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Category: Business

  • Oil industry warns OGRA of looming petrol, diesel shortage

    Oil industry warns OGRA of looming petrol, diesel shortage

    Due to limited imports and constrained domestic supplies, the oil industry has warned the government that the country may witness a shortage of petrol and high-speed diesel (HSD) in the upcoming days.

    The Oil & Gas Regulatory Authority (OGRA) has been written about the shortfall by the Oil Companies Advisory Council (OCAC), an organisation that represents the oil industry.

    The Oil Marketing Companies (OMCs) were given permission to import motor spirit/petrol and HSD in accordance with their demand in the product availability review of products for the month of November 2022, the OCAC stated. This decision followed considerable consideration.

    A shortage of 210,000 MT of HSD and 147,000 MT of gasoline was calculated during the product review. Due to restricted supply on the global market and extremely expensive premiums, it was noted at the meeting that HSD imports in November would be difficult. As a result, only PSO has so far reserved supplies from Flow Petroleum of 220,000 MT and 10,000 MT.

    Alarmingly, though, fuel import that corresponds to the expected sales volume and the stock cover has also not been scheduled. According to the OCAC letter, the importers were supposed to finalise the import plan, but as of now, there is a gap in the import plan.

    The conference with representatives from the industry held on November 1 also brought up this crucial issue, but no clear guarantees have been obtained in writing from the importing OMCs, it stated.

    According to Geo, the OMCs, who were expected to bring imports for use in October, got their shipments in the final week of the month; hence, the product wasn’t ready for usage during the month it was intended for. Similar to how OMCs who were permitted to import goods the month before for usage the following month had already used the shipments, the letter observed.

  • Dar stresses on providing maximum relief to the underprivileged sector of society

    Dar stresses on providing maximum relief to the underprivileged sector of society

    Minister for Finance and Revenue Ishaq Dar urged the Ministry of Industries and Production on Saturday to develop a comprehensive strategy that would prioritise providing maximum relief to the least endowed sector.

    Dar, who was chairing a meeting to examine the prime minister’s relief package through Utility Stores Corporation (USC), said the current government was aware of the difficulties confronting the underprivileged section of society, which required maximal relief support.

    He went on to say that the government’s primary goal was to help the poor and that it was doing everything it could to help them.

    The meeting was attended by Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, SAPM for Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, Secretary Finance, Secretary Industries and Production, MD USC, and senior authorities.

    The chair was informed about the PM’s relief package and subsidy on five vital products (pulses, wheat, sugar, rice, and ghee) granted by the USC to help the public.

    It was revealed that subsidised flour, sugar, rice, ghee, and pulses were being distributed to the populace across the country. The meeting also considered the financial ramifications of the subsidies.

    The finance minister also met with Federal Communications Minister Asad Mehmood here at the Finance Division.

    Financial SAPM The meeting was attended by Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, Secretary Communications, Chairman NHA, IG Motorway, and top officers.

    Asad Mehmood informed the finance minister of the financial status of various Communication Ministry agencies, including Motorway Police, Pakistan Post, and NHA.

    He also emphasised the organisations’ contributions to the country’s success and development.

    While acknowledging the contribution of the Ministry of Communication and its affiliated organisations to the country’s economic stability and progress, the finance minister stated that the current government was aware that a well-integrated communication network was critical for the country’s socioeconomic development and financial stability.

    According to APP, Dar also informed the communications minister that he would handle and resolve the concerns of the Communication Ministry’s organisations in order for them to perform better and contribute to Pakistan’s prosperity and development.

  • Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Pakistan to receive $13 billion in financial assistance from China and Saudi Arabia

    Ishaq Dar, Federal Minister of Finance, has said that Pakistan’s two closest friends, China and Saudi Arabia, will contribute a multibillion-dollar financial package to assist Pakistan with its shaky economy.

    According to the Finance Minister, both countries will grant Pakistan a $13 billion package.

    According to The News, Dar went on to say that China intends to contribute $8.8 billion in assistance, including loan rollovers, during the current fiscal year, and that it will also roll over $4 billion in deposit returns.

    In addition, Ishaq Dar indicated that it will provide $3.3 billion in commercial loans and $1.45 billion in additional financing.

    Meanwhile, Saudi Arabia is expected to contribute an extra $4.2 billion in aid, including $3 billion in new reserves and a delayed payment oil facility, according to the Finance Minister. He declared that the Kingdom would construct a petrochemical facility in Gwadar.

    Furthermore, the Minister stated that both countries have guaranteed Pakistan’s Prime Minister (PM), Shehbaz Sharif, of their support and will continue to do so till June 2023.

    Furthermore, China has promised that construction on CPEC’s key railway projects, Main Line 1 (ML-1) and Karachi Circular Railway (KCR), will begin shortly.

  • ‘There is no choice when the company is losing $4 million per day’: Musk justifies cutting half of Twitter’s workforce

    ‘There is no choice when the company is losing $4 million per day’: Musk justifies cutting half of Twitter’s workforce

    On Friday, Twitter laid off half of its 7,500-person workforce as the company’s troubled big restructuring under new owner Elon Musk got under way, only one week after his sensational takeover.

    According to an internal memo seen by AFP, “approximately 50 per cent” of the workforce was affected and would immediately lose access to business computers and email.

    Workers from all over the world who were let go used Twitter to express their anger or disbelief and bid farewell to one of Silicon Valley’s most recognisable enterprises.

    “Woke up to the news that my time working at Twitter has come to an end. I am heartbroken. I am in denial,” said Michele Austin, Twitter’s director of public policy for the US and Canada.

    Prior to the layoffs, Twitter restricted access to all of its locations and asked staff to remain at home while they awaited word on their futures with the firm.

    The cull is a part of Musk’s effort to obtain financing for the massive $44 billion acquisition, for which he sold $15.5 billion worth of Tesla shares and took on billions of dollars in debt.

    After his massive acquisition, Musk, the CEO of Tesla and SpaceX, has been frantically looking for new revenue streams for Twitter, including the notion of charging users $8 per month for verified accounts.

    The actions would help Twitter combat the possibility of losing advertisers, which are the company’s primary source of income, since many of the major businesses in the world postpone their ad purchases after learning of Musk’s well-known contempt for content controls.

    The volatile businessman lamented a “huge loss in revenue” on Twitter on Friday, attributing it to “activist groups” who were pressing advertisers.

    “We did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America,” he added.

    This seemed to be a reference to Musk’s previous meeting with civil rights organisations, where he heard worries that Twitter will unleash a wave of hate speech a week before the US midterm elections. Musk had promised that Twitter would not turn into a “free-for-all hellscape” in an effort to calm people down, but his assurance was swiftly contradicted by a tweet spreading a rumour that the husband of US House Speaker Nancy Pelosi had been attacked.

    “We are witnessing the real time destruction of one of the world’s most powerful communication systems. Elon Musk is an erratic billionaire who is dangerously unqualified to run this platform,” said Nicole Gill, Executive Director of Accountable Tech.

    She was a member of a group of 60 rights organisations that demanded on Friday that advertising on the Musk-owned platform be boycotted.

    “Elon Musk has demonstrated that it’s not possible for him to keep the brand safeguards that have existed on Twitter in place. There’s no more time for trust but verify, it’s time for escalation,” said Angelo Carusone, President and CEO of Media Matters for America.

    Although very popular with celebrities and opinion leaders, the California-based business has historically struggled to turn a profit and has lagged behind Facebook, Instagram, and TikTok in terms of user growth.

    Since Musk finalised his acquisition late last week and immediately set about dissolving its board and removing its chief executive and key managers, Twitter employees have been preparing for this kind of unpleasant news. Five Twitter employees who had previously been let go filed a class action lawsuit against the business late on Thursday, alleging that they had not received the legally mandated 60-day notice period.

    The US Worker Adjustment and Retraining Notification (WARN) Act, which grants employees the right to early notification in situations involving large layoffs or plant closures, is cited in the lawsuit.

  • Apple steps up iPhone 14 production shift from China to India

    Apple steps up iPhone 14 production shift from China to India

    In an attempt to expand its manufacturing base outside of China, Apple has recruited another assembly partner for the iPhone 14 production lineup in India, according to Bloomberg.

    Following Foxconn, which started making the iPhone 14 models in India in September, Taiwanese contract maker Pegatron will manufacture the model in the country.

    The iPhone 11, iPhone 12, iPhone 13, and most recently the iPhone 14 are all produced at Apple’s Taiwanese assembly partners Foxconn, Wistron, and Pegatron’s iPhone manufacturing facilities in India. The production of the most recent model has seen a significant reduction in the time between Chinese and Indian output from months to weeks.

    In the five months since April, Apple has exported $1 billion worth of iPhones from India. Despite being modest by Chinese standards, India’s rising iPhone production indicates Apple’s willingness to invest there as a rival to China’s dominance in electronics assembly, which has recently been weakened by the latter’s zero-COVID policy.

    Following an epidemic at the factory, which resulted in the metropolis of nearly 10 million people being shut down, Foxconn’s major Zhengzhou plant, which employs about 200,000 people, has been subject to the same limits. According to one report, when COVID-19 rules in China become more stringent, iPhone production might decrease by as much as 30 per cent the following month.

    Despite the coincidence of events, Apple’s long-term production development plans in India are unrelated to China’s lockdown issues, even though they do serve to emphasise the company’s utter reliance on only one nation.

    Apple is playing a long game by shifting its production lines away from China, one that won’t have a significant influence on its supply chain for many years. According to a recent Bloomberg article, it would take eight years to relocate just 10 per cent of Apple’s production capacity from China, where over 98 per cent of iPhones are still produced.

  • Pakistan’s total liquid foreign reserves increases to $14.68 billion

    Pakistan’s total liquid foreign reserves increases to $14.68 billion

    The Asian Development Bank (ADB) contributed to an increase of $1.517 billion in Pakistan’s foreign exchange reserves during the week ending October 28 to bring them to $14.679 billion, the central bank reported on Thursday.

    The State Bank of Pakistan’s foreign exchange holdings increased by $1.473 billion to $8.912 billion.

    “This increase is attributed to the receipt of US$ 1,500 million from ADB,” the SBP said in a statement.

    The SBP has enough reserves to cover imports for 1.29 months. Additionally, commercial bank reserves increased by $44 million to $5.766 billion.

    When the government is dealing with a balance of payments issue, the increase in foreign reserves is encouraging for the nation’s finances. At least $30 billion has been lost as a result of the country’s devastating floods this summer.

    A $500 million deal between Pakistan and the World Bank has been signed. The $200 million investment will be used to support an agricultural transformation project in Punjab.

    According to The News, another project in Khyber Pakhtunkhwa for $300 million in climate change projects will be funded by the World Bank.

  • $8 for Starbucks coffee is cool, but a Twitter badge is not? Netizens react to Musk’s meme

    $8 for Starbucks coffee is cool, but a Twitter badge is not? Netizens react to Musk’s meme

    Elon Musk’s intentions to charge an additional $8 per month for the Twitter Blue service have both amused and incensed online users. This may be the rationale behind Musk’s defense of his choice to charge verified users for their Twitter blue tick badge.

    Musk appears to have turned to memes in an effort to spread the word about his lofty goal of turning Twitter into a revenue-generating platform. The head of SpaceX, who is renowned for his blunt assessment of everything on Earth, has been jokingly outlining his new plan.

    https://twitter.com/Therealdavedfs1/status/1587894312838529024

    In one of his tweets, he posted a meme depicting individuals enjoying their $8 Starbucks coffee while grumbling about having to spend the same amount to maintain their Twitter verification badge.

    Users reacted strongly to the meme that compared the cost of coffee to that of a Twitter subscription. Some people praised the choice, while others criticised the millionaire.

    “They don’t see the vision Mr Musk. I’d pay $80 for a checkmark for even just 30 minutes. Everybody hating on Elon should instead be grateful for the service he is doing for us. He doesn’t get enough appreciation,” said a user. “Mocking of users will continue until profits improve,” chimed in another user.

    Another meme posted by the Tesla CEO depicts two characters discussing shelling out $8 for freedom of speech. Another responds to the question of why pay $8 for Twitter verification by stating that he can still use Twitter for free without the advantages.

    He claimed that Twitter is a fascinating site in another tweet. “Twitter is simply the most interesting place on the Internet. That’s why you’re reading this tweet right now,” read his tweet. In another tweet, Musk said it was good to be attacked by right and left at the same time. “Being attacked by both right & left simultaneously is a good sign,” he wrote.

    On November 1, Musk announced the $8 per month subscription plan for Twitter on his Twitter account. The new CEO continued by outlining several premium services to which users will have access.

    According to him, platform users will be able to publish long videos and audio files as well as receive priority treatment for replies and remarks. Additionally, there won’t be many adverts on subscribers’ feeds.

  • Pakistan to get high speed train technology from China

    Pakistan to get high speed train technology from China

    In accordance with Chinese President Xi Jinping’s pledge to assist cash-strapped Pakistan in its financial position, Pakistan and China have decided to begin a high-speed train project for roughly $9.85 billion.

    According to a statement from the Prime Minister’s Office, the Main Line-1 is “a project of strategic importance” and the agreement was made during a meeting in Beijing between Prime Minister Shehbaz Sharif and Xi.

    The project entails modernising a 1,163-mile colonial-era track that runs from Karachi to Peshawar in order to accommodate high-speed trains, according to Bloomberg.

    The project, which has been in consideration for years, was officially approved by Pakistan earlier this week without disclosing the source of finance or offering any technical information.

    Officials in Pakistan anticipated receiving loans from China for the upgrading.

    The US has long criticised China for employing what it refers to as “debt diplomacy” to increase the dependence of developing countries on Beijing. Despite this, China postponed an earlier bailout for Pakistan as its debt skyrocketed, and it has been reducing loans to Africa as its economy weakens.

    According to a report from the International Monetary Fund (IMF) published in September, state-owned commercial banks in China are owed nearly 30 per cent of Pakistan’s foreign debt.

    Xi and PM Shehbaz decided to finalise the plans for a Karachi inner-city train route during their meeting. The Chinese president also announced that his country would give Pakistan 500 million yuan ($68.7 million) to aid with reconstruction after flooding over the summer that caused more than 500,000 people to lose their homes.

    The People’s Bank of China said in a statement that the central banks of both nations had signed an agreement of cooperation on a yuan clearing in Pakistan on Wednesday without providing many other specifics.

  • Pakistani rupee drops by 0.35% to close at Rs221.43 versus dollar

    Pakistani rupee drops by 0.35% to close at Rs221.43 versus dollar

    As investors await the US Federal Reserve’s decision on the policy rate, the Pakistani rupee (PKR) depreciated by 0.35 per cent against the greenback on Wednesday.

    According to the State Bank of Pakistan (SBP), the local unit appreciated by Rs0.78 and ended the day at Rs221.43.

    The Pakistani rupee enjoyed gains against the US dollar on Tuesday, and it ended the day at Rs220.65 after rising by Rs0.24 (or 0.11 per cent) in the interbank market.

    Gains were recorded when market confidence improved as a result of discussions held by Finance Minister Ishaq Dar with senior bank and exchange company executives.

    However, in a significant development, according to the most recent data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, consumer price index (CPI)-based inflation increased to 26.6 per cent on an annual basis in October 2022 as opposed to an increase of 23.2 per cent in the previous month and 9.2 per cent in October 2021.

    Globally, the US dollar slipped on Wednesday as investors awaited the US Federal Reserve’s policy decision amid speculation it might indicate a slowdown in future rate hikes. The central bank will soon release its policy statement with investors widely expecting a 75 basis points (bps) rate hike, the fourth such increase in a row.

    The dollar index – which gauges the greenback against a basket of six counterparts that includes the yen, euro and sterling – eased 0.2 per cent to 111.28, but was not far below Tuesday’s high of 111.78, the strongest level since October 25. The index has fluctuated widely around the 112 level since its retreat from a two-decade high of 114.78 at the end of September.

    Oil prices, a crucial gauge of currency parity, increased on Wednesday after data from the sector revealed a surprising decline in US oil supplies, indicating that demand is still strong despite sharp interest rate increases that are slowing down global development.

  • District administration Rawalpindi cracks down on cash & carry stores that overcharge customers

    District administration Rawalpindi cracks down on cash & carry stores that overcharge customers

    The district administration of Rawalpindi has launched a major campaign against megastores and cash-and-carry businesses, fined them Rs100,000, filed three police reports, and detained five persons for looting the public by overcharging for basic food items.

    On Tuesday, Assistant Commissioner Dr Zunera Aftab conducted raids on a number of megastores and cash & carry establishments, including marriage halls, according to The News.

    Additionally, the Rawalpindi district government issued warning letters to shopkeepers for allegedly participating in hoarding and faking a shortage of necessities.

    According to Assistant Commissioner Zunera Aftab, strong action has been taken against hoarders and profiteers. She said, “We cannot spare hoarders and profiteers at any cost. She added that hoarders are attempting to create a fake shortage while profiteers are attempting to make a 100 per cent profit on every item. “I will never spare them at any cost,” she threatened.