Category: Business

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

  • Intraday trade: PKR slides to new all-time low of Rs240.30 versus dollar

    Intraday trade: PKR slides to new all-time low of Rs240.30 versus dollar

    On Wednesday, the Pakistani rupee (PKR) maintained its declining trend versus the US dollar for the fourteenth session in a row. In intraday trading, the PKR lost Rs1.09 and fell to Rs240.

    In comparison to its previous closing rate of Rs237.91, the rupee lost 0.42 per cent on Tuesday, ending the day at Rs238.91.

    Fears that Pakistan won’t be able to pay its debts have been raised by floods that have harmed 33 million Pakistanis, caused billions of dollars worth of damage and killed more than 1,500 people.

    One of the poorest performing currencies in emerging economies, the local currency has lost about 9 per cent of its value so far this month due to a variety of causes.

    While Pakistan was able to revive its IMF programme and receive a $3 billion rollover from Saudi Arabia, the record floods have eclipsed everything else and have caused an economic blow of at least $18 billion and possibly as much as $30 billion.

    Experts believe that the heavy flooding and lifting of the import ban have put pressure on the rupee. To address the ongoing economic crisis, Pakistan continues to look for assistance from ally nations and international and bilateral organisations.

  • Govt increases petrol price instead of decreasing, new rate stands at Rs237.43 per litre

    Govt increases petrol price instead of decreasing, new rate stands at Rs237.43 per litre

    The government officially announced the amended prices for petroleum products on Wednesday after a delay of almost a week, notifying consumers of an increase of Rs1.45 in the price of petrol.

    According to the notification, the price of gasoline has gone up from Rs235.98 to Rs237.43, while the price of high-speed diesel (HSD) has remained the same at Rs247.43.

    Light diesel oil’s price has dropped from Rs201.54 to Rs197.28 by Rs4.26, and kerosene’s price has dropped from Rs210.32 to Rs202.02 by Rs8.3.

    According to initial reports, the cost of petroleum products were expected to decrease from Rs235.98 per litre to Rs226.36 per litre on Friday, September 16, after a reduction of Rs9.62 per litre for the next two weeks.

    The new petroleum prices were expected to be revealed on September 16, but the administration postponed the announcement.

  • Pak Suzuki discontinues Bolan’s AC variant after one year

    Pak Suzuki discontinues Bolan’s AC variant after one year

    Pak-Suzuki Motor Company (PSMC) will no longer sell the Suzuki Bolan’s AC variant. After almost 15 years, this variation was finally introduced last year, and tragically, its production will cease once again.

    The company’s decision to stop producing the AC variant of the Suzuki Bolan is a blatant indication that it has failed to pique consumer interest for a variety of reasons, some of which include its inflated cost and the extraordinarily uncomfortable ride.

    Despite all of these factors, other variants of Suzuki Bolan are extremely common in Pakistan and are seen running on almost every road and in every city.

    The first Suzuki Bolan with AC was introduced in 2006-2007, however it was a flop due to overheating, poor engine performance, and subpar AC.

    Moreover, the Bolan’s engine is housed underneath the driver’s seat, which makes it extremely challenging for the driver and front passenger to sit, particularly when the engine is hot.

    Despite expectations that the AC variation would be successful this time, it was not able to attract buyers.

  • Pakistani rupee inching towards all-time low once again

    Pakistani rupee inching towards all-time low once again

    In the first hours of trade on Tuesday, the Pakistani rupee (PKR) fluctuated between Rs238 and Rs239 as it lost value versus the US dollar in the interbank market.

    During intra-day trade at roughly 10:20 am, the rupee was quoted at Rs237.99, a devaluation of Rs0.08 or 0.03 per cent versus the greenback.

    In the interbank market on Monday, the local currency fell for the 12th straight session to end at Rs237.91 as pressure on the currency increased due to the expectation of a higher import bill and the globally strong dollar.

    The PKR has continued to lose value after receiving the IMF tranche of $1.2 billion at the beginning of September and has not yet seen a positive session this month.

    According to experts, the country’s borrowing requirements would rise in the wake of the devastating flash floods, which will also boost the cost of imports. As floods destroy standing crops in Sindh and lower Punjab, the country’s borrowing requirements may rise further in the near future.

  • OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    OGDCL discovers gas reserves in Khyber Pakhtunkhwa

    Oil & Gas Development Company Limited (OGDCL) informed the Pakistan Stock Exchange (PSX) on Monday that gas reserves had been found in Tolanj West-02, a development well in the Tal block situated in Kohat Plateau, Khyber Pakhtunkhwa.

    According to Brecorder, gas condensate from the Lockhart formation was found in Tolanj West-2 by the Tal joint venture, which included MOL Pakistan (operator), OGDCL, Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Government Holdings Private Limited (GHPL).

    According to the notice, the well was spudded in on April 10, 2022, to extract hydrocarbon from the Tolanj West D&PL’s Lumshiwal Formation, which has already been found, and to investigate the hydrocarbon potential of the Lockhart, Shinawari, and Samanasuk Formations (as exploratory targets). The well was successfully drilled to a depth of 4119.34 metres, according to OGDCL.

    The Lockhart Formation (exploratory target) was tested successfully at a rate of about 8.3 million standard cubic feet per day (MMSCFD) of gas and 34 barrels per day (bpd) of condensate at choke size 32/64” at wellhead flowing pressure (WHFP) of 1285 pounds per square inch, according to interpretation results of wireline logs data (Psi). According to OGDCL, the recent discovery has reduced the risk of an exploratory play in the Tal block, opening up new potential for growth.

    Read more: How to apply for government jobs in Pakistan

    The aforementioned development, which follows a comparable hydrocarbon discovery in the Tal block in August, will also add to the hydrocarbon reserves base of the company, its joint venture partners, and the nation. It will also help improve the energy security of the country by utilising indigenous resources. OGDCL first reported the discovery of oil and gas reserves from its exploration wells in Sindh and Punjab back in June.

  • Govt may announce revised petrol prices today

    Govt may announce revised petrol prices today

    After Prime Minister (PM) Shehbaz Sharif returns to Pakistan from Uzbekistan today, the federal government is expected to announce revised petroleum product prices.

    Amid these rumours, fuel pump owners have stopped buying petroleum goods, according to Geo News.

    Reportedly, the Prime Minister’s Office has notified the Finance Ministry of the POL price announcement.

    According to sources, the Oil and Gas Regulatory Authority (OGRA) did not advise lowering gasoline and diesel prices in its brief given to the finance division. Instead, a minor increase in POL costs is predicted. However, the final decision on POL prices is likely today.

    Previously, it was expected that the price of petrol would fall from Rs235.98 per litre to Rs226.36 after a Rs9.62 per litre reduction over the next two weeks.

    Moreover, the price of diesel is likely to rise by Rs3.04 per litre, raising the rate from Rs247.26 to Rs250.30 during the specified period.

    KP Finance and Health Minister Taimur Khan Jhagra took to Twitter to criticise the government’s delay in announcing revised POL pricing, sparking a debate on the social media platform.

  • Honda introduces the CG125 2023 ‘new model’ and it has nothing new

    Honda introduces the CG125 2023 ‘new model’ and it has nothing new

    Due to its durability and powerful engine, the Honda CG125 has been one of Pakistan’s best-selling motorcycles for decades. Despite the fact that the manufacturer has not modified its shape or added any major or small modifications to it in nearly two decades, customers continue to buy it.

    Atlas Honda recently announced a “new model” of the Honda CG125, despite the fact that it has nothing new to offer local buyers. The bike has the same body, motor, tyres, handles, and everything else; the only thing that has been changed is the stickers that are pasted on the fuel tank and side covers.

    Some of the alterations to the engine include a slightly altered head and cylinder, a slightly revised combustion chamber design, a new gear-oil pump drive, a new gear timing drive, and reinforced engine mounting points. These improvements may allow the Honda CG125 to perform slightly better than the previous iteration, but the change in performance may be so minor that a layperson would be unable to tell the difference.

    Read more: How to apply for government jobs in Pakistan

    The bike manufacturer has not raised the price of its bikes in a long time, so the CG125 standard and CG125 SE are priced at Rs179,900 and Rs210,900, respectively.

  • Pakistani rupee crashes against US dollar for 11th day in a row

    Pakistani rupee crashes against US dollar for 11th day in a row

    For the eleventh session in a row, Pakistan’s rupee has lost value versus the US dollar, falling 0.41 per cent on Friday in the interbank market as the dollar gained momentum throughout the world and investors’ concerns about the increasing trade imbalance intensified.

    The rupee dropped by Rs0.96, according to the State Bank of Pakistan (SBP), and ended the day at Rs236.84. The rupee has lost Rs18.24, or 7.7 per cent, overall over the last 11 trading sessions against the US dollar.

    In the interbank market on Thursday, the Pakistani rupee declined against the US dollar for the tenth straight session as investors expected funding from allies and foreign creditors. It ended the day down 0.66 per cent at Rs235.88.

    The local currency increased in value last month as a result of Pakistan fulfilling all previous IMF requirements, which allowed the programme to resume. This development enabled Pakistan to receive $1.17 billion under the Extended Fund Facility (EFF).

    The local currency has recently, however, been under intense pressure once more and is currently hovering close to its all-time low as funding anticipated from allies has not yet materialised.

    Additionally, the State Bank of Pakistan’s (SBP) foreign exchange reserves decreased by $176 million, reaching $8.62 billion as of September 9, 2022, according to information made public on Thursday.

    According to the SBP, the nation possessed $14.32 billion in liquid foreign reserves. Commercial banks held $5.7 billion in net foreign reserves.

    Globally, the dollar remained close to recent highs on Friday as Treasury yields rose and the demand for the currency persisted on expectations that the Federal Reserve would need to raise rates further to control inflation.

    The US dollar index, which compares the value of the dollar to a basket of other currencies, increased to Rs109.69, which is not far from its two-decade high of Rs110.79.

    In the meantime, oil prices—a crucial factor in determining currency parity—were largely stable on Friday, but they were headed for a weekly decrease due to worries about sudden interest rate hikes that would likely slow global economic growth and fuel demand.

  • How to apply for government jobs in Pakistan

    How to apply for government jobs in Pakistan

    Many Pakistanis prefer working for the government over the private sector since a government job not only offers job stability but also other incentives that encourage people to work for the government.

    People from middle-class households typically favour working in the government. We have addressed the benefits that favour government jobs for career advancement because there are some benefits that the private sector does not provide.

    Here are some advantages of government jobs:

    Working hours

    The benefit of choosing government employment over the private sector is the flexible work schedule. In contrast to positions in the private sector, when employees are occasionally required to work a little bit extra, occupations in the public sector have set working hours. However, in some government agencies, working overtime is required without compensation.

    Job security

    The biggest benefit of working for the government is job stability. And there is no job security in the private sector. In contrast, there is very little chance that any government official will lose his or her job.

    Employees in the private sector are displaced like houseflies because this perk is only available to those working in government sectors.

    Promotions

    Another crucial element in the public sector is the promotional benefit. Promotion in government positions is always contingent on how well and how long you work. However, this can occasionally be both a benefit and a drawback because someone who is above average may not be able to develop as quickly as his typical counterparts.

    Benefits and perks

    Next in the government sector are the perks and rewards. As a result, the government sector offers a wide range of benefits, including pension plans, retirement benefits, health care, housing loans, and childcare, among others. However, several significant private sector enterprises do provide such advantages.

    In the government sector, however, retirement becomes crucial since it guarantees the longevity of a person’s career.

    Read more: Here’s how to use a SIM in a non-PTA approved phone

    Lesser stress

    The government sector, as we’ve seen above, has set working hours. Therefore, these hours will result in reduced work-related stress. The best time frame to finish the work on time and in the best way is offered by government jobs, which is not available in the private sector.

    Respect

    Along with all these advantages, working for the government increases respect. Everyone will treat you with respect if you work for the government because of your authority and position.

    Salary increments

    The other best perk of working for the government is, of course, wage increases. As a result, your compensation will rise without regard to how well you perform. So this is fantastic if you are an average performer.

    These multiple advantages provided by government employment may provide you a competitive advantage over the private sector. A government career is the ideal option, though, if you are considering doing something exceptional in the future and need job fulfilment.

    Where to apply?

    There are currently hundreds of job vacancies on the websites below:

    National Job Portal

    Punjab Jobs Online

    These websites allow interested applicants to submit applications for several Pakistani government job positions. Numerous openings, from entry-level to senior-level ones, are listed on these websites.

    Applying for posts in the following categories is possible: BPS-01, BPS-04, BPS-05, BPS-09, BPS-11, BPS-14, BPS-15, EVP/SEVP, G-1, G-2, G-3, G-4, Grade-10, Grade-11, Grade-12, MP-I, MS-VIII, PPS-10 and PPS-12.

    People who live in Punjab can apply for the most recent positions that the Punjab Government has posted, including those in the departments of planning and development, energy, and health care, by visiting Punjab Jobs Online.

  • Petrol price may go down by Rs9.63 per litre for the next fortnight

    The price of petrol is expected to decrease by Rs9.63 per litre for the next two weeks, while diesel prices are anticipated to increase.

    According to reports, the Oil and Gas Regulatory Authority (OGRA) has advised lowering gasoline prices for the final fifteen days of the current month, September.

    However, a final decision about increased petroleum pricing would only be made after receiving Prime Minister Shehbaz Sharif’s approval.

    For the specified period, the cost of diesel is probably going to go up by Rs3.04 per litre, bringing the price from Rs247.26 per litre to Rs250.30.

    The federal government announced an increase in the price of gasoline and diesel for the first two weeks of September on August 31.

    The price of gasoline increased by Rs2.07 to reach Rs235.98 per litre, while the price of high-speed diesel increased by Rs2.99 to reach Rs247.43.

    According to Express Tribune, various strategies have reportedly been used by the government and OGRA to maintain low petroleum prices in order to avert political reaction.