SECP accepts first P2P lending platform
The Securities and Exchange Commission of Pakistan (SECP) has taken a significant step towards fostering innovation and safeguarding investors and consumers by granting approval to the country’s first Peer-to-Peer (P2P) lending service provider.
In a press release, SECP highlighted the emergence of “Finja Invest” as Pakistan’s inaugural P2P service provider platform, marking a milestone in the country’s digital transformation and the sustainable development of its financial sector.
Finja Lending Services Limited (FLSL) underwent rigorous testing in SECP’s Regulatory Sandbox to obtain approval. The evaluation process scrutinised the service provider’s compliance with regulatory guidelines, risk management protocols, data protection measures, and overall operational efficiency.
Federal budget assailed for lacking relief for poor
The Federal budget came under heavy criticism, even from a federal minister, in the National Assembly on Tuesday, as the lawmakers questioned the government’s performance during the last one year.
The Lawmakers, including dissident Pakistan Tehreek-e-Insaf (PTI) member Noor Alam Khan and Federal Minister Syed Khurshid Shah of the Pakistan Peoples Party (PPP), condemned the violence across the country on May 9.
The House met here with Speaker Raja Pervaiz Ashraf in the chair. Most of the members were absent during the budget debate. The speaker also took notice of the absence of the officers of various ministries and directed them to ensure their attendance.
Government in last-ditch effort to secure IMF tranche
Pakistan has paid off a $1 billion Chinese commercial loan, as the government on Tuesday held the first high-level virtual meeting with the International Monetary Fund (IMF) in its final attempt to receive a $1.2 billion tranche.
The $1 billion payment to China was made on Monday, which again pushed the gross official currency reserves below $3 billion.
The First virtual contact between Finance Minister Ishaq Dar and IMF Mission Chief Nathan Porter was established after the presentation of the budget five days ago.
Sources in the finance ministry said no major breakthrough could be achieved in the first virtual contact and another round of meetings would now be held to address the IMF concerns.
Nepra notifies tariff hike of Rs1.61 / unit
The National Electric Power Regulatory Authority (Nepra) has notified a power tariff hike of Rs1.61 per unit on account of fuel charges adjustment (FCA) for April 2023.
According to a notification issued by Nepra, the tariff hike will not be applicable to lifeline consumers and electric vehicle charging stations while power distribution companies (DISCOs) will show the increase in power price separately in consumer bills of June 2023.
Moreover, DISCOs will display the approved FCA separately in the consumer bills on the basis of units billed in April 2023.
Amendments to petroleum ordinance proposed: Ministry
The Ministry of Finance admitted on Tuesday that it had proposed amendments to the petroleum ordinance to increase the levy to Rs60 per litre on all petroleum products.
“We have proposed the amendment to increase petroleum levy rates from Rs50 per litre to Rs60 per litre,” said Noreen Bashir, Joint Secretary Budget, Ministry of Finance, while responding to a question in a meeting of the Senate Standing Committee on Finance.
She said that once the ceiling was proposed to be enhanced from the current Rs50, the government could increase the rate to Rs60 per litre.
Training held to aid in agri-mechanisation
Pakistani Luban Workshop on Tuesday held the “Field Training Day” in its special field at Muhammad Nawaz Sharif University of Agriculture, Multan (MNSUAM).
This Location serves as the workshop’s overseas training base for agricultural machinery.
The Training programme, centred around the theme of “Application and Promotion of Maize Harvesting Mechanisation Technology,” aims to create an international industry-academia-research-application platform for training in agricultural machinery.
By Showcasing the capabilities of high-horsepower, high-performance and intelligent Chinese agricultural machinery in grain harvesting and production, it will aid local farmers in advancing the whole mechanisation process of crop harvesting.
From Azerbaijan Pakistan seeks spot lng cargoes
Pakistan has issued two tenders seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year on Tuesday, while also announcing a deal that will see Azerbaijan provide the country with one LNG cargo per month.
Dependent on gas for power generation and running short of foreign exchange to pay for imports, the country has struggled to procure spot cargoes of LNG after global prices spiked last year following the Russia-Ukraine conflict, leaving it to face widespread power outages.
But Asian spot LNG prices this year have eased from record highs of $70/mmBtu hit in August, and are now trading below $10. Pakistan LNG, a government subsidiary that procures LNG from the international market, has one tender seeking six cargoes on a delivered-ex-ship (DES) basis to Port Qasim in Karachi in October and December, according to the tenders posted online.
Bykea-ride hailing falls victim to hacking attack
Bykea, a popular ride-hailing, mobility, and delivery app used by many Pakistanis, experienced a disturbing hacking incident on Tuesday, causing widespread concern among users.
The ordeal began when users started receiving highly inappropriate text messages, alarming and unsettling them. Bykea promptly addressed the issue and issued an apology for the offensive messages.
According to the company, the messages were sent through a compromised third-party communication tool. The first notification, containing inappropriate language, appeared on users’ screens around 12:10 pm, followed by another notification approximately 40 minutes later, informing users in Urdu that the app was still hacked.