Category: Business

  • Pakistan collected Rs9 billion to build a dam and invested Rs14 billion on advertising it

    Pakistan collected Rs9 billion to build a dam and invested Rs14 billion on advertising it

    While Pakistan’s overburdened dams are making heartbreaking headlines, a heavily publicised crowdsourced campaign for a “mega dam” that was meant to address the country’s ongoing flooding and power issues is embroiled in scandal.

    This campaign was started by a Supreme Court judge and supported by former prime minister Imran Khan.

    Pakistan’s Parliamentary Affairs Committee (PAC) claims that whereas Rs9 billion, or $40 million, was raised for the dam’s construction, Rs14 billion, or $63 million, was used to promote it. According to VICE, the now-retired judge stated that advertising for a proposed crowd-funded dam significantly exceeded the money raised for it, prompting Pakistan’s government to call him before parliament.

    The Diamer-Bhasha Dam on the Indus River was first proposed in the early 1980s, but construction efforts were thwarted by a number of problems, including its location, environmental impact, and expense.

    Saqib Nisar, the Supreme Court’s recently appointed chief judge at the time, made the $14 billion dam’s development a key component of his judicial activism activities in July 2018. He established a fund to raise money and asserted that common Pakistanis would contribute the enormous sums required for its completion.

    At first, a sizable number of powerful Pakistanis joined. To contribute Rs1 billion, the army forfeited a share of its soldiers’ pay, and other state employees also had contributions withheld from their paychecks. The nation’s finest artists and cricket team also gave, and then-prime minister Imran Khan shared management of the fund.

    The answer gave the fund more confidence, and it started to have an impact on other decisions Nisar made. Nisar even intimated at one point that he would try those who criticised the dam fund for treason.

    The political system received a jolt throughout Nisar’s entire campaign. An environmental lawyer named Rafay Alam pointed out that there was no precedence for a chief justice who was already in office to start a public fundraising effort as “ludicrous” as the dam fund.

    Nisar was successful in turning the dam fund into a persuasive exercise, according to Khurram Husain, an economics journalist and editor of Profit magazine: “Nisar was able to do so primarily by tying other cases he was hearing to it.” He described how a government appointment was upheld after the defendant told the court’s bench, which included Nisar, that his “client has donated all of his income to the dam fund, which delighted his Lordship tremendously.”

    But as of February 2019, there was still a $6.3 billion (or Rs1.5 trillion) gap between what was raised and what was required. Amazingly, a now-retired Saqib Nisar revealed that the fundraiser’s goal was to promote awareness rather than fund the construction of the dams.

    He said, “We never imagined this money would be enough to finish the project,” when speaking at a literary festival. We wished to raise awareness and convey the significance of it.

    Surprisingly, Ahsan Iqbal, a member of the national assembly, had claimed the day before that more money had been raised for the dam fund through advertising than had actually been spent on it. The PAC, who has called Nisar to account, is now making these allegations. When it became apparent that the dam was not going to be completed soon after these events, many former supporters of the dam fund posted their regrets online.

    A report from 2021 claimed that Pakistan would experience “total water scarcity” by 2025 despite having one of the largest irrigation systems in the world. Dams have long been viewed as the answer by Pakistan’s policymakers because of the country’s large population, agrarian economy, and ongoing power and water problems.

    Husain claimed that when the first mega dam was constructed with American assistance in the 1960s, “dams caught the Pakistani imagination.

    “To this day (policymakers’) imagination does not extend beyond mega dams in any water-related conversation in Pakistan, including if the conversation should be about climate change and floodings.” Alam pointed out that the “water discourse in Pakistan has been hijacked by…retired (officials).” He added that despite the environmental and social damages caused by dams, their popularity amongst policymakers was “like a fetish – this idea that a dam will cure everything.” 

    Husain claimed that despite the criticism Nisar received for the fund, Pakistanis’ general fascination with dams had not diminished. Pakistan has 73 dams and reservoirs that the International Commission on Big Dams classifies as “large dams,” with a total capacity of 27.8 cubic kilometres, or the equivalent of 10 million Olympic-sized swimming pools.

    The Tarbela Dam on the Indus River is the second-biggest dam in the world by structural volume (106 million cubic metres), making it the largest earth-filled dam in the world.

    Dam construction is a global phenomena, as are the complicated politics and corruption that frequently surround it. When it appeared that aid building the Pergau dam in Malaysia was connected to the sale of weapons to the Malaysian military in the early 1990s, the British government came under fire for allegedly breaking its own regulations.

    Although the case resulted in changes to British bribery legislation, no one was brought to justice in either nation. More recently, in 2019, the treasury secretary and other top Kenyan government officials were accused of wrongdoing in connection with financing for the Kimwarer and Arror dams. It was claimed that the officials received bribes through erroneous loan payments to an Italian insurance.

    The Kimwarer dam’s tender would later be cancelled by the government, who noted that it was “neither technically nor financially viable.”

    Saqib Nisar’s dam fund has been the subject of debate and scandal, but Pakistan’s “passion” for dams is unlikely to fade anytime soon. The nation is currently experiencing severe floods brought on by climate change, which have left millions of people homeless and caused tens of billions of dollars in damage to homes and businesses.

    Dams “are held up as a solution to all our issues,” according to Alam. We shall keep hearing (support for dams) as long as damned fools stay in our midst.

  • Petrol price may go down by Rs9.63 per litre for the next fortnight

    The price of petrol is expected to decrease by Rs9.63 per litre for the next two weeks, while diesel prices are anticipated to increase.

    According to reports, the Oil and Gas Regulatory Authority (OGRA) has advised lowering gasoline prices for the final fifteen days of the current month, September.

    However, a final decision about increased petroleum pricing would only be made after receiving Prime Minister Shehbaz Sharif’s approval.

    For the specified period, the cost of diesel is probably going to go up by Rs3.04 per litre, bringing the price from Rs247.26 per litre to Rs250.30.

    The federal government announced an increase in the price of gasoline and diesel for the first two weeks of September on August 31.

    The price of gasoline increased by Rs2.07 to reach Rs235.98 per litre, while the price of high-speed diesel increased by Rs2.99 to reach Rs247.43.

    According to Express Tribune, various strategies have reportedly been used by the government and OGRA to maintain low petroleum prices in order to avert political reaction.

  • IT sector’s GDP contribution will increase from 2.7% to 13% by 2025: MoITT

    IT sector’s GDP contribution will increase from 2.7% to 13% by 2025: MoITT

    According to estimates from the Ministry of Information Technology and Telecommunication (MoITT), the GDP share of the digital and information technology (IT) sectors would rise to 13 per cent by 2025 as a result of the rapid growth of the digital economy over the next five years.

    MoITT’s offical documents reveal that the size of the digital economy will significantly increase over the next five years as Pakistan’s adoption of digital technology expands. In the upcoming years, the GDP’s share of the digital economy will increase, according to Brecorder.

    While the GDP contribution of the digital and IT sectors will rise from 2.7 per cent to 13 per cent, the GDP contribution of the Information and Communication Technology (ICT) core industry will rise from 1.2 per cent to 8.15 per cent.

    According to the data that is currently available, Pakistan’s digital economy is measured in two ways, i.e. The key industries of ICT, digital technology, and IT. The ICT core industry’s share of the global GDP in 2019 was 1.2 per cent. The IT and telecom industry in Pakistan makes about 2.7 per cent of the country’s GDP.

    Modern ICTs have the ability to accelerate social and economic growth, and this promise will be further realised with the maturation of four enabling technologies: IoT, cloud computing, big data analytics, and AI.

    The cornerstone for nations to build a digital economy and improve their overall economic competitiveness and well-being is ICT infrastructure and services. They can support sustainable cities and communities by lowering poverty and hunger, improving health, generating new jobs, reducing climate change, and enhancing energy efficiency.

    In low- and middle-income nations, mobile remains the main method by which many users access the internet (LMICs). The Information Technology University (ITU) estimates that 87 per cent of broadband connections in developing nations occurred through mobile devices in 2019. Mobile networks and devices are propelling economic growth by connecting consumers and businesses and delivering public and commercial e-services across a range of industries.

    According to the report, Pakistan’s mobile ecosystem is becoming more and more crucial to the country’s economic development due to its direct impact on GDP and the productivity and efficiency benefits it fosters in a variety of economic sectors.

    The majority of nations currently use 4G as the cornerstone of mobile broadband, and this number is continually increasing. The switch from 4G to 5G is happening at the same time all across the world.

    In 2019, 4G connections made up more than 50 per cent of all mobile connections worldwide for the first time, according to the most recent GSMA research. In low and middle-income countries (LMICs), 4G covered 82 per cent of the population compared to 90 per cent for 3G. Compared to 10 years for 3G, LMICs took about seven years to reach more than 80 per cent coverage for 4G.

  • Lahore-based frozen food facility to supply beef products to McDonald’s

    Lahore-based frozen food facility to supply beef products to McDonald’s

    Major meat exporter Al-Shaheer Corporation Limited (ASC) revealed on Tuesday that it had signed a business connection deal with McDonald’s Pakistan for the supply of beef products, making it the first-ever Pakistani company to do so.

    According to Brecorder, the company said that the beef products would be delivered through its Lahore-based plant for frozen foods in a notice to the Pakistan Stock Exchange (PSX).

    “It is our great pleasure to announce that ASC is the first-ever Pakistani company to enter into a business relationship agreement with McDonald’s Pakistan for the supply of beef products,” it said in the PSX notice.

    McDonald’s Pakistan’s interest in the business, according to ASC, “is a testament to its commitment to upholding international standards and producing top-of-the-line products.”

    According to the material on ASC’s LinkedIn page, the business was founded as a partnership in 2008 with the establishment of an abattoir in Gadap Town, Karachi. The company initially solely shipped red meat to Dubai and Saudi Arabia.

    The first red meat brand in Pakistan, Meat One, was founded in 2010 when Al-Shaheer Foods entered the domestic fresh meat market. In 2014, the economy brand Khaas was introduced, aiming its marketing at local butcher shops.

    Dubai, Saudi Arabia, Oman, Kuwait, Bahrain, and Qatar are a few major export markets. Locally, Karachi, Lahore, and Islamabad are where it is most prevalent.

    ASC announced the start of its frozen food facility’s commercial operations last year.

  • Pakistan is out of danger, there is no risk of the country going bankrupt: Miftah Ismail

    Pakistan is out of danger, there is no risk of the country going bankrupt: Miftah Ismail

    The present coalition government has lifted Pakistan out of danger, according to Federal Finance Minister Miftah Ismail, as there is no chance of the nation becoming bankrupt.

    In an interview during Geo News show “Aaj Shahzeb Khanzada Kay Sath” on Monday, the minister stated that Pakistan Tehreek-e-Insaf (PTI) leader Imran Khan had put the country at risk of default. However, he said, Pakistan is not currently in danger of going bankrupt.

    The economic crisis were made worse by flash floods. But we’ll run the economy effectively. The country’s economy won’t be in danger, he continued.

    The finance minister added that the government would implement measures to stabilise the currency market within the following four to five days.

    He claimed that certain banks offered overpriced dollars as a result of the circumstance. The minister stated that the Prime Minister has taken strict notice of these banks and has requested a report from the Governor State Bank within two days.

    Eight banks have also received letters regarding this and will also face penalties.

  • Best mobile phones under Rs9,000 in Pakistan with WiFi and dual 4G support

    Best mobile phones under Rs9,000 in Pakistan with WiFi and dual 4G support

    Owing to exorbitant PTA approval charges and soaring production costs, phone prices have hit an all-time high in Pakistan. Customers have a relatively limited number of options on the market.

    While some customers are able to afford the hefty PTA approval fees, others consider getting a second phone so they can continue using their SIM as PTA approval charges for certain premium smartphones have increased up to Rs132,000.

    Below are some of the most affordable phones on the market right now, which surprisingly support the majority of applications like Facebook and WhatsApp.

    JAZZ DIGIT 4G – ENERGY

    Touch and Type

    Price: Rs7,999

    JAZZ DIGIT 4G – SHINE

    Price: Rs5,999

    JAZZ DIGIT 4G – STAR

    Price: Rs5,999

    Jazz Digit 4G – E2 PRO

    Touch & Type

    Price: Rs8,900

    These bar phones also have outstanding battery life and can be used to provide a hotspot for your primary smartphone.

    All of these mobile devices are currently available at Jazz franchises or local stores and can be easily unlocked if a user wants to switch to a different network.

    https://www.youtube.com/watch?v=Jt-qYgN8zOs&t=393s
  • Want to earn money working online? Here are 10 highly demanded skills you should learn

    Want to earn money working online? Here are 10 highly demanded skills you should learn

    A number of ‘once dedicated’ corporate workers are taking matters into their own hands and taking more control over their professional future. They are switching to freelancing, either by reskilling and going in a completely other direction, or by performing the same tasks for numerous clients as they did for a single company previously.

    For those who don’t know, the internet economy is expanding quickly and in 2020 it produced 17 million jobs in the US alone. The consumer takeaway Whether you use the internet for a side business or a full-time career, you can do pretty much anything online, including earning good money.

    According to Forbes, every month since the spring of 2021, four million American employees have left their jobs.

    Here are 10 high in-demand skills that can help you earn well online:

    Web Development 

    Web development is one of the best skills to master to earn money online because it is in high demand and there are numerous methods to capitalise on your expertise. It can be learned through online classes, boot camps, or even independent study. And if you’re excellent at it, you might be able to make a lot of money; hourly fees for web developers working as freelancers range from $10 to $80.

    Graphic Designing

    Learning Adobe Illustrator is a terrific approach to start working online and making money. This is helpful because almost everyone who manages a website, creates their own website, or engages in online activities like advertising, creating YouTube videos, etc. will eventually require some design work done. And learning this skill takes more than a few days. It does require some commitment, but it is easily accomplished.

    It should be a no-brainer for you to choose to learn how to utilise Illustrator, Photoshop, and InDesign if you have the aptitude for design and illustration. Additionally, installing AdobeSuite on your PC is crucial.

    Since people are more drawn to compelling pictures than to simple texts, graphic designers are always in demand.

    Every business needs art of some kind, whether it’s for creating their corporate identity (logos, brands, etc.), selling their goods or services (websites, brochures, etc.), or connecting with customers (ads, promos, etc.).

    Even without a college degree in fine arts or visual communications, you can succeed in this industry if you are creative, passionate, and competent at designing.

    Photography

    You can learn Photography for free by taking a variety of online courses and watching videos on YouTube. This will enable you to take photos that are more inventive, captivating, and distinctive. From street photography to images of food and animals, practically any form of photograph may be sold online. Alamy images typically sell for $75 each, although their prices can range from $17 to $416 depending on their intended usage.

    Audio Editing for Podcasts

    From a niche trend for tech-savvy individuals, podcasts have grown to become a mainstream phenomenon with a market value in the tens of millions of dollars. As a result of that money, many people have expressed a desire to launch their own podcasts; however, the majority of people lack the skills necessary to independently edit audio, which is where you come in.

    You can improve another person’s audio so that their listeners won’t provide them negative feedback. There will always be a need for your services because podcast listeners routinely voice unhappiness with the sound quality.

    Voice Modulation 

    One of the most lucrative skills to acquire to earn money online is voice modulation. The marketplaces for voice actors, narrators, and other professionals are those that still need to be explored. For the recording of audiobooks, narrative narration, videos, etc., voice actors are required. On internet job boards, there are many positions that specifically require this talent.

    Social Media Marketing 

    Planning and overseeing a brand’s social media strategy across a variety of channels will be your role as a social media marketer, according to Jensen. Any company that doesn’t leverage social media’s power will lose out on brand-building opportunities as customers use social media platforms at an increasing rate. Social media marketing is growing in popularity as a result. If you are knowledgeable about the mechanics of how social media works, learning this skill could be a great idea.

    Web Scraping and Data Entry

    All you need for the job is a basic understanding of using Microsoft Office (Word, Excel, etc.) or its equivalent in Google Drive and other open sources, aside from diligence and attention to detail. Of course, you also need to know how to use the internet.

    The straightforward procedure of web scraping entails conducting online research for clients and compiling the results on a worksheet. Many businesses compile data about their target markets, including contact information (phone numbers, email addresses, websites, Linkedin and other social media profiles, etc.). They can now send business proposals, even ones that are personalised, to the appropriate recipient.

    For this skill to be mastered, no college degree is necessary. In reality, data encoding allows even high school dropouts to support themselves.

    Creative writing

    You can definitely earn a life writing if you have the talent for it. This is a talent that you begin developing in elementary school and just keep honing as you advance academically.

    Therefore, by the time you earned your high school certificate, you ought to be able to write essays and other types of literary works without much difficulty.

    After that, there are several ways to develop writing skills, like enrolling in classes, reading books and other materials, watching online tutorials, and, of course, writing. When you reach a particular level of expertise, you’ll find that there are many chances available to you online and even outside of the virtual environment.

    Proofreading and Editing

    Of course, having writing skills is required for this position. It’s similar to how you cannot adjust a swimmer’s strokes if you do not yourself know how to swim properly.

    Simply identifying and fixing grammatical, typographical, and spelling mistakes in someone else’s writing is proofreading.

    On the other hand, editing may entail rewriting sentences or even paragraphs to increase readability, eliminate repetitions, and improve the flow of ideas.

    The two may not be identical, but they do kind of overlap. Thus, they might constantly expect you to perform both tasks when they hire you to do one or the other.

    Vlogging

    Consider vlogging if you have the gift of gab rather than the inclination to write or design.

    Using video creation and editing software as well as online resources for free video and audio samples, you may make engaging YouTube content even if you lean more toward the introverted side of things.

    Developing a sizable audience is the key to making your material interesting to sponsors and marketers. Alternatively, you might sell this skill to businesses that want for a popular internet video to advertise their products or services and raise brand recognition.

    Even if you largely rely on freelance markets to identify and work with clients, you will still attract a lot of potential clients by being active on LinkedIn. Every month, set aside a few hours to update your profile with recent samples of your work, ask former clients for references and recommendations, establish new relationships, and reply to job advertisements for contract work.

  • PKR continues losing ground against dollar amid fears of widening trade deficit

    PKR continues losing ground against dollar amid fears of widening trade deficit

    In the interbank market during the first hours of trading on Monday, the Pakistani rupee was trading between Rs229 and Rs230 versus the US dollar.

    When intra-day trading began at 11:00 AM, the rupee was quoted at Rs229.88, depreciating by 0.31 per cent against the US dollar.

    The rupee had a terrible prior week, falling against the US dollar in the inter-bank market to close at Rs228.18 after losing value in each of the five sessions for a total loss of almost 4 per cent.

    In the interbank market during the first hours of trading on Monday, the Pakistani rupee was trading between Rs229 and Rs230 versus the US dollar.

    When intra-day trading began at 11:00 AM, the rupee was quoted at Rs229.88, depreciating by Re0.70 or 0.31 per cent against the US dollar.

    The rupee had a terrible prior week, falling against the US dollar in the inter-bank market to close at Rs228.18 after losing value in each of the five sessions for a total loss of almost 4 per cent.

    The dollar index, which compares the value of the dollar to six important rival currencies, held steady at Rs108.82, retreating from a two-decade high achieved on Wednesday. In the previous session, it fell to Rs108.35, its lowest level since August 30.

    Investors remain cautious ahead of Tuesday’s release of the US CPI data, despite the fact that Fed officials continued to use hawkish language on Friday, the last day before a period of silence prior to the Federal Open Market Committee’s meetings.

    A significant factor in currency parity, oil prices fell on Monday as the outlook for global fuel demand was overshadowed by COVID-19 limitations in China and the possibility of future interest rate increases in the US and Europe.

  • Panadol production stopped in Pakistan, shortage expected

    Panadol production stopped in Pakistan, shortage expected

    The widely used over-the-counter (OTC) drug panadol and paracetamol may not be available in markets as the company that produced the brands has stopped production of both the drugs.

    Panadol is a generic drug used to treat fevers, minor pains such as headaches and vaccination shot ache.

    The company has cited cost-effectiveness for not manufacturing the drug anymore.

    The manufacturer, who has been requesting authorities to raise the price of Panadol, claims that production was no longer financially viable.


    According to the Pharmaceutical Manufacturing Association of Pakistan, the Drug Regulatory Authority of Pakistan (DRAP) reportedly issued a summary to the health ministry requesting an increase of Rs 1per tablet, but the federal cabinet rejected the document.

    The association says the manufacturer could not sell the medicine at less than the production cost.


    According to the pharmaceutical industry, the manufacturing of the tablets has been fully stopped.


    DRAP has been formally informed that some of the tablets sold by pharmacies are fraudulent.

    Panadol is among the highest selling medicine brands in the country, with demand for the drug being the highest in Punjab. The medicine comes in formulations meant for infants, children and adults. A sister brand named Panadol Extend is also part of the company’s products.

  • NADRA introduces a new digital payment system to replace ATMs

    NADRA introduces a new digital payment system to replace ATMs

    The National Database and Registration Authority (NADRA) has introduced an innovative system that will serve as an alternative to automated teller machines (ATMs) and let citizens pay utility bills and identity documents.

    This development comes as a result of NADRA’s partnership with 1Link, Pakistan’s largest and fully licensed payment gateway system. The two authorities have formed a strategic alliance to evolve and administer an e-payment system that will build on NADRA’s already existing e-Sahulat franchise.

    According to DAWN, the collaboration will make it possible for the more than 17,000 e-Sahulat centers to conduct financial transfers, cash-in and cash-out transactions, as well as P2G, G2P, and P2P payments.

    NADRA Chairman Tariq Malik and 1Link CEO Najeeb Agrawal inked the agreement on Monday at the organization’s headquarters. In response to this development, Malik stated that NADRA has been trying to enhance e-governance by empowering organisations from the public and commercial sectors through its digital services.

    He asserted that one of Pakistan’s most cutting-edge digital services for financial payments is NADRA’s e-Sahulat facility.

    Through this cooperation, the more than 17,000 e-Sahulat locations operated by NADRA will be able to quadruple the capacity of more than 16,500 1Link ATMs nationwide. As was already mentioned, this will make it simple for consumers to deposit and withdraw money.

    In the future, the digital platform will also be accessible in rural Pakistan, enabling students there to continue their studies while earning money to cover their tuition.