While Pakistan on Tuesday technically disconnected SMW-3 undersea cable, the oldest submarine internet network, at the same time it linked its nodes with the landing station of the new Africa-2 cable network. The new system will be online by the end of next year. The SMW (South Asia-Middle East-West Asia) cable network, the oldest as well as longest in the world, was commissioned in Septembe
The government raised Rs1.65 trillion through the auction of Treasury Bills (T-bills) and Pakistan Investment Bonds (PIBs) on Tuesday, maintaining stable yields despite last week’s 200 basis points (bps) interest rate cut. This was the first auction held following the rate reduction announced in the Dec 16 Monetary Policy. Market analysts had anticipated a decline in T-bill yields after the int
Finance Minister Muhammad Aurangzeb on Tuesday announced the government’s plan to increase the tax-to-GDP ratio from the current 10 per cent to 13.5pc within the next three years, stressing that the proposed amendments to tax laws would improve tax collection and compliance in the country. The minister made these remarks during a meeting of the Senate Standing Committee on Finance and Revenue,
The government borrowings from banks for budgetary support were negative during the first half of the current fiscal year ending Dec 31, indicating higher liquidity in the national exchequer. The State Bank’s latest data for the July 1 to Dec 13 period showed a net debt retirement of Rs2.03 trillion against a net borrowing of Rs2.875tr in the same period last year. Experts believe this is hi
Taiwan has rejected ride-hailing giant Uber’s plan to buy Delivery Hero’s Foodpanda on the island, stating on Wednesday that the deal would significantly harm market competition. The US ride-hailing giant was aiming to acquire Foodpanda Taiwan by the first half of 2025 for US$950 million, merging the top two players in Taiwan’s food delivery market. “If Uber acquires Foodpanda, it will be c