Pakistan reassures freelancers union on improving ease of doing business amid internet slowdown row

Pakistan reassures freelancers union on improving ease of doing business amid internet slowdown row
An employee works on a computer at the office of Pakistan Freelancers Association (PAFLA), a platform and support group to help freelancers, in Karachi, Pakistan on August 22, 2024. (REUTERS/File)
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Updated 04 September 2024
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Pakistan reassures freelancers union on improving ease of doing business amid internet slowdown row

Pakistan reassures freelancers union on improving ease of doing business amid internet slowdown row
  • Internet speed has dropped by 30-40 percent in Pakistan in recent weeks, affecting nearly 2.37 million freelancers
  • PTA says it is registering VPNs of businesses and software houses for online connectivity amid Internet disruptions

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) said on Wednesday it was working to provide seamless online connectivity to strengthen the information technology sector and enhance ease of doing business amid public uproar over slow Internet speed affecting nearly 2.37 million freelancers in the country.

The government has identified information technology as a priority sector for attracting foreign investment and boosting export revenue. However, Internet speed in Pakistan has dropped by 30-40 percent over the past few weeks, according to the Wireless and Internet Service Providers Association of Pakistan amid reports that the government is installing a national firewall to block “anti-state propaganda.”

The situation has raised concerns within the IT sector, especially among the freelance community, leading its national association members to visit the PTA Headquarters on Wednesday to discuss the issue with the authority’s top official.

“Chairman PTA, Major General (R) Hafeez Ur Rehman, extended a warm welcome to the Pakistan Freelancers Association’s delegation and apprised that PTA is proactively working on ease of doing business for IT sector,” said an official statement circulated after the meeting.

“In this regard IP [Internet protocol] addresses for VPNs [virtual private networks] are being registered for software houses, banks, businesses and freelancers to ensure that in case of any access disruption in the country, businesses are not affected,” it added.

The statement noted that VPN registration was free and could be completed online, with a processing time of two to three days.

The government announced the VPN registration process toward the end of last month amid complaints of prolonged Internet disruptions.

According to data from the central bank, Pakistani freelancers earned $397.3 million in foreign remittances during the fiscal year 2021-22.

The amount is likely underreported, as much of the freelance income is received as home remittances.


Pakistani-led Canadian group Al-Nihang’s offers $358 million to acquire PIA

Pakistani-led Canadian group Al-Nihang’s offers $358 million to acquire PIA
Updated 31 sec ago
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Pakistani-led Canadian group Al-Nihang’s offers $358 million to acquire PIA

Pakistani-led Canadian group Al-Nihang’s offers $358 million to acquire PIA
  • Plans to privatize national carrier hit a snag when bidding process last month attracted just one bid
  • Al-Nihang’s will be responsible for PIA’s existing liabilities of $896 million, retain all employees for 3 years

KARACHI: A business group in Canada led by a Pakistani expat has offered the Pakistan government around Rs100 billion ($358 million) to acquire its debt-ridden national carrier, Pakistan International Airlines (PIA), a letter written by the group’s CEO earlier this month shows. 
Cash-strapped Pakistan was looking to offload a 51-100 percent stake in debt-ridden PIA to raise funds and reform state-owned enterprises as envisaged under a $7 billion International Monetary Fund program. The process, however, hit a snag last month when the final bidding round attracted just one bid of Rs10 billion ($36 million) for a 60 percent stake in the national flag carrier.
The offer letter by the Al-Nihang’s Group, dated Nov. 3, has been sent to the ministries of aviation, defense and privatization as well as the Establishment Division and the Planning Commission.
“I am writing to formally present an offer to acquire PIA at a valuation of PKR 100 billion in recognition of its invaluable role as Pakistan’s national carrier,” Al-Nihang’s CEO Faqir Muhammad M Ali said in the letter.
“Al-Nihang’s Group will acquire the full shareholding of PIA in accordance with the terms outlined in the tender proposal, assuming comprehensive ownership.”
Among proposed acquisition conditions, the group will be responsible for PIA’s existing liabilities, amounting to approximately Rs250 billion ($896 million), and ensure all outstanding payments. It would also retain all current PIA employees for a period of 2-3 years and commit to continue paying salaries and benefits.
There has been no comment as yet from Pakistani authorities regarding the offer.
Little information could be found online about Al-Nihang’s group, but the website of the group’s CEO said he served as a magistrate in Jhang from 1992 to 1994, and was the youngest nominated senator in 1996. Since then, he has worked in the UK and Canada, where he helped negotiate an airline treaty between Pakistan and Canada and also served as the president of the Pakistan Canada Association of Hamilton, according to the website.
The government had pre-qualified six groups for PIA’s privatization process in June, but only real-estate development company Blue World City participated in the bidding process last month, placing a bid that was below the government-set minimum price of Rs85 billion ($304 million). 
The disposal of PIA is a step former governments have steered away from, as it has been highly unpopular given the number of layoffs that would likely result from it.
Other concerns raised by potential bidders for the PIA stake included inconsistent government communication, unattractive terms and taxes on the sector, and the flag carrier’s legacy issues and reputation.


Pakistan Stock Exchange breaches record 94,000 points barrier during intraday trading

Pakistan Stock Exchange breaches record 94,000 points barrier during intraday trading
Updated 11 November 2024
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Pakistan Stock Exchange breaches record 94,000 points barrier during intraday trading

Pakistan Stock Exchange breaches record 94,000 points barrier during intraday trading
  • Rupee stability, falling bank lending rates played catalyst role in stock market’s bullish activity, says analyst
  • Pakistan Stock Exchange has witnessed bullish trend since last Monday when government slashed policy rate

ISLAMABAD: The Pakistan Stock Exchange (PSX) soared to a record high during intraday trading on Monday, breaching the 94,000 points barrier for the first time which analysts attributed to improved market sentiments due to rupee stability and the government’s move to slash the policy rate. 
The KSE-100 Index rose to a record 94,020 points, a level never seen before in PSX history, during intraday trading on Monday. The stock market has been experiencing a bullish trend since last week which was evident when it breached the 93,000 points barrier for the first time on Friday.
Ahsan Mehanti of Arif Habib Corporation told Arab News the bullish trend was led by blue chip companies after American finance company MSCI revised Pakistan’s expected sta­n­dard index weight for November to 4.4 percent. The MSCI, in its latest review this month, announced the addition of eight Pakistani companies to its Frontier Market Small Cap Index.
“Rupee stability and falling bank lending rates following a slump in government bond yields played a catalyst role in bullish activity at PSX,” Mehanti told Arab News via text. 
The bullish trend has been observed in the stock market since last Monday when Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent. This was the fourth straight reduction since June, as the country keeps up efforts to revive a sluggish economy with inflation easing.
Pakistan continues to enjoy record gains in the stock market as its economic indicators continue to improve after Islamabad secured a $7 billion, 37-month bailout package from the International Monetary Fund (IMF) in September. 
Last year, Pakistan narrowly avoided a sovereign default when it clinched a last-gasp $3 billion IMF bailout program. The country has suffered a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.


Pakistan beat UAE to clinch United Arab Classic Baseball championship

Pakistan beat UAE to clinch United Arab Classic Baseball championship
Updated 11 November 2024
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Pakistan beat UAE to clinch United Arab Classic Baseball championship

Pakistan beat UAE to clinch United Arab Classic Baseball championship
  • Tournament featured Palestine, UAE, Pakistan, India, Bangladesh, Afghanistan, Sri Lanka, Saudi Arabia and Nepal
  • Pakistan remained unbeaten throughout tournament, thrashing Afghanistan 17-3, India 12-0 and Bangladesh 10-0

ISLAMABAD: Pakistan beat hosts United Arab Emirates 12-1 to clinch the United Arab Classic Baseball championship this week, state broadcaster Radio Pakistan reported on Monday, with the South Asian team taking home the trophy by remaining undefeated throughout the tournament. 
Baseball United Arab Classic, organized by Baseball United--a professional baseball organization in the Middle East and South Asia--took place from Nov. 7-10 in the UAE. The tournament featured Pakistan, UAE, India, Bangladesh, Afghanistan, Palestine, Sri Lanka, Saudi Arabia and Nepal.
Pakistan qualified for the final on Sunday after thrashing Afghanistan 17-3 on Saturday. Before that, the South Asian team had beaten India 12-0 and UAE 10-3. Pakistan had also defeated Bangladesh 10-0 on Nov. 7.
“Pakistan have won the United Arab Classic Baseball championship held in the United Arab Emirates,” Radio Pakistan said. “Pakistan beat UAE team in the final by 12-1.”
Pakistan’s official baseball body, Pakistan Federation Baseball, is internationally recognized by the World Baseball Softball Confederation. Pakistan Federation Baseball was founded by Syed Khawar Shah in 1992 and has grown into the preeminent baseball federation within South Asia over the last three decades.
Prior to this, Pakistan baseball won 10 championships in tournaments across Asia over the last 15 years, including the West Asia Cup in Islamabad in January 2023.


Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today

Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today
Updated 37 min 27 sec ago
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Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today

Pakistan PM to attend Arab-Islamic Summit meeting on Gaza and Lebanon today
  • PM Sharif to meet Muslim World League secretary-general, Saudi investment minister on sidelines of summit
  • Pakistan has consistently criticized Israel for killing over 43,000 Palestinians in Gaza since October last year

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif will participate in the extraordinary Arab–Islamic summit meeting between the Arab League and the Organization of Islamic Cooperation (OIC) scheduled to be held today, Monday, in the Saudi capital Riyadh to discuss Israel’s ongoing wars in Gaza, Lebanon and escalating tensions in the Middle East. 
Sharif arrived in Riyadh on Sunday night to join various Muslim leaders in the Saudi capital who will attend the summit. Israel has waged war in Gaza since October last year, killing over 43,000 people and rendering the strip of land almost uninhabitable. Last month, it also invaded Lebanon, killing 3,000 people there since.
“Prime Minister Muhammad Shehbaz Sharif will attend the extraordinary summit meeting of the Arab-Islamic countries today,” a statement from Sharif’s office said. 
It added that the prime minister is expected to meet Saudi Arabia’s investment minister and the secretary-general of the Muslim World League on the sidelines of the summit. 

In this handout photo, taken and released by Pakistan’s Press Information Department on November 11, 2024, Pakistan Prime Minister Shehbaz Sharif speaks during a meeting with Saudi Arabia’s Deputy Governor of Riyadh Region Prince Mohammed bin Abdulrahman bin Abdulaziz at the Royal terminal of Riyadh International Airport in Riyad on November 10, 2024, ahead of the Arab–Islamic summit in Saudi capital to discuss Israel's ongoing wars in Gaza, Lebanon and the Middle East situation. (Photo courtesy: PMO)

The summit today will be a follow-up to the Joint Arab-Islamic Extraordinary Summit held in November 2023 in Riyadh, according to the Pakistani foreign ministry. Sharif will reiterate Pakistan’s full support to the Palestinian cause in his address at the gathering.
On Sunday, Pakistan’s Deputy Prime Minister and Foreign Minister, Ishaq Dar, attended a meeting of the OIC’s Council of Foreign Ministers (CFM) in Riyadh, wherein he called on the world to hold Israel accountable for its “war crimes” in Gaza.
“[Dar] expressed alarm at Israeli adventurism in the Middle East that is endangering peace and security in the region,” the Pakistani foreign ministry said in a statement. “[He] called on the international community to bring an end to Gaza genocide.”
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
Islamabad has also dispatched more than 1,300 tons of relief goods for Gaza and Lebanon, besides establishing the ‘Prime Minister’s Relief Fund for Gaza and Lebanon’ that aims to collect public donations for the war-affected people.
After attending the summit on Monday, the Pakistani prime minister will visit Baku, Azerbaijan on Tuesday to participate in a two-day World Leaders Climate Action Summit being held as part of the 29th UN Climate Change Conference.
“The prime minister will make a robust call for climate solidarity and climate justice, based on the established principles of equity,” state broadcaster Radio Pakistan reported.


Militant attack on Pakistani border leaves 5 security forces dead, Iran says

Militant attack on Pakistani border leaves 5 security forces dead, Iran says
Updated 11 November 2024
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Militant attack on Pakistani border leaves 5 security forces dead, Iran says

Militant attack on Pakistani border leaves 5 security forces dead, Iran says
  • No group claims responsibility for attack that took place in Iran's Saravan city in southeast
  • Sistan-Baluchestan province has been site of clashes involving militant groups, armed drug smugglers

TEHRAN: A militant attack near the Pakistani border with Iran left five Iranian forces dead, the state-run IRNA news agency reported Sunday.
The report said the dead were ethnic Baloch members of the paramilitary Revolutionary Guard’s volunteer Basij force and were killed in Saravan city in Sistan and Baluchestan province. Saravan is some 1,400 km (870 miles) southeast of the capital Tehran.
No group immediately claimed responsibility for the attack.
Earlier in the day, state TV reported that Revolutionary Guard forces killed three "terrorists" and arrested nine others in a military operation. The report did not specify which group the suspects belonged to.
Last month, unknown gunmen killed four people, including the chief of the Revolutionary Guard in the province.
In September, gunmen killed four border guards in Sistan and Baluchestan province in two separate attacks. The militant group Jaish al-Adl, which seeks greater rights for the ethnic Baloch minority, claimed responsibility for one attack in which one officer and two soldiers were killed.
The province, which borders Afghanistan and Pakistan, has been the site of occasional deadly clashes involving militant groups, armed drug smugglers and Iranian security forces. It is one of the least developed parts of Iran. Relations between the predominantly Sunni Muslim residents of the region and Iran’s Shiite theocracy have long been strained.