Pakistan Completes 26 CPEC Projects Worth $17 Billion

CPEC is a flagship project of the Belt & Road Initiative (BRI), where Pakistan and China have successfully launched 56 projects on the ground. Twenty-six projects worth approximately US$17 billion have been completed, and 30 projects worth US$ 8.5 billion are under construction.

36 projects having an estimated cost of US$ 28.4 billion are also under different stages of negotiations for inclusion in the framework.

CPEC is being expanded in the following areas:

  • Trade & Market Access
  • Industrial Development & Global Value Chains
  • Socio-Economic Development & Poverty Alleviation
  • Agriculture Modernization & Marketing
  • Sciences & Technology Cooperation
  • Blue Economy
  • Regional Connectivity & Third Country Participation

The Government of Pakistan considers CPEC as a long-term development project as it has the potential to serve as a corridor with multiple doors connecting China with Central Asia, the Middle East, Africa, and Europe. Therefore, the government is expanding the scope of CPEC so that it becomes a “Gateway of Prosperity” for both countries and the region at large.

These include the Sukkur-Hyderabad Motorway, Peshawar-D.I.Khan Motorway (M-14), KKH Alternative Route (Gilgit-Shandor-Chitral) and Dir Expressway.

Samsung Galaxy Z Flip 4 Tipped to Launch in August

The Galaxy Z Fold 4 and Z Flip 4 will be the next big announcements from Samsung. Samsung will also unveil the Galaxy Watch 5 and Watch 5 Pro at an event on August 10.

Galaxy Watch 5 series is expected to include three devices in total. All watches will have Phantom Black and Silver color options, but only the vanilla Watch 5 will get Sapphire and Pink Gold. tipster says that Samsung will also unveil a Lavender color option for the Galaxy S22.

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Umar Akmal Files Complaint Against Police Officer in Rs. 11 Lakh Fraud Case

Umar Akmal has filed a complaint with the Senior Superintendent of Police (SSP) Investigation regarding the progress of the Rs. 11 lakh fraud case.

But the investigating officer Tariq has removed the accused’s name from the case file, police said.

The batsman was arrested years ago for allegedly thrashing a traffic warden, Zeshan, and tearing his uniform after being stopped for violating a signal.

Xiaomi’s Power Saving AC Claims to Cool Your Room in 30 Seconds

Xiaomi’s Giant Power Saving Pro 1.5HP can cool a room down to 60C in 30 seconds. It supports temperatures as low as -32C and goes up to 64C. The AC is only available in China for now but should arrive in other markets later.

Xiaomi’s new power-saving AC currently costs $375 in China. It can work in sync with the Mijia humidifier to maintain an ideal room atmosphere. In addition, the compressor is capable of starting at high speed, so you don’t have to wait for it to start up slowly.

FBR Issues List of Big Retailers Still Not Integrated with PoS System

The Federal Board of Revenue (FBR) has issued a list of 113 unregistered retailers (Tier-1) who are required to be integrated with its Point of Sale (PoS) system. In addition, the FBR issued sales tax general order (STGO) 18 of 2022 here on Saturday.

The number of big retailers (Tier-1) required to be integrated with the PoS system has drastically decreased from 297 to 113. Therefore, the board has decided to raise sales tax demand against these retailers, who are still not integrated by June 10, 2022.

According to the FBR, a system-based approach has been adopted to operationalize this vital provision of law.

The exclusion procedure from this list of 113 identified Tier-I should apply as laid down in STGO 17 of 2022 dated May 13, 2022, FBR added.

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YAP Selects Euronet Pakistan as their Technology Partner to Operate as an EMI in Pakistan

YAP, a Dubai-headquartered fintech YAP – a new bank driving digital banking in the Middle East, Africa, and South Asia, has selected Euronet Pakistan as their technology partner to launch and operate as an EMI in the country.

YAP was founded in the UAE in 2018 and has since expanded to Saudi Arabia, Ghana, and Pakistan. YAP Pakistan is a subsidiary of YAP and will utilize Euronet’s hosted card management system, e-commerce platform, and payment scheme gateways for virtual and physical cards.

The deal will also benefit YAP Pakistan from Euronet’s global payments experience, innovative technology stack, robust risk management, and global information security benchmarks.

Euronet has been selected as the technology processor by Youth Action Project (YAP) for its efforts to become the leading digital platform in Pakistan. The collaboration will help foster innovation and growth in the local payments ecosystem and further accelerate the growth of digital payments, Euronet said.

Meheryab Niazi, Chief Executive Officer of YAP Pakistan, said, “We are thrilled to form this strategic partnership with Euronet. This collaboration has been a very seamless process and we are excited to revolutionize the digital banking sector with our new partners.”

PSX Gains Over 980 Points After Govt Withdraws Fuel Subsidies

The Pakistan Stock Exchange (PSX) rallied in the week’s last trading session. The benchmark KSE-100 index gained as much as 983 points or 2.3 percent after rising to 43,524 points within the first two hours of the opening bell.

After the first trading session on Friday, the market was at a 43,484 level, up by 943 points. The market will resume trading at 2:30 pm after the Jummah Break following the weekend’s break for the Christmas celebrations in Abu Dhabi.

Analysts believe that the coalition government’s withdrawal of subsidies on petroleum products worked as a positive precursor for investors. Moreover, the decision was urgently made after the government and the International Monetary Fund disagreed on a financial bailout due to the former’s reluctance to take tough economic decisions.

Countrywide Protests Costing Rs. 100-150 Billion per Day: Economists

The countrywide road blockades and supply chain disruptions amid the Pakistan Tehreek-e-Insaf’s Azadi March have caused an estimated loss of around Rs. 100-150 billion a day to the national economy. Economists and industrialists stated this in a conversation with ProPakistani.

Pakistan’s GDP is $383 billion, which means over one billion dollars per day. The country suffers a loss of around Rs. 200 billion per day if there is a nationwide standstill. 50-70 per cent of the country came to a standstill on Wednesday due to the road blockade.

The President of the Rawalpindi Chamber of Commerce and Industry (RCCI) said that the closure of main roads had suspended economic activity in the country. He said the blockade had disrupted the supply chain, which ultimately increased the misery of the masses.

The RCCI has repeatedly demanded that all political parties must sign a charter of the economy, he said.