Latest News
SpaceX shareholders accept 5-for-1 stock split: Bloomberg News
A majority of SpaceX shareholders have accepted a 5-for-1 stock split that the company’s board suggested, individuals familiar with the situation told Bloomberg News on Friday.
Shareholders of SpaceX, which was preparing for an initial public offering (IPO), received an email informing them that the fair market value of the shares was changed to $105.32 per share from $526.59 after the split, the article stated.
The stock split will be executed during the week of May 18 and is scheduled to be completed by May 22, Bloomberg reported.
Elon Musk’s rocket and satellite company SpaceX is targeting a listing as soon as June 12 and has selected the Nasdaq as the trading venue for its big market debut, Reuters reported exclusively on Friday.
The company is expected to try to raise over $75 billion at a valuation of around $1.75 trillion making it the biggest stock market IPO in history, Reuters has reported earlier.
SpaceX did not immediately reply to a request for comment outside of normal business hours.
Latest News
Khawaja Asif: PTI harmed parliamentary culture
— Defence Minister Khawaja Asif said it was the responsibility of every member of the House to uphold the dignity of the Parliament.
He spoke to the political history of the 1990s, speaking in the National Assembly, and said the past events are known to everyone. PTI government witnessed several occurrences in the Parliament and asked the MPs to rectify the past mistakes and restore the dignity of the House.
“There is always room for improvement in the Charter of Democracy and it should be addressed and improved,” the minister stated. He also attacked the previous government, saying that 55 legislation were approved in half an hour in their time.
A day before, Prime Minister held dialogue with opposition in the House, Khawaja Asif said adding that both Pakistan Muslim League-Nawaz and Pakistan Peoples Party have learnt from past.
He further added that during the PTI government no one was permitted to talk to anyone for fear of displeasing the party leadership. “Political and democratic traditions were badly undermined in that period,” he continued.
“PTI has done a lot of damage to democratic norms and damaged the culture of political tolerance,” the defence minister stated.
Latest News
Pakistan plans Rs283bn AI ecosystem programme
The government has proposed a Rs283 billion strategy over the next five years to develop a safe, sovereign and innovation-led artificial intelligence ecosystem.
Official records available with Wealth Pakistan reveal that the National AI Ecosystem Development Programme (NAIEDP) will be implemented from 2026 to 2031.
The government has earmarked Rs185 million for FY2026-27 to commence work on the scheme.
The program is expected to be a cornerstone of Pakistan’s larger digital transformation goal and assist position the country to tap into the developing global AI economy.
Among its major objectives, the plan intends to catalyse economic transformation and growth through use of artificial intelligence across sectors.
Furthermore, it aims to back AI companies and innovation, to stimulate the creation of a homegrown technological ecosystem, and to nurture entrepreneurship in emerging technologies.
Another important component of the strategy is sector-specific modernisation through AI applications. The program is expected to promote the application of artificial intelligence in public services, business and other economic sectors to increase efficiency and production.
The materials also describe the creation of AI governance and ethical frameworks for the proper use of the technology. The plan proposes a strategic funding window to enable a rapid reaction to emerging technological possibilities and problems.
The NAIEDP is an important step towards enhancing Pakistan’s technological competitiveness and its long-term digital growth, with an estimated expenditure of Rs283 billion by 2031.
Business
Saudi Arabia approves air transport services pact with Pakistan
The Saudi cabinet agreed on Tuesday an air transport services agreement with Pakistan, the Saudi Press Agency (SPA) said, a step likely to boost connectivity between the two countries.
Past agreements between Pakistan and Saudi Arabia in the sphere of air transport services. In August 2023, the two countries inked a deal to increase the number of flights between them and reduce the air rates for the inhabitants.
King Salman bin Abdulaziz Al Saud headed the Saudi cabinet as it approved the new air transport services deal at a meeting in Jeddah.
“Approval of an agreement between the Government of the Kingdom of Saudi Arabia and the Government of the Islamic Republic of Pakistan in the field of air transport services,” SPA said on X. The deal is significant for Pakistan and Saudi Arabia since every year thousands of Pakistanis visit the Kingdom for Hajj and Umrah and for jobs.
Saudi Arabia is home to more than two million Pakistani expatriates who go back and forth between the two nations often.
Pakistan has also tried to expand its aviation connection with China and Central Asian republics as it seeks to increase bilateral trade and investment links with these countries.
-
Latest News1 month agoICC board meeting in India: Mohsin Naqvi gets invitation
-
Business1 month agoThe IMF mission has arrived in Pakistan for discussions regarding the budget.
-
Latest News3 weeks agoShehbaz, Zardari discuss key issues as PPP hints at budget support
-
Latest News3 weeks agoIs the US-Iran standoff exposing deep fault lines in US intelligence coordination?
-
Business1 month agoOil hits 2-week high following drone strike on UAE nuclear power facility
-
Latest News2 months agoTwenty people suffered injuries when a picnic bus from Karachi toppled en route to Kenjhar.
-
Business2 months agoIn the open market, flour prices increase by Rs 700 per mound.
-
Latest News1 month agoThis week is anticipated to see a decision about Mohsin Naqvi’s journey to India.
