Current Final

Category: Business

  • 10-day winning streak: Pakistani rupee soars to Rs294.90 against US dollar 

    10-day winning streak: Pakistani rupee soars to Rs294.90 against US dollar 

    In a noteworthy financial trend, the Pakistani rupee continued its upward trajectory against the US dollar, marking its 10th consecutive session of appreciation in the interbank market. On Tuesday, the rupee displayed resilience by appreciating by 0.36 per cent, settling at Rs294.9, following a notable increase of Rs1.05. 

    This positive momentum in the exchange rate follows the previous day’s gain, where the rupee had strengthened by 0.3 per cent to close at Rs295.95. This recent surge in the value of the Pakistani rupee comes in stark contrast to its earlier performance, when it reached an all-time low of Rs307.1 in the interbank market. 

    The shift in fortune can be attributed to government initiatives aimed at reforming the Exchange Companies’ (ECs) sector and cracking down on smuggling activities, both of which have bolstered confidence in the currency markets. 

    This development offers some relief to the prevailing economic outlook, which had been under pressure due to the easing of import restrictions, leading to a widening of the current account deficit in July. 

    Analysts at Topline Securities anticipate that the PKR/USD exchange rate in the inter-bank market will likely remain within the range of Rs320–340 by June 2024, providing a forward-looking perspective on the currency’s performance. 

    Meanwhile, on the global stage, the US dollar experienced a modest decline, albeit remaining close to its six-month peak against major currencies. This movement occurred ahead of the Federal Reserve’s highly anticipated interest rate decision scheduled for Wednesday. 

  • Pakistan to launch digital rupee to reduce printing and distribution costs

    Pakistan to launch digital rupee to reduce printing and distribution costs

    The government has opted to introduce a digital currency as a strategic move aimed at reducing expenses associated with currency printing and distribution.

    According to The News, this digital currency initiative is expected to contribute to the appreciation of the rupee’s value, bolster the overall economy, and facilitate extensive financial transactions.

    Much like the Chinese digital currency, where one unit is equivalent to one Chinese Yuan, the value of this digital currency will be pegged to the Pakistani rupee. The State Bank of Pakistan (SBP) will be the driving force behind this endeavour, offering government-backed guarantees similar to traditional currency notes. The SBP has already begun its efforts, enlisting the expertise of professionals for its development.

    To oversee this transformation, a specialised department known as the Central Bank Digital Currency has been established. This department is diligently assessing the cost benefits and feasibility of the digital currency to ensure seamless transactions upon its launch.

    The government’s objective is to gradually replace physical currency notes with digital currency while maintaining an 80:20 ratio, allowing currency notes to coexist as a backup in unforeseen circumstances.

    The adoption of digital currency will also yield significant savings by eliminating the expenses associated with printing, distributing, and disposing of physical notes. Additionally, every digital transaction will be meticulously documented, enhancing the effectiveness of monetary policy enforcement.

    Furthermore, digital currency holds substantial potential for advancing cross-border trade and investment and extending access to financial services for the unbanked population. The World Bank acknowledges its potential to enhance the financial industry’s efficiency, resilience, and reliability, with blockchain technology serving as one of the pivotal distributed ledger technologies supporting these advancements.

  • Chinese electric car maker set to invest big in Pakistan

    Chinese electric car maker set to invest big in Pakistan

    In a momentous development, a prominent Chinese electric vehicle (EV) manufacturer is making preparations to establish its EV production facility within Pakistan. However, their ambitions extend far beyond this endeavour, as they are also poised to inaugurate showrooms in key urban centres nationwide.

    This momentous announcement materialized following a productive meeting involving a delegation led by GU Xongquan, Assistant Chairman of the Xinjian Jingyi Cheng Group, and Amin Ullah Baig. Notably, Amin Ullah Baig holds the esteemed position of Vice President at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

    GU Xongquan astutely emphasised a pivotal aspect of this development. In a country where automobiles hold paramount importance for commuting, and with gasoline prices incessantly soaring due to global oil market fluctuations, the exigency for alternative energy solutions is abundantly clear. Electric vehicles (EVs) have emerged as a seamlessly fitting answer to this imperative.

    This undertaking transcends the realm of mere vehicular transportation; it signifies a substantial stride towards embracing more environmentally sustainable mobility alternatives within Pakistan.

    In an era marked by an escalating emphasis on sustainability worldwide, the presence of a prominent Chinese entity in the EV sector within Pakistan holds the potential to revolutionize our automotive industry. It offers the promise of a greener, more sustainable future that aligns with global imperatives.

  • Pakistan’s exports surge by 22.45% in FY23-24’s first two months, crossing Rs1.27 trillion mark

    Pakistan’s export sector has demonstrated remarkable growth, achieving a substantial 22.45 per cent increase, reaching the noteworthy milestone of Rs1.27 trillion during the initial two months of the fiscal year 2023-24 (FY23-24).

    According to data released by the Pakistan Bureau of Statistics (PBS), exports from July to August 2023 stood at Rs1.27 trillion, marking a remarkable 22.45 per cent surge compared to the Rs1.04 trillion recorded during the corresponding period the previous year.

    In a year-on-year analysis, exports in August 2023 surged by an impressive 26.75 per cent, reaching Rs695.1 billion, as opposed to the Rs548.4 billion recorded in August 2022. Furthermore, on a month-to-month basis, exports surged by 19.62 per cent when juxtaposed with the Rs581.1 billion recorded in July 2023. The textile and knitwear sector emerged as the most substantial export contributor, accounting for an impressive Rs117.8 billion.

    In contrast, imports during July and August of the fiscal year 2023-24 experienced a modest decline of 2.42 per cent, totaling Rs2.3 trillion. This is in contrast to the imports recorded at Rs2.4 trillion during the corresponding period the previous year. Of note, Pakistan’s imports in August 2023 included Rs180.6 billion worth of petroleum products, followed by crude oil and liquefied natural gas (LNG) valued at Rs119.4 billion and Rs89.8 billion, respectively.

    When analyzed on a year-on-year basis, imports into Pakistan in August 2023 displayed a marginal 0.5 per cent decrease when compared to August 2022. On a month-on-month basis, imports into the country saw a significant uptick of 27.79 per cent in August 2023 when compared to the Rs1.04 trillion worth of imports in July 2023.

    According to Geo, this surge in exports is indeed promising as it holds the potential to bolster Pakistan’s diminishing foreign exchange reserves, a much-needed development in light of the challenging economic situation stemming from the depreciation of the Pakistani rupee

  • Pakistan Railways increases train fares amid record-high fuel prices 

    Pakistan Railways increases train fares amid record-high fuel prices 

    Pakistan Railways has announced a second fare increase this September in response to a significant surge in petrol and diesel prices. 

    According to ARY News, effective tomorrow, September 19th, train fares will see a 5 per cent hike across all categories, encompassing shuttles, passenger trains, express services, and freight. It’s worth noting that this increase excludes shuttle and passenger trains covering distances of 250 kilometres or less. 

    Over the past 1.5 months, the railway ministry has already implemented a cumulative 20 per cent fare increase. The previous increments occurred on August 10th (10 per cent) and September 2nd. 

    This decision by Pakistan Railways closely follows an earlier announcement this month, wherein a 5 per cent fare increase was revealed for all shuttle, passenger, express, and inter-city trains. 

    These adjustments coincide with a recent decision by the caretaker government to raise petroleum product prices by up to Rs14 per litre. This move is seen as contradictory to previous promises of relief to the general populace. 

    Of particular note is the substantial increase in petrol and diesel prices, with petrol rising by Rs26.2 per litre to reach a new price of Rs331.38 per litre and diesel increasing by Rs17.34 per litre, now priced at Rs329.18 per litre. 

    Within the span of just one month, the caretaker government has raised petrol prices by Rs58 per litre and diesel prices by Rs56 per litre, raising concerns among economic experts regarding a potential fresh wave of inflation triggered by these drastic fuel price hikes. 

  • CAA gathers global players: Meeting in Dubai to discuss Islamabad airport outsourcing 

    CAA gathers global players: Meeting in Dubai to discuss Islamabad airport outsourcing 

    The Civil Aviation Authority (CAA) has convened a significant meeting in Dubai to address matters pertaining to the outsourcing of Islamabad airport. 

    Sources indicate that the CAA administration has scheduled this meeting for September 26 in Dubai, extending invitations to international companies interested in participating in the outsourcing of the airport. 

    This development follows the federal government’s issuance of tenders, soliciting applications for the outsourcing of Islamabad International Airport for a duration of 15 years. 

    According to ARY News, the Civil Aviation Authority has stipulated that interested bidders must submit their applications, along with a Rs5,000 fee, in favour of CAA by November 8. 

    Notably, the government recently made the decision to pursue the outsourcing of Karachi, Lahore, and Islamabad International Airports, drawing keen interest from the United Arab Emirates, Qatar, Turkey, China, and Saudi Arabia. 

    In response to this decision, CAA unions launched a protest movement, which has persisted despite attempts at negotiation by Aviation Minister Khawaja Saad. 

    The steadfast stance of CAA employees remains unwavering, with a spokesperson for the CAA Union asserting during a media address that the protest movement will persist until their demands are met. 

  • Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia enters talks with Tesla for potential manufacturing facility in kingdom

    Saudi Arabia is engaged in preliminary discussions with the American electric vehicle manufacturer, Tesla, regarding the establishment of a manufacturing facility within the kingdom, as reported by The Wall Street Journal. 

    This development coincides with Turkish President Recep Tayyip Erdogan’s request to Tesla CEO Elon Musk to consider the construction of a vehicle production plant in Turkey. Furthermore, Elon Musk is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in California today.

    To incentivize Tesla, Saudi Arabia has been offering the company access to essential metals and minerals required for electric vehicle production, procured from various nations, including the Democratic Republic of the Congo. 

    This effort aligns with Saudi Arabia’s broader strategy to diversify its economy away from its dependence on oil. Notably, the kingdom’s sovereign wealth fund holds a majority stake in Lucid Group, an electric vehicle startup aiming to challenge Tesla’s market dominance.

    One proposal being explored by Saudi Arabia involves extending financial support to Trafigura, a prominent commodities trading company, for a struggling cobalt and copper project in the Congo. 

    This project could potentially serve as a source of crucial supplies for a prospective Tesla factory. Both Tesla and Trafigura have not yet provided responses to Reuters’ inquiries, while Saudi Arabia’s sovereign fund, the Public Investment Fund, has declined to comment.

    Elon Musk previously mentioned in May that Tesla was likely to select a location for a new factory by the end of the year. Presently, Tesla operates six factories worldwide and is in the process of constructing a seventh in Mexico as part of its ambitious global expansion strategy. 

    The company’s goal is to achieve annual vehicle sales of 20 million units by 2030, a significant increase from the approximately 1.3 million vehicles sold in 2022.

  • Top 10 high-paying online jobs for introverts with anxiety

    Top 10 high-paying online jobs for introverts with anxiety

    Introverts who grapple with anxiety often seek job opportunities that minimise social interaction and reduce stress. In today’s digital age, there’s a vast array of high-paying online careers available worldwide that cater to introverts’ inclinations.

    By thoughtfully examining job descriptions and selecting roles that align with personal needs, introverts can discover fulfilling and lucrative career options. 

    Here are 10 career options introverts dealing with anxiety or depression can consider:

    1. Copywriter 

    Description: If you possess creativity and a way with words, pursuing a career as a copywriter might be the ideal choice for you. 

    Responsibilities: Writing for blogs, creating eBooks, and crafting marketing materials. 

    Skills required: Strong written language skills and knowledge of basic digital marketing. 

    Average salary: $36 (PKR 10,670) per hour 

    2. Web developer 

    Description: Web developers design and construct websites, making them a perfect fit for introverts who prefer working independently. 

    Skills required: Proficiency in HTML, CSS, JavaScript, and Python. 

    Average salary: $70,000 (PKR 20.74 million) per year 

    3. Data scientist 

    Description: Data scientists analyze large data sets, providing valuable insights and actionable plans for organisations. 

    Skills required: Strong mathematical, analytical, and organisational skills. 

    Average salary: $50,000 (PKR 14.82 million)-$70,000 (PKR 20.74 million) per year 

    4. Transcriptionist 

    Description: Transcriptionists listen to audio and convert it into text, offering flexibility and good earning potential. 

    Skills required: Proficiency in written and spoken English and fast typing. 

    Average salary: $18 (PKR 5,335) per hour 

    5. Photographer 

    Description: The demand for stock photos provides introverted photographers with opportunities to work with minimal interaction. 

    Skills required: Photography and photo editing. 

    Average salary: $15 (PKR 4,446)-$40 (PKR 11,856) per hour 

    6. Bookkeeping 

    Description: Detail-oriented introverts can excel as bookkeepers, managing financial records for individuals or businesses. 

    Skills required: Strong math skills and proficiency in spreadsheets. 

    Average salary: $40,000 (PKR 11.8 million) per year 

    7. Virtual assistant 

    Description: Virtual assistants provide administrative support to individuals or businesses, often on a flexible schedule. 

    Skills required: Time management, IT skills, and effective communication. 

    Average salary: $20 (PKR 5,928) per hour 

    8. Graphic designer 

    Description: Introverts with design skills can create visually appealing graphics for various purposes. 

    Skills required: Graphic design expertise and knowledge of Adobe Photoshop/InDesign or similar tools. 

    Average salary: $20 (PKR 5,928) per hour 

    9. Dropshipping 

    Description: Dropshipping allows introverts to select and market products while others handle fulfillment. 

    Skills required: Organization and trend-spotting abilities. 

    Average salary: $45,000 (PKR 13.3 million) per year 

    10. Search Engine Optimization (SEO) specialist 

    Description: SEO specialists optimize websites for search engine visibility, offering a flexible and fulfilling career. 

    Skills required: Knowledge of SEO, digital marketing, and basic HTML/CSS (for technical SEO). 

    Average salary: $55,000 (PKR 16.3 million) per year 

    Introverts dealing with anxiety can discover rewarding and well-paying online careers tailored to their preferences for minimal social interaction. By methodically assessing their skills and interests, introverts can embark on a successful and fulfilling career path in the digital landscape. 

    How to choose?

    Introverts can find and get online jobs through a variety of channels, including: 

    • Job boards: General job boards like Indeed and Monster often have a wide range of online jobs listed, including many that are well-suited for introverts. There are also specialized job boards that focus on remote work and freelance jobs, such as FlexJobs and Remote.co. 
    • Freelance marketplaces: Freelance marketplaces like Upwork and Fiverr allow freelancers to create profiles and bid on projects from clients all over the world. This is a great way for introverts to find online jobs that match their skills and interests, and to set their own hours and work independently. 
    • Company websites: Many companies now have dedicated career pages on their websites where they list their open positions. Some companies even have specific sections for remote jobs. 
    • Social media: Social media platforms like LinkedIn and Twitter can also be a good place to find online jobs. Many companies use social media to announce job openings and recruit new employees. You can also follow relevant hashtags and keywords to stay up-to-date on the latest job postings. 
    • Networking: Networking is another great way to find online jobs. Talk to your friends, family, and former colleagues to see if they know of any online job openings. You can also attend virtual networking events and join online communities for professionals in your field. 

    Once you’ve found some online jobs that you’re interested in, be sure to tailor your resume and cover letter to each specific job. Highlight your skills and experience that are most relevant to the position, and explain why you’re a good fit for the company. 

    Here are some additional tips for introverts who are looking for online jobs: 

    • Focus on your strengths. What are you good at? What do you enjoy doing? Make a list of your skills and interests, and then use that list to identify online jobs that would be a good fit for you. 
    • Don’t be afraid to sell yourself. When you’re applying for online jobs, it’s important to market yourself and your skills effectively. Be sure to highlight your accomplishments and explain how you can add value to the company. 
    • Be patient. It may take some time to find the right online job for you. Don’t get discouraged if you don’t get the first job you apply for. Keep applying and networking, and eventually you’ll find the perfect job for you. 

    Remember, there are many online jobs that are well-suited for introverts. By focusing on your strengths and marketing yourself effectively, you can find an online job that allows you to work independently and succeed in your career. 

  • CAA’s timely intervention saves PIA from defaulting on IATA payments

    CAA’s timely intervention saves PIA from defaulting on IATA payments

    The Civil Aviation Authority (CAA) stepped in to rescue Pakistan International Airlines (PIA) from a potential financial crisis with the International Air Transport Association (IATA).

    According to ARY News, the CAA provided PIA with one billion Pakistani rupees to settle its outstanding dues with IATA. This timely payment prevented IATA from declaring PIA in default, a situation that could have led to the suspension of PIA’s global ticket sales.

    It’s important to note that PIA was facing a severe financial crisis and couldn’t meet its service charges to IATA. The Director General of CAA confirmed that, following the Ministry of Finance’s directive, one billion rupees were allocated to PIA for a week to support the national airline during these challenging times.

    In addition, it has come to light that PIA also owes a substantial amount to CAA, totaling several billion rupees.

  • Here’s why you should think twice before buying the Apple iPhone 15

    Here’s why you should think twice before buying the Apple iPhone 15

    In 2023, Apple’s iPhone 15 lineup presents consumers with a challenging decision. Despite Apple’s claims of the iPhone 15 being a “significant leap,” the improvements over the iPhone 14 are subtle, and the iPhone 14 itself closely resembled the iPhone 13. 

    With a $200 (PKR 59,300), price difference between the iPhone 15 and the iPhone 15 Pro, recommending the base iPhone 15 becomes a tough call. Here’s why:

    Display difference

    The iPhone 15 features a slightly updated display with a dynamic island cutout and improved brightness. However, the core display remains unchanged—it’s a 6.1-inch Super Retina XDR OLED screen with the same resolution and a standard 60 Hz refresh rate. 

    This becomes a noteworthy drawback when compared to the 15 Pro’s impressive 120Hz LTPO OLED display, which also retains the exclusive Always-On Display (AOD) feature. Additionally, the 15 Pro sports slimmer bezels, enhancing its overall sleekness compared to the vanilla 15.

    Performance gap

    Under the hood, the iPhone 15 is powered by the A16 chipset, which is an evolutionary update over the A15 found in the previous two generations. It includes a 6-core CPU (2 performance and 4 efficiency cores), a 5-core GPU, and a 16-core neural engine. While it’s manufactured using a more advanced 4nm process compared to the older 5nm A15 in the iPhone 14, real-world performance gains, as seen in last year’s iPhone 14 Pro, are subtle at best.

    On the flip side, the 15 Pro introduces the groundbreaking 3nm Apple A17 Pro chip, a first in the market. It promises a 10% boost in CPU performance and a 20% improvement in GPU capabilities. Apple also aims to enhance gaming on the 15 Pro series with titles like Resident Evil Village and Assassin’s Creed Mirage, benefiting from hardware-accelerated Ray Tracing.

    RAM matters

    Notably, there’s a 2GB RAM difference between the base iPhone 15 and the Pro models. The iPhone 15 is equipped with 6GB of RAM, while the 15 Pro boasts 8GB. This discrepancy should result in better long-term support and multitasking capabilities for the Pro models.

    While the iPhone 15 enjoys a 48MP main camera sensor upgrade, the best camera features are reserved for the Pro models. The 15 Pro features a larger 48MP main sensor with advanced features like pre-binned pixels, a wider aperture, and superior stabilization. It also exclusively supports ProRAW image capture, maximising the sensor’s potential with Apple’s computational photography enhancements.

    Furthermore, the 15 Pro includes a telephoto module with 3x optical zoom, a feature missing from the vanilla iPhone 15. The Pro also offers versatile digital zoom modes for portrait shots, with the option to choose a default focal length. Selfies on the 15 Pro benefit from OIS on the 12 MP front-facing camera.

    Advanced capabilities

    The new A17 chip equips the 15 Pro models to capture impressive 4K 60fps video in ProRes RAW, along with support for the ACES colour profile and 3D spatial videos, enhancing compatibility with the Vision Pro headset.

    USB-C speed disparity

    Both models embrace USB-C, but the base iPhone 15 disappointingly retains USB 2.0 speeds, offering a maximum transfer rate of 480 Mbit/s. In contrast, the 15 Pro features a USB Type-C 3.0 connector, delivering speeds of up to 10 Gbps, more than 20 times faster. 

    This becomes particularly significant for transferring large video files and shooting 4K 60 fps ProRes videos directly onto an external SSD, a valuable addition for videographers. However, it’s worth noting that Apple supplies USB 2.0 Type-C cables with all new iPhone 15 models.

    If price plays a pivotal role in your decision, you can still opt for the iPhone 13, available from Apple at a reduced starting price of $599.