Category: Business

Gold prices jump by Rs2,300 per tola in Pakistan

Posted on by Ali Qasim

Lahore (NUT-DESK)

Gold prices in Pakistan skyrocketed on Thursday as a softer rupee and a surge in sales lifted demand for the safe-haven asset.

Gold prices in the local bullion market soared by Rs2,300 per tola and Rs1,972 per 10 gram today to reach Rs119,000 and Rs102,023 amid rising prices in the international markets.

The precious commodity closed at Rs116,700 per tola and Rs100,051 per 10 grams on Wednesday.

Significant fluctuations in the local currency against the US dollar aided the increase in prices of the safe-haven asset.

Speaking to Geo.tv, a gold dealer said that gold prices skyrocketed because of a sudden increase in demand for gold in the local market.

“We have seen a sudden increase in demand because, after the 12th Rabi ul Awal, wedding season will begin in full swing,” he added.

Moreover, the dealer mentioned that speculations that the rupee will further depreciate have added fuel to the already surging price of the yellow metal.

The international gold price rose by $29 per ounce to $1,800 underpinned by a pullback in the US Treasury yields, as investors awaited US inflation data to gauge the Federal Reserve’s path on normalising policy.

“International gold prices, however, are rising at a slower pace due to concerns regarding US monetary policy tightening due in November,” AA Commodities Director Adnan Agar had said on Tuesday, adding that the precious commodity is expected to trade within a range of $1,720-1,800 during the ongoing month.

However, it is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market gained Rs30 per tola and Rs25.73 per 10 gram to close at Rs1,430 per tola and Rs1,226 per 10 grams.

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AJ&K and GB will have 4G (Next Generation Mobile Services) internet services.

Posted on by Ali Qasim

Lahore (NUT-DESK)

The license signing ceremony for Next Generation Mobile Services (NGMS) in Azad Jammu & Kashmir and Gilgit Batistan was held here today. Three Cellular Mobile Operators (CMOs); CMPak (Zong), Telenor Pakistan and PTML (Ufone) have been issued new licenses for the spectrum secured in the recent auction process.

The event was attended by Federal Minister for Kashmir Affairs and Gilgit Baltistan, Ali Amin Khan Gandapur; Chief Minister of Gilgit Baltistan, Muhammad Khalid Khurshid; Federal Secretary for IT & Telecommunication Dr Suhail Rajput, Chairman PTA, Maj Gen Amir Azeem Bajwa Retd.,  Members of the Authority, Special Assistant to Prime Minister AJ&K for Information Technology, Secretary Kashmir and GB Affairs, Executive Director, Frequency Allocation Board (FAB) and senior management of mobile companies.

On the occasion, Federal Minister for Kashmir Affairs and GB appreciated the efforts of PTA for the successful completion of the spectrum auction process. He congratulated the winning mobile operators and said that through NGMS, digital divide will be reduced and tourism will flourish further in the regions.

Chief Minister of Gilgit Baltistan congratulated the mobile operators on award of NGMS licenses and hoped that this will open up a new era of modern telecom services for the people of AJ&K and GB.

At the event, Federal Secretary for IT & T, Dr. Suhail Rajput said that the Ministry of IT&T is committed to enhance connectivity and improve digital infrastructure in the country.

Chairman PTA said that PTA is working to ensure that Pakistanis have access to high quality services and benefit from ubiquitous coverage. Continuous efforts are being made to spread state of the art telecommunication services to far flung areas enabling access to a multitude of opportunities for businesses, education and health.

The award of licenses for NGMS in the two regions will contribute towards strengthening uninterrupted provision of better telecom services to the people of AJ&K and GB in line with the GOP vision of a Digital Pakistan.

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US dollar touches new record high against rupee.

Posted on by Ali Qasim

Lahore (NUT-DESK)

The United States (US) dollar continued its surge against the Pakistani rupee in the inter-bank currency market on Thursday. According to forex dealers, the greenback appreciated 4 paisas against the local unit, touching another record high at Rs171.

The US dollar has appreciated Rs18.72 against the rupee in the interbank market over the past five months as it stood at Rs152.28 as of May 7, 2021.

On Wednesday, the State Bank of Pakistan (SBP) introduced regulatory measures to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency.

According to guidelines shared by the SBP, persons travelling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.

Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.

The SBP further directed that exchange companies will sell the cash foreign currency and make outward remittances, equivalent to US$10,000 and above, against receipt of funds through cheque or banking channels only.

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USAID organized one day training workshop for women entrepreneurs.

Posted on by Ali Qasim

Lahore (Muhammad Yasir) USAID organized training on Starting and scaling online businesses for women entrepreneurs on 6th October at Avari hotel Lahore. The objectives of the training were to help SMEs develop strategies to overcome their challenges and benefit from the emerging e-commerce opportunities using appropriate tools and strategies. The training was goal focused and trainers made sure the training was effective, engaging, informative and interactive.

Speaker highlighted the challenges faced by women entrepreneurs and further shared their story on how they have tackled those challenges. One of the key objectives of workshop was to help women entrepreneurs understand how industries are being transformed under these technological advancements and how they can discover hidden value and potential in the market.

Faiza Nabeel Director Jahangir Sons, Hooria Abbas, and other Women Entrepreneurs of different sectors had attended this training. While talking about the workshop, Faiza Nabeel said that one day training workshop covered a range of topics including, understanding the customer, segmentation and advertising. It also touched on the logistics of scaling up and the opportunities that can be availed in the market today. She added that It was a well delivered, interactive training and thoroughly appreciated by the participants.

Air Link announced wholly-owned subsidiary for mobile device manufacturing

Posted on by Ali Qasim

Lahore (NUT-DESK)

Newly-listed smartphone assembler and distributor Air Link Communication Limited announced that it will incorporate a wholly-owned subsidiary ‘Select Technologies (Pvt) Limited that would manufacture mobile devices of ‘selected brands.’

Air Link Communication Limited, in its filing to the Pakistan Stock Exchange (PSX) on Wednesday, informed that its “board of directors has decided to incorporate a wholly-owned subsidiary of Air Link Communication Limited in the name and style, ‘Select Technologies (Pvt) Limited”.

The company added that it would be making an investment of Rs500 million at Rs10 per share for the purpose.

“The primary objective of this wholly-owned subsidiary would be to take on additional mobile device manufacturing of certain selected brand(s),” read the statement.

“The authorized share capital of the company be and is hereby increased from Rs4,000,000,000 divided into 400,000,000 shares of Rs10 each to Rs6,000,000,000 divided into 600,000,000 shares of Rs10 each ranking pari passu in every respect with the existing ordinary shares of the Company,” it added.

Back in August, Air Link launched its Initial Public Offer (IPO) that was oversubscribed by 1.6 times. Book-building resulted in a strike price of Rs71.5 at the end of the two-day process.

The company is one of the largest mobile phone distributors of Pakistan with a market share of around 20% within imported mobile phones, said Ismail Iqbal Securities at the time of the IPO.

The company also started to manufacture mobile phones locally in Pakistan since April with a monthly capacity of 400,000 units per month, which is expected to reach up to 550,000 units per month by FY23.

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Agriculture Republic set up Pakistan’s first ‘Digital Dera’ at remote village of Pakpattan.

Posted on by Ali Qasim

Pakpattan (Muhammad Yasir)

Agriculture Republic, a think-tank in collaboration with the Internet Society Global has setup Pakistan’s first ‘Digital Dera’ at remote village of Pakpattan district to train 15,000 farmers of the area in digital farming practices by providing them access to latest technology and resources in the farming sector.

In the first phase, two desk-top computers and three tablets have been made available at the Dera, which have been equipped with a fast broad-band connection in an air-conditioned atmosphere powered by a solar system. The Digital Dera has been established at Chak- 26/SP.

Director General Agriculture (Extension) Punjab Dr. Anjum Ali Buttar who was the chief guest at the inaugural of this facility said that the government was taking all out steps for introduction of climate smart agricultural practices in the province. He said that changing weather patterns demand introduction of new crop varieties resistant to climate change.

He said after distribution of smart phones among the growers to provide them access to information available through internet, now the government is going to setup a ‘call center’ where all the information regarding agriculture will be available to growers.

“The Digital Dera is an attempt to empower local farmers through the internet connectivity and access to digital knowledge economy,” said Agriculture Republic co-founder Aamer Hayat Bhandara. “It will also serve as a digital hub to organize awareness and capacity building sessions to educate the youth and small farmers about transparency and accountability in agriculture, food security and climate change policies.”

Bhandara said that the users of the Digital Dera will have access to digital farming and learning resources and what the internet has to offer to the agricultural community powered by Internet of Things (IoT) but not to the social media tools that consume, rather waste, time of the people without offering anything positive.

He said that the facility will not be confined to the residents of Chak 26-SP rather all the farmers from Pakpattan’s rural belt will have access to it to find solutions to their farming challenges, learning about the latest agriculture technology and extension services offered by various members and actors of the Agriculture Republic community.

Foud Bajwa, co-founder Agriculture Republic proudly said that Digital Dera can match any computer lab in the country with regard to connectivity speed and equipment.

Adnan, a young farmer of the village while talking to a group of journalists said that providing a speedy internet in a village devoid of even 2-G phone signals is a great achievement for them. He was hopeful that the facility will not only help them learn new farming techniques but also connect with agriculture experts to get advice on various issues faced from plantation to harvesting of various crops.

Sarfaraz Hussain, another local farmer, looking forward to having information about latest agricultural research, new farming techniques for achieving maximum production with the minimum or judicious use of farm inputs.

 

Petrol price moves up by Rs4 from 1st October , costs Rs 127.30 per litre now

Posted on by Ali Qasim

Lahore (NUT-DESK)

The government on Thursday announced it has raised the price of petrol by Rs4 from October 1 “due to an increase in petroleum prices in the international market”, according to a notification from the Finance Division.

“OGRA has worked out the higher petroleum prices but prime minister has decided against the recommendation and passed on the minimum increase in prices to the consumers,” the notification said.

The government has absorbed the higher international pressure of prices through a reduction in petroleum levy and the sales tax, it added.

“It is pertinent to mention that petroleum prices in Pakistan are the cheapest in the region,” the notification claimed.

Earlier, the OGRA spokesperson said that the price of petroleum products will be announced tomorrow by the government.

Petrol, with the Rs4 increase, costs Rs127.30 per litre, whereas high-speed diesel, with an increase of Rs2, costs Rs122.04 per litre.

Meanwhile, kerosene oil costs Rs7.05 more and is priced at Rs99.31 per litre, while light diesel oil became Rs8.82 dearer to cost Rs99.51 per litre.

 

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Expo 2020 Dubai launches official visitor app and business app

Posted on by Ali Qasim

Lahore (NUT-DESK)

Expo 2020 Dubai has launched its official visitor app and a business-focused app, helping to ensure that millions of visitors can make the most of the 182 visually striking and emotionally inspiring days of Expo from October 1. The official Expo 2020 app allows users to tailor their visit to Expo, matching individual interests to create a personal schedule of events and attractions, across a site twice the size of Monaco.

Visitors can use the app to buy tickets, choose from more than 200 dining options and themed culinary events, and manage reservations for Expo 2020’s intelligent Smart Queue system – offering guests the ability to reserve a convenient time slot to visit a pavilion of their choice, and avoid queues. Developed in collaboration with Accenture, the Official Digital Services Partner of Expo 2020, the app – available to download via the App Store or Google Play – allows visitors to create an Expo 2020 account or link their social media account, as well as access a GPS-enabled interactive map of the Expo site and step-by-step directions to points of interest across Expo.

A chatbot on the app will provide information on making visits to Expo 2020 safe and enjoyable, including details on opening times, parking options and how to reach Expo using Dubai’s extensive public transport options.

https://www.instagram.com/p/CUcMLkCvdvr/?utm_source=ig_web_copy_link

Mohammed Alhashmi, Chief Technology Officer, Expo 2020 Dubai, said: “Hosting the world in one place for six months, Expo 2020 offers visitors a once-in-a-lifetime opportunity to explore new frontiers and join in a celebration of creativity, innovation, human progress and culture. Whether you’re interested in boarding our Garden in the Sky observation tower 55 metres above the ground; partying at Expo Beats, our monthly music festival featuring a global cast; or experiencing the spectacular Expo Water Feature, the Expo 2020 app has everything on offer at your fingertips.”

Available via WebApp, App Store and Google Play, the Expo 2020 Business App allows users to create their own unique profile, highlighting key information and contact details, while selecting filters and researching potential match partners. Once a connection is made, users can start engaging, chatting and scheduling meetings with other users, businesses and entities of interest to establish relationships during and beyond Expo, which closes its doors on 31 March 2022.

While free to download, a small registration fee applies to access the app’s premium features, such as networking, connecting, chatting and scheduling meetings. Holders of the Premium Experience can enjoy complimentary access to the premium features of the Expo 2020 Business App, alongside a host of additional services.

From 1 October 2021 to 31 March 2022, Expo 2020 will bring together more than 200 participants, including 192 countries, plus millions of visitors, to collaborate on ways to protect the planet for our communities and future generations, inviting them to join the making of a new world.

Finance minister announces extension in tax return filing deadline

Posted on by Ali Qasim

Lahore (NUT-DESK)

Finance Minister Shaukat Tarin on Thursday announced an extension in the deadline for filing income tax returns for the tax year 2021 until 15th October.

The development came after the Karachi Chamber of Commerce & Industry (KCCI) delegation met with Finance Minister Shaukat Tarin here in Islamabad and requested to extend the tax returns filing deadline.

The delegation informed the finance minister about difficulties being faced by taxpayers in the submission of their returns due to FBR portal crash.

After listening to KCCI reservations, the finance minister extended the deadline for the next 15 days.

The Federal Board of Revenue (FBR) today confirmed it will not extend the deadline to file a tax return after September 30 midnight.

The Federal Board of Revenue tax collection software IRIS reportedly crashed also as taxpayers scramble to file income tax returns on the last day today.

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PM congratulates nation on 38% growth in tax collection.

Posted on by Ali Qasim

Lahore (NUT-DESK)

Prime Minister Imran Khan took to Twitter on Friday to congratulate the nation on the Federal Board of Revenue’s (FBR) “achievement” of collecting Rs1,395 billion tax in the first quarter of the current fiscal year.

“I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in Q1 of FA 2021-22 against the target of Rs.1,211 billion,” Prime Minister Khan wrote on his official Twitter handle.

“This represents a growth of 38 percent in revenues over the same period last year.”

The FBR in a Twitter statement said the tax body registered “historic revenue collection growth of 38.3% in first quarter of the FY 2021-22”.

As per provisional information, the FBR said it collected net revenue of Rs.1,395bn during the first quarter of the current fiscal year against the set target of Rs1,211bn, exceeding by Rs186bn.

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