Latest news with #TransformationPlan
Business Recorder
4 days ago
- Business
- Business Recorder
Faceless, clueless, hopeless
EDITORIAL: For all the noise around digital reform and anti-corruption efforts, Pakistan's Faceless Customs Assessment (FCA) system has delivered the worst of both worlds: more bureaucracy and less revenue. A flagship of the FBR's so-called Transformation Plan, the FCA was launched with the promise of clean assessments and quicker clearances. Instead, it has grounded the customs system to a halt and bled the exchequer. An internal review, now leaked to the press, doesn't mince words: FCA is 'a complete failure to achieve objectives.' There's little to salvage from this wreck. The review committee's findings should be an embarrassment to any institution that claims to plan, assess, or implement. The data is damning. Post-FCA, cargo clearance times have increased, not decreased — even though documentation requirements went down. More delays, more confusion, and ironically, more human intervention. Referrals to higher officers, lab test requisitions, and frequent reviews before Principal Appraisers and Assistant Collectors have ballooned. Far from cutting red tape, FCA has doubled it. Worse than inefficiency is the abject failure to raise revenue although the entire premise of the FCA was that removal of human discretion would close the leakages due to collusion. Instead, Customs assessments now generate less additional revenue: 13 percent post-FCA, down from 16 percent. A three-point drop may seem small, but in Pakistan's fragile fiscal environment, it's catastrophic. The system was meant to plug a revenue hole. It made it wider. So what went wrong? Nearly everything; the review points out that FCA's two core design choices — hiding trader information from assessing officers, and dismantling specialised assessment groups — had already been tried and abandoned two decades ago under PACCS, Pakistan's first digital customs experiment. The reason they failed then is the same reason they fail now: removing information from assessors limits their ability to assess correctly. Meanwhile, specialised groups bring expertise, institutional memory, and efficiency. Scrap them, and you're back to square one — except this time, with added confusion. The rollout itself has been another disaster. Implementing an untested, unintegrated system in Karachi — the busiest and most complex port — without phased pilots or feedback loops was asking for failure. There was no integration with key databases like the IRS. No staged rollout in places like Lahore or Rawalpindi. And clearly, no plan for post-clearance audits to offset the blind spots of the faceless system. The system's defenders argue that collusion needed to be stopped. Perhaps so. But if removing human interaction doesn't improve revenue, then either the collusion wasn't materially hurting the state, or the new system simply failed to stop it. In both cases, the FCA's core assumptions collapse. You can't hide behind intent when the outcome is actively harmful. This isn't just a technical failure. It's a policy failure. The FBR and Customs launched a nationwide digital overhaul without the data to justify it, the testing to support it, or the infrastructure to sustain it. The result? Lower revenues, slower trade, and even more distrust in public reform. The review committee has wisely recommended halting FCA's expansion. That's not a recommendation — it's a lifeline. If there's any will left in the corridors of power to do the right thing, this system should be frozen in its tracks. A full audit must follow — one that doesn't just patch the flaws but questions the very logic behind faceless assessments. Pakistan doesn't need faceless systems. It needs accountable ones. Until we stop mistaking cosmetic digitalisation for actual reform, failures like FCA will keep repeating — each time more costly than the last. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
World Bank defers additional $70m IDA credit to Pakistan Raises Revenue
ISLAMABAD: The World Bank (WB) has deferred the approval of additional International Development Association (IDA) credit in the equivalent amount of $70 million to Pakistan Raises Revenue (PRR) project, which was aimed at providing additional investment financing to the Federal Board of Revenue (FBR), in support of its new Transformation Plan, official sources revealed to Business Recorder. The World Bank's Board of Executive Directors was scheduled to consider the additional credit of $70 million for the PRR project on Wednesdays (May 21, 2025); however, sources have confirmed that the Pakistani authorities and the bank would hold further negotiations next week. The board is now likely to consider the agenda in June 2025. Official documents revealed the tax system raises little revenue, generates economic distortions, and imposes a high burden on the poor largely due to the revenue system. Recent analysis shows that Pakistan's fiscal policies have a more pronounced impact on increasing poverty and a less significant effect on reducing inequality than average for lower-middle-income countries. World Bank likely to approve additional IDA credit to PRR The additional financing (AF) incorporates a Level 2 Restructuring to introduce new activities and change some activities under the existing investment financing component. It also updates the results framework to reflect revised outputs linked with the investment financing component, and extends the project end date to June 30, 2027. With this AF, the total project amount will increase to $470 million. Project outcomes contribute directly to Outcome 5 of the CPF – More Public Resources for Inclusive Development. By increasing FBR collections to 10 per cent of GDP in fiscal year 2027, the project aligns with CPF outcome indicator 5.1, which aims to raise the tax-to-GDP ratio to 15 per cent by 2035. Enhanced revenue collection will enable Pakistan to increase spending on essential services over time, meeting fiscal financing needs without generating excessive fiscal imbalances in the future. Beyond the CPF's outcomes and targets, the project also indirectly contributes to World Bank Group (WBG) Scorecard indicators related to improved access to services, better debt sustainability, and increased private investment. PRR is an Investment Project Financing (IPF) with an original allocation of $400 million, with a results-based component and an investment financing component. The results-based component ($320 million or Component 1) disburses against documented execution of eligible expenditures under the Eligible Expenditure Programs and the achievement of the Disbursement Linked Indicator (DLI) targets. These DLIs are linked with four objective areas: (i) simple and transparent tax system; (ii) effective control of taxpayers' obligation; (iii) facilitation of compliance; and (iv) institutional development for efficiency and accountability. The investment financing component (original allocation of $80 million, Component 2) mainly focuses on investment in the FBR's information and communications technology (ICT) systems, including ICT equipment, software and business process improvement, cargo weighing, contact-less scanning, and laboratory equipment for customs inspections (goods). It also finances consulting and non-consulting services for software development, technical assistance (TA), and training. AF activities will be conducted within the geographical scope of the existing project. The proposed restructuring responds to the request of the Government of Pakistan to scale up project activities under Component 2 to meet the FBR's emerging priorities, and to extend the duration of the Project. The proposed Level 2 restructuring supports: (i) AF of $70 million for new activities under the investment financing component; (ii) extension in the duration of the project by 24 months (until June 30, 2027); and (iii) an update of the results framework to reflect revised outputs linked with the investment financing component (change of previously approved activities), as well as align with the extended project duration until June 30, 2027. With this AF, the total Project amount will increase to $470million. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
World Bank defers additional $70m IDA credit to PRR
ISLAMABAD: The World Bank (WB) has deferred the approval of additional International Development Association (IDA) credit in the equivalent amount of $70 million to Pakistan Raises Revenue (PRR) project, which was aimed at providing additional investment financing to the Federal Board of Revenue (FBR), in support of its new Transformation Plan, official sources revealed to Business Recorder. The World Bank's Board of Executive Directors was scheduled to consider the additional credit of $70 million for the PRR project on Wednesdays (May 21, 2025); however, sources have confirmed that the Pakistani authorities and the bank would hold further negotiations next week. The board is now likely to consider the agenda in June 2025. Official documents revealed the tax system raises little revenue, generates economic distortions, and imposes a high burden on the poor largely due to the revenue system. Recent analysis shows that Pakistan's fiscal policies have a more pronounced impact on increasing poverty and a less significant effect on reducing inequality than average for lower-middle-income countries. World Bank likely to approve additional IDA credit to PRR The additional financing (AF) incorporates a Level 2 Restructuring to introduce new activities and change some activities under the existing investment financing component. It also updates the results framework to reflect revised outputs linked with the investment financing component, and extends the project end date to June 30, 2027. With this AF, the total project amount will increase to $470 million. Project outcomes contribute directly to Outcome 5 of the CPF – More Public Resources for Inclusive Development. By increasing FBR collections to 10 per cent of GDP in fiscal year 2027, the project aligns with CPF outcome indicator 5.1, which aims to raise the tax-to-GDP ratio to 15 per cent by 2035. Enhanced revenue collection will enable Pakistan to increase spending on essential services over time, meeting fiscal financing needs without generating excessive fiscal imbalances in the future. Beyond the CPF's outcomes and targets, the project also indirectly contributes to World Bank Group (WBG) Scorecard indicators related to improved access to services, better debt sustainability, and increased private investment. PRR is an Investment Project Financing (IPF) with an original allocation of $400 million, with a results-based component and an investment financing component. The results-based component ($320 million or Component 1) disburses against documented execution of eligible expenditures under the Eligible Expenditure Programs and the achievement of the Disbursement Linked Indicator (DLI) targets. These DLIs are linked with four objective areas: (i) simple and transparent tax system; (ii) effective control of taxpayers' obligation; (iii) facilitation of compliance; and (iv) institutional development for efficiency and accountability. The investment financing component (original allocation of $80 million, Component 2) mainly focuses on investment in the FBR's information and communications technology (ICT) systems, including ICT equipment, software and business process improvement, cargo weighing, contact-less scanning, and laboratory equipment for customs inspections (goods). It also finances consulting and non-consulting services for software development, technical assistance (TA), and training. AF activities will be conducted within the geographical scope of the existing project. The proposed restructuring responds to the request of the Government of Pakistan to scale up project activities under Component 2 to meet the FBR's emerging priorities, and to extend the duration of the Project. The proposed Level 2 restructuring supports: (i) AF of $70 million for new activities under the investment financing component; (ii) extension in the duration of the project by 24 months (until June 30, 2027); and (iii) an update of the results framework to reflect revised outputs linked with the investment financing component (change of previously approved activities), as well as align with the extended project duration until June 30, 2027. With this AF, the total Project amount will increase to $470million. Copyright Business Recorder, 2025
Business Wire
12-05-2025
- Business
- Business Wire
NUBURU Files $100M SEC Registration Statement to Enhance Capital Flexibility for Completion of Defense Acquisition and Blue Laser Technology Revitalization Targeting a $500B Defense Market
CENTENNIAL, Colo.--(BUSINESS WIRE)--NUBURU, Inc. (NYSE American: BURU), a leader in high-power blue laser technology, announced today that it has filed with the Securities and Exchange Commission a Form S-3 Registration statement for $100 million. This strategic move is designed to provide the company with the necessary capital to facilitate the ongoing acquisition plan and successfully relaunch its Blue Laser technology business unit. As reaffirmed in the latest communications, NUBURU aims at completing the purchase of defense and security businesses, referred to herein as the "Defense & Security Hub" for confidentiality reasons. This hub will focus on delivering cutting-edge products tailored for defense applications ('DefenseTech Business') while providing robust operational resilience solutions through a software-as-a-service model ('SaaS Business'). Once finalized, these acquisitions are projected to contribute over $50 million in revenue for NUBURU in 2025, subject to U.S. GAAP accounting and the effective date of the closing. The DefenseTech Business acquisition involves a well established scale-up company which is subject to governmental review under Italy's "golden power," which allows the Italian government to screen and potentially block foreign investments in sectors deemed critical to national security. This regulatory assessment, which it's expected to be completed by end of June, aims to ensure that investments align with the national interest, particularly in areas such as defense and critical technologies. NUBURU is also actively advancing its Transformation Plan, which emphasizes the adoption of exponential technologies, including artificial intelligence (AI) and robotics by leveraging the strategic partnership with COEPTIS' NexGenAI Affiliates Network (NASDAQ: COEP), with particular reference to the SaaS Business and the Blue-Laser technology go-to-market. ' We are embarking on an exciting journey to enhance our Blue-Laser business while creating the basis for our future leadership position in specific sectors the defense and security industry ', said Alessandro Zamboni, Executive Chairman of NUBURU. ' The prospective acquisition of the defense tech and operational resilience companies opens significant opportunities for growth, expecting to generate significant value for our stakeholders. We intend to leverage the recent 100M USD' shelf registration to fund this venture, as well as directly using innovative solutions such as the inventory monetisation promoted by Supply@ME Capital Plc, as demonstrated by our investment commitment'. To complete the acquisition process and prepare the necessary regulatory and shareholder approvals, NUBURU has also engaged a global 'Big4' firm for an independent evaluation of the two targeted businesses, alongside an international network of auditors to prepare their financial statements. As NUBURU progresses, it remains devoted to innovation and state-of-the-art technologies and aims to lead in high-growth sectors. About NUBURU NUBURU, Inc. was founded in 2015 as a developer and manufacturer of industrial blue laser technology that is transforming the speed and quality of laser-based manufacturing. Under its new management team led by Executive Chairman Alessandro Zamboni, NUBURU is executing a comprehensive growth and diversification strategy, expanding into complementary domains such as defense-tech, security, and operational resilience solutions. NUBURU is leveraging strategic partnerships and acquisitions to accelerate growth in high-value sectors. For more information, visit Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "seek," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts, and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Many factors may cause the Company's actual results to differ materially from current expectations, including but are not limited to: (1) the ability to meet security exchange listing standards; (2) the impact of the loss of the Company's patent portfolio through the previously announced foreclosure; (3) failure to achieve expectations regarding business development and the Company's acquisition strategy; (4) the inability to access sufficient capital to operate; (5) the inability to recognize the anticipated benefits of the initial business combination and the current transaction, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) changes in applicable laws or regulations; (7) adverse impacts of general economic, business, and competitive factors; (8) volatility in the financial system and markets caused by geopolitical and economic factors; and (9) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not give any assurance that it will achieve its expected results. The Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.
Business Wire
06-05-2025
- Business
- Business Wire
Mokulele Airlines and Japan Airlines Announce New Interline Agreement
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) (the 'Company' or 'Surf Air Mobility'), a leading regional air mobility platform, today announced that Mokulele Airlines will launch a new interline agreement with Japan Airlines ('JAL'), a leading Japanese airline. This interline agreement expands direct flight connectivity between Japan and Hawaii via Mokulele Airlines, a subsidiary airline brand of Surf Air Mobility. Mokulele Airlines is the largest commuter airline in Hawaii by scheduled departures. Travelers will be able to book connecting flights with Japan Airlines through Honolulu International Airport (HNL) to Mokulele Airline's Hawaiian airports, including Molokai (MKK), Kapalua (JHM), Lana'i City (LNY), Hana (HNM), Waimea-Kohala (MUE), and Kailua-Kona (KOA). Mokulele Airways passengers will have the ability to book connecting international flights to Japan via Japan Airlines. This interline agreement will increase the Company's exposure to the large international air travel market between Japan and Hawaii and will ensure a more seamless travel experience with single-ticket issuance for the entire trip and easier itinerary changes and communication in the event of schedule changes. Deanna White, Surf Air Mobility's CEO and COO said, 'We're excited to collaborate with Japan Airlines to connect their international passengers to more destinations across the Hawaiian Islands within our Mokulele Airlines network. With a more integrated booking and travel experience, we're confident both of our customer bases will benefit from the expanded access and more seamless customer service.' Ross Leggett, Japan Airline's Executive Officer and Deputy Senior Vice President, International Relations & Alliances said, 'I am delighted to announce the interline agreement between Mokulele Airlines and Japan Airlines. With this collaboration, the networks of both airlines between Japan and Hawaii will expand, providing our customers with a wider range of travel options and destinations. For those customers visiting Hawaii, this enhanced connectivity means that they now have easier access to many attractive cities in the islands of Hawaii. JAL is always committed to improving customer satisfaction, and this new partnership with Mokulele Airlines is another step in that direction.' Surf Air Mobility, through its subsidiary airline brands, Southern Airways and Mokulele Airlines, has interline agreements with five large commercial air carriers, including American Airlines, United Airlines, Alaska Airlines, Hawaiian Airlines, and Japan Airlines, who fly a cumulative ~435 million passengers per year. This agreement supports Surf Air Mobility's initiative to optimize airline operations as part of the Optimization phase of the Company's Transformation Plan. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. About Japan Airlines Japan Airlines (JAL), Japan's first private aviation company, was established in 1951 and is a member of the oneworld® Alliance. The airline operates a fleet of 232 aircraft (as of March 2025) and began renewing its international long-haul aircraft with the Airbus A350-1000 starting 2023 Winter Schedule. Together with other JAL Group and partner airlines, JAL offers an extensive domestic and international network that serves 395 airports across 68 countries/regions. The airline has received numerous accolades for its exceptional service, including being recognized as a certified 5-Star Airline by Skytrax and being awarded the prestigious "World Class" Airline title by APEX, the Airline Passenger Experience Association. The airline is dedicated to ensuring the highest standards of flight safety and overall service quality, striving to be the most preferred airline by customers worldwide. For details and to learn more, visit JAL's official website at Forward-Looking Statement This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding projections of Surf Air Mobility's market opportunity and market share, potential benefits and the commercial attractiveness to Surf Air Mobility's customers of Surf Air Mobility's products and services, and Surf Air Mobility's profitability and future financial results. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility's management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the inability to accurately forecast demand and manage flight schedules and fleet and crew availability in an effective and efficient manner; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility's growth; the inability of Surf Air Mobility's customers to pay for Surf Air Mobility's products and services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the risks associated with Surf Air Mobility's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.
