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Oil Prices Drop Amid Persistent Demand Concerns and Supply Risks in Libya

Aarooj Manzoor
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Oil Prices Drop Amid Persistent Demand Concerns and Supply Risks in Libya

Oil Prices Drop Amid Persistent Demand Concerns and Supply Risks in Libya

On Wednesday, global oil prices fell by around 1%, primarily driven by ongoing concerns over weakened demand from China and the possibility of a broader economic slowdown. Despite these factors exerting downward pressure on prices, the losses were somewhat cushioned by significant supply risks emanating from the Middle East and Libya.

Brent crude futures dropped 76 cents, or 0.96%, to settle at $78.79 per barrel by 1320 GMT. U.S. West Texas Intermediate (WTI) crude saw a similar decrease, falling 77 cents or 1.02% to $74.76 per barrel. This follows a more significant loss of over 2% on Tuesday, which had interrupted a three-day rally where Brent and WTI prices had gained 7%, pushing Brent above $81 and WTI above $77 per barrel.

Chinese Demand Weakness Continues to Weigh on Oil Prices

The primary factor behind the current decline in oil prices is the persistent concern over weak demand from China, the world’s largest importer of crude oil. The anticipated recovery in the second half of the year has yet to materialize, casting doubt on the strength of global oil demand. Amarpreet Singh, an analyst at Barclays, noted that while supply risks are evident, the market remains focused on the sluggish demand in China.

Libyan Supply Risks and Middle East Tensions Limit Further Losses

Despite the dominant narrative of weakened demand, significant supply risks from Libya and the Middle East played a crucial role in preventing a steeper decline in oil prices. In Libya, a dispute between rival government factions over control of the central bank and oil revenue has led to the shutdown of several key oilfields, putting approximately 1.2 million barrels per day (bpd) of production at risk. This potential disruption could significantly tighten global oil supply.

However, there has been no official confirmation of the closures from the Tripoli-based government or the National Oil Corporation (NOC), which oversees the country’s oil resources. Giovanni Staunovo, an analyst at UBS, emphasized that while the market recognizes the risk, investors are waiting for concrete evidence of a reduction in Libyan crude exports before reacting more decisively.

In the Middle East, ongoing conflict between Israel and Hamas militants in the Gaza Strip continues to raise concerns about regional stability. Over the weekend, hostilities escalated as Israel and Hezbollah exchanged rocket and missile fire across the Lebanese border. Despite ongoing ceasefire negotiations in Cairo, no breakthrough has been achieved, leaving the situation volatile.

U.S. Oil Inventory Data Offers Mixed Signals

Adding complexity to the market dynamics, U.S. crude oil inventories fell by 3.407 million barrels in the week ending August 23, according to figures from the American Petroleum Institute. Additionally, gasoline inventories dropped by 1.863 million barrels, and distillate stocks decreased by 1.405 million barrels. These declines in U.S. oil and fuel inventories provided some support to prices, though the overall market sentiment remains cautious.

The U.S. Energy Information Administration (EIA) is expected to release its weekly oil storage data later on Wednesday, which could further influence market movements.

KSE-100 Index Dips Below 78,000 Amid Lack of Positive Market Triggers

Aarooj Manzoor
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0
KSE-100 Index Dips Below 78,000 Amid Lack of Positive Market Triggers

KSE-100 Index Dips Below 78,000 Amid Lack of Positive Market Triggers

On Wednesday, the Pakistan Stock Exchange’s (PSX) KSE-100 Index continued its recent downward trend, closing marginally lower at 77,992.78, a decline of 91.45 points or 0.12%. Despite early gains, the index could not sustain its momentum, reflecting the broader market’s struggle to find positive triggers.

The trading session began on a positive note, with the KSE-100 reaching an intra-day high of 78,334.61. However, the upward trend was short-lived as selling pressure emerged in the latter part of the session. While bulls attempted to regain control in the second half, the market ultimately succumbed to late-session selling, leading to the index’s decline.

Topline Securities, in its post-market report, noted that the day began with a bearish sentiment, although there was some positive momentum later. However, the market couldn’t sustain this trend, reflecting the cautious approach of investors.

Sectoral Performance and Market Movers

Several key players in the market contributed to the day’s decline. BAHL, HINOON, PKGS, MCB, and HUBC collectively lost 104 points, pushing the index lower. On the flip side, companies like MARI, ENGRO, and FFC saw some buying interest, collectively adding 162 points to the index. Despite these gains, the overall market trend remained negative.

Ismail Iqbal Securities also highlighted the market’s volatility throughout the session, attributing the lackluster performance to a dearth of positive triggers. Investors were seen waiting for fresh developments, particularly concerning the much-anticipated $7 billion bailout program from the International Monetary Fund (IMF).

Ongoing Economic Developments

Tuesday’s trading session also ended on a bearish note, marking the second consecutive day of losses for the PSX. The KSE-100 index fell by 487 points, bringing the total loss for the week to over 800 points. The market’s performance underscores investors’ anxiety as they await significant economic news, such as the IMF bailout approval.

In a related economic update, State Bank of Pakistan (SBP) Governor Jameel Ahmad revealed that Islamabad is in the advanced stages of securing $2 billion in additional external financing, a prerequisite for the IMF’s approval of the bailout program. Furthermore, Pakistan aims to raise up to $4 billion from Middle Eastern commercial banks by FY26.

Positive Ratings Amid Market Woes

Despite the ongoing challenges, there was a silver lining as Moody’s Ratings upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. This upgrade, coupled with a positive outlook for the Government of Pakistan, could serve as a much-needed boost for investor confidence in the coming days.

Corporate Earnings Highlights

In corporate news, Faysal Bank reported a consolidated profit after tax of Rs6.95 billion for the quarter ended June 30, 2024, marking a significant 60% increase compared to the Rs4.35 billion recorded in the same period last year. However, Pakistan Telecommunication Company Limited (PTCL) faced a different reality, reporting substantial losses of Rs3.4 billion during the same period, compared to a loss of Rs2.1 billion in the previous year.

Global and Local Market Dynamics

Globally, stocks remained near record highs on Wednesday, with markets closely watching Nvidia’s performance as it dominates the AI computing hardware market. Meanwhile, Japan’s Nikkei fell by 0.2%, and oil prices retraced recent gains due to concerns over Chinese demand, with Brent crude futures trading just below $80 a barrel.

On the currency front, the Pakistani rupee registered a slight decline against the US dollar, closing at 278.45, a depreciation of 0.05%.

Volume and Market Activity

Market activity saw a marginal increase in trading volume, rising to 636.02 million shares from 591.51 million on Tuesday. However, the value of shares traded decreased to Rs16.27 billion from Rs17.12 billion in the previous session. Kohinoor Spinning led the volume chart with 124.73 million shares, followed by Fauji Foods Ltd with 39.28 million shares, and Yousuf Weaving with 34.90 million shares.

Nationwide Strike by Traders to Protest Against Tax Reforms

Khashif Sarfraz
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Nationwide Strike by Traders to Protest Against Tax Reforms

Nationwide Strike Announced by Traders Against Government Tax Reforms

The government’s widely promoted tax reform initiative is expected to face significant resistance as the traders’ community has announced a nationwide strike on Wednesday (today). This strike has garnered partial support from several political parties and trade associations.

Ahead of the strike call, representatives of traders visited the Federal Board of Revenue (FBR) headquarters on Tuesday to voice their dissatisfaction with FBR Chairman Rashid Mahmood and his team. The concerns centered on the Tajir Dost Scheme, implemented in April, and the newly notified tax rates that came into effect in August.

Challenges for the Government

The expansion of the country’s tax base has become a significant challenge for the ruling PML-N and its coalition partner, the PPP, as many of the protesting traders are affiliated with these parties. Meanwhile, opposition parties, including JUI-F, Jamaat-i-Islami, and Awami National Party, have declared their support for the aggrieved traders.

Mr. Rashid Mahmood stated that the FBR is open to resolving the “legitimate issues” raised during the meeting with traders’ representatives. “We are ready to make amendments to the SRO to address their concerns,” he said. However, he emphasized that the FBR will not withdraw the Tajir Dost Scheme, which aims to bring the retail sector into the tax net.

According to Mahmood, the retail sector contributes 20% to the GDP but remains largely untaxed. Agriculture, also contributing 20% to the GDP, is managed by provincial authorities, as are services. “We have no choice but to bring the retail sector under the tax net,” he remarked.

He hinted at establishing a market-level review mechanism with representation from tax officers and traders to ensure no shopkeepers face unfair tax rates. “We can rectify such issues by making amendments to the SRO,” he added.

Background on the Tajir Dost Scheme

The SRO 457 of 2024 was issued on March 31 to notify special procedures for the Tajir Dost Scheme, and SRO 1064 of 2024 was issued on July 22 to specify area-wise monthly advance tax rates for traders. Under the scheme, tax rates will be collected from shopkeepers in 42 cities across Pakistan at a fixed rate ranging from Rs100 to Rs20,000 per month, based on the fair market value of their stores.

KCCI and Trade Associations’ Support

Iftikhar Ahmed Sheikh, president of the Karachi Chamber of Commerce and Industry (KCCI), has urged all members to fully support Wednesday’s nationwide strike by closing their businesses to pressure the government into withdrawing the Tajir Dost Scheme and reducing high electricity bills and other taxes.

He called for the withdrawal of the scheme and the notices issued to both registered and unregistered traders/shopkeepers demanding an advance tax of Rs60,000 per month.

Muhammad Kamran Arbi, president of the SITE Association of Industry, has also extended firm support to the traders’ strike. The Korangi Association of Trade and Industry has similarly announced its support, with its president Johar Qandhari urging the government to promptly address the demands of the business community.

A Call for Public Action

Speaking at a press conference at the National Press Club, Kashif Chaudhry, president of the Central Association of Tajran Pakistan, announced that the business community will observe a complete shutdown as a public referendum against the government’s decision.

PSO Reports Strong Earnings Boosted by LNG Profits and Strategic Resilience

Khashif Sarfraz
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0
PSO Reports Strong Earnings Boosted by LNG Profits and Strategic Resilience

Pakistan State Oil (PSO) Records Impressive Earnings in FY24

The marketing and sales of imported liquefied natural gas (LNG) in Pakistan have turned into a highly profitable venture after the government passed on rising international gas prices to local consumers. This move has enabled state-owned energy companies to avoid further accumulation of circular debt, reduce their reliance on bank borrowing, and enhance their working capital.

Amid this favorable environment, Pakistan State Oil (PSO) surprised the market with strong quarterly earnings, posting a net profit of Rs15.86 billion for the full year ended June 30, 2024. This represents a remarkable 180% increase compared to Rs5.66 billion in FY23, translating into earnings per share (EPS) of Rs33.79, up from Rs12.06 the previous year.

Strong Fourth Quarter Performance

In the fourth quarter alone, PSO recorded a profit of Rs2.46 billion, compared to a loss of Rs5.69 billion in the same quarter last year. The company also booked Rs10.2 billion in other income, which Zayan Babar Khan, an analyst at Optimus Capital Management, attributed to the recognition of a late payment surcharge on LNG receivables.

According to Khan, the government’s decision to increase gas prices twice — in November 2023 and February 2024 — turned LNG into a profitable venture for PSO. “Looking ahead, we anticipate no further accumulation of circular debt, which should allow PSO’s loss-making RLNG business to support its cash-rich petroleum operations,” Khan added.

Reduced Finance Costs and Improved Liquidity

PSO’s cumulative finance costs also declined to Rs423 billion in the first three quarters of FY24, down from Rs467 billion in the first two quarters, reflecting improved liquidity and reduced borrowing. In the fourth quarter, PSO incurred a finance cost of Rs11.9 billion, a 21% decrease from the previous quarter and the same period last year.

The company’s Board of Management, during a meeting in Islamabad on August 27, 2024, reviewed the group’s financial results for FY24 and announced a dividend of Rs10 per share for the year.

Subsidiary Performance and Market Leadership

PSO’s subsidiary, Pakistan Refinery Limited (PRL), also performed well, recording a profit after tax of Rs4.1 billion on gross revenue of Rs403.6 billion. On a consolidated basis, the group reported a profit after tax of Rs18.3 billion, with an EPS of Rs39.

In the competitive white oil market, PSO increased its market share to 51.6%, strengthening its leadership position in the sector.

Pakistan Fails to Secure $9 Billion in Debt Rollovers

Khashif Sarfraz
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Pakistan Fails to Secure $9 Billion in Debt Rollovers

Introduction

An official report from Pakistan’s Ministry of Economic Affairs has confirmed a critical shortfall in the government’s foreign funding efforts. The report, published on Tuesday, revealed that the government managed to secure only $426 million from international lenders in July, falling far short of the $9 billion in debt rollovers required to maintain financial stability.

Debt Rollovers and IMF Bailout Package

The disbursement report highlighted that no loans were secured from foreign commercial banks or bilateral creditors, which are crucial sources the government is desperately seeking to tap for the necessary foreign funding to remain solvent. The rollovers of cash deposits from China, Saudi Arabia, and the United Arab Emirates (UAE), as well as new loans from foreign commercial banks, are prerequisites for the International Monetary Fund’s (IMF) approval of a $7 billion bailout package.

The Ministry of Economic Affairs listed $5 billion in Saudi Arabian debt and $4 billion in Chinese debt as part of the government’s rollover plan. However, the $3 billion UAE deposit is accounted for on the central bank’s balance sheet. No disbursements were made against these loans in July.

Delayed IMF Approval and Debt Sustainability Concerns

Initially, the IMF scheduled the approval of the $7 billion program for August 30 but postponed it due to the government’s failure to secure the necessary rollovers. This report marks the first official confirmation of the failure to materialize these transactions. The IMF’s new Extended Fund Facility (EFF) assumes that Pakistan will stay current on its external and domestic debt repayments. However, the inability to secure the $12 billion cash deposit rollover and a $4 billion commercial loan raises concerns about debt sustainability.

Despite the importance of these funds, both the IMF and the government have refrained from addressing the urgent need for debt restructuring.

Potential Relief from Saudi Arabia

Sources indicate that if Pakistan and Saudi Arabia finalize the sale of 15% shares in the Reko-Diq mining project by early September, Saudi Arabia may expedite Pakistan’s $5 billion rollover request and approve an additional $1.2 billion oil financing facility. Notably, this facility is not included in the government’s $19.2 billion total borrowing plan for the current fiscal year, though Finance Minister Muhammad Aurangzeb has requested it from his Saudi counterpart, Muhammad Al-Jadaan.

Last week, the finance minister stated that the IMF might approve the new package in September, though no specific date was provided. Any further delays in the IMF’s approval could complicate matters for the government, particularly with a projected shortfall in Federal Board of Revenue (FBR) tax collections.

Challenges with Tax Collection and Fiscal Targets

The government has already imposed record new taxes amounting to Rs1.8 trillion, but the Federal Board of Revenue (FBR) faces a significant challenge in meeting its tax collection target. The FBR has a target of Rs898 billion for this month but has only collected Rs575 billion as of Tuesday. This leaves Rs323 billion to be collected in just four days, an average of Rs81 billion per day.

Internal assessments suggest a possible shortfall of around Rs80 billion, which the FBR is now attempting to cover by taking advances from commercial banks. Prime Minister Shehbaz Sharif has appointed Rashid Langrial as the new FBR chairman, and this will be his first major test in meeting the target and fulfilling the expectations of the PM’s Office.

Foreign Loan Disbursements and Future Borrowing Plans

The Ministry of Economic Affairs report also detailed some loan disbursements for July. The World Bank provided a $132.4 million loan, with $11 million allocated to the National Transmission and Dispatch Company (NTDC), $80 million for two flood-related projects in Sindh, and $26 million for a Punjab agriculture project.

The Asian Development Bank (ADB) disbursed $52 million for various schemes, while China provided $97 million for the Pakistan Multi-Mission Satellite project. Additionally, the country received $128 million from the Naya Pakistan Certificates, albeit at a high cost. However, no disbursements were made against the annual projected budget estimates of $3.8 billion from foreign commercial banks.

Conclusion

The government’s failure to secure the necessary debt rollovers and its reliance on uncertain foreign funding sources have placed Pakistan’s economic stability in jeopardy. With the IMF bailout approval delayed and potential fiscal challenges ahead, the government faces an uphill battle to maintain financial solvency and meet its economic targets. The coming weeks will be crucial as Pakistan negotiates with international creditors and awaits the IMF’s decision on the $7 billion package.

Pakistan Secures $436 Million in Foreign Loans During July 2024

Aarooj Manzoor
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0
Pakistan Secures $436 Million in Foreign Loans During July 2024

Pakistan Secures $436 Million in Foreign Loans During July 2024

In July 2024, Pakistan secured $436.39 million in foreign loans from various financing sources. This amount represents a sharp decline compared to the $2.890 billion borrowed in the same month of the previous fiscal year (FY24). The Economic Affairs Division (EAD) recently released data detailing the sources and amounts of these loans, offering insight into the country’s financial landscape as it enters the new fiscal year.

Budgeted Foreign Financing for FY25

For the fiscal year 2024-25 (FY25), the government of Pakistan has budgeted $19.393 billion in foreign financing, which includes $19.216 billion in loans and $176.29 million in grants. This ambitious target highlights the country’s reliance on external borrowing to meet its financial obligations and support its economic agenda.

However, the data reveals that certain key budgeted amounts have yet to be received. The government had estimated $9 billion in time deposits, including $5 billion from Saudi Arabia and $4 billion from China’s SAFE deposits. Yet, no funds were received under these heads in July 2024. Additionally, there is no recorded assistance from the UAE.

Breakdown of Foreign Loans in July 2024

In the first month of FY25, the country received $127.70 million through the “Naya Pakistan Certificate,” a significant source of foreign exchange inflows aimed at overseas Pakistanis. Additionally, $201.01 million was secured from multilateral sources, and $107.68 million from bilateral sources.

The non-project aid received amounted to $128.93 million, including $1.23 million for budgetary support, while project aid totaled $307.46 million. These funds are critical for the execution of various development projects and maintaining financial stability.

Disbursements from Key Financial Institutions

The Asian Development Bank (ADB) disbursed $54.05 million in July 2024, a fraction of the $1.651 billion budgeted for the entire fiscal year. Similarly, the International Development Association (IDA) provided $111.88 million against a budgeted $1.525 billion for FY25, while the International Bank for Reconstruction and Development (IBRD) disbursed $20.54 million against the planned $550.22 million.

Notably, some institutions like the Islamic Development Bank (IsDB) did not disburse any funds in July, despite the government budgeting $500 million for the fiscal year. The Asian Infrastructure Investment Bank (AIIB) and the International Fund for Agricultural Development (IFAD) also made modest disbursements of $8.54 million and $4.54 million, respectively.

Bilateral Disbursements: A Closer Look

China remains a significant bilateral lender, disbursing $96.76 million in July 2024, against the budgeted $134.18 million for FY25. Saudi Arabia, another key ally, disbursed a modest $2.69 million against the anticipated $146.54 million for the year. The United States contributed $4.42 million, in line with the budgeted $20.87 million for the fiscal year.

PTA Issues Clarification on Annual Cybersecurity Audits of Telecom Licensees

Aarooj Manzoor
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0
PTA Issues Clarification on Annual Cybersecurity Audits of Telecom Licensees

PTA Clarifies Annual Cybersecurity Audit of Telecom Licensees

The Pakistan Telecommunication Authority (PTA) has recently issued a statement clarifying the scope and purpose of its annual cybersecurity audit of telecom licensees. This clarification comes in light of increasing concerns about the security of telecom infrastructure and the protection of end users. The PTA emphasized that these audits are conducted under the PTA Cyber Security Regulations 2020, focusing on ensuring the security and resilience of telecom infrastructure.

Understanding the PTA Cybersecurity Audit

The PTA conducts a yearly cybersecurity audit of telecom licensees to maintain and enhance the security standards of the telecom sector in Pakistan. This audit is crucial in ensuring that the telecom infrastructure remains secure, resilient, and capable of withstanding potential cyber threats. The audit process is designed to protect end users of telecom services by ensuring that their data and communications are secure.

Third-Party Auditors for Transparency

To maintain transparency and adhere to international cybersecurity standards, the PTA employs third-party auditors to carry out these cybersecurity audits. This approach ensures that the audits are impartial and meet the rigorous standards required for effective cybersecurity. By involving third-party auditors, the PTA reinforces its commitment to maintaining high levels of security within the telecom sector.

Clarification on Employee Scrutiny

In its recent statement, the PTA explicitly clarified that the cybersecurity audit does not involve the scrutiny of employees of telecom licensees. This point was highlighted to address any potential misunderstandings regarding the scope of the audit. The PTA assured that employee scrutiny is not part of its audit practices, focusing instead on the security of the telecom infrastructure and the protection of end users.

PTA’s Commitment to a Secure Digital Experience

The PTA’s clarification reiterates its commitment to ensuring the security of the telecom sector in Pakistan. The authority continues to work diligently to provide a safe and secure digital experience for all users in the country. By conducting these annual audits, the PTA aims to uphold the highest standards of cybersecurity, thereby safeguarding the telecom infrastructure and the personal data of users.

Groundbreaking Lung Cancer Vaccine Trials Begin Across Seven Countries

Khashif Sarfraz
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Groundbreaking Lung Cancer Vaccine Trials Begin Across Seven Countries

Introduction

A groundbreaking development in cancer treatment is underway with the commencement of clinical trials for a new lung cancer vaccine, BNT116, across seven countries. This vaccine, specifically designed to treat non-small cell lung cancer (NSCLC) – the most prevalent type of lung cancer – could revolutionize treatment and help prevent the disease from recurring.

The First Patient and Global Trial Sites

Janusz Racz, a 67-year-old from Britain, became the first person to receive the BNT116 vaccine at University College London Hospital (UCLH). The trial is taking place at 34 research sites across the UK, the United States, Germany, Hungary, Poland, Spain, and Turkey. In the UK, the phase 1 clinical trial is being conducted at six locations in Wales and England, with 30 of the 130 participants coming from Britain.

Lung Cancer: A Global Health Crisis

Lung cancer remains the leading cause of cancer-related deaths globally, accounting for over 1.8 million deaths each year. In the UK alone, there are approximately 48,500 new cases annually, with up to 72% attributed to tobacco use. The survival rate for lung cancer is alarmingly low when tumors spread, highlighting the urgent need for effective treatments and preventive measures.

How the BNT116 Cancer Vaccine Works

The BNT116 vaccine utilizes messenger RNA (mRNA) technology, akin to that used in Covid-19 vaccines. It works by “instructing” the body to identify and eliminate cancer cells, thereby preventing their recurrence. The mRNA in the vaccine presents the immune system with tumor markers from NSCLC, priming it to recognize and attack cancer cells displaying these markers.

Professor Siow Ming Lee of UCLH noted, “We are now entering this very exciting new era of mRNA-based immunotherapy clinical trials to investigate the treatment of lung cancer.” He highlighted that this technology enables the targeting of specific antigens in cancer cells, potentially making it a highly effective treatment.

A New Era in Cancer Treatment

The BNT116 vaccine symbolizes a promising leap forward in the battle against lung cancer. Its targeted approach, focusing on specific cancer cell markers and stimulating the immune system to prevent recurrence, marks a significant advance in cancer treatment. If successful, this vaccine could lead to new immunotherapy strategies for treating and preventing various cancers.

Conclusion

As the BNT116 vaccine trials progress, the medical community holds hope that this innovative approach will usher in a new era of lung cancer treatment. The potential to significantly improve survival rates and prevent recurrence offers a beacon of hope to millions affected by this devastating disease worldwide.

Japan’s Moon Lander Mission Ends After Losing Communication

Khashif Sarfraz
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Japan’s Moon Lander Mission Ends After Losing Communication

Introduction

Japan’s ambitious lunar mission, the Smart Lander for Investigating Moon (SLIM), also known as the “Moon Sniper” for its precision landing capabilities, has come to an end. The Japan Aerospace Exploration Agency (JAXA) officially announced the termination of the SLIM operation after losing communication with the lander. Despite the challenges faced during the mission, SLIM’s journey represents a significant achievement in Japan’s space exploration efforts.

SLIM’s Journey: A Mission Beyond Expectations

Launched nearly a year ago, SLIM was designed to demonstrate Japan’s ability to achieve precise landings on the lunar surface. The lander successfully touched down on the Moon in January, making Japan only the fifth nation to accomplish a soft lunar landing. However, the mission faced complications when SLIM landed at an awkward angle, leaving its solar panels improperly aligned to capture sunlight.

Despite this setback, the lander surprised everyone by reactivating twice when the sun’s angle allowed it to power up again. During these brief periods, SLIM conducted scientific observations of a lunar crater using a high-spec camera, providing valuable data back to Earth.

Challenges of Lunar Nights: The Final Countdown

SLIM was not equipped to endure the harsh lunar nights, where temperatures plummet to minus 133 degrees Celsius. These two-week-long periods of extreme cold proved too much for the lander’s systems. JAXA reported that after the third lunar night, communication with SLIM was lost, and all attempts to reestablish contact were unsuccessful.

On August 23, 2024, JAXA made the difficult decision to officially end the SLIM mission, sending a command to cease all operations. Despite the challenges, the lander far exceeded expectations, continuing to transmit valuable information long after its initial landing.

Scientific Contributions and Legacy

SLIM carried two innovative probes, one equipped with a transmitter and another mini-rover designed to move like a turtle on the lunar surface. These devices beamed images and data back to Earth, contributing to our understanding of the Moon’s surface and geological composition.

One of the mission’s primary goals was to examine a part of the Moon’s mantle, an inner layer typically buried beneath the crust, which was believed to be accessible at the crater where SLIM landed. Although the mission has ended, the data collected by SLIM will continue to be analyzed, offering insights into the Moon’s formation and structure.

Conclusion

While the SLIM mission has come to a close, it stands as a testament to Japan’s growing capabilities in space exploration. The lander not only achieved its primary goal of a soft lunar landing but also provided unexpected data that will contribute to future lunar missions. As JAXA continues to push the boundaries of space exploration, the lessons learned from SLIM will undoubtedly inform and inspire the next generation of space missions.

Pakistani Startups Featured in Forbes’ ‘Asia 100 to Watch 2024’ List

Khashif Sarfraz
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0
Pakistani Startups Featured in Forbes’ ‘Asia 100 to Watch 2024’ List

Introduction

Two Pakistani startups, DealCart and NayaPay, have earned a place on Forbes’ prestigious ‘Asia 100 to Watch 2024’ list, highlighting their innovative contributions to the e-commerce and fintech sectors. This recognition marks a significant achievement for the burgeoning tech scene in Pakistan and shines a spotlight on the country’s growing potential in the global market.

DealCart: Revolutionizing Online Grocery Shopping

Karachi-based DealCart is a startup that aims to cater to Pakistan’s expanding middle class by providing an online platform for grocery shopping. With a focus on fresh produce, snacks, detergents, and other essentials, DealCart allows consumers to conveniently order items from the comfort of their homes. Additionally, the platform offers small grocery stores the opportunity to reach a broader customer base by selling their products through DealCart.

In its early stages, DealCart successfully raised $4.5 million in pre-seed funding, demonstrating investor confidence in its business model. Recently, the company secured an additional $3 million in seed funding, with support from Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital. This financial backing will enable DealCart to expand its operations and enhance its services to better serve its growing customer base.

NayaPay: Pioneering Fintech Solutions in Pakistan

NayaPay, another Karachi-based startup, is making waves in the fintech industry with its comprehensive payments processing platform. The startup offers a range of digital financial services, including an e-wallet, virtual debit card, and online payments. NayaPay also provides point-of-sale (POS) devices for businesses, allowing them to seamlessly integrate digital payments into their operations.

In 2022, NayaPay raised an impressive $13 million in one of the largest seed funding rounds in South Asia. The round was led by prominent investors such as Zayn Capital, MSA Novo, and Graph Ventures. NayaPay’s inclusion in Forbes’ ‘Asia 100 to Watch 2024’ list is a testament to its innovative approach to digitalizing financial transactions and its impact on Pakistan’s fintech landscape.

The startup expressed its excitement about being featured on the list, stating, “This recognition places us among the most innovative trailblazers across 16 regions around the world.”

Pakistan’s Growing Presence on the Global Stage

The inclusion of DealCart and NayaPay in Forbes’ ‘Asia 100 to Watch 2024′ list is part of a larger trend of Pakistani entrepreneurs gaining international recognition. Earlier this year, seven Pakistanis were featured in Forbes’ 30 Under 30 list for Asia, showcasing the country’s young talent and entrepreneurial spirit. Additionally, two Pakistani businesswomen were honored in Forbes’ ‘100 Most Powerful Businesswomen 2024’ list in March.

These achievements underscore Pakistan’s rising influence in the global business community and highlight the potential of its startups to make a lasting impact on the world stage.

Conclusion

The recognition of DealCart and NayaPay by Forbes is a significant milestone for the Pakistani startup ecosystem. As these companies continue to grow and innovate, they are paving the way for other entrepreneurs in the country to follow suit. With a strong foundation and the support of international investors, Pakistan’s tech scene is poised for continued success and global recognition.

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