Business
ECC for phasing out govt guarantee for Skill Bond | The Express Tribune
ISLAMABAD:
Pakistan’s economic managers have stressed that government guarantee should be phased out to ensure that the Pakistan Skill Impact Bond become self-sustaining and move towards a public-private partnership model.
The matter was taken up in a recent meeting of the Economic Coordination Committee (ECC) while considering a Rs1 billion government guarantee for floating the Pakistan Skill Impact Bond.
During discussion, the committee said that a proposed steering committee should monitor the overall process of issuing the bond. Once the bond was floated, it could be listed, since there was already a provision for that.
The Ministry of Federal Education and Professional Training briefed the meeting that the National Vocational and Technical Training Commission (NAVTTC), established in 2006, was mandated to spearhead the technical and vocational training programme by providing necessary support to the federating units for producing a market-driven workforce. The aim was not only to meet the industrial and self-employment needs but also export the trained manpower to the region and beyond. The Skill Impact Bond is a strategic solution designed to attract private capital for the Technical and Vocational Education and Training (TVET) sector, easing the financial burden on the government. It is expected to contribute significantly to national development by creating a skilled workforce that enhances productivity, reduces unemployment and promotes inclusive and sustainable economic growth.
Considering the fast-changing technological landscape and the need to spur economic growth, the Federal Education and Professional Training Division told the ECC that it was imperative that NAVTTC mobilise additional resources to produce quality human resources by employing global best practices in cooperation with development actors, thereby reducing dependence on public funding.
Countries such as the UK, India, Vietnam and Turkey have also floated Skill Impact Bonds. For instance, India has attracted more than $600 million in foreign investment through these bonds in the education and public health sectors.
The division emphasised that the Skill Impact Bond marked a significant shift from the traditional funding models, transitioning from supply-driven training to demand-driven requirements and from input-based to outcome-based approaches. Risk investors will provide initial capital and receive returns based on the achievement of pre-determined, measurable social outcomes.
The division further said that in the pilot phase NAVTTC, with the assistance of a bank (risk investor), planned to issue the Skill Impact Bond worth Rs1 billion, backed by the government guarantee. Following evaluation on September 4, 2024, The Bank of Punjab was selected as the risk investor, subject to the ECC’s approval.
It was highlighted that the apex committee of the Special Investment Facilitation Council (SIFC) had already approved the sovereign guarantee in its meeting held on February 7, 2024. The proposal for introducing the bond for sustainable skill development and vocational training was also endorsed by the Finance Division. A summary was submitted to the ECC on December 18, 2024, but the committee deferred its decision and directed the Ministry of Federal Education to develop a comprehensive business plan covering all aspects, including the syndication strategy, cash flow and commercial market elements. In compliance, a robust business plan was prepared along with a financial model.
1729471601-0/image-(8)1729471601-0-640x480.webp "Pakistan’s crisis differs from world | The Express Tribune")
New Delhi: Several crucial deadlines have been extended in December 2025, including ITR for tax audit cases, ITR filing and PAN and Aadhaar linking. These deadlines will be crucial in ensuring that your financial affairs operate smoothly in the months ahead.
Here is a quick rundown of the important deadlines for December to help you stay compliant and avoid last-minute hassles.
ITR deadline for tax audit cases
The Central Board of Direct Taxes has extended the due date of furnishing of return of income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26 which is October 31, 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to December 10, 2025.
Belated ITR filing deadline
A belated ITR filing happens when an ITR is submitted after the original due date which is permitted by Section 139(4) of the Income Tax Act. Filing a belated return helps you meet your tax obligations, but it involves penalties. You can only file a belated return for FY 2024–25 until December 31, 2025. However, there will be a late fee and interest charged.
PAN and Aadhaar linking deadline
The Income Tax Department has extended the deadline to link their PAN with Aadhaar card to December 31, 2025 for anyone who acquired their PAN using an Aadhaar enrolment ID before October 1, 2024. If you miss this deadline your PAN will become inoperative which will have an impact on your banking transactions, income tax return filing and other financial investments.
Business
Stock Market Live Updates: Sensex, Nifty Hit Record Highs; Bank Nifty Climbs 60,000 For The First Time
Stock Market News Live Updates: Indian equity benchmarks opened with a strong gap-up on Monday, December 1, touching fresh record highs, buoyed by a sharp acceleration in Q2FY26 GDP growth to a six-quarter peak of 8.2%. Positive cues from Asian markets further lifted investor sentiment.
The BSE Sensex was trading at 85,994, up 288 points or 0.34%, after touching an all-time high of 86,159 in early deals. The Nifty 50 stood at 26,290, higher by 87 points or 0.33%, after scaling a record intraday high of 26,325.8.
Broader markets also saw gains, with the Midcap index rising 0.27% and the Smallcap index advancing 0.52%.
On the sectoral front, the Nifty Bank hit a historic milestone by crossing the 60,000 mark for the first time, gaining 0.4% to touch a fresh peak of 60,114.05.
Meanwhile, the Metal and PSU Bank indices climbed 0.8% each in early trade.
Global cues
Asia-Pacific markets were mostly lower on Monday as traders assessed fresh Chinese manufacturing data and increasingly priced in the likelihood of a US Federal Reserve rate cut later this month.
According to the CME FedWatch Tool, markets are now assigning an 87.4 per cent probability to a rate cut at the Fed’s December 10 meeting.
China’s factory activity unexpectedly slipped back into contraction in November, with the RatingDog China General Manufacturing PMI by S&P Global easing to 49.9, below expectations of 50.5, as weak domestic demand persisted.
Japan’s Nikkei 225 slipped 1.6 per cent, while the broader Topix declined 0.86 per cent. In South Korea, the Kospi dropped 0.30 per cent and Australia’s S&P/ASX 200 was down 0.31 per cent.
US stock futures were steady in early Asian trade after a positive week on Wall Street. On Friday, in a shortened post-Thanksgiving session, the Nasdaq Composite climbed 0.65 per cent to 23,365.69, its fifth consecutive day of gains.
The S&P 500 rose 0.54 per cent to 6,849.09, while the Dow Jones Industrial Average added 289.30 points, or 0.61 per cent, to close at 47,716.42.
Osmond ChiaBusiness reporter
Getty ImagesSouth Korea’s largest online retailer, Coupang, has apologised for a massive data breach potentially involving nearly 34 million local customer accounts.
The country’s internet authority said that it is investigating the breach and that details from the millions of accounts have likely been exposed.
Coupang is often described as South Korea’s equivalent of Amazon.com. The breach marks the latest in a series of data leaks at major firms in the country, including its telecommunications giant, SK Telecom.
Coupang told the BBC it became aware of the unauthorised access of personal data of about 4,500 customer accounts on 18 November and immediately reported it to the authorities.
But later checks found that some 33.7 million customer accounts – all in South Korea – were likely exposed, said Coupang, adding that the breach is believed to have begun as early as June through a server based overseas.
The exposed data is limited to name, email address, phone number, shipping address and some order histories, Coupang said.
No credit card information or login credentials were leaked. Those details remain securely protected and no action is required from Coupang users at this point, the firm added.
The number of accounts affected by the incident represents more than half of South Korea’s roughly-52 million population.
Coupang, which is founded in South Korea and headquartered in the US, said recently that it had nearly 25 million active users.
Coupang apologised to its customers and warned them to stay alert to scams impersonating the company.
The firm did not give details on who is behind the breach.
South Korean media outlets reported on Sunday that a former Coupang employee from China was suspected of being behind the breach.
The authorities are assessing the scale of the breach as well as whether Coupang had broken any data protection safety rules, South Korea’s Ministry of Science and ICT said in a statement.
“As the breach involves the contact details and addresses of a large number of citizens, the Commission plans to conduct a swift investigation and impose strict sanctions if it finds a violation of the duty to implement safety measures under the Protection Act.”
The incident marks the latest in a series of breaches affecting major South Korean companies this year, despite the country’s reputation for stringent data privacy rules.
SK Telecom, South Korea’s largest mobile operator, was fined nearly $100m (£76m) over a data breach involving more than 20 million subscribers.
In September, Lotte Cards also said the data of nearly three million customers was leaked after a cyber-attack on the credit card firm.
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Key Financial Deadlines That Have Been Extended For December 2025; Know The Last Date
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