Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years. The Chinese e-commerce giant had said it had plans to invest in the sector while announcing its results on Friday, but did not provide an exact figure at the time. The company had reported revenue of 280.15 billion y
State Bank of Pakistan (SBP) Deputy Governor Saleemullah has stressed that digital transformation is no longer optional but it is imperative for financial institutions and called for making investment in advanced analytics, artificial intelligence and automation alongside development of regulatory frameworks that balance innovation with stability. He was speaking at the 16th SaarcFinance semina
The Special Investment Facilitation Council (SIFC) has approved a revised deal between Sui Southern Gas Company (SSGC) and Jamshoro Joint Venture Limited (JJVL) for resuming liquefied petroleum gas (LPG) production at the latter's plant in a bid to reduce Pakistan's energy import bill. The objective of the recent SIFC decision is to maximise production of LPG in the country. The resumption of J
Finance Minister Muhammad Aurangzeb has stressed the need to enhance the digitisation of Pakistan's banking system and urged authorities, especially the State Bank of Pakistan (SBP), to consider the potential introduction of cryptocurrency with an "open mind" as digital banking gains momentum in the country. Speaking at The First Pakistan Banking Summit 2025 in Karachi, Aurangzeb acknowledged t
The government on Monday warned independent power producers (IPPs), including wind power plants, of a forensic audit if they refuse to renegotiate agreements. After negotiations with IPPs, the government terminated contracts with six private power plants, while others agreed to rupee-based returns and a hybrid take-and-pay basis, Special Assistant to the Prime Minister on Power Muhammad Ali inf