Business Archives - Page 24 of 35

Fitch sees ‘considerable risks’ In IMF report

19Jul

By Muhammad Dastageer ShamsNo Comments

Business

Fitch sees ‘considerable risks’ In IMF report

The New York-based agency(Fitch), one of three major global rating agencies, also affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' on Monday. Since the start of the year, Pakistan's external liquidity position and financing conditions have deteriorated significantly, according to Fitch Ratings. Ratings outlooks downgraded by Fitch due to a host of other factors. Especially in the current environment of slowing growth and high inflation, renewed political volatility could undermine the authorities' fiscal and external adjustment. A lack of political stability Earlier this month, Fitch reported that former prime minister Imran Khan, who ousted by a no-confidence vote on 10 April, demanded early elections and held large protests. With only a s...

First time in 20 years, Euro and Dollar at parity

15Jul

By Muhammad Dastageer Shams1 Comment

Business

First time in 20 years, Euro and Dollar at parity

The exchange rate between the Euro and the US Dollar has reached parity for the first time in 20 years. Despite the drop in the euro since the beginning of the year, it hit $1 on Tuesday. As a result of Russia's invasion of Ukraine and high inflation, there is fear that the continent might be entering a recession. In an attempt to reduce its dependency on Russian oil and gas, the European Union, which received roughly 40% of its gas from Russian pipelines before the war, is seeking to reduce its dependence on these resources. Russia has also reduced gas supplies to some EU countries and recently cut the Nord Stream pipeline to Germany by 60%. Why did the euro drop? There are several key factors that have led to the Euro’s recent decline. First, the E.U.’s economy is slowing, a...

14Jul

By Wajahat Waji2 Comments

Business

Why Airlift Shutdown Within an Year?

Airlift Technologies, which has been operating in Pakistan for the past three years, will cease all its quick commerce operations tomorrow (July 13, 2022). Employees already informed of the company's decision to shut down in a meeting today. According to multiple sources who spoke to Profit, there is a great deal of concern among Airlift's staff about the possibility of a company-wide shutdown, which will be announced at the company's all-staff meeting tonight. In eight Pakistani cities, including Lahore, Karachi, and Islamabad, Airlift offered a same-day commerce service. Airlift's website and app allow customers to order groceries, produce, and other necessities, such as medicines, and deliver them in 30 minutes or less. So what happened? Shortly, quite a bit. People are le...

Petrol and Diesel consumption decreased in June in Pakistan

9Jul

By Aqsa Azam1 Comment

Business

Petrol and Diesel consumption decreased in June in Pakistan

Petrol and diesel consumption decreased by 12% and 16% respectively in the month of June in Pakistan. The imposition of taxes and ending the subsidies on fuel have affected badly to the people around the country. In the past few months, Pakistan has faced many challenges due to inflation. People around the country are not satisfied with the new government. They have ended the subsidies on petrol and diesel. This has increased the fuel price from 150 to 250 till now. It is due to the imposition of taxes as well. Due to this, the petrol and the diesel demand is decreased by 12% and 16% respectively. Three types of vehicles mainly consume fuel. It includes two, three, and four-wheeler vehicles. However, industrial and agriculture sectors consume diesel. The buying power of the peop...

US helped Pakistan in reaching IMF accord

1Jul

By Muhammad Dastageer Shams2 Comments

Business

US helped Pakistan in reaching IMF accord

Pakistan’s request to the United States in handling the current economical issues with the International Monetary Fund (IMF) “helped” the country. However, there had been no concessions in situations set for the continuation of the loan settlement. Speaking to Geo News today, 'Naya Pakistan' host Shahzad Iqbal said that according to his records; Capital has got the advantage of reaching out to the United States. This is due to the fact that IMF's mindset at that point has become very strict. So the IMF became placing harsh situations and likely may have refused to signal help with the situation. However, the anchorperson added, it is due to the US pressure which made it viable for Pakistan. However, there had been no concessions in situations.According to reports, Finance Minister Miftah ...