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Category: Business

  • Pakistan to broaden ties with US for the bright future of IT sector

    Pakistan to broaden ties with US for the bright future of IT sector

    Pakistan is taking steps to establish a welcoming environment for the digital industry, and now is the right time to elevate tech relations with the United States (US) according to Ambassador Masood Khan.

    The United States is willing to assist, and we are ready to join the IT revolution by integrating and adopting breakthroughs in US technologies, Khan said at the Pakistan Tech Summit 2022 in Silicon Valley, California.

    According to the Pakistani ambassador, the Forum provides a venue for Pakistani business leaders, tech startups, and technology professionals to come together and establish affinities, expand contacts between Silicon Valley and the Pakistani startup ecosystem, and team up for Pakistan’s better future.

    He said that more than 64 per cent of Pakistan’s population is under the age of 30, and the country’s burgeoning middle class is likely to surpass the 100 million mark in the near future. This youth bulge, paired with a rising middle class, envisioned a bright future for the country’s IT sector.

    He claimed that tech entrepreneurs in Pakistan have made half a billion dollars in the last 18 months, largely due to US funding, and that the sector is poised to create tens of billions of dollars in the next decade.

    Ambassador Khan stated that the Pakistani government will continue to take initiatives to make the tech industry more welcoming. He stated that laws are being made more business-friendly, that ease of doing business is a focus, and that venture capitalists are being offered incentives.

    The Envoy mentioned many incentives being offered to boost the tech sector, including the ability for investors to return their funds, data protection legislation in the works, and intellectual property challenges being handled.

    Read more: US launches $23 million project to enhance Pakistan’s power sector

    “We want to open a consulate general in the Bay Area to connect Silicon Valley with Pakistan in order to promote and assist the growth of entrepreneurs in Pakistan,” the Ambassador continued.

    During the conference, he invited participants to share the results of their discussions and to identify areas where the government and embassy could assist.

  • Rawalpindi faces water shortage amid repeated power outages

    Rawalpindi faces water shortage amid repeated power outages

    Water supply from Rawal Dam and Khanpur Dam has been disrupted, causing severe water shortages in the city.

    The water crisis has been attributed to long hours of unscheduled load shedding by Islamabad Electric Supply Company (Iesco), which cuts the electricity every hour and on a regular basis, according to the Water and Sanitation Agency (Wasa) Managing Director.

    Wasa claims that the water supply from Khanpur Dam and Rawal Dam has been severely impacted and that it is insufficient to meet demand.

    On a daily basis, the city requires around 60 million gallons of water. It is, however, only supplied with 30 million gallons per day.

    All tube wells remained closed due to long and unexpected load shedding, according to Wasa Managing Director Raja Shaukat Mehmood. In this situation, he stated, getting water from Rawal Lake Filtration Plant was impossible.

    He stated that we are not receiving enough water from Khanpur Dam to meet demand. Due to persistent load shedding, we were unable to store water in tanks, he said. He said that hardly half of the water from Rawal Dam is delivered to the city and cantonment board districts.

    Read more: Shopkeepers fined in Islamabad for not adhering to DC rates

    Mehmood further stated that due to low voltage and tripping, some motors have been burned. He has pleaded for the provision of uninterruptible electricity in order to deliver water to the inhabitants.

  • Shopkeepers fined in Islamabad for not adhering to DC rates

    Shopkeepers fined in Islamabad for not adhering to DC rates

    On April 27, special teams led by the Islamabad Capital Territory (ICT) administration issued fines of up to Rs40,000 to shop owners for overcharging consumers.

    During surprise raids conducted by magistrates and assistant commissioners, shops from several marketplaces were penalised, according to an ICT administration spokesperson.

    Irfan Memon, the Deputy Commissioner of Islamabad, said the administration was enforcing strict adherence to the rate list of food goods in marketplaces during Ramadan in order to prevent profiteering.

    He stated that strict action was being taken against racketeers in the federal capital and that violators were being fined heavily on the spot for overbilling. During the holy month, he claimed, daily price-checking would continue unabated.

    After investigating 628 shops across the city, officials sealed five shops and arrested 12 vendors, according to details.

    Read more: Pakistan’s energy crisis worsens, resulting in ten hours of load shedding

    The AC secretariat inspected dairy, poultry, and milk shops, as well as general stores, bakeries, and fruit and vegetable shops, for quality, general hygiene, expired products, and compliance with notified pricing and the exhibition of the DC rate list of necessary commodities.

    Three merchants were detained for refusing to exhibit the rate list and overcharging, while others who broke the law were fined and warned.

  • ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    ‘Eid Shopping Festival’ will take place in Lahore from April 28 – May 2

    From April 28 to May 2, the Lahore Chamber of Commerce and Industry (LCCI), the Tourism Development Corporation of Punjab (TDCP), and the Commissioner’s Office will jointly host “Eid Shopping Festival” in Lahore.

    LCCI President Mian Nauman Kabir announced the Eid Shopping Festival programme at a press conference held on April 26 at the Lahore Chamber of Commerce and Industry.

    He told the media that the LCCI-TDCP major event’s main goal is to not only help revitalise trade and economic activity but also to highlight the country’s positive image.

    Kabir claimed that the event was planned in such a way that it would send a strong message to the international community.

    On the occasion, Senior Vice-President Mian Rehman Aziz Chan, Commissioner Lahore Capt (retd) M Usman, Secretary TDCP Asadullah Faiz, Mardan Ali Zaidi, Ashraf Bhatti, Sohail Butt, Mian Zahid Jawed, representatives from the district government, traffic police, and city markets spoke.

    The ‘Eid Shopping Festival,’ according to the LCCI President, includes a variety of economic and cultural activities such as Shopping Rides, Discounts on Shopping in Anarkali, Liberty, Mall Road, and other city markets, Special Gift Coupons, City Sighting at Night, Qawwali night, and other events.

    Read more: ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Commissioner Lahore expressed gratitude to the business community for their support to such initiatives. He stated that the project would continue and that further markets would be added in the future.

    Asadullah Faiz, the Secretary of the TDCP, stated that the TDCP is bringing new trends in the tourist and hospitality industries. He wished for the ‘Eid Shopping Festival’ to be a huge success.

  • Proton X70, the low-cost SUV that never arrives after booking

    Proton X70, the low-cost SUV that never arrives after booking

    The Malaysian SUV Proton X70 was introduced in Pakistan in December 2020. Still, there are very few vehicles observed running on Pakistani roads, implying that the low-cost SUV may have failed in the country’s auto market.

    The SUV reached Pakistan at a difficult period when there were several import restrictions due to COVID-19 lockdowns, which hampered deliveries of the new Malaysian entrant in Pakistan’s burgeoning auto sector.

    Proton imported the X70 units in Pakistan when deliveries resumed as Malaysian facilities reopened. In fact, the company revealed at the beginning of this year that it had begun assembling the SUV in its local plant. The automaker even stated that it is restarting production at full capacity, which relieved some of its customers; nonetheless, buyers disclosed that they were not receiving the SUV on time.

    Unfortunately, a number of consumers who valued the business and ordered the vehicle are still waiting, including those who booked the latter about a year ago, and some have even cancelled their orders and gone for alternative options in the market that offer a quicker delivery.

    Read more: Here’s a look at the 2023 BMW 7 Series

    Being a new brand, the business could have taken a more strategic approach, as the Pakistani automobile market is dominated by Toyota, Honda, and Suzuki, brands that Pakistanis have tried and tested for years.

  • HP to launch its first 17-inch foldable OLED notebook

    HP to launch its first 17-inch foldable OLED notebook

    Hewlett Packard Enterprises (HPE) is believed to be working on an all-screen foldable laptop with a 17-inch OLED panel that could be released in the coming months.

    HP’s bendable laptop may enter the next era of laptops, with LG Display releasing its vision of 17-inch folding OLED notebooks and Asus revealing its Zenbook 17 Fold OLED during CES 2022.

    SK IE Technology will provide LG Display with transparent polyimide film to cover bendable OLED panels. The OLED panels for HP’s new notebook will be made by the OLED provider. The company would produce 10,000 units of the film in the third quarter of this year, according to a publication.

    The laptop will reportedly have a 4K resolution (3840×2160) in-folding panel that measures 17 inches when unfolded and 11 inches when folded. That’s a major increase over the 13.3-inch Lenovo ThinkPad X1 Fold, which is the world’s first folding PC. According to the source, HP’s foldable laptop could debut in 2022.

    If HP wins in producing a notebook with a bendable 4K OLED display, the brand will join a multitude of other companies that are working on their own all-screen foldable laptop.

    Read more: Apple’s new iOS update to fix battery drain issues for iPhones, iPads

    The Asus Zenbook 17 Fold already has a 17.3-inch foldable OLED (FOLED) display with a 2560×1920 resolution, a 12th Gen Intel Core i7 CPU, and 16GB of LPDDR5 RAM, and a 1TB PCIe 4.0 SSD. A 12.5-inch variant is also available.

  • Pakistan Railways announces two ‘Eid special trains’

    Pakistan Railways announces two ‘Eid special trains’

    Pakistan Railways announced on Monday that it will run two Eid special trains from Karachi to Peshawar and Lahore on April 29 and April 30, respectively, for commuter convenience during Eid-ul-Fitr.

    One special train would depart from Karachi to Lahore and the other from Karachi to Peshawar, according to railway authorities at the Karachi Division’s Divisional Superintendent office.

    First Train – Karachi to Peshawar

    According to them, the first train will depart Karachi for Peshawar at 2:30 pm. on April 29, 2022. The train will pass through Karachi Cantt, Landhi Hyderabad, Nawabshah, Rohri Khanpur Bahawalpur, Multan, Khanewal, Shorkot Cantt, Toba Tek Singh, Gojra, Faisalabad, Chiniot, Chenab Nagar, Shaheenabad, Sargodha, Mandi Bahauddin, Lala Musa, Jhelum, Rawalpindi, Taxila and finally reach Peshawar at 11:00 pm

    The train will include 14 economy class carriages. A total of 1,000 passengers will be able to board this train.

    Second Train – Karachi to Lahore

    The second special train would depart Karachi Cantt at 7:45 pm on April 30, 2022, for Lahore.

    It would travel through Landhi, Hyderabad, Nawab Shah, Rohri, Sadiqabad, Rahim Yar Khan Khanpur, Bahawalpur, Multan Cantt, Khanewal, Mian Channu Chichawatni, and other cities before arriving in Lahore at 03:30 the next day.

  • Pakistan’s energy crisis worsens, resulting in ten hours of load shedding

    Pakistan’s energy crisis worsens, resulting in ten hours of load shedding

    Due to higher demand and reduced generation caused by fuel shortages, and reduced gas supplies to power plants, Pakistan is experiencing 6-10 hours of electricity load-shedding in various areas.

    As of April 25, generation was 17,976 MW, compared to demand of almost 21,000 MW, indicating a significant discrepancy between demand and generation. IPPs contributed 14,536 MW, Gencos contributed 837 MW, and Wapda hydel contributed 2,603 MW.

    LNG-powered facilities are only receiving 500 MMCFD RLNG against a demand of 690 MMCFD, forcing the system operator, the National Power Control Centre (NPCC), to run furnace oil-fired facilities, which are much more expensive to run than natural gas and RLNG. Due to a lack of gas, Nandipur is working, however, Bhikki is not operating at full capacity.

    Prime Minister (PM) Shahbaz Sharif and former Minister of Energy Hammad Azhar exchanged accusing remarks on Twitter.

    “Mian Nawaz Sharif’s government halted the worst load-shedding in five years,” the Prime Minister declared in a tweet. The PTI administration failed to procure fuel on schedule or fix power plants. As a result, present load shedding is in effect. Power generation costs the population Rs100 billion per month due to inefficient plants. “We’re working on it”.

    Former Energy Minister Hammad Azhar responded to Prime Minister, claiming that “there are only 5 power plants under repair, the most of them are in the private sector”.

    Read more: US launches $23 million project to enhance Pakistan’s power sector

    Two PML-N LNG contracts defaulted in the recent two weeks, resulting in a fuel deficit and prompt system gas diversions. This is a textbook case of poor management that could have been averted.

  • Here’s a look at the 2023 BMW 7 Series

    Here’s a look at the 2023 BMW 7 Series

    The 2023 BMW 7-series debuts a new Rolls Royce-inspired design language for the company, along with a striking front end and a slew of new amenities such as a movie-theater-style screen and hands-free highway driver assistance.

     It’s also part of BMW’s growing electric model lineup, which currently includes the i7 EV, which shares the same body and interior as the gas-powered sedan but adds a big battery pack and electric motors.

    The German luxury automaker is reducing the sedan’s engine choices to make purchasing easier, but customers in the United States (US) will still have a variety of options. There are inline-six and V-8 gas engines, as well as the electric i7 (which is detailed separately) and the 750e plug-in hybrid.

    Powertrain and Variants

    BMW 740i is the ‘entry-level model’, with a 375-hp turbocharged 3.0-liter inline-six and rear-wheel drive, while the 760i is the V-8 7-series with only xDrive all-wheel drive.

    Its twin-turbocharged V-8 engine has the same 4.4-liter displacement as the previous 750i (model designation numbers haven’t signified anything genuine in a long time), but it has been upgraded to produce 536 horsepower, a 13-horsepower increase over the previous model.

    The hybrid systems on both gas engines are 48 volts. Apart from the fact that it would produce 483 horsepower, BMW has not revealed much about the 750e plug-in hybrid. The manufacturer has confirmed that the M-badged 7-series will be released later, though it will not be a full-fledged M7 with over 600 horsepower. The M760i’s twin-turbo V-12 engine is no longer available.

    Interior

    As expected, the interior aesthetic is a major upgrade, with a similar style to the iX electric SUV and plenty of premium elements like open-pore wood and cashmere. The 7-series’ cabin also features an incredible level of technology features for front- and rear-seat occupants through its multiple display panels and tablet control system. It’s also available with power-opening doors, giving it a Rolls-Royce degree of luxury.

    The optional BMW Theater Screen is a large 31.0-inch screen that extends down from the roof to provide a more realistic viewing experience for back passengers. This is the same screen showcased by the company at the ‘CES 2022’ event.

    Amenities and Riding Comfort

    Although BMW is touting the 7-series’ driving qualities and spotlighting chassis innovations such as air springs and rear-wheel steering, the earlier prototype drive revealed it to be no more athletic than its comfortable predecessor. Of course, in the top luxury sedan market, this isn’t a flaw, as consumers are likely to value plush ride quality and quietness above all else, and would look elsewhere if they wanted more of a corner carver.

    Interestingly, the Driving Assistance Professional package includes a hands-free feature that now works at up to 130 km/h (80 mph) if you’re on the highway and keep your eyes on the road, you won’t have to steer the 7-series at all.

    Pricing

    In November, the 7-series will be available in the international market with prices starting from Rs17,609,902 ($94,295) for the 740i and Rs21,400,994 ($114,595) for the 760i xDrive.

    The i7 starts at Rs22,465,488 ($120,295) and goes up from there. However, it’s worth mentioning that BMW’s pricing is substantially lower than Mercedes’, with the six-cylinder S-class starting at Rs20,944,382 ($112,150) and the V-8 at Rs22,176,954 ($118,750).

    Note: The PKR pricing is only a conversion of the factory price and does not include any taxes or charges levied after the product is imported to Pakistan.

  • Elon Musk may takeover Twitter for $46.5 billion within this week

    Elon Musk may takeover Twitter for $46.5 billion within this week

    Twitter is in final talks to sell itself to Elon Musk, and a deal may be finalised within this week, according to insiders familiar with the situation, a startling turn of events just 11 days after the billionaire unveiled his $43 billion bid for the social-media business.

    According to the sources, the two parties negotiated through the night to reach an agreement worth $54.20 per share. There’s still no promise they will get to that.

    Twitter was anticipated to reject Mr. Musk’s bid, which he made on April 14 without specifying how he would pay for it, and to implement a “poison pill” to prevent him from raising his stake. However, after Tesla’s CEO Elon Musk revealed that he has $46.5 billion in financing and the share market plummeted, Twitter reversed its stance and opened the door to discussions.

    Read more: Twitter officially declares adding an edit button

    According to insiders, the recent move would bring the world’s richest man together with the popular social networking platform. The final agreement might be revealed within few days. As of April 25, Twitter shares were up more than 5 per cent in early trade.