Category: Business

The most important business news, explained in a young, easy to understand way. News that affects young career professionals.

  • Pakistani rupee reverses losses against greenback

    Pakistani rupee reverses losses against greenback

    After strengthening against the US dollar on Monday, the Pakistani rupee started the new week positively.

    Discussions between Finance Minister Ishaq Dar and State Bank of Pakistan (SBP) employees and currency traders had positive effects as the local currency increased by Rs1.59, or 0.72 per cent, versus the dollar.

    In the interbank market, the rupee was able to settle at Rs220.89, according to the SBP.

    The rupee last week dropped 0.93 per cent versus the dollar, trading at Rs222.47. Analysts predicted that this week will see range-bound trading in the local currency.

    Earlier, Ishaq Dar issued a warning last week saying that anyone detected manipulating the currency rate will face harsh punishment.

    Dar said that the rupee’s true worth in relation to the dollar is less than Rs200. He predicted that the rupee will soon strengthen against the dollar and gave a warning to those who were speculating in and hoarding foreign cash.

    Furthermore, the price of Brent oil fell by 0.65 per cent to $95.15 per barrel on Monday, while the price of US West Texas Intermediate (WTI) fell by 0.83 per cent to $87.17 per barrel. With advances of 7.7 per cent and 9.3 per cent so far in October, respectively, Brent and WTI are on course to post their first monthly gains since May.

    Europe, which is anticipated to experience a recession this winter, poses a threat to global oil consumption. The European Central Bank’s policymakers are also continuing with their plans to raise interest rates, despite the fact that doing so might plunge the region into recession and stoke political unrest.

  • Twitter is planning to start charging $20 per month for blue tick badge

    Twitter is planning to start charging $20 per month for blue tick badge

    Only a few days after taking over as Twitter’s CEO, Elon Musk is apparently working on some significant improvements. The Twitter Blue membership and even the verification procedure, which awards verified accounts with a “Blue tick,” are expected to undergo modifications.

    According to reports, the Twitter Blue membership will be connected to it, and Musk also has big price increases planned for the subscriptions.

    The new Twitter Blue membership will cost customers $19.99, according to a report by The Verge. Additionally, Twitter accounts that already have the blue tick will need to abide by this new system and pay for it.

    Verified users will have a total of 90 days to switch to Twitter Blue before they lose their checkmark. Employees of Twitter have also been told to resign or move quickly with this new membership plan. According to the article, a deadline of November 7 has been set for the staff.

    Twitter Blue, a paid monthly opt-in membership that grants exclusive access to premium services, was introduced last year. This, according to Twitter, will allow you to personalise your Twitter experience. In the US, Canada, Australia, and New Zealand, the subscription service is now available.

    It will be interesting to watch how Musk implements both a worldwide rollout and a complete overhaul of the payment system. Twitter Blue may be bought in-app on iOS and Android in the territories that are eligible.

  • PIA resumes direct flights from Islamabad to Beijing after 2.5 years

    PIA resumes direct flights from Islamabad to Beijing after 2.5 years

    The direct flights from Beijing to Islamabad were restarted by Pakistan International Airlines (PIA) on Sunday.

    According to ARY News, the first flight, PK-854, departed from the Islamabad airport at 6:45 am and touched down in Beijing at 2:55 pm. In the evening, this flight will make its way back to Islamabad.

    Following a lapse of more than 2.5 years, operations between the two capitals were restarted. In February 2020, this route saw the final PIA flight.

    China banned practically all incoming foreign flights in March 2020 due to concerns that passengers from other countries could be responsible for an outbreak of coronavirus illnesses.

    Since Pakistan is Beijing’s sole all-weather strategic partner of China and the two nations have mutual interests and collaboration in a number of areas, the Civil Aviation Administration of China (CAAC) has finally granted PIA permission to resume operations.

    Additionally, the flight will make it easier for Chinese workers on several CPEC-related projects in Pakistan.

  • Easiest way to sign up and sell products on Daraz

    Easiest way to sign up and sell products on Daraz

    Many small to large businesses are now listed on Daraz and are generating great earnings.

    There is no doubt that online enterprises will play a significant role in Pakistan’s future as the globe continues to move toward a digital economy.

    You can now experience what it’s like to work with the world’s top online commerce technology and logistics company, thanks to Daraz’s acquisition by the Alibaba Group, which makes it simple to grow your business from the comfort of your home.

    Surprisingly, joining Pakistan’s largest online marketplace is not that difficult.

    All small to medium-sized businesses can open stores on Daraz with dedicated one-on-one support, where sellers can get free business advice any time of day or night! Additionally, merchants will have free analytics tools at their disposal to aid in the optimization of their online business.

    On its official website, Daraz claims to have initiatives that reduce financial burdens by offering 0% commission. From May 1 through June 30, all newly registered and existing vendors are exempt from paying commission fees. Additionally, sellers can enjoy free pick-up and storage, promotional credits, and discounted packaging.

    Daraz offers express sign-ups for all new sellers, enabling you to launch your venture and begin selling on the platform in less than two days.

    How to sign-up

    Simply pick up your phone and text “Daraz” space “Name” to 7575 to get started, or you can also sign up as a vendor on the platform’s seller sign-up page.

    If you’re just getting started with your online business, Daraz also provides free training and instruction for online sellers through webinars offered by Daraz.

    According to its website, Daraz is the largest virtual marketplace in South Asia, with more than 20 million products listed in more than 100 categories on both its website and mobile application. The marketplace aims to empower and enable tens of thousands of sellers to interact with millions of customers in this cutting-edge technological era.

  • Weekly inflation up by 4% due to sharp increase in electricity prices

    Weekly inflation up by 4% due to sharp increase in electricity prices

    Owing to a sharp increase in electricity prices, the sensitive pricing index (SPI), which measures weekly inflation, increased by more than 4 per cent.

    According to data released on Friday by the Pakistan Bureau of Statistics (PBS), the SPI-based inflation rate increased 4.13 per cent from the previous week to the week ending October 27 while increasing 30.68 per cent from the same time last year.

    The cost of power, salt, rice, and other basic commodities went up on average during the previous week.

    According to Geo, there has been a decrease in the cost of 16 goods, including chicken, tomatoes, onions, and masoor pulses. In the meantime, the prices for 14 necessities remained the same.

    Electricity costs up by 89 per cent

    An increase from week to week is mostly caused by an 89 per cent increase in electricity costs.

    Recall that a negative Rs10 per unit adjustment to fuel prices was implemented in September. The government opted to postpone the Rs. 10 per unit adjustment for the June fuel price, but it had already been accounted for in the inflation figures for August, therefore it was corrected for in the September inflation figures.

    Inflation is expected to be 25.7 per cent in October, up from 23.2 per cent in September, according to the brokerage.

    In the week under examination, the combined income group index increased from 205.27 points for the week that concluded on October 20 to 213.74 points.

    In comparison to the prior week, the SPI for the income bracket with the lowest income rose by 4.64 per cent. The group’s index was 220.56 points, up from 210.78 points the previous week.

    Increase in prices

    Prices of the following items increased:

    Food items

    Salt powdered: 2.57 per cent

    Tea Lipton: 1.89 per cent

    Rice: 1.24 per cent

    Garlic: 1.04 per cent

    Non-food items

    Electricity charges for Q1: 89.34 per cent

    Energy saver: 1.57 per cent

    Reduction in prices

    Prices of the following items decreased:

    Food items

    Tomatoes: -3.77 per cent

    Onions: -2.97 per cent

    Pulse Masoor: -2.50 per cent

    Chicken: -1.86 per cent

    Pulse Gram: -1.35 per cent

    Gur: -1.09 per cent

    Non-food items

    LPG: -0.72 per cent

  • ‘I am very happy that Twitter is now in sane hands’: Trump welcomes Musk’s takeover

    ‘I am very happy that Twitter is now in sane hands’: Trump welcomes Musk’s takeover

    The takeover was hailed, but former US president Donald Trump, who was permanently banned from Twitter after the riots on January 6, 2021, said little about making a comeback. “I am very happy that Twitter is now in sane hands, and will no longer be run by Radical Left Lunatics and Maniacs who truly hate our country.”

    Trump was banned after the 2021 attack on the US Capitol, which the Republican leader is suspected of instigating. Musk has said he might lift the ban.

    Former Russian President and current Vice-Chairman of the Russian Security Council, Dmitry Medvedev, tweeted his congratulations, saying “Good luck @elonmusk in overcoming political bias and ideological dictatorship on Twitter. And quit that Starlink in Ukraine business.”

    Others urged Musk to undo restrictions imposed by the social network. In response to @catturd2, a random account with 852,000 followers, known for being a big supporter of Trump’s election fraud claims, and who said it was “shadowbanned,” Musk tweeted “I will be digging in more today.”

    Margarita Simonyan, the head editor of the Russian state-run media outlet RT, pleaded with Musk to “unban RT and Sputnik accounts and take the shadow ban off mine as well.”

    Musk and Twitter are under increasing pressure since he plans to address the Twitter workers on Friday after the purchase is finalised.

    “Hey @ElonMusk, now that you own Twitter, will you help fight back against Trudeau’s online censorship bill C-11?” tweeted Canada Proud, a group attempting to unseat Justin Trudeau as prime minister of Canada.

    According to Musk, Twitter may serve as the basis for a “super app” that does everything from ride-hailing to retail and money transfers.

    However, Twitter is having trouble retaining its most active users, who are crucial to the company. Less than 10 per cent of monthly active users are “heavy tweeters,” but they produce 90 per cent of all tweets and 50 per cent of global income.

  • Elon Musk’s Twitter takeover and what it means for you

    Elon Musk’s Twitter takeover and what it means for you

    The Chief Executive Officer (CEO) of Tesla and the world’s richest man, Elon Musk, has finally closed the $44 billion deal to acquire Twitter.

    The “Chief Twit” allegedly fired Twitter’s senior executives, including its CEO Parag Agrawal and its head of legal policy Vijaya Gadde, on Thursday after closing the $44 billion deal.

    The takeover may bring significant changes to Twitter. The indicators have gotten stronger since the senior management was fired on the first day. Musk has previously made various allusions to the possibility of changing the online platform.

    This might not be good news if you use Twitter and value your online privacy. The platform has struggled with privacy and security issues for years, and it has been slow to put any potential fixes into action. As a result, it’s possible that everything you’ve ever done or said on Twitter, whether it was in public or private, including your direct messages, belongs to one of the wealthiest individuals in the world, a man notorious for being unpredictable, childish, and even vengeful.

    Additionally, it is now owned by a man who wanted to fire 75 per cent of the company’s employees, which might further jeopardise Twitter’s security.

    Noman Javed, an electrical engineer from Lahore, Pakistan, who has been using Twitter since 2010, said that given how immature and erratic Musk has always been, “anything is possible” on the social networking site. Musk has previously stated numerous times that he wants to support free expression and allow people to write anything; although this may sound positive, it can also be risky. As if everyone can tweet anything they want without worrying about being blocked or experiencing any negative effects.

    Javed anticipates that there may be increased disputes and debates on the platform, particularly between Indian and Pakistani users who regularly argue over a variety of topics, including sports and religion.

    According to TIME, when Musk commenced the takeover in April, he wrote CEO Agrawal, “I have a tonne of ideas.”

    Musk lists the preservation of “free expression” on Twitter as one of his key concerns. One of the primary advocates for removing Trump from the platform, Vijaya Gadde’s dismissal is regarded as the first step in that direction.

    After the attacks on Capitol Hill on January 6, 2021, Trump was taken from the podium. A few other right-wing speakers were banned from the stage for promoting false information and divisive ideas.

    In a survey Musk conducted in March, he found that 74 per cent of users wanted an “edit” feature. The edit button has already begun to undergo testing on Twitter, but it has not yet been made available everywhere.

    Musk has spoken out against the pervasive use of bots on Twitter. Musk said in September that 90% of the replies on his tweets are automated. Even Agrawal was targeted with the assertion that eight out of ten Twitter accounts are bogus.

    He might take action in the coming days based on bots and phoney accounts. However, a Scottish digital university called CodeClan claims that if Musk bans bots, he might lose as many as 13.5 million followers.

    According to Bloomberg, in April, Musk reportedly disclosed to the banks his plans to create features to increase business revenue, including novel ways to monetize tweets that contain significant information or go viral.

    He suggested ideas including charging a fee when a third-party website wants to reference or incorporate a tweet from a verified person or organisation.

    A UCLA adjunct professor named Robert McCann claims that Musk’s public criticism of Twitter and its leadership has caused a “significant erosion of trust” on the website.

    Employee morale can suffer, and it might “spook” potential customers. Additionally, due to the restructuring at the very top, more employees may voluntarily quit the company after the purchase.

    In an open letter to advertisers published on Thursday, billionaire Elon Musk said he wouldn’t allow Twitter to devolve into a “free-for-all hellscape, where anything can be said with no consequences.” His apparent goal was to allay users’ and advertisers’ concerns the day before his $44 billion acquisition.

  • Elon Musk says he is buying Twitter to ‘help humanity’, not to make more money

    Elon Musk says he is buying Twitter to ‘help humanity’, not to make more money

    Elon Musk intends to collaborate with advertisers as his $44 billion purchase of Twitter is set to close. Musk reiterates that he is acquiring Twitter because it is a pillar of civilization and that doing so will benefit humanity in a statement to advertisers.

    Musk’s appeal reflects concerns that the platform might turn into a swamp of free-for-all commentary once he acquires it and that numerous people with extreme views could have unlimited access to it. With Musk leading Twitter, there is a chance that many advertisers may decide to abandon the platform.

    Musk guarantees in his note that once he buys Twitter, it wo n’t be free for all. It goes without saying that Twitter cannot devolve into a free-for-all hellhole where anything may be spoken without repercussions.

    “In addition to adhering to the laws of the land, our platform must be warm and welcoming to all,” he tweeted via a note.

    “Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. To everyone who has partnered with us, I thank you. Let us build something extraordinary together.”

    In the message, Musk highlighted why he is buying Twitter. He says, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” he writes. “That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

    It’s the exact explanation Musk initially offered when he first announced his attempt to acquire Twitter for about $44 billion in April of this year. He quickly changed his mind, claiming he was no longer interested in purchasing Twitter because, in his opinion, the platform inflates the number of real, active users.

    Twitter disputed the accusations and sued Musk in court. Later, Musk promised to execute the transaction, and the court ordered him to do so by October 28.

    Elon Musk intends to collaborate with advertisers as his $44 billion purchase of Twitter is set to close. Musk reiterates that he is acquiring Twitter because it is a pillar of civilization and that doing so will benefit humanity in a statement to advertisers.

  • Elon Musk enters Twitter office holding a bathroom sink

    Elon Musk enters Twitter office holding a bathroom sink

    Billionaire Elon Musk entered the Twitter’s San Francisco office on Wednesday with a bathroom sink in his hands, with just a few more days to finalise his acquisition of Twitter and avoid a fresh court hearing.

    “Entering Twitter HQ – let that sink in!” the Tesla and SpaceX CEO tweeted with a video of his entrance.

    Earlier, Musk also changed his bio on Twitter, where he has more than 110 million followers, to “Chief Twit.”

    Musk must finalise the purchase of Twitter by Friday at 5 p.m. Eastern Time, or else he will have to consider going to trial once again.

    When Musk attempted to terminate their $44 billion merger deal, Twitter sued him on the grounds that it had been negligent in disclosing information concerning spam and bots on its network, which he claimed would have a materially negative impact. This was refuted by Twitter.

    After Musk said that he would in fact be prepared to purchase Twitter, a judge in the Delaware Chancery Court set the Friday deadline.

    Twitter wants the court to continue to be engaged because it did not trust Musk’s word. The judge ultimately decided to postpone the trial that had been scheduled for last week and gave the parties until the end of this week to reach a settlement; otherwise, she would schedule fresh trial dates for November.

  • ADB transfers $1.5 billion loan to Pakistan

    ADB transfers $1.5 billion loan to Pakistan

    Finance Minister Ishaq Dar said that the Asian Development Bank (ADB) had transferred a $1.5 billion loan to Pakistan on Wednesday.

    The loan would increase foreign exchange reserves and stop the devaluation of the rupee.

    The support from ADB will help increase the number of families receiving cash transfers from 7.9 million to 9 million, boost the enrollment of kids in primary and secondary schools, and improve the geographic reach of health services and nutritional supplies for infants under 2 years old and expectant and nursing mothers.

    With the transfer of ADB, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have reached $9 billion.

    As of October 14, the nation’s total foreign exchange reserves were at $13.25 billion, which included SBP’s holdings of $7.597 billion, or almost five weeks’ worth of restricted imports.

    The $1.5 billion ADB loan is intended to encourage employment for people in the midst of disastrous floods and interruptions to the global supply chain while also promoting food security and social protection.

    Following the signing of the loan agreement, the ADB released a statement saying that the funding will give the government the fiscal breathing room it needs to implement its package, which is intended to help Pakistan’s poorest families, who are frequently disproportionately impacted during times of crisis.

    According to the bank, the government’s assistance includes specific initiatives to encourage gender empowerment and climate change adaptation, which have grown even more crucial in light of the most recent floods.