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  • Yahoo announces major layoffs, 20% of staff to be affected

    Yahoo announces major layoffs, 20% of staff to be affected

    Yahoo announced in a statement on Thursday that they will be cutting more than 20 per cent of their workforce by the end of 2023, starting with the elimination of 1,000 positions this week.

    The company, which was acquired by private equity firm Apollo Global Management in September 2021, had a headcount of around 10,000 employees at the time of acquisition, according to PitchBook data.

    However, recent reports by Axios indicate that the current headcount may be closer to 8,000 employees, with more than 1,600 workers set to lose their jobs in the latest round of cuts.

    The recent layoffs at Yahoo are part of the company’s plan to simplify its advertising unit’s operations. A spokesperson for the company stated that the strategy for the Yahoo for Business segment failed to meet the company’s expectations in all aspects. These layoffs are a step towards rectifying the situation and ensuring the business segment operates more efficiently.

    “Given the new focus of the new Yahoo Advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50 per cent by the end of 2023,” a Yahoo spokesperson told CNBC.

    Yahoo announced that it will redirect its focus to its long-standing collaboration with Taboola, a leading digital advertising firm, to enhance its advertising services. The partnership between the two companies has existed for 30 years.

    “These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long run, while enabling Yahoo to deliver better value to our customers and partners,” the Yahoo spokesperson said.

    According to a statement made by a representative of Yahoo to CNBC, the company has announced plans to offer severance packages to its domestic employees who have been impacted by job loss. However, the company has not disclosed the exact amount or specifics of the severance packages being offered.

    Severance packages are typically offered by companies to employees who have been laid off or let go due to a reduction in workforce, restructuring, or other reasons. These packages typically include a combination of financial compensation and benefits, such as continued health insurance, unemployment assistance, and outplacement services.

    The size and value of the severance package will depend on factors such as the employee’s length of service, position, and company policies. In the case of Yahoo, without specific details on the size or value of the severance packages, it is difficult to determine what the employees can expect to receive.

  • Najam Sethi wants Wahab Riaz to take oath as Punjab sports minister after PSL

    Najam Sethi wants Wahab Riaz to take oath as Punjab sports minister after PSL

    Pakistan Cricket Board’s (PCB) Management Committee Chairman Najam Sethi has called Punjab caretaker Chief Minister (CM) Mohsin Naqvi to request him to delay the oath-taking ceremony of left-arm fast bowler Wahab Riaz as the caretaker Sports Minister of Punjab.

    The chairman was of the view that Riaz needs concentration as he is the only bowler to complete a century of wickets.

    Subsequently, Naqvi accepted Najam’s request, hence Riaz will take oath after the PSL’s eighth edition, which is going to start on February 13.

    Wahab Riaz is the new Punjab sports minister

    Last month, Riaz was named as the sports minister.


    The left-arm bowler has 237 wickets in 156 matches across cricketing formats. It is important to note that the 37-year-old bowler played for his country in the 2017 ICC Champions Trophy

  • PTA barred from block websites without consulting IT Ministry

    PTA barred from block websites without consulting IT Ministry

    Pakistan Telecommunication Authority (PTA) has to consult with The Ministry of Information Technology and Telecommunications before blocking any website in the country, a ministerial committee meeting has decided.

    Syed Aminul Haque, the minister of information technology, served as the meeting’s chair. Following PTA’s blocking of Wikipedia, the free online encyclopedia, the committee was created by the prime minister on February 6.

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    The Pakistan government on February 06 reversed the ban on Wikipedia after outrage on restricting the online encyclopedia.


    The ban was put in place by Pakistan Telecommunications Authority (PTA) due to “unlawful” content.

  • PM Shehbaz says Pakistan will never leave Turkey, Syria alone in these circumstances

    PM Shehbaz says Pakistan will never leave Turkey, Syria alone in these circumstances

    Prime Minister (PM) Shehbaz Sharif on Friday announced that the federal government has allocated Rs10 billion to help Turkey’s earthquake relief efforts.

    The premier said that Pakistan will never leave alone Turkey in these circumstances, urging the nation to pray for the victims of the earthquake in Friday prayers today.

    “I believe that the people of Turkey and Syria will come out of this difficulty,” he said, adding that Pakistan assured Turkey of assistance on the very day the tragedy took place.

    “A committee has been formed to send funds to Turkey. 1,486 tonnes of relief goods are being sent to Turkey and Syria,” he added.

    The premier said that the National Disaster Management Authority (NDMA) will purchase relief items — such as tents, clothes, blankets and dry food — from the fund and dispatch them to Turkiye.

    “Destruction of such magnitude is seldom seen, where parents have lost their children and infants have become orphans […] there are dreadful visuals everywhere,” he noted.

    However, the prime minister asserted that under the leadership of Turkish President Recep Tayyip Erdogan, the people of Turkiye would emerge out of the crisis. “And so will our brothers in Syria,” he said.

    More than 21,000 people have died in Turkiye after an earthquake of magnitude 7.8 struck the region in the early hours of Monday morning. The hope of pulling out survivors from underneath the rubble diminishes as the days pass and freezing temperatures continue unabated.

  • SBP-held foreign exchange reserves drop to a highly critical level of $2.92 billion

    SBP-held foreign exchange reserves drop to a highly critical level of $2.92 billion

    The State Bank of Pakistan (SBP) has reported a decrease in its foreign exchange reserves, as reflected in data released on Thursday. The reserves fell to a total of $2.92 billion, marking a reduction of $170 million.

    According to the recent data, the current level of reserves held by the bank has reached its lowest point since February 2014.

    The country’s total liquid foreign reserves were reported to be at $8.54 billion, according to the latest data. Meanwhile, commercial banks in the country held net foreign reserves of $5.62 billion.

    “During the week ended on February 3, 2023, SBP’s reserves decreased by $170 million to $2,916.7 million due to external debt repayments,” the SBP said in a statement.

    The State Bank of Pakistan (SBP) experienced a substantial decrease in its foreign exchange reserves last week, declining to $3.09 billion, a drop of $592 million. This represents the lowest level of reserves for the central bank since February 2014. The current level of reserves falls below one month’s worth of import coverage.

    The depletion of the central bank’s reserves, which stood at nearly $18 billion at the beginning of 2022, highlights the pressing need for Pakistan to move forward with the next review of its International Monetary Fund (IMF) program.

    These declining reserves serve as a reminder of the economic challenges facing the country and the importance of addressing them in a timely and effective manner.

  • Khan will not physically address election rallies

    Khan will not physically address election rallies

    Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has decided not to personally participate in public gatherings held during campaigns in by-elections for National Assembly (NA) seats, reports Geo News.

    The Election Commission of Pakistan (ECP) has scheduled the election for the NA by-polls in March.

    PTI members had resigned from their NA seats following the no-confidence move that toppled Imran Khan from the premiership last April.

    The decision of the PTI’s senior leadership that Imran will not physically appear at rallies was made keeping in mind threats to his life.

    He alleged that he would be eliminated in an explosion or blast, and later the blame would be placed on the outlawed Tehreek-e-Taliban Pakistan (TTP).

    “After killing me, they will say that Imran was killed in a terrorist attack,” he alleged.

    Khan was shot in the leg on December 3 in Wazirabad, while leading a protest march to Islamabad.

  • Rs170 billion in taxes to be imposed through mini-budget for revival of IMF loan program

    The Minister of Finance, Ishaq Dar, has announced that the talks between Pakistan and the International Monetary Fund (IMF) have concluded positively. In order to revive the loan program, the government will be required to implement a mini-budget, which includes collecting approximately Rs170 billion in taxes.

    During a media briefing, the finance minister confirmed receipt of the draft of the Memorandum of Economic and Financial Policies (MEFP) from the IMF based in Washington. At the outset of his media address, the minister emphasized that the current government is continuing to implement the program signed by former Prime Minister Imran Khan with the IMF in 2019-2020, and that the talks are being held as a “sovereign commitment” under the leadership of Shehbaz Sharif.

    “This is an old agreement which had been suspended and delayed previously,” he noted. 

    Regarding the discussions between Pakistan and the IMF mission, the finance minister stated that the talks, which lasted for ten days, were comprehensive and covered a range of topics including the power and gas sectors, as well as the fiscal and monetary aspects.

    “The SBP governor and officials from different departments and ministries participated in the talks,” said Dar.

    Finance Minister Ishaq Dar has shared details of the agreement reached with the IMF regarding the country’s financial situation. The finance minister confirmed that taxation measures of Rs170 billion will be taken, dispelling rumors of a larger figure of Rs700-800 billion.

    Dar highlighted that reforms in the energy sector will be a key focus, aimed at curbing the flow of circular debt, particularly in the gas sector where efforts will be made to bring the circular debt to zero and minimize untargeted subsidies.

    The minister acknowledged that some of the reforms suggested by the IMF are beneficial for Pakistan and emphasized the need for reforms in the country. He added that Prime Minister Shehbaz Sharif has assured the IMF of the government’s commitment to implement the necessary reforms.

    As per the standard procedure, a MEFP and a letter of intent are given. “The government has received the MEFP draft this morning and we will go through it on the weekend. A virtual meeting with the IMF will be held after that on Monday,” he added.

    “We believe that there are some sectors that need to be reformed in Pakistan’s interest,” he said.

    The Minister of Finance, in a statement, indicated that the country’s economy is facing significant challenges, with its current ranking standing at 47. The minister attributed the economic struggles to poor governance and mismanagement, and emphasized the need to address and rectify the situation.

    In reference to the power sector, the finance minister noted that a large portion of the national budget, approximately Rs3,000 billion, is spent on electricity generation, however, the recovery rate for these expenditures is only Rs1,800 billion. This highlights the pressing need for reforms and improvements in the sector to enhance efficiency and ensure sustained economic growth.

    “Even though these reforms are painful but we will have to implement them,” he maintained.

    He said that the government had decided that Pakistan will complete the IMF’s programme for the second time.

    “Pakistan will get $1.2 billion after the approval of IMF’s Executive Board.”

    The Minister of Finance announced that it has been determined to increase the budget of the Benazir Income Support Program (BISP), bringing it to a total of Rs400 billion. This increase is aimed at mitigating the impact of inflation on the most vulnerable segments of society.

    Regarding the declining foreign currency reserves, the minister provided reassurance that efforts are underway to boost them. The minister credited the State Bank of Pakistan (SBP) with managing the situation and noted that support from friendly countries has also been secured through commitments.

    “Pakistan had made big payments to countries during this time, and once the programme is finalised, we will get the amount back,” said Dar.

    The Minister of Finance criticized the previous administration for the credibility gap in the country’s reputation, stating that the lack of trust from the IMF is a result of the previous government’s failure to implement reforms, and even reversing them during a period of political instability.

    “This has negatively portrayed Pakistan’s image and this has affected the recent talks as [the IMF] is not sure if we would agree to it,” he added.

    He added that the government refused to impose sales tax on petrol and the IMF conceded it. “It was mutually agreed that there will be no sales tax on petroleum products,” he said. He added that the general sales taxes will be added to the Rs170 billion.

    Dar said that it is necessary to recover Rs170 billion in taxes within the current fiscal year, within a period of four months.

  • ‘Only one prime minister in Pakistan’s history was considered very honest’: CJP Bandial

    ‘Only one prime minister in Pakistan’s history was considered very honest’: CJP Bandial

    Chief Justice of Pakistan (CJP) Umar Ata Bandial has said that “Only one prime minister in Pakistan’s history was considered very honest.” The remarks were passed during a hearing of a Pakistan Tehreek-e-Insaf (PTI) plea against amendments in National Accountability Bureau (NAB) laws. The Chief Justice, however, did not name the Prime Minister in question.

    “One honest prime minister’s government was ended through 58 (2b). Article 58 (2b) was a draconian law. The court had said in 1993 that the government was [sent packing] in a wrong manner but only elections should be conducted now,” the CJP said.

    Justice Bandial also said that the judiciary did not want to meddle in the legislative and that it had not taken notice itself of the NAB amendments ibut a petition had been filed. He highlighted that the court had rued its decision once before as well.

    A three-member Supreme Court bench — comprising CJP Bandial, Justice Syed Mansoor Ali Shah and Justice Ijazul Ahsan — PTI Chairman Imran Khan’s plea, which claims the new NAB laws are a “violation of fundamental rights

    The CJP said, “The PTI chief is not in the assembly and legislation like the NAB amendment is now becoming controversial.”

    Stating that the court has to determine what is standard of cases related to human rights, the government counsel asked, “Can anyone challenge legislation based on assumptions?”

    Replying to this, the CJP reiterated that Imran was no ordinary man but “the chief of a huge political party of the country and was a former prime minister”.

    Justice Bandial added: “His party decided to resign from the parliament due to political conflicts. His party then changed its mind and now they want to return. But they are not a part of parliament right now. But parliament is there.”

  • US sees TTP as a threat to Pakistan

    US sees TTP as a threat to Pakistan

    Counselor of the United States (US) State Department, Derek Chollet, has said that his country sees the outlawed Tehreek-e-Taliban Pakistan (TTP) as a threat to Pakistan.

    While talking to ARY, Chollet said, “We have seen [TTP] in a terrible way a threat to Pakistan. The US considers any terrorist act as unexpectable.”

    The Counselor will pay an important visit to Pakistan during the ongoing week to explore possibilities of coordinating efforts to combat terrorism.

    He was also of the view that there is a great opportunity to further improve the relationship between Washington and Islamabad.

    The US diplomat said that Pakistan and US are working together to deal with the threats of terrorism.

    Since government talks with the TTP broke down in November, the militant group has intensified its attacks across Pakistan including attacks on the police.

    According to statistics released by the Pakistan Institute for Conflict and Security Studies (PICSS), January 2023 remained one of the deadliest months since July 2018.

    Most recently, more than 100 people lost their lives during a suicide attack at a mosque in Peshawar’s Police Lines. The TTP initially claimed responsibility for the attack, however, it later backtracked and claimed that they did not perpetrate the bombing.

  • Pakistani rupee strengthens by Rs2.82 against dollar, closes at Rs270.51

    Pakistani rupee strengthens by Rs2.82 against dollar, closes at Rs270.51

    The Pakistani rupee (PKR) experienced an upward trend against the US dollar in the inter-bank market on Thursday, appreciating by 1.04 per cent due to expectations surrounding the revival of the International Monetary Fund (IMF) program.

    According to the State Bank of Pakistan (SBP), the currency closed at Rs270.51 against the US dollar, reflecting an increase of Rs2.82. Despite this improvement, the currency has depreciated by 23.7 per cent during the current fiscal year against the US dollar.

    On Wednesday, the PKR also saw significant gains against the US dollar, closing at Rs273.33, reflecting an appreciation of Rs2.95 or 1.08 per cent.

    In a key development, Finance Minister Ishaq Dar said on Thursday negotiations between Pakistan and the IMF are “on track” and “we will announce good news soon”.

    Speaking to the media, Dar said talks between the two sides had entered the final round, progress has been “satisfactory” and he hopes discussions will conclude today.

    The dollar index, which measures the US currency against six rivals, was 0.029 per cent higher on Thursday at 103.460, having dropped nearly 0.3 per cent in the previous session.

    Gold prices, rose for a fourth straight session as the dollar faltered, although bullion’s outlook remained cloudy amid the comments made by Fed officials.

    Meanwhile, oil prices, a key indicator of currency parity, were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs were offset by fears that US crude stocks hitting their highest for months may signal weakening demand in the world’s number one economy.