Current Final

Category: Business

  • Sindh govt declares Monday public holiday in Karachi and Hyderabad due to heavy rain

    Sindh govt declares Monday public holiday in Karachi and Hyderabad due to heavy rain

    Following relentless rain, the Government of Sindh has declared a public holiday for tomorrow (Monday) in Hyderabad and Karachi.

    The spokesman for the Sindh government, Murtaza Wahab, announced that the 25th of July will be a public holiday in the Karachi and Hyderabad Divisions after Sunday’s relentless rain continued to cause urban flooding and the suspension of power in many places. The private sector was also given the warning to keep its doors closed in a notification.

    Sharjeel Inam Memon, the Sindh minister of information, also urged the private sector to close on Monday.

    The highest amount of rainfall during the previous 24 hours, according to local rainfall data released by the regional office of the PMD, was received in Quaidabad (4.5mm), followed by Saddar (4mm), Korangi (3mm), Gulshan-i-Hadeed (3mm), PAF Masroor base (2.4mm), Orangi Town (2mm), University Road (1.5mm), PAF Faisal base (1.5mm), Keamari (1.4mm), Jinnah Terminal (0.8mm), DHA (0.6mm).

  • Pakistan and Afghanistan to launch luxury bus service in August

    Pakistan and Afghanistan to launch luxury bus service in August

    Pakistan and Afghanistan will launch a luxury bus service between Peshawar and Jalalabad, as well as Quetta and Kandahar, by the end of August.

    During the visit of Pakistan’s official delegation to Kabul, the two nations have also agreed to boost bilateral trade by allowing unrestricted travel for trucks and other goods-carrying vehicles. Meetings were held between the delegation and other top Afghan officials, including the temporary ministers of foreign and commerce.

    In a joint statement released at the conclusion of three days of talks between Pakistani and Afghan officials (July 18–20), both sides committed to continuing their efforts to remove obstacles through mutual cooperation and coordination.

    The delegation from Pakistan was led by Commerce Secretary Muhammad Sualeh Ahmad Faruqui and included businessmen as well as senior members of various ministries. The delegation from Afghanistan was led by Nooruddin Azizi, the minister of trade and industry, and Amir Khan Muttaqi, the acting foreign minister.

    In order to ensure prompt clearance of trade and transit traffic and to address bottlenecks and obstacles on a priority basis, the official also agreed to make border crossing points more efficient.

    In an effort to further boost trade between the two nations, the two sides approved the implementation of the Temporary Admission Document (TAD), which permits free movement of vehicles engaged in bilateral trade but prohibits the loading and unloading of cargo at border crossing points.

    Additionally, all crossing points, particularly Torkham, Kharlachi, Ghulam Khan, and Chaman-Spin Boldak, will have longer operating hours, according to the authorities.

    The bilateral discussions were still centred on trade. Both parties concentrated on enhancing bilateral trade, transit, and accessibility as well as taking the necessary actions to facilitate trade and address issues faced by importers, exporters, traders, and business owners in Pakistan and Afghanistan.

    In parallel, a delegation from the Afghan business community headed by Khan Jan Alokozai, co-chairman of the Pak-Afghan Joint Chamber of Commerce and Industry (PAJJCCI), arrived in Pakistan on Thursday to take part in a roundtable of Pak-Afghan trade stakeholders. Members of the PAJCCI as well as senior business figures from the Kunar and Nangarhar Chambers of Commerce and Industry make up the delegation.

    Zubair Motiwala, chairman of the PAJCCI, lauded the efforts of the commerce chamber in setting up visits to Chaman, Torkham, and Swat for joint discussions on bilateral and transit trade, exploring new trade avenues, removing trade barriers, and aiding governments in formulating policy.

  • Punjab Food Authority burns 200 kg dead meat in Lahore

    Punjab Food Authority burns 200 kg dead meat in Lahore

    Following a seizure during an operation in the provincial metropolis on Thursday, the Punjab Food Authority (PFA) has burned 200 kilogrammes of dead animal meat at PAMCO Furnace in accordance with environmental policy.

    As the Provincial Food Act was violated, the PFA reported the offender, Salik Ali (supplier), to the local police station.

    According to PFA Director General Shoaib Khan Jadoon, a raid was conducted against the supplier in Bakar Mandi after receiving a tipoff, and a man was caught in the act. He claimed that five maunds of ill and subpar chicken had been transported into the city on a vehicle (SAB-1493) for distribution to various neighbourhood fast food joints and eateries.

    According to PFA DG, using dead meat is unhealthy and unfit for human consumption. He issued a warning to butchers and meat suppliers, telling them to only sell the meat of healthy animals.

    In other news, the PFA ceased a well-known confectionery group’s production in Lahore on Friday due to the use of expired ingredients in the making of sweets.

    When PFA agents raided a factory that made sweets and pastries, they caught the employees in the act of making candies using semolina that had been infested with insects and expired, inferior food colours. During the raid, the team also noticed the lack of cleanliness.

  • OGRA lowers RLNG cost by $4.6 per MMBTU

    OGRA lowers RLNG cost by $4.6 per MMBTU

    Re-gasified liquefied natural gas (RLNG) will cost consumers of public gas utilities 20.57 per cent less in July 2022 than it did in June, according to a notification from the Oil and Gas Regulatory Authority (Ogra).

    The government has set the RLNG price for Sui Northern Gas Pipelines Limited’s (SNGPL) customers at $17.4603 per metric million British thermal units (MMBTU), according to a notification released on Friday.

    Compared to the rate of $20.7691 per MMBTU for June 2022, the new price is $3.3088 less. The general sales tax (GST) is not included in the weighted average sale price.

    The RLNG price will be $17.9575 per MMBTU for Sui Southern Gas Company (SSGC) customers as opposed to the SNGPL consumer price, which represents a $4.6501 per MMBTU decrease for July over $22.6076 per MMBTU.

  • Twitter blames Musk for $270 million Q2 loss

    Twitter blames Musk for $270 million Q2 loss

    The social media company’s latest quarterly earnings figures offered a glimpse into how the social media business performed during months-long negotiation with billionaire and Tesla CEO Elon Musk over whether he will take over the company.

    The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds, as well as uncertainty over Musk’s acquisition bid.

    The number of daily active users rose 16.6 per cent to 237.8 million compared with the same period a year before.

    Twitter chalked up the gains to “ongoing product improvements and global conversation around current events.”

    Twitter’s legal battle with Musk to fulfil his April promise to purchase the company for $44 billion has overshadowed its most recent sales figures. To close the deal, Twitter last week sued Musk, and now the two parties are preparing for a trial in October.

    Twitter announced that it wouldn’t hold its customary quarterly earnings conference call or publish a shareholder letter due to the impending acquisition.

    Beginning with the April 4 disclosure that Musk had purchased a sizable stake in the company, opening the door for his takeover bid later that month, Twitter experienced a turbulent three months during the April-June fiscal quarter. Shortly after Musk publicly tweeted his concerns about Twitter and its employees and gave the impression that he was reconsidering his position, the relationship quickly grew strained.

    Musk’s actions and his “repeated disparagement of Twitter and its personnel,” according to Twitter, created uncertainty that was bad for the company’s operations, staff, and stock price.

    Musk wanted to wait until next year due to the complexity of the case and his demands for more of Twitter’s internal data about how it counts fake and automated “spam bot” accounts, which he’s cited as a key reason for trying to terminate the deal. It called for an expedited trial so the company could continue with important business decisions.

    Before the opening bell on Friday, shares were reduced by 2 per cent.

    The trial was postponed this week by the judge, who agreed with Twitter that too much delay could harm the company irreparably. Unless Musk and Twitter resolve the case prior to that time, it will be heard in Delaware’s Court of Chancery, which hears numerous high-profile business disputes.

    On Friday, Elon Musk retaliated against Twitter for partially attributing its second-quarter revenue shortfall to the uncertainty surrounding the pending $44 billion acquisition of the Tesla CEO by the social media behemoth.

    “I’m rubber, they’re glue,” Musk tweeted. 

    According to Musk, Twitter is “in material breach of multiple provisions” of the agreement and “appears to have made false and misleading representations” when it accepted Musk’s acquisition offer on April 25.

    Musk announced last month that he would be terminating the agreement. Musk disputes Twitter’s internal estimates that less than 5 per cent of its users are made up of spam and fake accounts.

  • Exports of leather garments witness 10.15 per cent increase

    Exports of leather garments witness 10.15 per cent increase

    Owing to a partial recovery of international orders and government support programmes, Pakistan’s non-textile exports increased by 25.85 per cent year over year to $12.46 billion in the preceding 2021–22.

    The value-added sectors are primarily driving overall growth in the non-textile sector. According to data produced by the Pakistan Bureau of Statistics (PBS) on Thursday, the non-textile sector has not yet received full orders to pre-Covid levels.

    Despite lockdowns in several nations, three industries—leather clothing, medical equipment, and engineering goods—maintained growth in export revenues in FY21.

    Exports of leather clothing increased by 10.15 per cent and those of leather gloves by 10.60 per cent in the value-added leather industry. In contrast, raw leather exports rose by more than 28.50% over the previous fiscal year.

    One of the major producers of surgical instruments worldwide is Pakistan. However, well-known brands resell these instruments in western nations. Because of this, the export value of these goods is still extremely low.

    In FY22, surgical tool exports experienced a 1.29 per cent decline. Pharmaceutical exports, however, decreased by 0.49 per cent.

  • Offices of illegal housing society sealed by CDA

    Offices of illegal housing society sealed by CDA

    The Capital Development Authority’s (CDA) Planning Wing sealed the management offices of an illegal housing society along the Islamabad Expressway on Thursday, preventing the sale, acquisition, and transfer of plots.

    Since neither the layout design for this housing society was approved nor the management received an NoC, the planning division of the CDA has already declared all stages of this housing society to be illegal.

    Along with physically shutting the office, CDA’s Director of Regional Planning also issued a letter in this regard, according to The News.

    According to the letter, despite warnings about the housing society’s management’s illegal behaviour, the management proceeded to sell and transfer plots, which prompted the authorities to take enforcement action.

    Due to violations of the CDA Ordinance 1960, ICT Zoning Regulations 1992, and ICT Building Control Regulations 2020, the housing society’s offices have been sealed.

    The PTCL, Islamabad Electric Supply Company, and Sui Gas Northern Gas Company have also been advised by the CDA planning wing not to offer their services during all stages of the private housing society.

    A dozen unauthorised housing societies in the Rawalpindi district were also sent notifications by the Rawalpindi Development Authority (RDA) in a similar development.

    New Metro City, Smart City, Prism Town, Capital Valley, Life Residencia, Seven Enclave, Manan City, Lake View City, Faha Fatima, Park Zameen Town, Hawks Melbourne City, and Kashmir Valley have all received notices from RDA’s Metropolitan Planning and Traffic Engineering (MPTE) Directorate.

    The Punjab Private Housing Schemes and Land Subdivision Rules 2010 were used to issue the notices. These societies have been requested by the RDA to produce mortgage deeds, surrender deeds, and NOCs. Otherwise, they will be the target of legal action.

  • Hyundai-Nishat announces a hefty price hike following KIA

    Hyundai-Nishat announces a hefty price hike following KIA

    Hyundai-Nishat Motors raised the pricing of its Tucson variants by Rs1.1 million, citing the decline in the currency as the primary cause, following Lucky Motor Corporation’s price increases for its KIA-brand vehicles.

    After an increase of Rs1.1 million price increase for the c, the Hyundai Tucson FWD model is now offered for Rs6.89 million. The price of the AWD version has increased by Rs1.1 million to Rs7.39 million.

    According to a sales representative, the company would accept reservations upon full payment, and delivery is anticipated to occur in August and not take longer than 60 days.

    Prior to that, Lucky Motor announced an increase in the prices of its KIA-brand vehicles starting on July 19, with the rise reaching as high as Rs1.1 million.

    The corporation said that the ongoing depreciation of the rupee versus the dollar was to blame for their need to raise pricing.

    “Kia and Hyundai have taken the initiative to increase car prices but the rest of the automakers will follow too,” said Sunny Kumar, Research Analyst at Topline Securities.

    “The last pricing most of the carmakers did was when the dollar stood at Rs185. It has now crossed Rs225. The price hike was imminent and announcements from other automakers could be expected anytime now.”

    According to Brecorder, the CEO of Lucky Motor Corp, Asif Rizvi, acknowledged that the auto sector primarily employs imported materials and that localised parts also contain a large percentage of foreign components while speaking on the sidelines of the Peugeot 2008 launch in March.

  • ADB projects Pakistan’s economy to ‘recover slightly’ in FY23

    ADB projects Pakistan’s economy to ‘recover slightly’ in FY23

    In FY2023, Pakistan’s Gross Domestic Product (GDP) growth is expected to modestly improve due to structural changes, according to the Asian Development Bank (ADB).

    According to the bank’s most recent Asian Development Outlook Supplement, Pakistan’s GDP growth is predicted to decrease in FY22 (which ends on June 30, 2022), as a result of fiscal tightening measures taken to control rising demand pressures and contain external and fiscal imbalances.

    As the country’s inflation surged from 12.3 per cent in December 2021 to 21.3 per cent in June 2022, the bank slightly lowered Pakistan’s inflation for FY22 and dramatically for FY23.

    “In addition to the effects of elevated global energy and food prices, the government’s efforts to revive the stalled International Monetary Fund (IMF) programme has meant raising power tariffs and withdrawing subsidies in the oil and power sectors,” said ADB.

    In comparison to Sri Lanka, which boosted its policy rate by 950 basis points over the previous six months, the State Bank of Pakistan (SBP) has upped interest rates by 525 basis points since January 1. This also makes it one of the most active central banks in the region.

    The ADB also reduced its 2022 growth prediction for Asia and issued a warning that things could become worse as a result of the conflict in Ukraine and supply chain disruptions that are expected to drive up costs.

    Read more: Pakistani rupee plunges to Rs227 against US dollar at midday trading

    Although Covid-19’s effects had subsided, the region was now dealing with the consequences of Russia’s invasion of Ukraine, lockdowns in China, and aggressively raised interest rates, according to the Manila-based lender.

    The bank reduced its 2022 growth prediction to 4.6 per cent to reflect the decline in developing Asia, which runs from Kazakhstan in Central Asia to the Cook Islands in the Pacific.

    South Asia’s economy is anticipated to grow less than the projected rate of growth in the Asian Development Outlook 2022.

  • Pakistani rupee plunges to Rs227 against US dollar at midday trading

    Pakistani rupee plunges to Rs227 against US dollar at midday trading

    On Thursday, the rupee’s decline against the US dollar reached an all-time low of Rs227 in the interbank market.

    Experts blame the losses on political unrest and the fact that the dollar is bolstering against other currencies as well, according to DAWN. On Wednesday, the rupee had a closing value of Rs224.92.

    According to the Foreign Exchange Association of Pakistan (FAP), the local currency fell by Rs2.08 to Rs227 versus the US dollar when the session started today at 10:57 AM.

    According to experts, the country’s political unrest had reduced investor confidence, which had caused importers to worry and “unnecessarily” buy dollars from the market. He claimed that as a result, there was an increase in the interbank market’s demand for dollars.

    Furthermore, over the past week, the dollar’s value had increased against over 40 currencies, including the British pound and the Japanese yen, which had an impact on the local market’s use of the rupee, according to Bostan.

    After reaching Rs211.93 on June 22, the local currency climbed to Rs204.56 in the first week of July. When the country’s staff-level agreement with the international lender was reached on July 15, it briefly appreciated but again continued to depreciate against the US dollar.