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Business Recorder
23-05-2025
- Business
- Business Recorder
Bridging policy gaps in IT sector
EDITORIAL: The increasingly pivotal role that the country's IT sector plays in driving national development — by creating jobs, generating vital tax revenue, boosting exports, and attracting both domestic and foreign investment — positions it as a potentially transformative engine of inclusive and sustained economic growth. Even amid the economic turmoil of recent years, the sector has remained a resilient performer, and is set to contribute close to USD4 billion in exports by the close of the current fiscal year. By 2030, this figure is expected to surge to USD15 billion. Despite this promising outlook, numerous facets of the government's approach to the IT sector continue to impede its growth, and prevent it from realising its true potential. In a recent press briefing, the chairman of the Pakistan Software Houses Association (P@SHA) outlined key hurdles facing the IT sector, including policy unpredictability, ad hoc taxation measures and operational bottlenecks. He emphasised how these issues undermine investor confidence and constrain the sector's economic contributions. At the heart of these difficulties lie the frequent changes in tax regulations, ranging from export incentives to withholding taxes and other fiscal measures, which discourage long-term investment. Sudden and arbitrary changes to the tax framework weaken investor confidence, jeopardising years of effort by Pakistani software houses and IT companies to build global credibility, nurture talent and develop robust digital infrastructure. Pakistan currently imposes one of the highest corporate tax rates in the region at 29 percent, compounded further by elevated auxiliary taxes and high input costs. In contrast, the UAE maintains a rate as low as nine percent, while Vietnam's stands at 25 percent. Vietnam's streamlined government policies and predictable tax environment, in fact, have helped its annual exports surge to a highly impressive USD141 billion, underscoring the vast potential Pakistan could also unlock in export earnings if its IT sector were supported by a more enabling and competitive tax regime. Persistently high tax rates risk pushing IT firms to more favourable jurisdictions, weakening local industry and forfeiting future gains. While our chronic struggle with low tax revenues is well-documented, uncompetitive tax structures will not resolve the issue, and are more likely to deter investment, drive capital outflow and ultimately worsen the revenue shortfall they aim to address. Another critical issue is the misalignment in tax treatment between employees of IT firms operating domestically and independent remote workers employed by foreign companies. As P@SHA has noted, despite the rapid growth of remote work in recent years, remote workers remain undefined under the Income Tax Ordinance, 2001. This legislative gap has led to a significant disparity: while IT companies must withhold an additional 30 percent income tax from employees earning over Rs2.5 million annually, remote workers earning similar incomes are not subject to the same tax burden. This imbalance puts local firms at a competitive disadvantage, making it harder for them to attract and retain top talent, as skilled professionals prefer opportunities with foreign employers offering higher take-home pay. This also discourages international companies from establishing a physical presence in Pakistan, as they can access the same talent pool remotely without dealing with the associated tax implications. Rectifying this disparity is essential to creating a level playing field and fostering a policy environment that supports both local industry growth and foreign investment. Pakistan stands at the cusp of a vital transformation in its IT sector, where it could emerge as a truly competitive player in the global digital economy. But this opportunity could slip away if the regulatory environment remains riddled with unclear tax rules, inconsistent incentives and constraints on digital freedoms. The authorities must pivot towards a more forward-looking, coherent and enabling policy framework that empowers innovation, protects digital rights, and attracts both talent and investment. Copyright Business Recorder, 2025
Hypebeast
19-05-2025
- Business
- Hypebeast
The World's Top 10 Highest Paid Athletes of 2025
Summary Forbes' annual list of the world's highest-paid athletes for 2025 showcases the titans who have conquered their sports and captivated global audiences, their earnings soaring from record-breaking performances, lucrative endorsements and savvy business ventures. This year's ranking is a testament to the diverse landscape of global sports. Familiar faces continue to dominate, their established legacies attracting massive sponsorship deals and commanding top salaries. The reigning champions of basketball, football (both American and global), and more highlights their on-field or on-court brilliance directly fueling their off-field earnings. Leading the pack isCristiano Ronaldoat $275 million USD, making $225 million USD on-field and $50 million USD off. Coming behind Ronaldo is the greatest shooter in the world,Stephen Currywith $156 million USD ($56 million USD on-field, $100 million USD off-field). The Golden State Warriors guard became the first NBA player to reach 4,000 career 3-pointers back in March. In third is UK'sTyson Furyrepresenting the boxing world with $146 million USD. Others after Fury include NFL's Dak Prescott, Lionel Messi, LeBron James, Juan Soto, Karim Benzema, Shohei Ohtani and Kevin Durant. The top 10 showing span across the NBA, NFL, MLB, Boxing, MLS and more. Notably, the top 10 does not include any women, demonstrating that there is still a lot to be done in pay equality in women's sports. The 2025 list also highlights the growing influence of emerging sports and the power of individual brand building. These athletes have cultivated massive social media followings, launched successful businesses, and strategically partnered with global brands, demonstrating that athletic prowess is just one piece of the financial pie. This list offers a fascinating glimpse into the intersection of sports, celebrity, and big business, showcasing the individuals who have truly hit the jackpot in the world of athletics. 1. Cristiano Ronaldo – $275 Million USD2. Stephen Curry – $156 Million USD3. Tyson Fury – $146 Million USD4. Dak Prescott – $137 Million USD5. Lionel Messi – $137 Million USD6. LeBron James – $133.8 Million USD7. Juan Soto – $114 Million USD8. Karim Benzema – $104 Million USD9. Shohei Ohtani – $102.5 Million USD10. Kevin Durant – $101.4 Million USD
Express Tribune
22-02-2025
- Entertainment
- Express Tribune
Iqra Aziz dons Rastah
In an Instagram post shared Friday, Iqra Aziz donned fashion brand Rastah's 97 Paradise suede varsity jacket. Sporting smiles and an adorable set of poses, she wore the jacket over a red top, shadowing the vibrance with the Rastah article's black fabric and white stitching. The brand describes the piece as a striking blend of luxe materials and colours. Crafted from premium suede and leather, the jacket emulates sophistication with an edge. The logo patch under the right shoulder reads "money on my mind" in Urdu. The piece is adorned with a number of sleeve patches, strewn about in a splash of colour over its black layout. A tufted embroidery patch extends over the back, highlighting the phrase "gangsters paradise" and the number 97, both stitched in Urdu script. Designed to fit at the sleeves, the jacket offers a boxy appearance of the wearer's figure, giving the impression of both fitted and loose styles. Launched by Zain, Adnan, and Ishmail Ahmad in 2018, Rastah has been making strides across the fashion scene both locally and internationally. In December, the brand added another name to the star-studded catalogue of its admirers: Indian rap icon Yo Yo Honey Singh. In a post shared to Instagram, Rastah showcased Honey Singh sporting their striking emerald green leather suit, captioned, "Yo Yo Honey Singh wears the emerald green leather suit with custom embroidered detailing." The jacket alone, priced upwards of USD4,000, epitomises the brand's ethos of crafting pieces that are unconventional yet luxurious. The jacket, a standout piece, is crafted from green hair-on leather and features a cropped, structured silhouette that exudes urban sophistication. Its hand-embellished collar, adorned with metallic studs, offers a textured contrast to the simple design, while a handmade polymer clay zip adds an unexpected artistic and abstract touch. Fully lined for versatility, the jacket is designed for both comfort and impact, making it a statement piece for any fashion-forward wardrobe. Paired with the jacket are wide-legged trousers that further elevate the status of the ensemble to a rich man's co-ord. With a smooth, light-reflecting texture, the trousers boast an iridescent sheen, adding a sense of movement and fluidity to the look. The relaxed fit ensures ease of wear without compromising on style, while a simple button closure keeps the design clean. Completing the look, Honey Singh accessorised with black leather gloves and his signature rectangular-framed glasses.
Yahoo
14-02-2025
- Business
- Yahoo
Sauna Market in the US to grow by USD 151.3 Million from 2025-2029, Driven by Rising Wellness Focus, Report on How AI is Reshaping the Market
NEW YORK, Feb. 14, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The sauna market in US and it is set to grow by USD 151.3 million from 2025 to 2029. However, the growth momentum will progressing at a CAGR of 6.4% during the forecast period, according to Technavio. The sauna market in US is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Almost Heaven Group LLC, Bsaunas Inc., Cedarbrook Sauna and Steam, Divine Environments Inc., Golden design Inc., Great Bay Spa and Sauna, Harvia Plc, Health Mate Sauna, Heavenly Heat Saunas, KLAFS GmbH, Nootka Collective Inc., QCA Spas Inc., Rocky Mountain Saunas, Salus Saunas, Sauna360 Group Oy, Sunlighten Inc., Superior Sauna, and ThermaSol Steam Bath LLC are some of the major market participants -. To know about the vendor offerings - Request a sample report Sauna Market in US 2025-2029: Scope Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The sauna market in us report covers the following areas: Sauna Market in US Size Sauna Market in US Trends Sauna Market in US Industry Analysis Porter's Five Forces Analysis Customer Landscape The sauna market in US is fragmented, and the degree of fragmentation will accelerate. The increasing focus on wellness and self-care will offer immense growth opportunities. However, the High cost of equipment and maintenance will hamper the market growth Sauna Market in US 2025-2029: Drivers & Challenges The sauna market in the US is experiencing growth due to the rising trend of wellness and self-care. People are prioritizing their health and seeking activities and products that promote relaxation and stress reduction. Saunas, with their therapeutic benefits and relaxation properties, have gained popularity. Regular sauna use is linked to enhanced mood, reduced anxiety, and improved mental clarity. As more individuals prioritize their well-being, the demand for saunas continues to increase. Saunas offer a space for individuals to unwind, escape daily stresses, and invest in their overall health. Establishing a sauna business in the US involves significant upfront investment. Traditional saunas can cost between USD6,000 and USD11,000, while infrared saunas range from USD4,400 to USD9,000 or more. These high initial costs present a challenge for entrepreneurs. Additionally, maintaining a sauna is not inexpensive. Regular service and upkeep for the sauna equipment can add up, with costs including cleaning, chemicals, and filter replacements for hot tubs. Overall, the combination of high initial investment and ongoing maintenance expenses makes operating a sauna business a substantial financial commitment. To learn more about the global trends impacting the future of market research, download a PDF sample Segment Overview This sauna market in US report extensively covers market segmentation by End-user Product Type Geography Application 1.1 Hotel- The US sauna market's hotel segment refers to providing sauna facilities in hotels and resorts. This segment includes luxury, boutique, budget hotels, and resorts. Guests seek sauna services for relaxation and rejuvenation, driving market growth. Wellness tourism demand is increasing, leading hotels to invest in saunas. Eco-friendly practices, like using natural products and reducing energy, are trending. Hotels offer sauna access to non-guests, contributing significantly to the market. This segment's largest market share will continue driving growth in the US sauna market. To learn more, request a FREE sample Sauna Market in US 2025-2029: Key Highlights CAGR of the market during the forecast period 2025-2029 Detailed information on factors that will assist sauna market in US growth during the next five years Estimation of the sauna market in US size and its contribution to the parent market Predictions on upcoming trends and changes in consumer behavior The growth of the sauna market in US across US Analysis of the market's competitive landscape and detailed information on vendors Comprehensive details of factors that will challenge the growth of sauna market in US vendors Sauna Market In US Scope Report Coverage Details Base year 2024 Historic period 2017-2021 Forecast period 2025-2029 Growth momentum & CAGR Accelerate at a CAGR of 6.4% Market growth 2025-2029 USD 151.3 million Market structure Fragmented YoY growth 2022-2023 (%) 6.0 Regional analysis US Performing market contribution North America at 100% Key countries US and North America Competitive landscape Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks Key companies profiled Almost Heaven Group LLC, Bsaunas Inc., Cedarbrook Sauna and Steam, Divine Environments Inc., Golden design Inc., Great Bay Spa and Sauna, Harvia Plc, Health Mate Sauna, Heavenly Heat Saunas, KLAFS GmbH, Nootka Collective Inc., QCA Spas Inc., Rocky Mountain Saunas, Salus Saunas, Sauna360 Group Oy, Sunlighten Inc., Superior Sauna, and ThermaSol Steam Bath LLC Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. About USTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@ View original content to download multimedia: SOURCE Technavio Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
Champion Iron Ltd (CIAFF) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...
Production: Over 3.6 million tonnes produced; just under 3.3 million tonnes sold. Revenue: Approximately $363 million. EBITDA: $88 million. Operating Costs: Approximately CAD79 per tonne delivered. Provisional Price Adjustments: Negative USD4 per tonne on 3.3 million tonnes sold. Cash Position: Decreased from $180 million to about $90 million. Dividend Payment: $52 million. Investment in Flotation Plant: Around $70 million. Net Debt Increase: $100 million associated with mobile equipment and lease financing. Realized Selling Price: Impacted by lack of long-term contracts and exposure to spot pricing. Warning! GuruFocus has detected 5 Warning Signs with CIAFF. Release Date: January 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Champion Iron Ltd (CIAFF) managed to produce over 3.6 million tonnes and sell just under 3.3 million tonnes despite a challenging quarter. The company reported no significant environmental issues during the quarter. Champion Iron Ltd (CIAFF) continued to strengthen partnerships with First Nations and Newfoundland and Labrador communities. The company achieved a record quarter in terms of waste mined and ore mined, indicating successful investments in mining equipment. Champion Iron Ltd (CIAFF) signed an agreement with Nippon Steel and Sojitz for the Kami Project, valuing it at CAD500 million, which will be funded by partners. An unplanned event at the load-out resulted in a 14-day halt, impacting shipping and sales capacity. The company faced a provisional price adjustment of USD4 per tonne negative on the 3.3 million tonnes sold. Operating costs remained high, with extra maintenance and re-handling of material contributing to costs. Champion Iron Ltd (CIAFF) experienced a significant cash reduction from $180 million to $90 million, partly due to high CapEx and dividend payments. The company missed EPS consensus forecasts due to a noncash impact from exchange rate changes affecting debt facilities. Q: The sustaining capital over the last two quarters seems elevated. Should we expect this trend to continue, or will it decrease? A: David Cataford, CEO: The recent high levels were due to investments in mining equipment and railcars, which are not typical. Moving forward, we expect sustaining capital to align more closely with the $60 million per quarter level, as outlined in our feasibility study. Q: Is the DRPF product intended for US customers, and what is the status of contract negotiations? A: David Cataford, CEO: Currently, the DRPF product is not intended for US customers due to their preference for pellets. We are targeting markets in the Middle East, North Africa, and Europe. Negotiations have been ongoing for over a year, and we anticipate signing our first contracts by October or November 2025. Q: Can you provide an update on the shipping run rate and stockpile reduction? A: David Cataford, CEO: If IOC's production is at the lower end of their guidance, we have flexibility to reduce stockpiles significantly this year. Even at the higher end, we can still start reducing stockpiles. We expect 2025 to be a good year for destocking, especially after winter. Q: What is the estimated cost of the Kami Project feasibility study, and how will it be funded? A: David Cataford, CEO: The feasibility study, including permitting and infrastructure improvements, is estimated at $60 million. This cost will primarily be covered by our partners, Nippon Steel and Sojitz, so Champion should not need to invest its own cash over the next two years. Q: How will the DRPF commissioning process unfold, and what is the current market price for DR-grade products? A: David Cataford, CEO: We plan to have two separate products initially, focusing on volume over quality. If the market remains as it is, we may blend products for an entry-level DR grade. Currently, DR pellet premiums are around $45, but there is no public pricing for DR-grade concentrate. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
