Zhang Yiming, founder of ByteDance, the parent company of TikTok, has reached the pinnacle of the Hurun China Rich List with an impressive fortune of $49.3 billion. His rapid ascent not only marks his first time in the top position but also signals a broader shift in China’s economic landscape, where tech leaders are climbing […]
Apple Inc., one of the world’s most influential tech companies, has been making waves in recent years by shifting a notable share of its iPhone production to India. This move reflects a larger strategy to diversify its manufacturing base and reduce reliance on China amid rising geopolitical tensions. India, with its growing infrastructure and government […]
On October 16, 2024, Pakistan’s Economic Coordination Committee (ECC) made a significant move by approving the export of an additional 500,000 metric tons (MT) of sugar. This decision, which is expected to impact both the local and international sugar markets, reflects the government’s ongoing efforts to manage surplus production and stabilize prices. The circular issued […]
In the evolving landscape of Pakistan’s banking sector, the role of the Banking Mohtasib has never been more crucial. Over the first nine months of 2024, this institution has taken significant strides to protect banking customers and provide monetary relief, amounting to an impressive Rs 1.06 billion. This article delves into the achievements of the […]
The landscape of Pakistan’s power sector is undergoing transformative changes, but the journey is fraught with challenges. Policymaking in this sector is often reactive, resembling a game of whac-a-mole where one issue is addressed only for another to emerge. The government’s approach, primarily focused on negotiating with Independent Power Producers (IPPs), has highlighted the urgent […]
In a revealing trend for Pakistan’s economy, the trade deficit with nine member countries of the Shanghai Cooperation Organisation (SCO) escalated significantly in the fiscal year 2024 (FY24), reaching $11.703 billion. This marks a sharp increase of over 41% compared to $8.298 billion in FY23, as reported by the State Bank of Pakistan. The widening […]
In a significant development for Pakistan’s banking sector, a recent estimate by the tax advisory firm Tola Associates suggests that banks will face an additional income tax liability of Rs197 billion due to their excessive lending to the federal government. This comes as banks, both domestic and foreign, are actively lobbying for tax exemptions to […]
On October 16, 2024, eTurbo Motors made a remarkable entry into Pakistan’s electric vehicle (EV) market with the launch of the country’s fastest and most economical electric motorcycles. This event, held in Karachi, attracted considerable attention, featuring notable guests such as Sharjeel Inam Memon, the Provincial Minister of Sindh, along with consular generals from various […]
The Ministry of Science and Technology (MoST) in Pakistan is on the verge of a major overhaul as the federal government aims to streamline its departments by eliminating inefficiencies. The restructuring comes after a subcommittee, part of a higher-powered right-sizing committee, recommended the closure or merger of several underperforming entities within the MoST. If implemented, […]
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