Ambassador of Germany showed keen interest to benefit from investment opportunities in Pakistan. He called on Finance Minister Ishaq Dar at Finance Division. Minister highlighted bilateral relations with Germany and importance of enhancement in trade and economic relations between the two countries.
The finance minister discussed the economic policies of the new government and potential avenues for investment from Germany in Pakistan.
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Android users in Pakistan won’t be able to download Google Play Store apps. Purchasers of paid apps through mobile carrier billing as carrier payments were stopped by the State Bank of Pakistan. The SBP is trying to limit the outflow of dollars to global tech companies.
The payment of $34 million to overseas service providers like Google, Amazon, and Meta, has been frozen. Pakistani users can continue to buy apps or use paid services through credit or debit cards only. The SBP suspended Direct Carrier Billing (DCB) on Friday.
The SBP has revoked the mechanism for payment of dollar fees in light of the country’s liquidity crisis. In this regard, the Ministry of Information Technology and Telecommunication (MoITT), the Pakistan Telecommunication Authority (PTA), and four cellular mobile operators (CMOs) unanimously wrote a letter to the SBP.
If this is successful, users would be able to buy apps through Google Play Store directly from their mobile phone providers.
SBP Governor Jameel Ahmad said that the central bank is working on various digital initiatives including the launch of a quick response (QR) code by next year. The code will enable small merchants to receive payments from their customers instantly. He was talking about the financial horizon of the country at Pakistan Fintech Forum 2022.
SBP is working intensively to make a conducive environment for fintechs that promise solutions for financial inclusion, Governor SBP has said. He said SBP is also conducting the cost-benefit analysis of central bank digital currency (CBDC), he added.
He said that owing to the new disruptive technologies, today’s consumer preferences as well as the needs of businesses are evolving rapidly. He said that fintechs are now accepted by both traditional financial institutions and non-financial players, ranging from smart startups and large technology firms.
Governor Muhammad Zubair has called for the development of a tech-based financial ecosystem in Pakistan. App-based platforms are playing an important role in providing financing to various sectors such as agriculture, SMEs, housing, etc., and also helps in better risk management.
The Monetary Policy Committee of the State Bank of Pakistan (SBP) will meet on November 25, 2022 in Karachi to decide on the Monetary Policy. The central bank will issue its Monetary Policy Statement through a press release on the same day for the first time.
Expectations and market sentiment indicate that the interest rate will remain unchanged this time as well, reports BBC’s Nafees Zakaria.
CPI inflation increased to 26.6 percent in October 2022 due to a major adjustment in electricity tariffs. Imports fell 13 percent, and the trade deficit fell to $2.3 billion. This is likely to keep a check on the current account deficit going forward.
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People require a reliable device with a good OIS-enabled camera that fits their daily requirements at best. Infinix ZERO 20 features the first-of-its-kind camera in the world. 60 MP front camera and ‘Super Steady’ OIS, it leaves no room for unstable camera outputs.
The Infinix ZERO 20 is available in stores and online on Xpark for Rs 56,999 only. It provides Dual Image Stabilization offering both hardware-based OIS and EIS which automatically makes the camera output ultra-clear. Its front camera has an autofocus AF feature, allowing it to consistently and swiftly focus on things.
The Ministry of Energy has awarded four new blocks to exploration and production (E&P) companies in different areas of Balochistan. Mari Petroleum Company Limited (Mari), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Ltd (OGDCL).
Oil and gas blocks have been granted to exploration and production companies. The blocks will be used for the exploration and development of oil and gas fields. High stakes operators in a block will act as operators in the designated block, while the rest of the companies will be joint-venture partners.
Details of the blocks provisionally awarded to oil exploration companies are:
- South Pishin Balochistan: MARI (37%), PPL (35%), OGDCL (28%).
- Shaigalu Balochistan: PPL (40%), MARI (30%), OGDCL (30%)
- Tanishpa Balochistan: OGDCL (37%), MARI (28%), PPL (35%).
- Lugai Balochistan: OGDCL (40%), MARI (30%), and PPL (30%).
According to the stock filing, the formal award of petroleum rights in the aforementioned blocks is conditional on the following, for each of the blocks: signing of petroleum exploration licenses and execution of petroleum concession agreements with the government; execution of joint operating agreements among the respective JV Partners; and completion of related legal and procedural formalities.
The Wall Street Journal reports that Facebook’s parent company, Facebook, is cutting thousands of jobs.
Social media giant Meta reported over 87,000 employees by the end of September. Mass layoffs are expected to cut off a significant portion of this figure. Sources familiar with the matter have reported that the layoffs could begin as soon as Wednesday. Meta’s chief product officer warned employees of “serious times” back in June.
Facebook halted job-hirings around two months ago. Company CEO Mark Zuckerburg warned that the company could downsize in the near future. Some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. Facebook declined a request for comment on the matter.
Pakistan’s vice-captain, Shadab Khan, has become the second-highest wicket-taker of the Super 12s phase of the T20 World Cup 2022.
Shadab Khan becomes second-leading wicket-taker of the T20 World Cup 2022. Leg-spinner has been instrumental for Pakistan, containing runs and taking crucial wickets. 24-year-old is only spinner among top five in Super 12s stage of the tournament.
Shadab Khan is also the highest wicket-taker for Pakistan in this World Cup so far with 10 wickets to his name.