Author: Faisal Shahnawaz

  • Pakistan unveils first locally made electric car

    Pakistan unveils first locally made electric car

    ISLAMABAD: Pakistan unveiled its first ever electric hatchback car on Sunday, August 14, 2022. The car has been named Nur-E-75 (named after Noor).

    The company which manufactured the car is named as JaXari (named after a scientist from the 12th century, Ismael al-Jazari).

    READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

    The car has been designed and developed by DICE foundation, which is U.S. based non-profit organization controlled by Pakistani expatriates. The local academia and the industries also contributed in the car manufacturing process.

    The car was unveiled in the ceremony started at 4:00 pm on August 14, 2022. The car was displayed in all its glory featuring awesome designs and functions.

    READ MORE: Pakistan Met office issues thundershower alert from August 14

    The car has capacity of five people, having five doors. The power peak is 107 horse power (80 kilo watt). The peak torque is 200Nm. The battery can work till the car covers the distance of 210 kilometer with the air conditioner on. However the actual range is still pending to be tested.

    The battery size is 35KwHr. The size of wheel is R16 205/55. The car is fully charged in seven-eight hours from regular 220V outlet, when charging slowly. On the other hand the car is fully charged in two hours from fast DC chargers when charging fast. The time for fast charging still needs to be premeasured.

    READ MORE: Jazz announces free calls to calamity hit Balochistan

    The Nur-E is just a concept car which is an initiative taken by Pakistani automotive industry. DICE Foundation is planning to secure investments to commercially produce this car, which may take up to three years.

  • Bitcoin to Pakistani Rupee on August 14, 2022

    Bitcoin to Pakistani Rupee on August 14, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs5,377,671.27 on August 14, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Ripple to Pakistani Rupee on August 14, 2022

    Ripple to Pakistani Rupee on August 14, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs84.42 on August 14, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Dogecoin to Pakistani Rupee on August 14, 2022

    Dogecoin to Pakistani Rupee on August 14, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs16.77 on August 14, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Donald Blome visits Karachi to support US-Pakistan trade ties

    Donald Blome visits Karachi to support US-Pakistan trade ties

    KARACHI: The U.S. Ambassador Donald Blome visited Karachi on Saturday to support the US-Pakistan trade ties and further strengthen the economic partnership and bilateral trade.

    During the visit, U.S. Ambassador met with the Federal Minister for Maritime Affairs, the Chief Ministers of Balochistan and Sindh, the Administrator of Karachi, the Commander of Pakistan Navy Pakistan Fleet (COMPAK), government officials, financial and business leaders, trade and energy executives, and other business and commercial representatives.

    Donald Blome said that, “I am glad to be back in Karachi, a financial and commercial hub with tremendous energy.”

    He added that, “this year marks the 75th anniversary of U.S.-Pakistan bilateral relations and I look forward to strengthening U.S.-Pakistan partnerships in trade, investment, clean energy, health, security, education, and other mutually beneficial priority areas.”

    READ MORE: US calls for strengthening bilateral trade with Pakistan

    Ambassador Blome visited Port Qasim and met with Federal Minister for Maritime Affairs Faisal Subzwari.  The Ambassador expressed interest in how the United States can work with Pakistan to develop more linkages with U.S. port and maritime institutions.

    In the Ambassador’s meetings with Balochistan Chief Minister Abdul Quddus Bizenjo and Sindh Chief Minister Murad Ali Shah, he discussed political, economic, and security matters, as well as the ongoing relief efforts to address the tragic impact of the recent floods in both provinces.

    In his meeting with Sindh Chief Minister Shah, Ambassador Blome announced the United States is providing a new $1 million grant to build the resilience of agricultural communities in Sindh Province, and support Pakistan’s disaster management authorities in Sindh, Khyber Pakhtunkhwa, and Gilgit-Baltistan provinces, to better respond to future disasters.

    Ambassador Blome and Karachi Administrator Murtaza Wahab discussed the impact of flooding and other challenges in the city, as well as opportunities for growth including in the information technology sector.

    READ MORE: US Treasury sanctions virtual currency mixer Tornado Cash

    During the Ambassador’s meeting with COMPAK Vice Admiral Ovais Bilgrami, he further discussed relief efforts in flood-stricken areas and affirmed the importance of the U.S.-Pakistan military relationship and the desire to strengthen and expand our ongoing security cooperation.

    Ambassador Blome met with CEO of Cargill Pakistan Imran Nasrullah. The Ambassador also toured Excelerate’s floating storage and regasification unit at Port Qasim to emphasize our mutual interest in seeing Engro and Excelerate’s LNG joint venture succeed in Pakistan.

    He met other U.S and Pakistani business leaders to show his commitment to promoting U.S. business and investment in Pakistan through a wide range of effective services, products, and programs.

    The U.S. government is dedicated to expanding the ties between the Pakistani and American people to promote a more stable, secure, and prosperous future for both our nations.  Bilateral trade reached nearly $9 billion in 2021.

    READ MORE: Toyota Motors suspends production at Tsutsumi plant

    The United States is Pakistan’s largest single country export market and one of the largest sources of foreign investment, with U.S. direct investment growing by 50 percent in the past year.

    U.S. companies and their local affiliates are among Pakistan’s largest employers, with roughly 80 U.S. companies directly employing more than 125,000 Pakistanis, and more than one million Pakistanis employed indirectly. In 2021, U.S. firms invested up to $5.7 million in corporate social responsibility initiatives in Pakistan.

    One of the highlights of Ambassador Blome’s time in Karachi was a visit to the Lincoln Corner Karachi at Liaquat Memorial Library where he inaugurated the StartUp Lab! along with Minister of Sindh for Education, Culture, Tourism, Antiquities and Archives, Syed Sardar Ali Shah.

    “The StartUp Lab! is unique and a one-of-a-kind space in Pakistan where aspiring entrepreneurs with an idea for a startup business can turn ideas into reality using the latest technology and equipment for free,” noted Ambassador Blome.

    READ MORE: Xiaomi further improves rank to 266 in Fortune Global 500 list

    Ambassador Blome said, “The people-to-people ties between the United States and Pakistan are among our greatest strengths.  We are proud to partner with the Culture Department of Sindh to ensure young Pakistanis are prepared to face 21st century challenges.”

    The Lincoln Corner Karachi is one of 18 in the U.S. Mission to Pakistan’s network of American Spaces nationwide that offer free educational and cultural programs, as well as technology and information resources, to young Pakistani leaders.

    Ambassador Blome also visited Frere Hall in Karachi to appreciate its architecture and murals.  There, he was given a tour by representatives of NGO Sindh Exploration and Adventure Society (SEAS), Dr. Asma Ibrahim and Dr. Kaleemullah Lashari.

    SEAS received in 2021 a grant from the U.S. Ambassadors Fund for Cultural Preservation (AFCP) to renovate portions of Frere Hall.  This AFCP project further demonstrates our respect for Pakistan’s rich cultural heritage.

    In celebration of Pakistan’s National Minority Day, the Ambassador was honored to meet religious minority community leaders in Karachi to promote interfaith cooperation, religious tolerance, and diversity.

    He also visited the Mausoleum of the founder of Pakistan Quaid-e-Azam Muhammad Ali Jinnah and laid a wreath in honor of the founding father of Pakistan, ahead of Pakistan’s 75th Independence Day.

    Ambassador Blome said that, “It is a great honor to be here at the Mazar-e-Quaid to pay my respects and commemorate the legacy of Muhammad Ali Jinnah.  The United States shares Quaid-e-Azam’s vision of a unified Pakistan, at peace with itself and its neighbors, a Pakistan of religious tolerance, economic prosperity, and social inclusion.”

  • Bitcoin to Pakistani Rupee on August 13, 2022

    Bitcoin to Pakistani Rupee on August 13, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs5,404,430.74 on August 13, 2022 at 09:44 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Ripple to Pakistani Rupee on August 13, 2022

    Ripple to Pakistani Rupee on August 13, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs83.35 on August 13, 2022 at 09:44 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Dogecoin to Pakistani Rupee on August 13, 2022

    Dogecoin to Pakistani Rupee on August 13, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs15.92 on August 13, 2022 at 09:44 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Sindh reduces sales tax on services for IT sector: SRB

    Sindh reduces sales tax on services for IT sector: SRB

    KARACHI: Dr. Wasif Ali Memon, Chairman, Sindh Revenue Board (SRB) has said that as the Sindh Government has drastically reduced Sindh Sales Tax on IT, Software Businesses and Call Centers from 13 percent to just 3 percent, all relevant businesses which moved to other provinces, should come back to Karachi where they will enjoy the lowest sales tax as compared to other provinces.

    “IT related businessmen from Karachi Chamber whose peer businessmen moved to Lahore or any other city, must advise them to get back to Karachi where they will be charged a mere 3 percent ST without input tax whereas large establishments which prefer standard rate with input tax credit, have the option of to opt 13 percent with input tax credit facilities”, he added while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI).

    READ MORE: Miftah assures shopkeepers of removing multiple taxes on electricity bill

    The meeting was also attended by Chairman Businessmen Group Zubair Motiwala (Via Zoom), Vice Chairman BMG Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi, Vice President Qazi Zahid Hussain, Former President Younus Bashir, Advisor SRB Mushtaq Kazmi and KCCI Managing Committee Members along with senior SRB officials.

    Dr. Wasif stated that SRB performed exceptionally well during the last fiscal year wherein record-breaking Rs153 billion tax was collected therefore, the government has given an ambitious tax collection target of Rs180 billion for current fiscal year which can only be achieved through the support and cooperation of Karachi’s business community which was highly tax-compliant. “Despite the outbreak of COVID pandemic and extraordinary spells of rainfalls which terribly affected many businesses, the business community of Karachi has been regularly and sincerely paying taxes to SRB which we greatly acknowledge”, he added.

    READ MORE: FTO investigates tax collection through electricity bills

    He said that although Karachi contributes highest taxes to SRB but the activities of SRB were not confined to this city only as SRB’s Regional Offices have also been opened in Hyderabad, Benazirabad, Larkana, Sukkur and Mirpurkhas while an SRB Office in Ghotki will also be inaugurated soon.

    In response to President KCCI’s suggestion, Chairman SRB agreed to form a joint SRB-KCCI Committee along with provision of direct helpline to KCCI members so that all their taxation issues could be promptly resolved.

    Chairman BMG, in his remarks, pointed out that although Karachi contributes 94 percent taxes to SRB but it was really unfortunate that this city was not receiving sufficient development funds according to its matchless contribution which has resulted in miserably bringing down the standards of living and doing business in Karachi. “What we contribute to provincial kitty is always being highlighted and appreciated but what we get in return never comes into limelight which is very disturbing. Neither from federal government nor from provincial government, Karachi receives its due share”, he noted, adding that the injustices with this city must and brought to an end now.

    READ MORE: Withdrawal of sales tax through electricity bills demanded

    He stressed that keeping in view Karachi’s contribution of more than 70 percent to national exchequer and 95 percent to provincial kitty, it was high time that Karachi must receive what it deserves. Due to lack to development funds, Karachi’s infrastructure was in awful state and the same has been witnessed by the entire world during the current Monsoon season. “SRB should also have access to information about the expenditure of revenue so that we could compare revenue generation with expenditure”, he added.

    Earlier, President KCCI Muhammad Idrees, while welcoming Chairman SRB, appreciated SRB’s all-time seriousness towards resolving issues being highlighted by KCCI which were promptly being responded and amicably resolved by SRB officials. “However, there are several pending taxation issues related to indenting businesses, travel agents and other businesses along with anomalies in SRB laws which also need to be extensively discussed and resolved in light of ground realities.”

    To efficiently deal with all the SRB related taxation issues and revision in relevant laws, it was very crucial to form a joint committee between KCCI and SRB so these could be discussed and resolved in such a manner that the measures agreed upon result in bringing down the tax rates which would not bring down but in fact increase the provincial revenue as large number of taxpayers will certainly prefer to get registered in Sindh.

    READ MORE: Tax through electricity connections on retailers, service providers

    He said that thanks to KCCI’s rigorous efforts, the federal government has finally realized and agreed to treat the income of indenters as exports proceeds hence, the same must also be announced by SRB which would help minimizing the hardships being faced by indenters who were being charged heavy taxes on marginal commissions.

    He appreciated the Sindh Government for paying attention to KCCI’s demand to reduce Sindh ST on IT, Software Businesses and Call Centers which would encourage a large segment of businesses to register the businesses in Sindh.

  • SBP issues KIBOR rates – August 12, 2022

    SBP issues KIBOR rates – August 12, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on August 12, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.8215.32
    2 – Week14.8515.35
    1 – Month14.9115.41
    3 – Month15.6215.87
    6 – Month15.7015.95
    9 – Month15.7416.24
    1 – Year15.7916.29

    READ MORE: SBP issues KIBOR rates – August 11, 2022