Category: Business

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

  • Here’s a look at the 2023 BMW 7 Series

    Here’s a look at the 2023 BMW 7 Series

    The 2023 BMW 7-series debuts a new Rolls Royce-inspired design language for the company, along with a striking front end and a slew of new amenities such as a movie-theater-style screen and hands-free highway driver assistance.

     It’s also part of BMW’s growing electric model lineup, which currently includes the i7 EV, which shares the same body and interior as the gas-powered sedan but adds a big battery pack and electric motors.

    The German luxury automaker is reducing the sedan’s engine choices to make purchasing easier, but customers in the United States (US) will still have a variety of options. There are inline-six and V-8 gas engines, as well as the electric i7 (which is detailed separately) and the 750e plug-in hybrid.

    Powertrain and Variants

    BMW 740i is the ‘entry-level model’, with a 375-hp turbocharged 3.0-liter inline-six and rear-wheel drive, while the 760i is the V-8 7-series with only xDrive all-wheel drive.

    Its twin-turbocharged V-8 engine has the same 4.4-liter displacement as the previous 750i (model designation numbers haven’t signified anything genuine in a long time), but it has been upgraded to produce 536 horsepower, a 13-horsepower increase over the previous model.

    The hybrid systems on both gas engines are 48 volts. Apart from the fact that it would produce 483 horsepower, BMW has not revealed much about the 750e plug-in hybrid. The manufacturer has confirmed that the M-badged 7-series will be released later, though it will not be a full-fledged M7 with over 600 horsepower. The M760i’s twin-turbo V-12 engine is no longer available.

    Interior

    As expected, the interior aesthetic is a major upgrade, with a similar style to the iX electric SUV and plenty of premium elements like open-pore wood and cashmere. The 7-series’ cabin also features an incredible level of technology features for front- and rear-seat occupants through its multiple display panels and tablet control system. It’s also available with power-opening doors, giving it a Rolls-Royce degree of luxury.

    The optional BMW Theater Screen is a large 31.0-inch screen that extends down from the roof to provide a more realistic viewing experience for back passengers. This is the same screen showcased by the company at the ‘CES 2022’ event.

    Amenities and Riding Comfort

    Although BMW is touting the 7-series’ driving qualities and spotlighting chassis innovations such as air springs and rear-wheel steering, the earlier prototype drive revealed it to be no more athletic than its comfortable predecessor. Of course, in the top luxury sedan market, this isn’t a flaw, as consumers are likely to value plush ride quality and quietness above all else, and would look elsewhere if they wanted more of a corner carver.

    Interestingly, the Driving Assistance Professional package includes a hands-free feature that now works at up to 130 km/h (80 mph) if you’re on the highway and keep your eyes on the road, you won’t have to steer the 7-series at all.

    Pricing

    In November, the 7-series will be available in the international market with prices starting from Rs17,609,902 ($94,295) for the 740i and Rs21,400,994 ($114,595) for the 760i xDrive.

    The i7 starts at Rs22,465,488 ($120,295) and goes up from there. However, it’s worth mentioning that BMW’s pricing is substantially lower than Mercedes’, with the six-cylinder S-class starting at Rs20,944,382 ($112,150) and the V-8 at Rs22,176,954 ($118,750).

    Note: The PKR pricing is only a conversion of the factory price and does not include any taxes or charges levied after the product is imported to Pakistan.

  • Zulfi Bukhari mocks Miftah Ismail for not knowing about Web 3.0

    Zulfi Bukhari mocks Miftah Ismail for not knowing about Web 3.0

    Following Finance Minister Miftah Ismail’s admittance of being unaware of the third generation internet, or Web 3.0, Pakistan Tehreek e Insaf (PTI) leader Zulfikar Bukhari offered him “free consultation and training” on Web 3.0.

    “We’ll give you free consultancy services & coaching on Web 3.0 Miftah, but please don’t embarrass Pakistan like that next time,” Zulfi Bukhari said in a tweet quoting a video of the Atlantic Council.

    In the viral video, Miftah is asked about the rise of Web 3.0, which the questioner believes will be a $100 billion dollar export opportunity for Pakistani talent in the next 20 years.

    He also inquired what he felt about providing new economic prospects for Pakistanis, citing the potential of digital currency.

    “Let me simply declare that I genuinely don’t know what Web 3.0 is,” Miftah said bluntly and “shamelessly..I don’t know much about this, but I do know that Pakistani fintech and new technology businesses garnered a lot of money last year and from a very low starting point”.

    He added that we want them to thrive as much as possible, I’m not sure how much we can do to assist them.

    What is Web 3.0?

    Web 3.0 is a new kind of internet that not only accurately translates what you type, but also understands what you say, whether through text, voice, or other media, and where all of the content you consume is more personalised than ever before.

    There are a few early-stage Web 3.0 applications that exist today, but their true potential cannot be seen until the new internet is fully integrated into the web infrastructure.

    Web 3.0 refers to the next generation of the internet, in which websites and apps will be able to handle data in a clever human-like manner using technologies such as machine learning (ML), Big Data, and decentralised ledger technology (DLT), among others.

    Tim Berners-Lee, the inventor of the World Wide Web, dubbed Web 3.0 the Semantic Web, with the goal of creating a more autonomous, intelligent, and open internet.

    Read more: ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Data will be interconnected in a decentralised form, which would be a big leap ahead from our present generation of the internet (Web 2.0), where data is largely housed in centralised repositories.

    Users and machines will be able to engage with data as well. However, programmes must be able to comprehend information both conceptually and culturally in order for this to happen. With this in mind, the semantic web and artificial intelligence are the two cornerstones of Web 3.0. (AI).

  • This Mercedes has a smaller engine than the Honda Pridor

    This Mercedes has a smaller engine than the Honda Pridor

    In the 1990s, Poland-based Alpha Technology produced this miniature Mercedes SL 500, which was marketed at Mercedes Benz dealerships and select toy stores. This one, on the other hand, was kept in a wooden crate for years before being purchased by its present owner last year.

    It is powered by a 97cc Honda single-cylinder engine with a two-speed gearbox with reverse and has a black body meant to look like the R129 500SL. It offers a black vinyl interior, rear mechanical disc brakes, a handbrake, a gearbox, and three pedals.

    It boasts coil springs at all four corners, a 12-volt electrical system, a hinged trunk, and a four-spoke steering wheel, despite the fact that it is essentially a go-kart. Steel Gullideckel-style wheels with 135.00–6 Duro bias-ply tyres are also included.

    A multi-disc wet clutch transmits power from the 2.5 horsepower (1.8 kW/2.53 PS) engine to the rear wheels. The electrical system operates the lights and the horn, and it has a 1.4-liter (0.3-gallon) fuel tank.

    The convertible seems to be in good shape, owing to the duration of time it spent in a box, the lack of use has resulted in atrophy. According to the listing, some mechanical maintenance will be required before the go-kart can run as intended.

    Read more: Hyundai’s electric vehicle wins ‘World Car of the Year’ award

    It is for sale through Bring a Trailer in Merritt Island, Florida, and comes with the crate, factory books, and a bill of sale. As of this writing, the top offer is a tantalising $7,669.

  • ‘Sasta Ramzan Bazaar’ fails to provide relief in third Ashra

    Residents of Rawalpindi are still hoping for some relief at Ramzan Bazaars and utility stores. In the first two Ashras, the ‘Sasta Ramzan Bazaars’ have utterly failed to grab the public‘s interest by offering substandard items at hefty prices.

    People from all walks of life even urged Prime Minister (PM) Shahbaz Sharif to pay unannounced visits to Rawalpindi’s ‘Sasta Ramzan Bazaars’ and other open marketplaces to check the pricing and quality of products being sold in the last ‘Ashra’.

    In fact, all government personnel, even Deputy Commissioners and Commissioners, are expressing minimal concern to provide assistance to the public as they know they will be transferred after the oath of chief minister in Punjab is taken.

    According to trustworthy sources, the Punjab government will deploy strictly professional policemen around the province, especially in Rawalpindi, to bring a positive change despite the fact that the holy month is about to end.

    Read more: Lahore continues to face gas and power outage in Ramzan

    Due to the district government’s incompetence and poor administration, the ‘Sasta Ramazan Bazaars’ organised at Chungi No 22, Jarahi on Adiala Road, Committee Chowk, and Haidri Chowk have all miserably failed to provide assistance to the populace.

  • Hyundai’s electric vehicle wins ‘World Car of the Year’ award

    Hyundai’s electric vehicle wins ‘World Car of the Year’ award

    The winners of the World Car Awards for 2022 were recently announced at an event held during this year’s auto show.

    Pure-electric vehicles won the majority of the coveted prizes, indicating how the world’s automotive marketplace is changing from combustion to electrification and demonstrating how emission-free autos are equal to or better than their gasoline or diesel equivalents.

    The Hyundai Ioniq 5, an all-electric SUV from the Korean automaker, won the top accolade, ‘World Car of the Year’. The futuristic Ioniq 5 received two more honours, including World Electric Vehicle of the Year and World Car Design of the Year.

    Launched in 2004, the annual ‘World Car Awards’, is now in its 18th year. As per Cision Insights’ 2021, it is the world’s number one award event in terms of media reach and analysis of twenty-five main worldwide markets for the ninth year in a row.

    The jury for this year’s awards comprises 103 expert automotive journalists from across the world who are tasked with evaluating, comparing, and selecting the finest car in each class.

    iF Design Award 2022

    Hyundai’s designs also won nine awards at the prestigious International Forum (iF) Design Award 2022.

    Since 1954, the iF Design Award has recognised outstanding designs of the year. Along with the ‘Red Dot Award’ from Germany and the Worldwide Design Excellence Award (IDEA) from the United States, it is one of three international design honours.

    Hyundai Motor has won the iF Design Award for the eighth year in a row, honouring the automaker in a variety of categories, including Product, Professional Concept, Interior Architecture, and Communication.

    Read more: Honda to discontinue Insight next year, confirms production of Civic and CR-V hybrid

    The multi-purpose vehicle (MPV) from Hyundai Motor, STORIA, which was recently launched in Pakistan, underlines Hyundai’s global product design prowess. It has the outside of a futuristic spacecraft and the cabin of a roomy and pleasant vehicle for the driver and occupants. Lesser beltlines and panoramic side windows are influenced by traditional Korean ‘Hanok’ architecture.

  • Pakistan’s forex reserves inch up to $17.05 billion

    Pakistan’s forex reserves inch up to $17.05 billion

    The State Bank of Pakistan’s (SBP) foreign reserves saw inflows of $36 million in the week ending April 16, 2022, representing a 0.3 per cent increase week over week.

    According to the SBP weekly update posted on Thursday, the country’s total liquid foreign exchange reserves increased by $16.9 million (+0.1 per cent) to $17.045 billion on April 16, 2022, up from $17.028 billion the previous week. SBP reserves rose by $36.1 million to $10.88 billion (+0.3 per cent), up from $10.85 billion the week before.

    Likewise, commercial banks’ net foreign reserves stood at $6.1 billion, down $19.3 million (-0.3 per cent) on a weekly basis.

    Read more: Pakistani rupee plunges by Rs1.05 against the US dollar

    In the interbank market on Thursday, however, the Pakistani Rupee (PKR) resumed its downward trend versus the US Dollar (USD). It fell by Rs1.04 to the dollar, Rs1.15 to the Australian Dollar (AUD), Rs2.04 to the Canadian Dollar (CAD), Rs2.42 to the Pound Sterling (GBP), and Rs2.96 to the Euro (EUR).

  • Honda to discontinue Insight next year, confirms production of Civic and CR-V hybrid

    Honda to discontinue Insight next year, confirms production of Civic and CR-V hybrid

    The Honda Insight will be phased out of production in 2023 as the company intends to concentrate on key hybrid versions, including the upcoming CR-V and Accord hybrids. Honda will also offer a new Civic Hybrid to replace the Insight under the new plan.

    Honda Insight will be phased out in June, but the Japanese automaker has not announced when the Civic substitute will arrive, only that it will appear at some point in the future. Honda’s other hybrids, on the other hand, will not take long to arrive. The manufacturer will release the CR-V Hybrid later this year, followed by the Accord Hybrid. According to Honda, hybrids will account for 50 per cent of each model’s sales mix.

    The auto giant debuted the Civic in Europe last month, bringing the 11th-generation model to the continent. It’s unknown how comparable the Civic Hybrid in the United States will be to the global model, but it could give a sense of what to anticipate. The Civic e:HEV produces 181 horsepower (135 kilowatts) and 232 pound-feet (315 Newton-meters) of torque thanks to a 2.0-liter Atkinson-cycle engine and two electric motors. It will be available in Europe this fall.

    After a five-year absence, Honda reintroduced the current-generation Insight for 2019. It came with a 1.5-liter engine and two electric motors that produced 151 horsepower (112 kW) and torque of 191 lb-ft (258 Nm). It was built on the previous-generation Civic, but it was placed slightly higher in Honda’s lineup than the famous passenger vehicle. Since 2018, Honda has sold over 70,000 third-generation Insight hybrids.

    Read more: Hyundai Pakistan launches another variant of obsolete Elantra

    Honda Insight has been there for 23 years, so it may not be gone forever from Honda’s range. The new model will most likely debut with the CR-V Hybrid later this year.

    The prevailing Honda Accord was debuted for the 2018 model year, and it is expected to receive a mid-cycle refresh that would update the complete portfolio, including the hybrid model.

  • Pakistani rupee plunges by Rs1.05 against the US dollar

    Pakistani rupee plunges by Rs1.05 against the US dollar

    In today’s interbank session, the Pakistani rupee (PKR) fell by Rs1.05 versus the US dollar (USD), concluding at Rs186.97 per US Dollar, compared to Rs185.92 per USD on April 20.

    The rupee had a tumultuous market session, with an intraday high of Rs187.10 and a lowest of Rs186.25. This depreciation of PKR is attributed to the country’s expanding current account deficit and dwindling foreign exchange reserves. However, the country must pay a significant amount in the final quarter of FY22, putting additional strain on the local unit.

    Pakistan’s currency has lost Rs29.42 versus the US dollar since July 21. According to data published by Mettis Global, the rupee declined by Rs10.45 in CYTD, with the month-to-date (MTD) position showing a drop of 1.87 percent.

    PKR has shed 18.56 per cent versus the US dollar in the previous 52 weeks, with a low of 186.97 today and a peak of 152.27 on May 7, 2021.

    Furthermore, the local currency has lost 10.11 per cent versus the euro since its high on May 5, 2021. Since its high on May 7, 2021, it has declined 13.24 per cent against the pound.

    Read more: PKR continues losing streak against US dollar, sheds Rs1.48

    The PKR slid Rs2.4 against the pound sterling, completing the day at Rs244.4 per GBP, down from Rs241.97 per GBP the previous session. Similarly, the PKR lost three rupees against the euro, closing at Rs204.08 at the interbank today.

  • Samsung Galaxy S23 to launch with high capacity battery, inspired by electric vehicles

    Samsung Galaxy S23 to launch with high capacity battery, inspired by electric vehicles

    The Korean tech giant, Samsung will offer the upcoming Galaxy S23 series with larger batteries, presumably in an attempt to rival Apple’s industry-leading battery longevity. These improvements will be made possible by an electric vehicle (EV) inspired battery technology that allows a 10 per cent increase in energy density.

    Apple’s existing smartphones continue to have the best battery life in the industry. Samsung’s next-generation mainstream flagships, the Galaxy S23 series, appear to be set to change things up. The Galaxy S23 series, codenamed ‘Diamond’ is expected to have significantly larger batteries than the Galaxy S22 series, according to new rumours.

    The Galaxy S22, in contrast, has been chastised for reducing from the Galaxy S21’s 4,000 mAh battery to a 3,700 mAh unit. Samsung is expected to address this with the Galaxy S23, which is expected to feature a 4,500 mAh battery. The Galaxy S23 Plus and Galaxy S23 Ultra are expected to receive similar updates, with battery capacities increasing to 5,000 mAh and north of 5,500 mAh, respectively.

    All of this appears to be due to Samsung’s ambitions to incorporate new battery technology into the Galaxy S23 series. Samsung Digital Interface (SDI) will leverage the stacking technology it uses for its EV battery production on future smartphone batteries.

    Read more: Netflix loses 200,000 subscribers in Q1 2022, projects deeper losses in Q2

    This technology will allow smartphone batteries to have a 10 per cent higher energy density. Production is allegedly already underway, with a line at the company’s plant in Tianjin, China. Still, the Samsung Galaxy Z Fold 4 is unlikely to gain from this advancement.

  • Netflix loses 200,000 subscribers in Q1 2022, projects deeper losses in Q2

    Netflix loses 200,000 subscribers in Q1 2022, projects deeper losses in Q2

    Netflix lost 200,000 clientele in the most recent quarter, a significant loss for the streaming titan which has enjoyed exponential user growth over the previous decade. The company revealed that it fell far short of its own low estimates of 2.5 million new users by the start of 2022.

    Except for the Asia Pacific market, where it witnessed a net gain of almost 1 million customers, the streaming giant lost users in nearly every region.

    Netflix lost roughly 640,000 subscribers in the United States and Canada in the first quarter, a higher decline than its prior subscriber loss in the region last year, and 300,000 in Europe, the Middle East, and Africa, and 350,000 in Latin America.

    The decline is projected to continue into the second quarter when Netflix expects to lose another 2 million customers.

    Netflix co-CEO Reed Hastings stated in a pre-recorded interview that the company will look into creating an ad-supported tier in the “next year or two” – a move that Netflix officials had previously opposed.

    “Those who have followed Netflix know that I have been a vocal opponent of advertising complexity and a strong supporter of subscription simplicity. But, as much as I enjoy that, I prefer consumer choice, and letting consumers who want a lower price and are tolerant of advertisements to obtain what they want makes a lot of sense,” Hastings added. “Think of us as being fairly open to delivering even lower costs as a consumer choice with advertising”.

    .According to CFO Spencer Neumann, the streamer will also draw back some of its content investment over the next two years in order to boost revenue growth. During the pre-recorded interview, Neumann added, “We’re cutting back on some of our spend increases across both content and non-content expenditure and we’re trying to be wise and sensible about it, reining in some of that expenditure increase to match the realities of the business’s revenue growth”.

    Due to the company’s poor performance in Q4 and lowered estimates for the first quarter, Wall Street had low expectations for Netflix going into Tuesday’s earnings. Netflix’s move to cease service in Russia, where the streamer claims to have 700,000 customers, was also expected to have an impact on subscriber growth.

    Read more: Samsung Galaxy S23 to launch with high capacity battery, inspired by electric vehicles

    Netflix said in its shareholder letter that it would have added 500,000 customers in the first quarter if the losses in Russia were not taken into account.

    However, Netflix attributed its slowing growth in Q1 to a number of issues, including account sharing, the pandemic’s prolonged disruption, and, once again, greater competition from competing streamers.

    Netflix revealed in a shareholder letter on Tuesday that more than 100 million of its 222 million paid subscriptions were pooled with viewers outside of paying customers, with 30 million shared accounts in the US and Canada alone.