Business Archives - Page 3 of 41

Inflation in Pakistan Likely to Rise Again This Ramadan

27Feb

By Tahreem Akram1 Comment

Business

Inflation in Pakistan Likely to Rise Again This Ramadan

Inflation in Pakistan is expected to rise again during Ramadan, despite the country's recent economic progress. Ministry of Finance has released its Monthly Economic Update Outlook Report, highlighting significant improvements in key financial indicators over the first seven months of current fiscal year. Key Economic Indicators Report shows that export industries expanded, inflation eased, and financial stability improved due to policy rate reductions and a surge in remittances. From July to January, remittances increased by 31.7%, reaching $20.84 billion. Experts expect further growth in remittances during Ramadan, Eidul Fitr, and Eidul Adha, with total volume potentially hitting a record $35 billion by June. Foreign direct investment (FDI) surged by 56%, reaching $1.52 billion...

Rawalpindi to Open First Walking Street on Bank Road

27Feb

By Aqsa Azam1 Comment

Business, Pakistan

Rawalpindi to Open First Walking Street on Bank Road

Rawalpindi's underground cabling-based first walking street, located on Bank Road in Saddar, is set to be inaugurated on February 26th. Punjab Chief Minister Maryam Nawaz is expected to attend the inauguration. Moreover, the project cost 1.2 billion rupees and is approximately 1 kilometer long. Rawalpindi is set to unveil its first walking street on Bank Road in Saddar’s busy commercial district on February 26. The grand opening will be attended by Punjab Chief Minister Maryam Nawaz as the chief guest, along with key officials, including Secretary of Defence Lt-Gen (retd) Muhammad Ali and MLC Director General Irfan Ahmed Malik. A Modern Makeover for Bank Road This one-kilometer pedestrian-friendly zone, developed at a cost of Rs1.2 billion, stretches from Murree Road to Police St...

Michelle Trachtenberg, Star of Gossip Girl, Passes Away at 39

27Feb

By Aqsa AzamNo Comments

Business

Michelle Trachtenberg, Star of Gossip Girl, Passes Away at 39

Michelle Trachtenberg was found in her apartment in Manhattan, New York City. She, 39, was well-known for her roles in "Buffy the Vampire Slayer" (as Dawn Summers) and "Gossip Girl" (as Georgina Sparks). Many of her co-stars have taken to social media to express their grief. Michelle Trachtenberg, the well-known actress from Buffy the Vampire Slayer and Gossip Girl, has died at the age of 39. The New York Police Department found her unconscious in her Manhattan apartment on Wednesday morning. Authorities confirmed her passing but stated that no foul play was suspected. Cause of Death Under Investigation Emergency responders pronounced Trachtenberg dead at the scene, but the exact cause of death remains unknown. Reports suggest she had undergone a liver transplant within the past ...

Zara Shuts Iconic Mumbai Store Due to High Rent

26Feb

By Aqsa Azam1 Comment

Business

Zara Shuts Iconic Mumbai Store Due to High Rent

Zara has closed its iconic Mumbai store in the historic Ismail Building. The closure is attributed to the high rental costs, which reportedly reached ₹3 crore per month. Factors like changing consumer demographics and the success of Zara's other mall-based stores and online presence also played a role. Spanish fashion giant Zara has closed its flagship store in South Mumbai after nearly eight years. The five-story iconic Mumbai store at Hutatma Chowk Square, which opened in 2017, was the largest Zara store in India and the only standalone one in Mumbai. A closure notice at the entrance confirmed that the store shut down on February 23, 2025. High Rent Led to the Closure of Iconic Mumbai Store Zara reportedly paid a massive monthly rent of Rs 2.25 crore, which translates to around...

Pakistan Faces Massive Financial Loss Due to Tobacco Tax Evasion

22Feb

By Tahreem AkramNo Comments

Business

Pakistan Faces Massive Financial Loss Due to Tobacco Tax Evasion

A recent study revealed that Pakistan loses an estimated Rs325 billion every year in tax revenue from the tobacco sector. Institute of Public Opinion Research conducted the report and highlighted alarming statistics, showing that illegal sales account for 54% of cigarettes in the country. Findings indicate that most cigarette manufacturing companies fail to follow health warning regulations, and track-and-trace system remains ineffective in preventing illegal sales. This lack of control has caused significant tax revenue losses. Tobacco Tax Due to Violations of Govt Regulations Research also uncovered widespread violations of government regulations on cigarette prices. Some brands sell for as low as Rs40 per pack, far below the minimum legal price of Rs162.25. Study surveye...