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Category: Business

  • Here’s a look at the upcoming Honda Vezel 2023

    Here’s a look at the upcoming Honda Vezel 2023

    Honda’s mini-SUV, the HR-V is finally approaching its second generation. The upcoming model will have some significant upgrades from styling to engine performance.

    It will be bulkier, futuristic, and more powerful than the previous model, with better looks than the smaller, hybrid-only European variant introduced in 2021.

    VEZEL and HR-V confusion

    For those who may not know, the original name for ‘Honda Vezel’ is ‘Honda HR-V’. This hybrid vehicle has become quite famous in Pakistan for its good looks and impressive fuel consumption despite being an expensive completely built-up (CBU) unit. It is mostly witnessed with a ‘Vezel’ badging instead of ‘HR-V’ here.

    The Japanese automaker said that the new subcompact SUV will be based on the same platform as the international Honda Civic variants. It has a longer wheelbase than before, and the rear suspension is now independent.

    Engine and Performance

    One important thing Honda revealed about the powertrain is that it will be a more responsive engine as compared to the prior one, which might be the Civic’s 180-hp turbocharged 1.5-liter inline-four, replacing the existing HR-V’s 141-horsepower 1.8-liter inline-four.

    The HR-V’s engine for the base model could be the naturally aspirated 158-hp 2.0-liter inline-four from the Civic’s lower trim levels. Front-wheel drive will almost certainly be standard, with all-wheel drive as an option, and a CVT automatic transmission will almost certainly be the only transmission option. A hybrid HR-V is also expected to enter the lineup, though it may arrive later than the fuel-only model.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Honda has not officially revealed any photographs or details of the HR-V’s interior, however, it will be exciting to see how the new platform will affect its packaging. As the fuel tank was positioned behind the front seats, the previous HR-V, like the Fit, had a surprisingly low cargo floor.

    The LX, Sport, EX, and EX-L variants from the current model are anticipated to continue over. Honda also published a video showcasing the new HR-V in a variety of colours, including red, silver, black, and white. Unfortunately, there is no official statement released by the company regarding its price and availability in other regions.

  • New bank timings announced by SBP, Saturday will now be observed as a working day

    New bank timings announced by SBP, Saturday will now be observed as a working day

    Pursuant to the federal government’s directive issued on April 13, the State Bank of Pakistan (SBP) would observe a six-day work week with amended timings.

    During Ramzan, working hours for the central bank, development finance institutions (DFIs), microfinance banks (MFBs), and all commercial banks, are as follows:

    Monday to Thursday and Saturday from 8:00 am to 3:00 pm with a prayer break from 1:00 pm to 1:30 pm.

    Fridays: from 8:00 am to 1:00 pm without a break, according to a notification from SBP.

    Public dealing hours

    Banks and MFBs have been advised to adhere to the following public dealing business hours:

    Monday through Thursday and Saturday from 8:00 am to 1:00 pm (no break).

    Fridays from 8:00 am to 12:00 pm (no break).

    Banks and MFBs may observe longer business (banking) hours for public dealing from 8:00 am to 2:00 pm (without break) on weekdays excluding Fridays, depending on their business needs.

    The abovementioned schedule will take effect immediately and will not be changed or withdrawn unless it is amended or canceled.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.

  • Pakistan’s cotton fabric trade climbed by 28.23 per cent

    Pakistan’s cotton fabric trade climbed by 28.23 per cent

    In the first eight months of the fiscal year 2021-22, Pakistan’s textile and garment exports grew to $1.65 billion. The Pakistan Bureau of Statistics (PBS) estimates that the textile and apparel sector brought in $12.607 billion this time, compared to $ 9.999 billion in exports from July to February 2020-21.

    Knitwear exports surged by 33.86 per cent to $3.302 billion on a year-over-year (YoY) basis, while non-knit readymade clothes trade increased by 25.11 per cent to $2.516 billion. Additionally, cotton yarn exports increased by 34.40 per cent to $815.375 million, up from $606.690 million the previous year.

    Cotton fabric trade climbed by 28.23 per cent in 2022, reaching $1.584 billion in value. Also, over the eight months of 2021-22, the distribution of bed clothing jumped by 20.34 per cent.

    The industry has engaged in synthetic fiber imports, which increased by 31.65 per cent from July to February 2021-22, and the cost of artificial silk yarn soared by $ 569.256 million.

    Consequently, the value of textile machinery in Pakistan has climbed dramatically over the last eight months, reaching $577.249 million.

    Read more: SBP determined to curb inflation, improve foreign exchange reserves

    For those unaware, Pakistan’s textile sector has the capacity to generate $30 billion in annual revenue. The country’s leaders and economic experts should assess the existing economic situation and devise an effective economic strategy to boost textile exports.

    To summarise, the industry has tremendous potential and can significantly contribute to the country’s economic success by providing job opportunities. Which could help the country’s GDP and GNP grow even more.

  • Oil prices jump following Russia’s biggest production decline

    Oil prices jump following Russia’s biggest production decline

    Oil prices rose on April 13, after concerns that declining output in sanctions-hit Russia may affect supply, following the Russian announcement that peace negotiations to stop its invasion of Ukraine had reached a stalemate.

    Consequently, Brent crude futures were up 59 cents, or 0.6 per cent, to $105.23 a barrel, while West Texas Intermediate (WTI) crude futures were up 60 cents, or 0.6 per cent, to $101.20 a barrel. The previous session saw both contracts rise by more than 6%.

    On Tuesday, Russian President Vladimir Putin criticised Ukraine for the termination of peace talks and stated that Russia will not abandon its “special operation” to disarm its western neighbor.

    He stated that peace talks with Ukraine are at a stalemate, but that the seven-week operation is going as planned. In a note, ANZ oil experts stated that this raises the threat of the prolonged potential of supply disruptions in the oil sector.

    According to those familiar with the figures, Russian oil and gas extract output declined below 10 million BPD on April 11, the biggest drop since July 2020, as a result of sanctions imposed by numerous nations after Russia invaded Ukraine and logistical difficulties, which hindered business.

    This is quite serious as Russia is the world’s second-largest oil exporter.

    According to reports, Russia’s Energy Minister Nikolai Shulginov said late Tuesday that the government was willing to sell oil and oil products to “friendly countries in whatever price range,” adding that Moscow was focused on guaranteeing the oil sector’s proper functioning.

    Read more: International oil prices declined by 4%, crashing below $100 per barrel

    Meanwhile, indications of a partial relaxation of some of China’s strict COVID-19 restrictions have fueled optimistic sentiment between some market players this week.

  • Crisis-hit Sri Lanka announces default on foreign debt

    Crisis-hit Sri Lanka announces default on foreign debt

    Sri Lanka announced a default on its $51 billion foreign debt on Tuesday as the island nation grapples with its worst economic crisis in memory and escalating protests demanding the government’s resignation.

    Acute food and fuel shortages, as well as long daily electricity blackouts, have brought widespread suffering to the country’s 22 million people in its most painful downturn since independence in 1948.

    The government has struggled to service foreign loans and Tuesday’s decision comes ahead of negotiations for an International Monetary Fund bailout aimed at preventing a more catastrophic hard default that would see Sri Lanka completely repudiate its debts.

    “We have lost the ability to repay foreign debt,” Sri Lanka’s Central Bank governor Nandalal Weerasinghe told reporters in Colombo.

    “This is a pre-emptive negotiated default. We have announced (it) to the creditors.” Officials say the move will free up foreign currency to finance desperately needed food, fuel and medicine imports after months of scarce supplies.

    Just under half of Sri Lanka’s debt is market borrowings through international sovereign bonds, including one worth $1 billion that was maturing on July 25.

    China is Sri Lanka’s largest bilateral lender and owns about 10 per cent of the island’s foreign debt, followed by Japan and India.

    The government has borrowed heavily from Beijing since 2005 for infrastructure projects, many of which became white elephants.

    Sri Lanka also leased its strategic Hambantota port to a Chinese company in 2017 after it became unable to service the $1.4 billion debt from Beijing used to build it.

    This sparked concerns from Western countries and neighbour India that the strategically located South Asian nation was falling victim to a debt trap.

    Chinese foreign ministry spokesman Zhao Lijian said the Tuesday’s default would not stop Beijing from lending support to Sri Lanka’s beleaguered economy.

    “China has always done its best in providing assistance to Sri Lanka’s economic and social development. We will continue to do so in the future,” he said.

    Sri Lanka’s snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.

    The government imposed a wide import ban to conserve dwindling foreign currency reserves and use them to service the debts it has now defaulted on.

    But the resulting shortages have stoked public anger. At least eight people have died while waiting in fuel queues since March 20, with two of the deaths reported on Monday.

  • Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    The latest data provided by the Pakistan Automotive Manufacturing Association (PAMA) shows that overall car sales climbed by 53.78 per cent during the first nine months of the current fiscal year 2021-22 (July-March) compared to the same period in the past financial year.

    Keeping in view the recent figures, 172,612 vehicles were delivered in the time period under consideration, compared to 112,244 cars in the previous year. In March 2022, the country’s car sales climbed by 33.28 per cent on a year-over-year (YoY) basis when compared to the same month in 2021.

    In March 2022, car sales soared to 22,799 units, up from 17,105 units in the same month the previous year. considering the breakdown of the numbers, around 26,830 combined units of Honda Civic and City were sold in the fiscal year 2021-22, compared to 18,816 units in 2021, indicating a 42.59 per cent increase.

    The sale of Toyota Corolla and Yaris sedans increased by 24.93 per cent in the same time, rising to 43,695 units from 34,975 units the previous year. Suzuki Swift sales, on the other hand, fell by 73.78 per cent, from 1,896 units in July-March 2020-21 to 497 units. The drop witnessed in sales of Suzuki Swift was due to the production cut of the older Swift, which was scheduled to be replaced by the fourth generation in February of this year.

    Read more: Toyota Pakistan records highest monthly sales, selling 7,132 vehicles in March 2022

    With 53,241 units sold so far in the fiscal year 2022, Pakistan’s smallest engine size vehicle, the 660cc Alto, is now the most popular. It is worth noting that the mini hatchback is also the country’s ‘cheapest’ four wheeler from the big three.

  • A budget version of Galaxy A72 to unveil with 5G, 120Hz display

    A budget version of Galaxy A72 to unveil with 5G, 120Hz display

    The Korean tech giant, Samsung has quietly announced the Galaxy M53 5G, featuring a 108-megapixel main camera and a 6.7-inch, 120-Hz Super AMOLED Plus display.

    If those specifications sound familiar, it is because the M53 is a less expensive variant of the Samsung Galaxy A73 5G.

    The chipset is the only significant difference between the Galaxy M53 and the Galaxy A73; the M53 is likely to be powered by a Dimensity 900 rather than the Snapdragon 778G found in the A-series phones as the Korean company rarely lists chipset details. Both are TSMC 6 nm processors, but the Snapdragon has a more powerful GPU and a superior CPU composition (4x Cortex-A78 vs. 2x A78).

    For now, there is also only one storage option, 6 GB of Ram and 128 GB of Rom, with no Ram or storage expansion options. However, the inclusion of a microSD card alleviates the storage issue.

    The mentioned 108 MP main camera is housed behind an f/1.8 lens, although it lacks Optical Image Stabilisation (OIS). A lower-resolution 8 MP sensor was used in the ultra-wide camera (down from 12 MP). A 2 MP macro and a 2 MP depth sensor make up the final two modules on the rear. Interestingly, the 32-megapixel front camera was unaffected by the budget decrease.

    Like always, there is a punch hole in the Galaxy M53’s 6.7” Super AMOLED Plus display, which has Full HD+ resolution with a blazing 120 Hz refresh rate for a fine gaming experience.

    There’s no mention of toughened glass, yet the A73 lacks Gorilla, although the in-display fingerprint reader has been moved to the side and looks much better now.

    The phone has a 5,000 mAh battery with 25W fast charging, which is the same as the A73 and A53. Switching to the Dimensity chip has one disadvantage: Wi-Fi connectivity is limited to Wi-Fi 5 rather than 6. Bluetooth 5.2, on the other hand, is supported by 5.0.

    Read more: Tesla’s CEO Elon Musk to join Twitter board after investing $2.9 billion in the platform

    Tech enthusiasts are still waiting for the price and a list of launch territories for the Samsung Galaxy M53 5G, as it was a subdued debut. If the A-series launch follows the same trend, we may have to wait a few weeks to find out these details.

  • 264 shopkeepers arrested in Peshawar for overcharging

    264 shopkeepers arrested in Peshawar for overcharging

    During a three-day crackdown on racketeers in Peshawar, the district administration arrested 264 shopkeepers from various parts of the provincial capital on April 11.

    Officials of the district administration visited bazaars in, Hayatabad, Kohat Road, Interior City, Nauthia, Ring Road, Charsadda Road, Dilzak Road, University Road, GT Road, Pajagee Road, Bara Road, and other localities to examine Ramzan bazaars, along with the availability of vital food products, on the orders of the Deputy Commissioner (DC) Peshawar, Shafiullah Khan.

    They investigated the quality and status of the commodities sold at Mega Malls set up as Ramazan Facilitation Counters and detained 264 profiteers from various areas. Fruit and vegetable vendors, milk vendors, butchers, grocers, and others were among those arrested. The district government has signaled that legal action may be taken against them.

    Read more: SBP determined to curb inflation, improve foreign exchange reserves

    Previously, the Minister for Food, Science, and Information Technology in Khyber Pakhtunkhwa, Muhammad Atif Khan had also directed the responsible authorities on April 8 to constantly monitor the relief provided to people by the provincial government in terms of food costs.

  • International oil prices declined by 4%, crashing below $100 per barrel

    International oil prices declined by 4%, crashing below $100 per barrel

    Brent crude slid below $100 for the first time since March 16 amid plans to release huge amounts of petroleum and oil products from strategic storage, and also China’s prolonged coronavirus closure.

    Crude oil was down $4.1, or 3.99 per cent, at $98.68 per barrel. The price of US West Texas Intermediate (WTI) crude fell $4.28 a barrel, or 4.28 per cent, to $94.07 per barrel.

    The International Energy Agency (IEA) recently announced that member countries will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180-million-barrel release announced in March.

    The actions are meant to make up for a shortfall of Russian crude after Moscow was extensively sanctioned for what it claims was a “special military operation” in Ukraine.

    As per JP Morgan analysts, the release of Strategic Petroleum Reserve (SPR) volumes will amount to 1.3 million barrels per day (BPD) over the next six months, enough to cover a 1 million BPD shortfall in Russian oil supplies.

    The release of strategic government oil reserves is projected to relieve some market tightness in the coming months, reducing the likelihood of oil prices rising and re-enforcing near-term supply constraints.

    While this is the largest release since the IEA stockpile was established in 1980, market participants believe it will fail to affect the principles of the oil market and will just delay further increases in production from crucial suppliers.