News

Losing talent to AI

Pakistan is at a crucial juncture, facing both a growing brain drain and the global impact of artificial intelligence (AI)-driven job displacement. While AI transforms industries and automates jobs, some nations are turning to universal basic income (UBI) as a safety net. Geoffrey Hinton, the “godfather of AI”, has warned that without such measures, AI could deepen inequality, benefiting only t

Institutional profit-taking drags PSX from peak

Pakistan Stock Exchange (PSX) ended its winning streak on Thursday and rapidly declined in a volatile session, driven by institutional profit-taking as uncertainty loomed over the government's tax reforms under the $7 billion International Monetary Fund (IMF) loan programme. Earlier, trading began on a robust note, with the KSE-100 index reaching its intra-day high of 82,905.73 points. However,

BF Biosciences raises Rs1.93b in IPO

BF Biosciences has successfully raised Rs1.93 billion by selling 25 million shares at Rs77 each through a two-day Dutch auction that concluded at the Pakistan Stock Exchange (PSX) on Thursday. The funds will be utilised to acquire export certificates to boost sales in Central America, Africa, and Afghanistan, increase working capital, and add new products, it was learnt. The offering was oversu

Textile exports hit 26-month high

Pakistani textile firms are reportedly receiving additional export orders from global buyers due to rising costs and political instability in competitor Bangladesh, along with international restrictions on China. As a result, the industry's exports hit a 26-month high of $1.64 billion in August 2024, marking a significant 13% increase compared to the same month last year. In a commentary titled

FBR launches drive to boost tax compliance

Federal Board of Revenue (FBR) Spokesperson Bakhtiar Muhammad announced on Thursday a nationwide initiative aimed at increasing tax compliance. The department will conduct seminars to educate taxpayers, and following this campaign, strict penalties will be imposed on those who fail to comply with tax regulations. Speaking to PTV News, he explained that through seminars, workshops, and media out