Business Archives - Page 29 of 41

19Aug

By Azmat ShabbirNo Comments

Business

PKR Recovery against USD

According to the State Bank of Pakistan (SBP), the local currency gained rupees 1.5 or 0.71 percent to close at PKR 213.98 against USD. Pak rupees, which recovered by four percent last week continue to rise on Monday as well. Saad Bin Naseer, director of Metis Global, said the local currency rise as USD is flowing into the country, adding that more inflows expected. He added the exporters who were keeping their dollars abroad, we're also bringing them to Pakistan quickly as the greenback was depreciating rapidly. Naseer said there was "pressure" as exporters were approaching the government and other institutions to push for stabilization of the exchange rate as they were facing losses. "But this will always happen. The best suggestion is to convert the dollar into rupees on the d...

Microsoft couldn’t save itself from inflation

11Aug

By Aqsa Azam1 Comment

Business

Microsoft couldn’t save itself from inflation

The world's biggest company Microsoft is under an inflation crisis these days. They lay off 1 percent of their employees recently. Employees have 60 days to find another work. The world is facing massive inflation and economic uncertainty these days Companies like Tesla, Tiktok, Google, and other major sharks are getting off extra fish to save resources. A new addition is Microsoft, the biggest IT company in the world. Earlier they laid off 1800 employees from the offices. According to LinkedIn statistics, it is almost 1 percent of the whole company. Now new news came from the company about further laying off. They gave out notices to 200 employees. According to that, they have 60 days to find another job. After the notice period ended those employees have to leave their offices w...

Toyota stop production in Pakistan and offered refunds

29Jul

By Aqsa Azam2 Comments

Business

Toyota stop production in Pakistan and offered refunds

Toyota Indus has stopped assembling cars in Pakistan. The company is offering a full interest refund to its customers. The company's office said in a statement, that the people who wish to wait can wait for months to get automobiles imported. Many companies have planned to stop their work in Pakistan. Last week, companies like Careem, Vava cars, and many more decided to shut down their projects. Due to Economic Instability in the country companies wish to move out. Just like that, Toyota Indus also stopped production of cars in Pakistan. The company intends to do business but only on imported cars now. However, the firm agrees to give a refund to their customers. The agreement they had with the customers, is of full interest if the delivery got canceled from their side. Now the co...

29Jul

By Muhammad Dastageer Shams1 Comment

Business

Pakistani petrol prices could rise?

According to experts, price of petrol in Pakistan should have reduced by Rs 25 per liter in view of the recent decline in oil prices in the international market. Due to the rupee's continuous decline against the dollar and the local unit making record lows on a daily basis for the last couple of days, the government will not be able to pass on the benefits of lower prices for petroleum products to consumers. The local currency had plunged to a new low against the US dollar, which continued to strengthen in the inter bank market for the ninth straight session. As it shed Rs 3.09 or 1.31%, the greenback closed at Rs 236.02 in the inter bank market, up from Rs 232.93 a day earlier. After closing at almost Rs 211 on July 15, 2022, the dollar has gained Rs 25 against the rupee. As a c...

Export-Oriented Sectors Saw Gas Prices Rise by 82%

27Jul

By Muhammad Dastageer Shams2 Comments

Business

Export-Oriented Sectors Saw Gas Prices Rise by 82%

Five export-oriented sectors have been approved to use Regasified Liquefied Natural Gas (RLNG) at a price of $9 per MMBTU by the Economic Coordination Committee (ECC). After detailed discussion, the ECC approved RLNG price at US $9 per MMBTU, all inclusive for existing gas connections in five export oriented sectors across Pakistan. Members of ECC Members of the ECC including Commerce Minister Naveed Qamar and Industries & Production Minister Syed Murtaza Mehmood attended the meeting presided over by Finance Minister Miftah Ismail, as well as former prime minister Shahid Khaqan Abbasi, Defence Minister Khwaja Asif, Power Minister Khurram Dastgir Khan, and state ministers for finance and petroleum Dr Aisha Ghous Pasha and Musadik Malik. A summary of regional competitive ene...