KARACHI: Pakistan’s BankIslami corroborated on Monday that it came under a cyberattack – reportedly the biggest in the nation’s history – which may have involved $6 million worth of online transactions that were recorded in different countries over the weekend.
In a letter to the Pakistan Stock Exchange, the bank said: “On the morning of October 27, 2018, certain abnormal transactions valuing Rs 2.6 million were detected by the bank on one of its international payment card schemes. The bank immediately took precautionary steps which, inter alia, included shutting its international payment scheme. All monies withdrawn from accounts, i.e. Rs 2.6 million, have been credited in the respective accounts.”
The statement added: “The transaction of approximately $6 million as claimed by the international payment scheme are not acknowledged by the bank as the bank was actually logged off from the international system.”
Meanwhile, the State Bank of Pakistan (SBP) issued directives to all banks to safeguard all payment cards in the country and monitor their real-time usage, especially for overseas transactions.
“Security measures on all IT systems including those related to card operations are continuously updated to meet any challenges in future. Resources are deployed to ensure the 24/7 real time monitoring of card operations-related systems and transactions,” the SBP said in its statement.
Despite the cyberheist, the share prices of the bank closed in green gaining value by 0.06 percent at Rs 13.85 as the investors refused to give weight to the incident.
“The market participants did not give importance to the incident may be because the bank has not incurred significant loss,” Ahsan Mehanti, senior analyst and Chief Executive of Arif Habib Group, told Arab News.
Meanwhile, Pakistan Stock Exchange’s benchmark KSE-100 Index witnessed another bullish day, gaining an additional 897 points to close at 41453.76 level.
“Bullish activity continued at PSX on speculation ahead of PM [Imran Khan’s] visit to China and $1 billion likely financial assistance from the UAE to resolve external account imbalances. Institutional interest in oversold scrips in oil, banking and cement sector played a catalyst role in bullish close,” Mehanti commented.
“With this rise, total recovery from recent lows is 4,790 points against recent lows at 36,663 points recorded on October 16,” Khurram Schehzad, senior analyst and Chief Commercial Officer at JS Global Capital, said.
In terms of value, market capitalization recovered by about 12 percent or about $6.6 billion to $62 billion, while the market traded value crossed $100 million a day in the past few days, too.
“Traded Volumes at the PSX crossed 460 million shares which is a 15-month high, last seen in May 2017, when we were close to the MSCI EM upgrade. Market traded value also stood close to $120 million”, Schehzad said.
The sluggish share market experienced a rebound following the recent promise by Saudi Arabia to lend $6 billion to Pakistan to support the country in stabilizing its external payment imbalances.
On Monday, the stock market was abuzz with reports of additional support from Saudi Arabia, the UAE and Malaysia, with investors expecting further financial assistance during Prime Minister Imran Khan’s upcoming visit to China on November 3.
BankIslami confirms it's a victim of $6mn cyberheist
BankIslami confirms it's a victim of $6mn cyberheist
- Pakistan share market closes bullish amid reports of additional foreign financial aid
- KSE 100 Index gains 4790 points since Saudi’s $6bn bailout pledge
Pakistan Association Dubai hosts climate action event to promote sustainable solutions
- Pakistan is counted among world’s Pakistan is counted among world’s most severely threatened countries due to climate change effects most severely threatened countries due to climate change effects
- Event brings together climate activists, advocates and youth leaders to discuss climate challenges
ISLAMABAD: The Pakistan Association Dubai (PAD) this week organized a climate action event in the city to promote sustainable solutions and highlight the dangers of deteriorating weather patterns, the Pakistani embassy in the UAE said.
The event on Friday was a collaboration between community climate action platform Extreme Hangout Dubai, social enterprise Earth Warriors and the Pakistan Youth Forum.
It featured climate advocates and members of the Pakistani community in the UAE, and Pakistan’s Consul General in Dubai Hussain Muhammad.
“Pakistan remains committed to be part of the solution,” Muhammad was quoted as saying by the Pakistani embassy in UAE. “However, global solidarity, climate finance, and technology transfer are essential to tackling this crisis.”
The event featured entrepreneurial stalls showcasing innovative eco-friendly solutions, keynote speeches and panel discussions by experts, activists and youth leaders who engaged in insightful discussions on climate action strategies and the importance of collective efforts.
The event also included performances and artistic presentations highlighting the beauty of nature and the necessity of preserving it for future generations.
“The Consul General encouraged the Pakistani community in the UAE to act as global ambassadors for Pakistan’s climate challenges through storytelling, social media and community engagement to raise awareness and bring change,” the embassy’s statement said.
The South Asian country is counted among the most severely threatened countries in terms of climate–induced challenges, especially in the context of its dependency on climate-sensitive sectors such as agriculture, water, natural resources and the environment, and socio-economic issues such as poverty.
Unusually heavy monsoon rains and melting of glaciers in June 2022 triggered flash floods across the country which killed over 1,700 people and dealt damages to critical infrastructure across the country.
Pakistan estimates damages from the floods to be around $33 billion.
Over 3,000 Pakistani, overseas athletes expected to take part in Islamabad Marathon today
- Marathon to feature five categories: full marathon, half marathon, children’s race, family race and senior race
- A prize money of Rs1 million [$3594] has been allocated for winners of all categories, says marathon organizer
ISLAMABAD: Over 3,000 athletes from Pakistan and abroad are expected to take part in a running marathon in Pakistan’s capital today, Sunday, state-run media reported.
Organized by the Islamabad Run With Us (IRU) running community in the capital, the marathon will feature five categories: a full marathon, a half marathon, a children’s race, a family race and a senior race.
The IRU says it has organized over 700 complimentary community events and numerous races, adding that it launched the Islamabad Marathon event in 2020.
“Founder of the Islamabad Run with Us community, Qasim Naz announced on Friday that the fifth Islamabad Marathon will take place on January 26, with the participation of over 3,000 athletes from across Pakistan and abroad,” state-run Associated Press of Pakistan (APP) said.
Naz said a prize money of Rs1 million [$3594] has been allocated for winners of all categories of the marathon.
The marathon kicked off at the city’s newly built Iran Avenue at 9:00 am. Its route includes the GT Road and runners will have to return to the starting point, the organizer said.
Naz said a pitch system would be introduced to ensure transparency, enabling real-time tracking of athletes and accurate identification of winners.
“He said that the purpose of organizing the event is to showcase Pakistan’s soft image and highlight the country’s beauty to the world,” APP said.
Naz said arrangements for medical and other facilities for participants have been made with cooperation from the district administration and police.
Pakistan says won’t risk rushing Saim Ayub’s recovery for Champions Trophy
- Saim Ayub was ruled out of competitive cricket for six weeks after suffering ankle injury this month
- Left-handed batter will enter recovery phase in a day or two, says PCB Chairman Mohsin Naqvi
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Sunday that he will not risk injured batter Saim Ayub’s future by rushing his recovery for the sake of the multi-nation Champions Trophy tournament, which is scheduled to get underway in Pakistan and Dubai next month.
Ayub, one of Pakistan’s most in-form batters who helped the team secure a historic ODI series whitewash over South Africa in December, suffered a right ankle fracture while fielding in the second Test against South Africa this month.
The injury forced Ayub out of competitive cricket for six weeks, dealing Pakistan a massive blow before it hosts the multi-nation Champions Trophy tournament in February. Ayub is currently in London seeking treatment as Pakistan hopes the star batter recovers in time for the crucial tournament.
“I am in contact with Saim on almost a daily basis. His rehab is going on and god willing, the plaster on his foot will be removed in a day or two after which he will enter the recovery phase,” Naqvi told reporters.
“It will take time, I don’t want to put his future at risk because of one Champions Trophy.”
The PCB chairman said he was monitoring Ayub’s rehabilitation himself, adding that Ayub was Pakistan’s asset and would soon make a full recovery.
Pakistan will play the Champions Trophy tournament opener on Feb. 19 against New Zealand in the eastern city of Lahore.
Pakistan expresses desire to formulate joint plan to combat ‘terrorism’ with US
- Interior Minister Mohsin Naqvi met US lawmakers, investors in Washington this week to discuss bilateral issues
- Pakistan has faced a surge in militant attacks in its western provinces bordering Afghanistan since November 2022
ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi said on Sunday that Islamabad wanted to formulate a comprehensive plan with American politicians to combat “terrorism,” amid Islamabad struggle to contain surging militant attacks on its soil in recent months.
Islamabad and Washington have shared a complicated history when it comes to bilateral ties. Both countries shared close defense and security cooperation in the past, particularly during the Cold War after the 1979 Soviet invasion of Afghanistan and post-September 11, 2001 attacks.
However, more recently, US officials criticized Pakistan for not sufficiently supporting their military efforts against the Taliban following the 9/11 attacks. Islamabad denies sheltering Taliban fighters and helping them regain control of Afghanistan in August 2021.
Pakistan has faced a surge in militant attacks in its western provinces bordering Afghanistan since November 2022, ever since its truce with the Pakistani Taliban broke down. Islamabad blames Afghan rulers for providing sanctuaries to militants to launch attacks against Pakistan, charges the Taliban government vehemently denies.
“See the main purpose of my visit this time [to the US] was to make a comprehensive plan against terrorism with the politicians here,” Naqvi told reporters in Washington.
Naqvi is in Washington where he met US lawmakers this week to hold talks on issues of bilateral concern between the two countries.
“The terrorism that we are suffering is not just our fight, it is everyone’s fight,” he added. “Both 2023 and 2024 were bad years for us but you will see that whosoever takes up arms against Pakistan will suffer a bad fate.”
On Saturday, the Pakistani interior minister visited the United States Chamber of Commerce in Washington where he spoke to a delegation of the US-Pakistan Business Council.
Naqvi invited American investors to invest in Pakistan’s priority sectors, particularly in IT and minerals, state broadcaster Radio Pakistan said.
“Talking to a delegation of the US-Pakistan Business Council during his visit to United States Chamber of Commerce in Washington, he highlighted Pakistan’s mining and IT sectors have emerged as investors’ ultimate destination,” it added.
Citing Pakistan’s recent economic gains, Naqvi said the country is heading toward economic stability “rapidly,” adding that all economic indicators have improved.
Pakistan okays increase in gas prices for industries
- The decision aims to ensure required revenue for the gas sector during the fiscal year ending on June 30
- A cabinet committee turns down Petroleum Division summary to increase the tariff for domestic consumers
ISLAMABAD: The Economic Coordination Committee (ECC) of Pakistan’s federal cabinet has approved an upward revision in gas tariff for industries, the Finance Division said on Saturday.
The development came after an ECC meeting to discuss a summary submitted by Petroleum Division for an upward revision of the indigenous gas tariff for industry, or captive power plants, as well as non-protected domestic slabs.
A captive power plant refers to an electricity generation facility owned and operated by a specific industrial or commercial entity to primarily power their own operations, rather than selling electricity to the public grid. It’s dedicated to supplying electricity solely for the needs of the company that owns it, like a large factory or industrial site, minimizing reliance on the national power grid.
While the committee approved a revision in prices for industrial consumers, it declined to increase the tariff for domestic consumers to protect them from additional burden, according to the Finance Division.
“The ECC, following a through discussion, decided to approve upward revision in gas tariff for captive power plants from Rs3,000 per mmbtu (metric million British thermal unit) to Rs3,500 per mmbtu to ensure required revenue for the gas sector during FY2024-25,” the Finance Division said in a statement.
Pakistan’s caretaker government increased the prices of natural gas by up to 67 percent for residential consumers in February 2024, in a bid to meet one of the key fiscal tightening conditions of the International Monetary Fund (IMF) for a final review of its last bailout program, worth $3 billion, that helped saved the country from a default.
In August last year, Petroleum Minister Musadik Malik had said his government would keep the gas prices unchanged until winter months of December 2024 and January 2025, amid rising costs of living in Pakistan at the time.
Pakistan, which imports most of its energy needs, saw days of protests in July and August 2024 over the rising costs of living, mainly fueled by energy price hikes. The protests had prompted Prime Minister Shehbaz Sharif to announce a three-month, Rs50 billion subsidy for electricity consumers using up to 200 units a month.
