Category: Business

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

  • Toyota announces price cut for all vehicles

    Toyota announces price cut for all vehicles

    Toyota Indus Motor Company (IMC) has announced a reduction in car prices after the Pakistani rupee’s spectacular comeback against the US dollar.

    It is worth mentioning that Toyota had increased car prices up to Rs3.16 million less than two weeks ago.

    The latest car prices for Toyota’s Completely Knocked Down (CKD) units are listed below:

    Vehicle Old Price New Price Reduction
    Toyota Yaris
    Yaris 1.3 Gli M/T Rs3,799,000 Rs3,539,000 Rs260,000
    Yaris 1.3 Gli CVT Rs4,039,000 Rs3,769,000 Rs270,000
    Yaris 1.3 ATIV M/T Rs3,999,000 Rs3,729,000 Rs270,000
    Yaris 1.3 ATIV CVT Rs4,209,000 Rs3,929,000 Rs280,000
    Yaris 1.5 ATIV X M/T Rs4,309,000 Rs4,009,000 Rs300,000
    Yaris 1.5 ATIV X CVT Rs4,569,000 Rs4,259,000 Rs310,000
    Toyota Corolla
    Corolla Altis 1.6 M/T Rs4,899,000 Rs4,569,000 Rs330,000
    Corolla Altis 1.6 A/T Rs5,139,000 Rs4,789,000 Rs350,000
    Corolla Altis SE 1.6 A/T Rs5,639,000 Rs5,279,000 Rs360,000
    Corolla Altis 1.8 CVT Rs5,679,000 Rs5,269,000 Rs410,000
    Corolla Altis 1.8 Grande CVT Beige Interior Rs6,149,000 Rs5,709,000 Rs440,000
    Corolla Altis 1.8 Grande CVT Black Interior Rs6,189,000 Rs5,749,000 Rs440,000
    Toyota Hilux Revo
    Hilux Revo G 2.8 M/T Rs9,819,000 Rs9,169,000 Rs650,000
    Hilux Revo G 2.8 A/T Rs10,299,000 Rs9,609,000 Rs690,000
    Hilux Revo V 2.8 A/T Rs11,349,000 Rs10,599,000 Rs750,000
    Hilux Revo Rocco Rs11,999,000 Rs11,179,000 Rs820,000
    Toyota Fortuner
    Fortuner G A/T Rs12,489,000 Rs11,579,000 Rs910,000
    Fortuner V A/T Rs14,279,000 Rs13,259,000 Rs1,020,000
    Fortuner Sigma 4 A/T Rs15,069,000 Rs13,969,000 Rs1,100,000
    Fortuner Legender Rs15,839,000 Rs14,699,000 Rs1,140,000
    Toyota cars latest price list effective from 16 August 2022

    The automaker decreased the price of Corolla variants by Rs330,000-Rs440,000. The price of the Corolla 1.6 manual model was reduced by Rs330,000, from Rs4.899 million to Rs4.569 million. After a reduction of Rs350,000, the Corolla 1.6 automatic model is now priced at Rs4.789 million.

    Similar reductions were made in the price of Yaris variants, which were reduced between Rs260,000 and Rs310,000. The Yaris 1.5 CVT received the largest price reduction in the aforementioned category, falling by Rs310,000 to a new price of Rs4.259 million from its previous price of Rs4.569 million.

    The price of Hilux Revo was reduced between Rs650,000 to Rs820,000. While the invoice of Revo V AT Rocco dropped from Rs11.999 million to Rs11.179 million, the cost of Revo G MT reduced from Rs9.819 million to Rs9.169 million.

    Read more: Cheapest new cars to buy in Pakistan

    IMC also reduced the prices for the Fortuner models between Rs910,000 and Rs1.14 million.

    After a drop of Rs910,000, the Toyota Fortuner Lo Petrol variant is now offered for Rs11.579 million. The Fortuner Diesel Legender model witnessed a major price decrease, dropping from Rs15.839 million to Rs14.69 million.

  • PSX surpasses 43,000-mark as IMF tranche inches closer

    PSX surpasses 43,000-mark as IMF tranche inches closer

    As trading began on Monday, the Pakistan Stock Exchange (PSX) resumed its upward trend, rising more than 700 points to cross the 43,000-mark.

    The benchmark KSE-100 index gained 764.25 points, or 1.78 per cent, from its previous finish of 42,857.57.

    PSX – August 15, 2022

    The benchmark KSE-100 index increased by 731.54 points, or 1.71 per cent, by 2:13 pm to reach 43,589.11 points, according to the PSX website.

    Additionally strengthening by Rs1.51, the Pakistani rupee (PKR) ended the day at Rs213.98. Since last week, the local currency has been steadily rising against the US dollar.

    Rupee latest closing -August 15, 2022

    The IMF’s letter of intent and Saudi Arabia’s pledge of more support were among the good developments over the weekend that contributed to the index’s strong start.

    The rupee’s robust rebound and the IMF tranche anticipated at the end of this month can be credited for the upward trend.

  • In Pictures: Pakistan unveils its first electric car with 210km range

    In Pictures: Pakistan unveils its first electric car with 210km range

    Except for Pakistan, electric vehicles have gained massive popularity throughout the world. A few imported cars that are available in the local market are pricey and out of the range of the average person.

    Now that Pakistan’s first electric automobile has been launched with some outstanding features, things are set to change.

    NUR-E 75 images – Photos by Pakwheels

    On Independence Day, Pakistan’s first electric vehicle prototype, the NUR-E 75, was displayed on August 14.

    The battery in the car will have a 35kWh capacity with a range of 210 kilometres after being fully charged.

    NUR-E 75 will save a significant amount of fuel, contribute to the fight against climate change, and maintain economic prosperity, claims Dr Khurshid Qureshi, founder and chairperson of the Distinguished Innovation, Collaboration & Entrepreneurship (DICE) Foundation, who developed the prototype.

    It has a maximum speed of 120km/h, tyre size of 16 inches, a ground clearance of 190mm, and a charging capacity of 220V in eight hours, with fast charging also available.

    Dr Qureshi claimed that the production of the car has three stages: the first involved industrial design, production, and launch; the second involved expanding production to include sedans and SUVs, small commercial trucks, and EV platform export; and the third involves exporting the cars.

    Read more: Cheapest new cars to buy in Pakistan

    The completely working prototype, EV NUR-E 75, is ready for testing and regulatory approval, he said, adding that manufacturing started in 2019. Meanwhile, design work on a rolling platform that will be utilised for multiple vehicle segments is in progress.

    The little hatchback’s maximum output is 80 kW (108 horsepower), and its 35 kWh battery can travel 210 km without the air conditioner on.

    He emphasised that the vehicle, given to Pakistan as a gift for its diamond jubilee, would play a significant role in the context of the environment and climate change and help us transition away from the use of non-renewable fuels.

  • Pakistan receives Letter of Intent from IMF, moving closer to $1.17 billion tranche

    Pakistan receives Letter of Intent from IMF, moving closer to $1.17 billion tranche

    The International Monetary Fund (IMF) has sent Pakistan the Letter of Intent (LoI), bringing the disbursement of the $1.17 tranche for the combined seventh and eighth review closer.

    Pakistan will approve the Lol and return it to the IMF. The Extended Fund Facility will now be revived right after IMF board’s approval.

    The IMF team and the Pakistani government came to a staff-level agreement (SLA) in July for the conclusion of the combined seventh and eighth tranche.

    The international lender estimates that after the Executive Board approves it, around $1,177 million will become accessible, bringing the program’s total payouts to almost $4.2 billion.

    But according to a report from last month, before the multilateral lender provides Pakistan with new funding, it was also looking to determine the level of commitment from other sources.

    The Washington-based lender wants to make sure that Pakistan won’t experience a funding shortfall following the IMF loan.

    For Pakistan, which is desperately seeking dollar inflows in the face of declining foreign exchange reserves, the IMF support is essential in addition to other forms of finance.

  • SBP’s foreign exchange reserves dropped to $7.83 billion

    SBP’s foreign exchange reserves dropped to $7.83 billion

    Owing to debt payments, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell to $7.83 billion as of August 5 from $8.385 billion in the last week.

    It is worth noting that this is the lowest level in over three years, according to figures released by the SBP.

    Pakistan’s overall foreign exchange reserves were $27.067 billion as of August 2021 but fell to $13.561 billion as of August 5, 2022.

    The most recent figures on the country’s foreign exchange holdings came when the reserves were quickly running out due to a $6 billion IMF programme that was stalled and the country was experiencing a lack of external funding.

    Due to debt payments and a lack of external finance, the central bank’s foreign reserves decreased by $555 million or 6.6 per cent every week.

    To reach $13.561 billion, Pakistan’s total liquid foreign reserves decreased by $648 million, or 4.6 per cent, and its commercial banks’ holdings fell by $5.730 billion, or 1.6 per cent.

    The SBP’s reserves are sufficient to cover imports for just over a month, according to The News. The reverse decline was brought on by paying off foreign debt.

    According to the central bank, debt repayments may slow down over the following three weeks of this month.

    On the other hand, the Pakistani rupee continued its upward trend against the US dollar for the ninth day, adding Rs3.38 to trade at Rs215.50 in intraday trade on Friday. The KSE-100 index likewise witnessed an increase of 386 points.

  • IMF to send Letter of Intent soon to release $1.17 billion tranche

    IMF to send Letter of Intent soon to release $1.17 billion tranche

    The International Monetary Fund’s (IMF) agreement with Pakistan to release two tranches totaling $1.17 billion as part of a loan facility that was stalled is nearing completion, as the Letter of Intent (LoI) from the fund may arrive in a few days.

    Pakistan is likely to receive the LoI, which the governor of the State Bank of Pakistan (SBP) and the Finance Minister, Miftah Ismail, will jointly sign, according to The News.

    The IMF mission leader had to rush to Australia for a personal engagement, according to senior officials at the Finance Ministry, thus the Fund was likely to submit the LoI “anytime soon.”

    The IMF board would also discuss adding $1 billion to a $6 billion programme agreed upon in 2019 at its meeting scheduled for August 24.

    The government may impose higher taxes on cigarettes, tobacco leaves, fertiliser, and other items in order to appease the IMF.

    Additional taxes are being considered for a variety of sectors. Through a Presidential Ordinance, tax rates on cigarettes and the processing of tobacco leaf might be increased.

  • Pakistani rupee gains Rs2.13 to close at Rs221.91

    Pakistani rupee gains Rs2.13 to close at Rs221.91

    In line with improved market sentiment, the Pakistani rupee (PKR) kept strengthening versus the US dollar, closing at Rs221.91 on Wednesday in the inter-bank market.

    According to the State Bank of Pakistan (SBP), the local currency appreciated by 0.96 per cent or Rs2.13 against the dollar to settle at Rs221.91.

    The uptick on Wednesday marked the seventh straight rebound for the currency, which last month touched an all-time low of Rs239.94 against the US dollar. Since then, it has increased by almost 8 per cent.

    Pakistani rupee significantly increased last week, rising 6.8 per cent to settle at Rs224.04 in the interbank market.

    The rupee maintained its strength throughout the week as Pakistan reported a smaller trade deficit and a significantly lower import bill in July, relieving pressure on the currency that had previously been battered by the dollar.

    The International Monetary Fund (IMF) also stated that the board meeting is tentatively scheduled for late August once adequate financing assurances are confirmed.

    An official source in Abu Dhabi later emphasised in a public statement the UAE’s plan to invest $1 billion in Pakistani businesses across a range of economic and investment sectors, bringing Pakistan one step closer to closing what the IMF refers to as a financial gap.

    Market analysts anticipate significant growth in the upcoming days, assuming Pakistan manages to arrange its finance requirements.

  • Leaks reveal iPhone 14 could be the best model ever

    Leaks reveal iPhone 14 could be the best model ever

    While a number of smartphone manufacturers are cutting back on their flagship shipments, Apple is quite confident about its upcoming range of the iPhone 14.

    The Cupertino-based business has reportedly informed its vendors that the iPhone 14 series will sell more units than it had planned, increasing the total number of units it will make from 90 million to 95 million.

    The iPhone 14 may be the best iPhone ever made for a number of reasons, as the higher-end iPhone 14 Pro and Pro Max models are rumored to come with some significant changes, including improved camera capabilities with a new 48MP lens, a new pill-shaped and hole-punch notch replacement, and a faster A16 chip.

    According to a recent article from the Taiwan Economics Times, Apple anticipates that the iPhone 14 series would perform better than expected in terms of sales.

    As a result, it has instructed its suppliers to create and ship 5 per cent more iPhones than originally anticipated, or 95 million units instead of the first expected 90 million.

    The highest-end iPhone 14 Pro Max will have the greatest stock, according to the report, which cites sources. This shouldn’t be shocking considering how popular the iPhone 13 Pro Max was as well.

    As a result of the current political confrontations between China and Taiwan, earlier reports from July hinted that the projected September release of the iPhone 14 series might be delayed.

  • Retailers in Lahore continue to overcharge for food items

    Retailers in Lahore continue to overcharge for food items

    Lahore residents are forced to pay high prices for basic food items since a number of store owners refuse to sell basic items at the government-recommended price list.

    Those who complain about price violations are asked to shop elsewhere where the items are offered at legal prices.

    The price of chicken was recently cut by Rs5 per kg to Rs226 per kg, which is being sold at Rs250–Rs280 per kg. The price of chicken meat was decreased by Rs8 per kg, to Rs339 per kg, while it is being sold at Rs360–Rs600 per kg.

    Although cucumber farm prices were reduced by Rs35 and maintained at between Rs35 and Rs37 per kg, they are now being sold for over double that amount. Cucumber is currently available for Rs70-Rs80 in different areas of Lahore.

    Local lemon prices increased by Rs10 per kg and were set at Rs180–Rs185 per kg. The price per kg is between Rs220 and Rs240. The price of pumpkin was reduced by Rs85 per kg and set at Rs65–Rs68 per kg. Still, it is priced between Rs80 and Rs100 per kg.

    Originally priced at Rs75–Rs80 per kg, tomato A-grade is selling for Rs120–Rs140 per kg.