Day: January 4, 2022

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Widespread rain wind-thunderstorm with snowfall over hills expected in country

Widespread rain wind-thunderstorm with snowfall over the hills is expected in Balochistan, Sindh, Khyber Pakhtunkhwa, Islamabad, Punjab, Gilgit Baltistan and Kashmir during the next twelve hours.

Isolated heavy falls are also likely in Balochistan during the period. Heavy rain and good snowfall in upper Khyber Pakhtunkhwa.

Temperature of some major cities recorded this morning:

Islamabad seven degree centigrade, Lahore fourteen, Karachi eighteen, Peshawar ten, Quetta five, Gilgit two, Murree three and Muzaffarabad four degree centigrade.

According to Met office forecast for Indian Illegally Occupied Jammu and Kashmir, cloudy weather with chances of rain and snow is expected in Srinagar, Pulwama, Anantnag, Leh, Bramula and Shopian.

Temperature recorded this morning: Srinagar, Shopian, Anantnag and Baramula one degree centigrade, Jammu five, Leh minus six, Pulwama two degree centigrade.

Source: Radio Pakistan

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Federal Cabinet approves holding LG elections in Islamabad through EVMs

The Federal Cabinet has approved provision Electronic Voting Machines to the Election Commission of Pakistan to hold Local Government elections in the Islamabad Capital Territory through EVMs.

Briefing media about the decisions taken by the federal cabinet which met in Islamabad today with Prime Minister Imran Khan in the chair, Minister for Information and Broadcasting Chaudhry Fawad Hussain said that the ECP had written a letter to the Ministry of Science and Technology for the provision of EVMs and the federal cabinet directed the ministry to acquire the same as per ECP’s demand.

The Minister said the cabinet was briefed that Omicron cases are rising in Pakistan and keeping this in view it was stressed that precautionary measures should be followed to avoid spread of this variant of Coronavirus.

Talking about the Health Card programme, he said this initiative is being launched gradually in Punjab, while the entire population of Khyber Pakhtunkhwa has already been provided this facility. He said all members of a family registered in NADRA record can get treatment up to one million rupees from all government and designated private hospitals. He said this facility is available to admitted patients only. He said Punjab is going to contribute 400 billion rupees for this programme and Sindh Government should also play its due role to provide quality health facilities to the people of Sindh.

Chaudhry Fawad Hussain said prices of essential items are decreasing, which is a good omen.

He said the cabinet also approved tabling of Finance (Supplementary) Bill, 2021 in the National Assembly. He said it approved an agreement between China-Pakistan Economic Corridor Authority and Chinese Ministry of Environment to provide 3,000 solar power generations to the people of Gwadar, who are facing the problem of electricity.

Talking about foreign funding case in ECP, Chaudhry Fawad Hussain said it is the Pakistan Tehreek-e-Insaf, which has an elaborate system of funding and accounting. He demanded of the ECP that a comparison of all political parties should be presented so that people can know which party has a complete record and which one is missing this.

Speaking on the occasion the Minister of State for Information and Broadcasting Farrukh Habib said Pakistan Muslim League-Nawaz and the Pakistan People’s Party run unverifiable accounts, which is a sheer violation of law.

Source: Radio Pakistan

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Sindh Likely to Close Schools and Colleges Again

The Government of Sindh is considering closing down schools and colleges in Karachi on account of the growing number of cases of the Omicron variant of the coronavirus.

The Sindh Health Department announced in a statement on Tuesday that the authorities are monitoring the situation closely and will make a decision in this regard within two or three days.

The development comes just a day after the educational institutes in the provinces reopened after the winter vacations.

The Special Assistant to Prime Minister on Health, Dr. Faisal Sultan, revealed on Monday that the COVID-19 infection rate in Karachi had crossed 8.9 percent and that most of the cases were of the Omicron variant.

“People should protect themselves by wearing masks and get vaccinated because most of the cases are of unvaccinated people,” he said.

Meanwhile, the Chief Minister of Sindh, Syed Murad Ali Shah, has directed the concerned authorities to increase the vaccination campaigns in Karachi and Hyderabad and take action against violations of the COVID-19 standard operating procedures (SOPs).

The World Health Organization (WHO) stated that the Omicron variant appears to have a “growth advantage” over the Delta variant which was previously the fastest spreading variant of the virus.

A recent study conducted by the University of Copenhagen, Statistics Denmark, and Statens Serum Institut (SSI), suggests that the virus can mutate itself against the immunity obtained from vaccines.

The researchers said, “Our findings confirm that the rapid spread of the Omicron (variant) primarily can be ascribed to the immune evasiveness rather than an inherent increase in the basic transmissibility”.

However, the study is yet to be peer-reviewed.

Source: Pro Pakistani

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FATF Asks for Details on Business Persons Using Fake CNICs

The Financial Action Task Force (FATF) has sought the list of business persons registered with tax departments using forged CNIC. FBR has acquired some details about such business persons using forged CNICs, enabling money laundering.

According to FBR sources, the FBR has asked the banks for details of the accounts created on these identity cards. The process of detecting fake identity cards started four months ago by NADRA.

According to sources, the Financial Monitoring Unit (FMU) first obtained the details of the counterfeit ID cards in a recently concluded investigation regarding suspicious bank accounts and transactions across ten cities of the country. The details are being used to track down those involved in money laundering.

Furthermore, a list of the users of forged cards for registration in sales tax will also be compiled. Those who have obtained sales tax registration and import license on fake cards will also be traced. In this regard, the FATF has also handed over the names of Pakistani importers to the Financial Monitoring Unit.

Moreover, the ID cards used in remittances, and of the recipients will also be monitored. The FBR sources further revealed that the bureau will first scan the inland and foreign money transactions of the people named in the list of counterfeit ID cards users. The FATF has already pointed out the suspicious financing activity of several individuals.

Source: Pro Pakistani

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National Bank Audit Unearths Rs. 235 Billion Irregularities

The Auditor General of Pakistan (AGP) has unearthed massive irregularities in the National Bank of Pakistan (NBP) from 2012 to 2020, causing the national exchequer a loss of over Rs. 235 billion.

According to details, the audit has been carried out by the Director-General Commercial Audit and Evaluation Karachi wing of the AGP. The report has identified 117 instances of misappropriations, irregularities, non-recoveries, and violations of rules in the NBP during the period under observation.

Source: Pro Pakistani

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Here’s How Much Funding Pakistani Startups Raised in 2021

2021 was a monumental year for the Pakistani startup ecosystem. A large number of startups raised multiple rounds in the year including the likes of Bazaar, Abhi, TAG, and many more helping the ecosystem raise 450 per cent more than 2020.

Looking back at the past few years, 2018 was disappointing for the Pakistani ecosystem, with only seven startups managing to raise $5.7 million, the Pakistani startup ecosystem bounced back in 2019 and has not looked back since. However, in 2019, 14 startups, including Airlift, Tello Talk, Cheetay, Bykea, Eat Mubarak, and many more, managed to raise only $47 million.

In 2020, Pakistani startups including Trella, Jugnu, Walee, OPay, and many others closed $57.7 million across 41 deals. By the end of Q4 2020, this number reached $65M.

From 2015 up till 2021, the total amount raised by Pakistani startups across 255 deals reached $563.5 million, as reported by Invest2Innovate. 61% of this amount has been raised in the past year alone.

Finally, in 2021, insights shared by Invest2Innovate claim Pakistani Startups raised $19.26 million in 13 deals during Q1 and $81.73 million in 18 deals in Q2. Up until Q3, Pakistani startups raised $173 million across 17 deals, for a total of $273.9 million across 48 deals. By the end of the year, Pakistani startups raised $350 million across 81 deals, with $69 million raised across 22 deals.

Kalsoom Lakhani, General Partner i2i Ventures, shared important insights into funding raised by Pakistani startups in 2021 on Twitter. The highest performing sectors of the year were noted to be e-commerce, fintech, and logistics.

The final amount raised by the end of the year 2021 by Pakistani startups was $365.87 million as reported by DAWN. Here’s a breakdown of the startups that raised the highest funds in 2021 with data from i2i’s Deal Flow Tracker and Techshaw Pulse:

Source: Pro Pakistani

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Rupee Starts 2022 With Losses Against the US Dollar

The Pakistani Rupee (PKR) has kicked off 2022 by reversing last week’s gains against the US Dollar (USD) in the interbank market today. It depreciated by 23 paisas against the greenback after hitting an intra-day high of Rs. 176.1 against the latter during today’s open market session.

It depreciated by 0.14 percent against the USD and closed at Rs. 176.75 today after gaining Rs. 1 and closing at 176.51 in the interbank market on Friday, 31 December.

While the global financial system continues to grow gradually, inflation and other hurdles threaten fiscal progression everywhere. For instance, commodity prices are suffocating debt-ridden and underdeveloped countries, and downward adjustments to things like currency units are not painting a good picture for the near term.

The situation is pretty much the same in Pakistan. The local unit had a rough 2021, losing 10 percent value against the dollar on a year-on-year calendar year (CY) basis.

Discussing the rupee’s near-term outlook in a news column, the former Treasury Head of Chase Manhattan Bank, Asad Rizvi, blamed central banks and governments worldwide for damaging the fiat model. He explained that central banks and governments all over the world have played a vital part in inflating the economy and refuse to accept it.

He wrote: “It is a proven fact (doubling of balance sheets) that despite severe economic conditions caused by them, advanced or so-called rich economies easily escape the financial misery by printing money (quantitative easing) and by opting for ultra-low and negative interest rates”.

The PKR also posted losses against the other major currencies in the interbank currency market today. It posted losses of 20 paisas against the Pound Sterling (GBP) and four paisas against the Euro (EUR).

The rupee also lost five paisas against the Saudi Riyal (SAR), six paisas against the UAE Dirham (AED), and 11 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

Conversely, it appreciated against the Australian Dollar (AUD) and posted gains of 62 paisas despite the threat of intraday shredding.

Source: Pro Pakistani

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Govt to Set up National Institute of Intelligence & Security Studies at QAU

The federal government has decided to establish an institute, called the National Institute of Intelligence and Security Studies (NISS), at Quaid-e-Azam University (QAU).

Sources told ProPakistani that the federal cabinet on Tuesday approved the proposal of establishing NISS which would prepare personnel for the senior intelligence positions and would provide intellectual input to government departments and decision-makers for policy formulation.

Sources said the decision was made in view of the significant role of the intelligence community in handling security challenges as a first line of the national defense. They added that Pakistan had a number of training institutions for the practitioners, however, there was a gap in terms of educational development of the national intelligence community. They held that there was room for introducing new disciplines of intelligence and security studies at undergraduate, graduation, and postgraduate levels to enhance knowledge about different strands of intelligence.

Sources said NISS intended to offer a four-year BS intelligence and security studies degree with majors in intelligence and security studies and cyber technology, in addition to a two-year MS intelligence and security studies degree with a major in intelligence and security studies and cyber technology.

The postgraduate diplomas and certificates as well as short duration courses of a single semester or two semesters will facilitate the in-service intelligence community to improve their knowledge and accumulate credit hours for further studies.

Source: Pro Pakistani