice options that best suit their preferences, providing a more tailored interaction.

Hands-Free Communication

Once activated, the voice chat mode will eliminate the need for typing, making interactions with the Meta AI more natural and faster through voice commands. This upgrade will particularly benefit users in scenarios where typing is impractical, improving the flow of communication with the AI.

Feature Accessibility and Privacy Controls

Screenshots from the beta version reveal that users will be able to access the voice chat mode through a floating action button located within the chats list. Additionally, users will have the flexibility to opt out of the voice chat mode. A visual indicator on the Android OS will show when the Meta AI is not actively listening, ensuring users maintain control over their privacy.

Conclusion

WhatsApp’s upcoming voice chat mode for Meta AI aims to redefine user interaction by providing a more efficient and user-friendly communication method. Since developers are still working on this feature, they will likely release future updates that will enhance its capabilities and overall user experience further.

Shell to Cut Hundreds of Jobs as Part of $3 Billion

Khashif Sarfraz
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Shell to Cut Hundreds of Jobs as Part of $3 Billion

British energy giant Shell plans to cut hundreds of jobs in its oil and gas exploration division as part of an extensive cost-cutting program it announced last year. According to a source familiar with the matter, the cuts will affect two key units specializing in hydrocarbon extraction projects, resulting in a 20% reduction in their workforces.

Impact and Scope

The job reductions will predominantly impact Shell’s offices in the United States and the Netherlands. However, specific details of the plan are still under negotiation with unions. The move is part of Shell’s broader strategy to achieve structural operating cost reductions totaling between $2 billion and $3 billion by the end of 2025.

Rationale and Goals

In June 2023, Shell outlined its intention to implement these cost reductions as part of a broader effort to enhance efficiency and streamline operations. Achieving these savings will necessitate the adoption of new efficiencies and the development of a leaner organizational structure. Although Shell has not officially confirmed the number of job cuts, a spokesperson emphasized the focus on cost efficiency and operational optimization.

Broader Context

Shell’s cost-cutting initiative reflects a broader industry trend towards reducing operational costs amid fluctuating energy prices and changing market dynamics. Moreover, the company’s efforts to streamline operations align with its commitment to improving financial performance and adapting to evolving industry conditions.

Conclusion

In conclusion, the planned job cuts at Shell highlight the company’s ongoing efforts to enhance operational efficiency and manage costs in a challenging economic environment. As a result, the impact on employees and operational capabilities will be closely monitored as Shell continues to implement its cost-cutting measures.

PSX Sees Positive Momentum Amid Economic Optimism

Khashif Sarfraz
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PSX Sees Positive Momentum Amid Economic Optimism

The Pakistan Stock Exchange (PSX) exhibited positive momentum on Friday, driven by an improved economic outlook and investor interest in the government’s ongoing discussions regarding the privatisation of state-owned enterprises (SOEs). The market also drew support from bullish global equity trends and the government’s commitment to reducing power tariffs.

Market Performance and Trends

Trading commenced with strong buying activity, and the KSE-100 index surged nearly 500 points by midday, reaching an intra-day high of 78,914.28, an increase of 565 points. However, profit-taking later in the session resulted in the index dropping to an intra-day low of 78,439.62. Despite this, the market recovered somewhat by the close of trading.

At the end of the day, the KSE-100 index registered a modest gain of 138.55 points, or 0.18%, closing at 78,488.22. Ahsan Mehanti, MD of Arif Habib Corp, attributed the positive closing to the government’s discussions on SOE privatisation, speculation about lower CPI inflation in August, and Moody’s recent rating upgrade for Pakistan.

Sector Contributions and Trading Activity

Topline Securities noted that the market traded largely in the positive zone, with the index peaking at an intra-day high of 564 points. Major positive contributions came from Engro Fertilisers, Millat Tractors, Fauji Fertiliser, National Bank, and United Bank, which together added 239 points to the index. Conversely, declines in Hub Power, Habib Bank, Bank AL Habib, Pakistan Petroleum, and Bank Alfalah subtracted 141 points.

The trading session saw increased volumes, with a total of 680.8 million shares traded compared to 599.8 million shares on Thursday. The value of shares traded was Rs21.2 billion. Hascol Petroleum led the volume with 63.1 million shares, closing at Rs7.90 after a gain of Rs0.65. Kohinoor Spinning Mills followed with 44.6 million shares, closing at Rs11.84, and Symmetry Group with 38.7 million shares, closing at Rs9.34.

Analyst Insights and Future Outlook

Arif Habib Limited (AHL) observed a range-bound week for the KSE-100 index, fluctuating between 78,000 and 79,000 points. Despite ending the week with a slight decline, AHL noted significant contributions from Engro Fertilisers (+2.65%), Fauji Fertiliser (+1.82%), and Millat Tractors (+3.32%). Major drags included Hub Power (-1.09%), Bank AL Habib (-1.88%), and Habib Bank (-1.28%).

JS Global analyst Mohammed Waqar Iqbal highlighted that the market closed with modest gains, driven primarily by buying in fertiliser, oil and gas, and banking sectors. He recommended a buy-on-dips strategy with a focus on technology, fertiliser, cement, and oil and gas sectors.

Foreign Investment and Stock Performance

Foreign investors were net buyers of Rs565.4 million worth of shares, according to the National Clearing Company of Pakistan Limited (NCCPL). Meanwhile, the trading activity was marked by substantial volumes. Specifically, shares of 454 companies were traded; of these, 214 companies saw their shares close higher, 180 experienced a decline, and 60 remained unchanged.

Conclusion

The PSX’s positive performance on Friday reflects investor optimism, driven by favorable economic developments and government commitments. Additionally, the market’s recovery from profit-taking demonstrates resilience and suggests potential for continued growth, bolstered by positive global trends and supportive local economic policies.

Government Cuts August Inflation Forecast to Single Digits

Khashif Sarfraz
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Government Cuts August Inflation Forecast to Single Digits

The federal government reduced its inflation forecast for August to a single digit on Friday, which could compel the central bank to consider a significant interest rate cut in the next monetary policy meeting. The Ministry of Finance’s monthly economic outlook projects inflation to range between 9.5% and 10.5% in August, with a further decline anticipated to 9% to 10% in September.

Revised Inflation Forecast and Implications

The latest forecast shows a reduction from the previous 11% inflation projection for August, which was provided last month by the economic advisory wing of the finance ministry. The State Bank of Pakistan (SBP) is scheduled to hold its monetary policy committee meeting on September 12, where it will determine the policy rate for the following two months.

Despite the evident easing of inflationary pressures, the SBP has faced criticism for its cautious approach in lowering the interest rate, which currently stands at 19.5% as decided in the last meeting. Sources reveal that Finance Minister Muhammad Aurangzeb and the military leadership have expressed dissatisfaction with this gradual stance, citing concerns over slowed economic growth and increasing fiscal challenges.

Fiscal Implications and Interest Rate Concerns

The government has earmarked Rs9.8 trillion for interest payments in the current fiscal year, based on an average interest rate of 18%. However, SBP Governor Jameel Ahmad emphasized in a parliamentary committee meeting that the actual interest cost should be calculated by excluding the Rs2.5 trillion profit the central bank plans to remit to the federal government this fiscal year.

The finance ministry highlighted that monetary policy is easing due to reduced inflationary pressures. In the first month of FY25, money supply (M2) contracted by 3.2%, a sharper decline compared to the previous year. The ministry suggested that adjustments to the policy rate would help anchor inflation expectations and promote sustainable economic recovery.

Positive Economic Developments and Sectoral Outlook

The finance ministry reported several positive economic indicators at the start of the fiscal year, with a decline in CPI inflation suggesting progress towards single-digit inflation in the months ahead. The report cited resilience in both fiscal and external sectors, attributed to improved management, a better current account balance, and tax collections exceeding targets in July.

Inflation stood at 11.1% in July on a year-on-year basis, with a month-on-month increase of 2.1%. The sharp uptick in inflation last month was primarily due to budgetary measures that drove up the costs of essential goods.

The ministry expressed optimism about large-scale manufacturing sustaining its positive growth trajectory, supported by improved external demand, a stable exchange rate, declining inflation, and the easing of monetary policy. However, the report highlighted that the agricultural outlook for Kharif 2024 would depend on crop-specific weather patterns. Recent and ongoing rains could potentially affect crops such as rice, sugarcane, cotton, fodder, and vegetables.

Urea and DAP Offtake During Kharif 2024

During Kharif 2024 (April-July), urea offtake declined by 13.5% compared to Kharif 2023, while di-ammonium phosphate (DAP) offtake increased by 8.2%.

External Sector Trends

On the external front, the finance ministry reported upward trends in exports, imports, and workers’ remittances. The forecast estimates that exports will range from $2.5 billion to $3.2 billion, while imports will fall between $4.5 billion and $5 billion. The projection predicts remittances will fall between $2.6 billion and $3.3 billion for August 2024.

Pakistani Rupee Strengthens on Rising Forex Reserves and Moody’s Upgrade

Aarooj Manzoor
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Pakistani Rupee Strengthens on Rising Forex Reserves and Moody’s Upgrade

Pakistani Rupee Strengthens on Rising Forex Reserves and Moody’s Upgrade

The Pakistani rupee showed signs of recovery on Friday, appreciating by Rs0.10 against the US dollar to close at Rs278.54 in the inter-bank market. This rebound follows a two-day decline, where the rupee had lost Rs0.32, reaching Rs278.64 against the dollar. The improvement in the rupee’s value has been attributed to an increase in the supply of US dollars within the domestic economy, coupled with other significant economic developments.

Increase in Forex Reserves Drives Currency Strength

One of the key factors behind the rupee’s recent appreciation is the rise in Pakistan’s foreign exchange reserves. According to the State Bank of Pakistan (SBP), the reserves increased by $112 million, reaching a six-week high of $9.40 billion. This increase has been fueled by strong inflows from workers’ remittances and improved export earnings, which have bolstered the supply of US dollars in the market.

The SBP has also been active in purchasing the surplus supply of US dollars from local markets, helping to stabilize the rupee and prevent further depreciation. The central bank’s efforts have played a crucial role in supporting the currency during a period of economic uncertainty.

Moody’s Upgrade Boosts Market Confidence

Another significant development contributing to the rupee’s recovery is Moody’s recent upgrade of Pakistan’s credit rating. The upgrade has had a positive impact on investor sentiment, making it cheaper for Pakistan to raise new financing in international markets. This is particularly important as the government plans to launch Panda and Eurobonds to attract foreign investment.

The improved credit rating has not only enhanced Pakistan’s financial credibility but has also provided a much-needed boost to the rupee, reinforcing its value against the US dollar.

Incentives for Remittances to Strengthen Currency Supply

In addition to rising forex reserves and Moody’s upgrade, the Pakistani government has introduced new incentives to attract higher remittances through banks and exchange companies. These incentives aim to ensure a steady flow of foreign currency into the country, further strengthening the supply of US dollars and supporting the rupee.

The Exchange Companies Association of Pakistan reported a Rs0.25 improvement in the open market, bringing the rupee to Rs279.75 per dollar. This follows eight consecutive days of stability at Rs280 per dollar, indicating a positive trend in the currency’s performance.

Outlook for the Pakistani Rupee

The recent appreciation of the rupee is a promising sign for Pakistan’s economy, reflecting the impact of strategic economic measures and improved market confidence. However, the sustainability of this recovery will depend on several factors, including continued inflows of remittances, export performance, and global economic conditions.

As the government and SBP continue to implement policies aimed at stabilizing the currency, the rupee’s outlook remains cautiously optimistic. The combination of rising forex reserves, favorable credit ratings, and targeted incentives for remittances is expected to provide ongoing support for the rupee in the near term.

“FBR’s Tajir Dost Scheme: A Disappointing Start with Only 277 Retailers Paying Tax”

Aarooj Manzoor
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“FBR’s Tajir Dost Scheme: A Disappointing Start with Only 277 Retailers Paying Tax”

Tajir Dost Scheme: Only 277 Retailers Pay Taxes, Despite Over 63,000 Registrations

The Tajir Dost Scheme, an initiative aimed at bringing more retailers into the formal tax net in Pakistan, has seen underwhelming participation despite a significant number of registrations. According to the latest data released by the Federal Board of Revenue (FBR), only 277 retailers have contributed a total of Rs503,632 in taxes so far. This is a stark contrast to the 63,964 retailers who have registered under the scheme.

FBR’s Efforts to Simplify Tax Compliance

In an effort to streamline tax compliance and encourage more traders to file their taxes, the FBR has introduced amendments in the Income Tax Rules, 2002. These amendments, notified under SRO 132(I) 2024, include the issuance of an electronic return form for the tax year 2024.

The new return form aims to simplify the tax filing process for retailers, particularly those who were non-filers in the previous tax year. The form will include fields for business turnover, total trading purchases, net profit, taxable income, and other financial details.

Tax Benefits for Filers

To incentivize compliance, the FBR has also announced reductions in advance tax rates for registered filers. For instance, the advance tax on purchases made by distributors, dealers, and wholesalers under Section 236G will be reduced from 2 percent (non-filer rate) to 0.1 percent (filer rate). Similarly, the advance tax on sales to retailers by manufacturers and commercial importers under Section 236H will be reduced from 2.5 percent (non-filer rate) to 0.5 percent (filer rate).

Call for Stakeholder Input

The FBR has invited stakeholders to review and comment on the draft of the new return form within seven days of its publication in the official Gazette. This is a critical opportunity for traders and other stakeholders to voice their concerns or suggestions, which the FBR will consider before finalizing the form.

The Road Ahead

Despite the low initial tax collection, the FBR’s initiatives reflect a concerted effort to enhance tax compliance among retailers. By simplifying the tax filing process and offering reduced tax rates for filers, the FBR hopes to encourage more traders to fulfill their tax obligations.

The success of the Tajir Dost Scheme will depend largely on the willingness of registered retailers to transition from registration to actual tax compliance. The coming months will reveal whether these measures can bridge the gap between registration numbers and tax payments.

Pakistan Begins VPN Registration Amid Widespread Internet Disruptions

Aarooj Manzoor
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Pakistan Begins VPN Registration Amid Widespread Internet Disruptions

Pakistan Begins VPN Registration Amid Widespread Internet Disruptions

The Pakistan government has announced the commencement of virtual private network (VPN) registration through a ‘one-window’ operation available on the websites of the Pakistan Telecommunication Authority (PTA) and the Pakistan Software Export Board (PSEB). This initiative comes at a time when the country is grappling with prolonged internet service disruptions, affecting millions of users nationwide.

Purpose of VPN Registration

According to the PTA, this move aims to facilitate businesses such as software houses, call centers, freelancers, and foreign missions/embassies by ensuring their operations remain legitimate, secure, and uninterrupted. The registration process has been streamlined, with over 20,000 IPs registered for VPNs since 2020.

Expert Insights

An IT sector expert highlighted that during instances of service blocks, such as on election day or during Muharram, those with registered VPNs would not be affected by the restrictions. This protection provides a crucial advantage for businesses and individuals relying on consistent internet access during critical periods.

Current State of Internet Services in Pakistan

Pakistan has recently experienced significant disruptions in its internet services, with X (formerly Twitter) remaining blocked for nearly six months. Since July, internet speeds have been reported to be up to 40 percent slower than usual, severely impacting the ability to send documents, images, and voice notes via WhatsApp, a platform extensively used by the Pakistani populace.

Digital rights experts suggest that the government may be testing a firewall, a security measure that monitors and potentially controls network traffic. However, the government has denied the installation of such a system, attributing the issues to other factors.

Official Statements and Clarifications

On August 15, the National Assembly’s Standing Committee on IT questioned PTA Chairman Major General Hafeezur Rehman (retd) regarding the disruptions in social media services. State Minister of Information Technology and Telecommunication, Shaza Fatima Khawaja, later refuted claims that the government was intentionally slowing down or shutting down internet services, labeling these reports as incorrect.

In a subsequent meeting, Major General Rehman pointed to a “faulty submarine cable” as the cause of the slowdown, not government interference. This explanation came after the PTA acknowledged that repairs to the damaged SMW-4 submarine cable, responsible for the ongoing internet slowdown, are expected to be completed by early October 2024. While the AAE-1 submarine cable has been repaired, improving some aspects of internet performance, full restoration is still pending.

Looking Ahead

As the government continues its efforts to manage the country’s digital infrastructure, the registration of VPNs may become a vital tool for businesses and individuals seeking to navigate the uncertain landscape of Pakistan’s internet services. The prolonged disruptions underscore the importance of a robust and resilient IT infrastructure, one that can withstand both technical faults and regulatory challenges.

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