Category: Business

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

  • IT sector’s GDP contribution will increase from 2.7% to 13% by 2025: MoITT

    IT sector’s GDP contribution will increase from 2.7% to 13% by 2025: MoITT

    According to estimates from the Ministry of Information Technology and Telecommunication (MoITT), the GDP share of the digital and information technology (IT) sectors would rise to 13 per cent by 2025 as a result of the rapid growth of the digital economy over the next five years.

    MoITT’s offical documents reveal that the size of the digital economy will significantly increase over the next five years as Pakistan’s adoption of digital technology expands. In the upcoming years, the GDP’s share of the digital economy will increase, according to Brecorder.

    While the GDP contribution of the digital and IT sectors will rise from 2.7 per cent to 13 per cent, the GDP contribution of the Information and Communication Technology (ICT) core industry will rise from 1.2 per cent to 8.15 per cent.

    According to the data that is currently available, Pakistan’s digital economy is measured in two ways, i.e. The key industries of ICT, digital technology, and IT. The ICT core industry’s share of the global GDP in 2019 was 1.2 per cent. The IT and telecom industry in Pakistan makes about 2.7 per cent of the country’s GDP.

    Modern ICTs have the ability to accelerate social and economic growth, and this promise will be further realised with the maturation of four enabling technologies: IoT, cloud computing, big data analytics, and AI.

    The cornerstone for nations to build a digital economy and improve their overall economic competitiveness and well-being is ICT infrastructure and services. They can support sustainable cities and communities by lowering poverty and hunger, improving health, generating new jobs, reducing climate change, and enhancing energy efficiency.

    In low- and middle-income nations, mobile remains the main method by which many users access the internet (LMICs). The Information Technology University (ITU) estimates that 87 per cent of broadband connections in developing nations occurred through mobile devices in 2019. Mobile networks and devices are propelling economic growth by connecting consumers and businesses and delivering public and commercial e-services across a range of industries.

    According to the report, Pakistan’s mobile ecosystem is becoming more and more crucial to the country’s economic development due to its direct impact on GDP and the productivity and efficiency benefits it fosters in a variety of economic sectors.

    The majority of nations currently use 4G as the cornerstone of mobile broadband, and this number is continually increasing. The switch from 4G to 5G is happening at the same time all across the world.

    In 2019, 4G connections made up more than 50 per cent of all mobile connections worldwide for the first time, according to the most recent GSMA research. In low and middle-income countries (LMICs), 4G covered 82 per cent of the population compared to 90 per cent for 3G. Compared to 10 years for 3G, LMICs took about seven years to reach more than 80 per cent coverage for 4G.

  • Lahore-based frozen food facility to supply beef products to McDonald’s

    Lahore-based frozen food facility to supply beef products to McDonald’s

    Major meat exporter Al-Shaheer Corporation Limited (ASC) revealed on Tuesday that it had signed a business connection deal with McDonald’s Pakistan for the supply of beef products, making it the first-ever Pakistani company to do so.

    According to Brecorder, the company said that the beef products would be delivered through its Lahore-based plant for frozen foods in a notice to the Pakistan Stock Exchange (PSX).

    “It is our great pleasure to announce that ASC is the first-ever Pakistani company to enter into a business relationship agreement with McDonald’s Pakistan for the supply of beef products,” it said in the PSX notice.

    McDonald’s Pakistan’s interest in the business, according to ASC, “is a testament to its commitment to upholding international standards and producing top-of-the-line products.”

    According to the material on ASC’s LinkedIn page, the business was founded as a partnership in 2008 with the establishment of an abattoir in Gadap Town, Karachi. The company initially solely shipped red meat to Dubai and Saudi Arabia.

    The first red meat brand in Pakistan, Meat One, was founded in 2010 when Al-Shaheer Foods entered the domestic fresh meat market. In 2014, the economy brand Khaas was introduced, aiming its marketing at local butcher shops.

    Dubai, Saudi Arabia, Oman, Kuwait, Bahrain, and Qatar are a few major export markets. Locally, Karachi, Lahore, and Islamabad are where it is most prevalent.

    ASC announced the start of its frozen food facility’s commercial operations last year.

  • Best mobile phones under Rs9,000 in Pakistan with WiFi and dual 4G support

    Best mobile phones under Rs9,000 in Pakistan with WiFi and dual 4G support

    Owing to exorbitant PTA approval charges and soaring production costs, phone prices have hit an all-time high in Pakistan. Customers have a relatively limited number of options on the market.

    While some customers are able to afford the hefty PTA approval fees, others consider getting a second phone so they can continue using their SIM as PTA approval charges for certain premium smartphones have increased up to Rs132,000.

    Below are some of the most affordable phones on the market right now, which surprisingly support the majority of applications like Facebook and WhatsApp.

    JAZZ DIGIT 4G – ENERGY

    Touch and Type

    Price: Rs7,999

    JAZZ DIGIT 4G – SHINE

    Price: Rs5,999

    JAZZ DIGIT 4G – STAR

    Price: Rs5,999

    Jazz Digit 4G – E2 PRO

    Touch & Type

    Price: Rs8,900

    These bar phones also have outstanding battery life and can be used to provide a hotspot for your primary smartphone.

    All of these mobile devices are currently available at Jazz franchises or local stores and can be easily unlocked if a user wants to switch to a different network.

  • Want to earn money working online? Here are 10 highly demanded skills you should learn

    Want to earn money working online? Here are 10 highly demanded skills you should learn

    A number of ‘once dedicated’ corporate workers are taking matters into their own hands and taking more control over their professional future. They are switching to freelancing, either by reskilling and going in a completely other direction, or by performing the same tasks for numerous clients as they did for a single company previously.

    For those who don’t know, the internet economy is expanding quickly and in 2020 it produced 17 million jobs in the US alone. The consumer takeaway Whether you use the internet for a side business or a full-time career, you can do pretty much anything online, including earning good money.

    According to Forbes, every month since the spring of 2021, four million American employees have left their jobs.

    Here are 10 high in-demand skills that can help you earn well online:

    Web Development 

    Web development is one of the best skills to master to earn money online because it is in high demand and there are numerous methods to capitalise on your expertise. It can be learned through online classes, boot camps, or even independent study. And if you’re excellent at it, you might be able to make a lot of money; hourly fees for web developers working as freelancers range from $10 to $80.

    Graphic Designing

    Learning Adobe Illustrator is a terrific approach to start working online and making money. This is helpful because almost everyone who manages a website, creates their own website, or engages in online activities like advertising, creating YouTube videos, etc. will eventually require some design work done. And learning this skill takes more than a few days. It does require some commitment, but it is easily accomplished.

    It should be a no-brainer for you to choose to learn how to utilise Illustrator, Photoshop, and InDesign if you have the aptitude for design and illustration. Additionally, installing AdobeSuite on your PC is crucial.

    Since people are more drawn to compelling pictures than to simple texts, graphic designers are always in demand.

    Every business needs art of some kind, whether it’s for creating their corporate identity (logos, brands, etc.), selling their goods or services (websites, brochures, etc.), or connecting with customers (ads, promos, etc.).

    Even without a college degree in fine arts or visual communications, you can succeed in this industry if you are creative, passionate, and competent at designing.

    Photography

    You can learn Photography for free by taking a variety of online courses and watching videos on YouTube. This will enable you to take photos that are more inventive, captivating, and distinctive. From street photography to images of food and animals, practically any form of photograph may be sold online. Alamy images typically sell for $75 each, although their prices can range from $17 to $416 depending on their intended usage.

    Audio Editing for Podcasts

    From a niche trend for tech-savvy individuals, podcasts have grown to become a mainstream phenomenon with a market value in the tens of millions of dollars. As a result of that money, many people have expressed a desire to launch their own podcasts; however, the majority of people lack the skills necessary to independently edit audio, which is where you come in.

    You can improve another person’s audio so that their listeners won’t provide them negative feedback. There will always be a need for your services because podcast listeners routinely voice unhappiness with the sound quality.

    Voice Modulation 

    One of the most lucrative skills to acquire to earn money online is voice modulation. The marketplaces for voice actors, narrators, and other professionals are those that still need to be explored. For the recording of audiobooks, narrative narration, videos, etc., voice actors are required. On internet job boards, there are many positions that specifically require this talent.

    Social Media Marketing 

    Planning and overseeing a brand’s social media strategy across a variety of channels will be your role as a social media marketer, according to Jensen. Any company that doesn’t leverage social media’s power will lose out on brand-building opportunities as customers use social media platforms at an increasing rate. Social media marketing is growing in popularity as a result. If you are knowledgeable about the mechanics of how social media works, learning this skill could be a great idea.

    Web Scraping and Data Entry

    All you need for the job is a basic understanding of using Microsoft Office (Word, Excel, etc.) or its equivalent in Google Drive and other open sources, aside from diligence and attention to detail. Of course, you also need to know how to use the internet.

    The straightforward procedure of web scraping entails conducting online research for clients and compiling the results on a worksheet. Many businesses compile data about their target markets, including contact information (phone numbers, email addresses, websites, Linkedin and other social media profiles, etc.). They can now send business proposals, even ones that are personalised, to the appropriate recipient.

    For this skill to be mastered, no college degree is necessary. In reality, data encoding allows even high school dropouts to support themselves.

    Creative writing

    You can definitely earn a life writing if you have the talent for it. This is a talent that you begin developing in elementary school and just keep honing as you advance academically.

    Therefore, by the time you earned your high school certificate, you ought to be able to write essays and other types of literary works without much difficulty.

    After that, there are several ways to develop writing skills, like enrolling in classes, reading books and other materials, watching online tutorials, and, of course, writing. When you reach a particular level of expertise, you’ll find that there are many chances available to you online and even outside of the virtual environment.

    Proofreading and Editing

    Of course, having writing skills is required for this position. It’s similar to how you cannot adjust a swimmer’s strokes if you do not yourself know how to swim properly.

    Simply identifying and fixing grammatical, typographical, and spelling mistakes in someone else’s writing is proofreading.

    On the other hand, editing may entail rewriting sentences or even paragraphs to increase readability, eliminate repetitions, and improve the flow of ideas.

    The two may not be identical, but they do kind of overlap. Thus, they might constantly expect you to perform both tasks when they hire you to do one or the other.

    Vlogging

    Consider vlogging if you have the gift of gab rather than the inclination to write or design.

    Using video creation and editing software as well as online resources for free video and audio samples, you may make engaging YouTube content even if you lean more toward the introverted side of things.

    Developing a sizable audience is the key to making your material interesting to sponsors and marketers. Alternatively, you might sell this skill to businesses that want for a popular internet video to advertise their products or services and raise brand recognition.

    Even if you largely rely on freelance markets to identify and work with clients, you will still attract a lot of potential clients by being active on LinkedIn. Every month, set aside a few hours to update your profile with recent samples of your work, ask former clients for references and recommendations, establish new relationships, and reply to job advertisements for contract work.

  • PKR continues losing ground against dollar amid fears of widening trade deficit

    PKR continues losing ground against dollar amid fears of widening trade deficit

    In the interbank market during the first hours of trading on Monday, the Pakistani rupee was trading between Rs229 and Rs230 versus the US dollar.

    When intra-day trading began at 11:00 AM, the rupee was quoted at Rs229.88, depreciating by 0.31 per cent against the US dollar.

    The rupee had a terrible prior week, falling against the US dollar in the inter-bank market to close at Rs228.18 after losing value in each of the five sessions for a total loss of almost 4 per cent.

    In the interbank market during the first hours of trading on Monday, the Pakistani rupee was trading between Rs229 and Rs230 versus the US dollar.

    When intra-day trading began at 11:00 AM, the rupee was quoted at Rs229.88, depreciating by Re0.70 or 0.31 per cent against the US dollar.

    The rupee had a terrible prior week, falling against the US dollar in the inter-bank market to close at Rs228.18 after losing value in each of the five sessions for a total loss of almost 4 per cent.

    The dollar index, which compares the value of the dollar to six important rival currencies, held steady at Rs108.82, retreating from a two-decade high achieved on Wednesday. In the previous session, it fell to Rs108.35, its lowest level since August 30.

    Investors remain cautious ahead of Tuesday’s release of the US CPI data, despite the fact that Fed officials continued to use hawkish language on Friday, the last day before a period of silence prior to the Federal Open Market Committee’s meetings.

    A significant factor in currency parity, oil prices fell on Monday as the outlook for global fuel demand was overshadowed by COVID-19 limitations in China and the possibility of future interest rate increases in the US and Europe.

  • NADRA introduces a new digital payment system to replace ATMs

    NADRA introduces a new digital payment system to replace ATMs

    The National Database and Registration Authority (NADRA) has introduced an innovative system that will serve as an alternative to automated teller machines (ATMs) and let citizens pay utility bills and identity documents.

    This development comes as a result of NADRA’s partnership with 1Link, Pakistan’s largest and fully licensed payment gateway system. The two authorities have formed a strategic alliance to evolve and administer an e-payment system that will build on NADRA’s already existing e-Sahulat franchise.

    According to DAWN, the collaboration will make it possible for the more than 17,000 e-Sahulat centers to conduct financial transfers, cash-in and cash-out transactions, as well as P2G, G2P, and P2P payments.

    NADRA Chairman Tariq Malik and 1Link CEO Najeeb Agrawal inked the agreement on Monday at the organization’s headquarters. In response to this development, Malik stated that NADRA has been trying to enhance e-governance by empowering organisations from the public and commercial sectors through its digital services.

    He asserted that one of Pakistan’s most cutting-edge digital services for financial payments is NADRA’s e-Sahulat facility.

    Through this cooperation, the more than 17,000 e-Sahulat locations operated by NADRA will be able to quadruple the capacity of more than 16,500 1Link ATMs nationwide. As was already mentioned, this will make it simple for consumers to deposit and withdraw money.

    In the future, the digital platform will also be accessible in rural Pakistan, enabling students there to continue their studies while earning money to cover their tuition.

  • Weekly inflation decreases only 0.58 per cent from record high

    Weekly inflation decreases only 0.58 per cent from record high

    According to Pakistan Bureau of Statistics (PBS), the Sensitive Price Index (SPI) for the week ending September 8, 2022, decreased by 0.58 per cent as a result of falling food prices.

    In comparison to the previous week’s record high of 45.50 per cent, the yearly trend shows an increase of 42.70 per cent.

    The year-on-year increase was driven by an increase in prices of tomatoes (144.25 per cent), diesel (114.08 per cent), petrol (98.73 per cent), pulse masoor (76.34 per cent), cooking oil-5 liter (67.99 per cent), mustard oil (66.53 per cent), LPG (64.98 per cent), washing soap (64.50 per cent), electricity for Q1 (63.03 per cent), vegetable ghee-2.5 kg (62.53 per cent), pulse gram (61.02 per cent), onions (59.97 per cent) and vegetable ghee-1 kg (58.19 per cent), while a decrease was observed in the prices of chilies powder (43.42 per cent), sugar (18.07 per cent) and gur (2.08 per cent).

    As per the latest data, the SPI went down from 222.85 per cent during the week ended September 1st 2022 to 221.55 per cent during this week.

    During the week, out of 51 items, prices of 26 items (50.98 per cent) increased, nine items (17.65 per cent) decreased and 16 (31.37 per cent) items remained stable.

    The items which got more expensive include LPG (10.66 per cent), wheat flour (4.15 per cent), eggs (3.96 per cent), bread (3.27 per cent), pulse moong (2.74 per cent), curd (2.72 per cent), tea-lipton (2.50 per cent), pulse gram (1.65 per cent), chicken (1.58 per cent), milk fresh (1.57 per cent), fire wood (1.54 per cent), potatoes (1.02 per cent), and others

    A reduction was observed in the prices of onions (41.99 per cent), tomatoes (8.11 per cent), bananas (2.51 per cent), pulse masoor (1.37 per cent), vegetable ghee-1 kg (0.55 per cent), cooking oil-5 liter (0.33 per cent), mustard oil (0.16 per cent) and vegetable ghee-2.5 kg and sugar (0.11 per cent) each.

    Highest week-on-week decrease

    Onions: 41.99 per cent

    Tomatoes: 8.11 per cent

    Bananas: 2.51 per cent

    Pulse Masoor: 1.37 per cent

    Vegetable ghee (1kg): 0.55 per cent

    Highest week-on-week increase

    LPG: 10.66 per cent

    Flour: 4.15 per cent

    Eggs: 3.96 per cent

    Bread: 3.27 per cent

    Pulse Moong: 2.74 per cent

    Highest year-on-year increase

    Tomatoes: 144.25 per cent

    Diesel: 114.08 per cent

    Petrol: 98.73 per cent

    Pulse Masoor: 76.34 per cent

    Cooking oil (5 litre): 67.99 per cent

  • Audi Pakistan increases e-tron GT RS price by nearly Rs4 crore

    Audi Pakistan increases e-tron GT RS price by nearly Rs4 crore

    Audi Pakistan has announced a significant price increase for Audi e-tron variants rather than lowering car prices like Hyundai and KIA.

    As per recent social media posts by Pakwheels, the price of the e-tron 50 has increased from Rs17,200,000 to Rs32,450,000. This indicates that the price of e-tron 50 has increased by Rs15,250,000.

    The well-known e-tron 55 will now set you back which will now be sold for Rs38,000,000 rather than Rs21,000,000. Consequently, there has been an increase in pricing of Rs17,000,000.

    e-tron SB now costs Rs36,150,000 instead of the previous Rs19,400,000 after a Rs16,750,000 price rise.

    Read more: Cheapest new cars to buy in Pakistan

    Additionally, the e-tron GT’s new pricing is Rs48,325,000 as opposed to its previous price of Rs21,150,000. This implies a Rs27,175,000 price increase for the vehicle.

    Last but not least, the company has disclosed a significant increase in the RS e-tron GT’s pricing of Rs38,405,000. As opposed to the previous price of Rs29,595,000, the car would now cost Rs68,000,000.

  • OPPO Extends its Support to Establish Flood Relief Villages across Pakistan in Collaboration with Alkhidmat Foundation

    OPPO Extends its Support to Establish Flood Relief Villages across Pakistan in Collaboration with Alkhidmat Foundation

    Pakistan has been struck with unprecedented and devastating floods, which have led to massive loss of lives, livelihoods, and infrastructure. To address this, OPPO has joined hands with Alkhidmat Foundation to provide immediate food, shelter, and hygiene packs for around 300 families catering to over 2000 people in Southern Punjab.

    Torrential monsoon rains have triggered the most severe flooding in Pakistan’s recent history, washing away villages and leaving more than 30 million people in need of humanitarian assistance. This is a wake-up call for the world as the threats of climate change becomes a devastating reality in Pakistan. We urge everyone to stand united, take care of each other and our planet.

    Hundreds of thousands of homes have been destroyed, while many public health facilities, water systems, crops, and schools have been destroyed or damaged. Therefore, in solidarity with the country, OPPO in collaboration with Alkhidmat Foundation has donated PKR 10 million to provide immediate rehabilitation facilities in the flood-affected areas of Pakistan.

    Committed to humanitarian services the OPPO Flood Relief Villages will serve to provide daily cooked meals along with ration packs to each family. There will be tents for shelter which can cater to up to 6 to 7 people per tent. Hygiene packs will also be provided to each family which contains all hygienic necessities such as sanitary pads, water purifiers, and soap among other items. The supply will last up to 3 months at least till a more permanent solution has been established.

    In addition, OPPO staff will be volunteering onsite as extended support to the Alkhidmat workers across the affected areas in Pakistan.

    Speaking on the occasion, Mr. George Long, CEO – OPPO Pakistan, Authorized Exclusive Distributer said; “With one-third of Pakistan under water and millions left homeless, it is now more than ever that the people of Pakistan need us. Thus, we have partnered with Alkhidmat Foundation whose proactive work has been both impressive and inspiring. Together we will fight and together we will rise.”

    Regarding OPPO’s commitment to the community, Abdul Shakoor, President of the Alkhidmat Foundation, stated; “OPPO has always been remarkably eager to contribute to social causes. We greatly appreciate their support in our flood relief drive and hope to continue this partnership for the betterment of our society.”

    OPPO urges people living in and outside of Pakistan to donate to the Alkhidmat Foundation through different payment gateways e.g. SMS Short Codes, Bank Transfer, Easy Paisa, and Jazz Cash accounts created particularly for Flood Relief Donations because every step counts and every action matters.

    Let’s Unify, Relieve & Reconstruct.

    For more information on donation methods, please visit this link: https://alkhidmat.org/akf-donations.php

  • Bank Alfalah and Alfalah Insurance in collaboration with Fidelity Insurance Brokers inked a memorandum of understanding to provide International Health Insurance “GlobalCare” to their prestigious clients in Pakistan

    Bank Alfalah and Alfalah Insurance in collaboration with Fidelity Insurance Brokers inked a memorandum of understanding to provide International Health Insurance “GlobalCare” to their prestigious clients in Pakistan

    Karachi, 1st September 2022, Bank Alfalah and Alfalah Insurance have signed a Memorandum of Understanding in collaboration with Fidelity Insurance Brokers. This partnership is aimed at catalyzing synergies to provide International Health Insurance Product “GlobalCare” to their prestigious clients.

    The signing ceremony for the launch of an International Health Insurance Product called “GlobalCare” between Bank Alfalah and Alfalah Insurance and in collaboration with Fidelity Insurance Brokers, was held at Bank Alfalah Head office in Karachi. The documents were officially signed by the CEO of Alfalah Bank Mr. Atif Bajwa and Mr. Abdul Haye, Chief Executive Officer, Alfalah Insurance in presence of Mr. Hassan Rehman Mohammadi, Director and Mr. Khurram Ali Khan, CEO, Fidelity Insurance Brokers. Bank Alfalah will play its vital role as one of the major distributors of “GlobalCare”.

    Mr Abdul Haye gave the welcome address in which he thanked Bank Alfalah for responding to the initiative of providing International Health Insurance to its prestigious customers.

    GlobalCare is an International Health Insurance product backed by world-leading health insurance provider AXA, powered by Alfalah Insurance & in collaboration with Fidelity Insurance Brokers. GlobalCare offers cashless health insurance in 1 million plus health facilities located in more than 160 countries. The product offers the peace of mind to its subscribers to avail world best healthcare in any country of their own choice for up to USD 1 million.

    Mr. Atif Bajwa, CEO of Bank Alfalah, emphasized the importance of health insurance and committed to increasing awareness using digital marketing.

    Mr. Khurram Ali Khan the CEO of Fidelity Insurance Brokers talked about the collaboration efforts they made with AXA to offer this exclusive design product for the Pakistani market. Mr. Faizan Siddique, Senior Vice President, Fidelity Insurance Brokers, further elaborated on the product features and its comprehensive medical coverage.

    Committed to the growth and development of Pakistan’s insurance sector, Mr. Hassan Rehman Mohammadi, the Director of Fidelity Insurance Brokers asserted on strengthening the joint efforts to improve technical cooperation in the development of the online distribution channels in Pakistan to accelerate innovation and to make insurance products easily accessible to the people of Pakistan.

    This collaboration will be the cornerstone for building and enhancing the capabilities of the entire insurance value chain and will improve the overall insurance ecosystem in Pakistan.