Category: Business

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

  • Hyundai Pakistan launches another variant of obsolete Elantra

    Hyundai Pakistan launches another variant of obsolete Elantra

    Hyundai-Nishat has introduced the long-awaited Elantra GL 1.6, with a hefty price tag of Rs4.3 million for the ‘base trim’.

    This model was predicted to compete with the Altis X 1.6, but Rs4.3 million for a base model does not seem to attract much for a car that already existed.

    The ‘latest sedan’ is now available for bookings at Hyundai dealerships for Rs1.2 million. In terms of appearance, the new Elantra GL is identical to the GLS model. The majority of the changes have occurred on the inside.

    GL’s naturally aspirated 1.6-liter 4-cylinder petrol engine produces 127 horsepower (hp) and 155 Newton-meters (Nm) of torque in the new model. It has a 6-speed automatic transmission that drives the front wheels.

    The Toyota Corolla Altis 1.6L, which is priced between Rs3.92 million and Rs4.3 million, will be the Hyundai Elantra GL’s main rival which comes with a 4-year or 100,00 km warranty. Hyundai, as a newcomer to Pakistan’s automarket, appears to be up against a formidable opponent: Toyota Indus, which has been selling automobiles for decades and is known for its sturdiness.

    Read more: Toyota to launch its first electric car with 559 km range next month

    It is too early to comment on its performance at the moment, as its fate will be revealed in the near future when Pakistan Automotive Manufacturer’s Association releases the monthly sales data.

  • Lahore continues to face gas and power outage in Ramzan

    Lahore continues to face gas and power outage in Ramzan

    People in several localities of Lahore have complained of substantial pressure reduction as well as unannounced power cuts, bringing the natural gas and power shortages back in the holy month of Ramzan.

    On Friday, customers reported that natural gas load shedding had resumed in the city, making cooking at home difficult. Natural gas pressure only improved to a limited extent during Sehri and Iftari hours due to micromanagement by Sui Northern Gas Pipelines Ltd (SNGPL).

    As per the gas load management plan, gas supply to Compressed Natural Gas (CNG) filling stations has been a concern in the country, which has yet to be updated to accommodate this sector.

    Shortages, according to experts, are due to a gap in the import of Liquefied Natural Gas (LNG) shipments. After long-term sellers were unable to deliver, the government attempted to negotiate cargoes of spot LNG as a backup plan. Such attempts, however, have yet to show positive outcomes. The same goes for power load shedding.

    Read more: Another hike of Rs4.9 per unit approved in power tariff

    Gas disruptions and load shedding have become the norm, according to residents. Affected locations include Canal Bank Housing Scheme, Bedian Road, Taj Bagh, Mughalpura, Saddar, Johar Town, and many more Lahore neighbourhoods.

  • PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    Pakistan’s new Prime Minister (PM) Shehbaz Sharif on Friday dismissed the proposal from the Oil and Gas Regulatory Authority (OGRA) to raise the price of petroleum products for the fortnight. The recent decision is aimed at providing relief to the public affected by inflation.

    It is worth noting that the present government’s choice to maintain the same prices will oblige it to provide another substantial subsidy till the end of April 2022.

    Earlier, OGRA suggested to the Finance Division that the price of petrol be increased by Rs21.50 and that of diesel be hiked by Rs51.30 in view of the current petroleum levy and general sales tax (GST).

    Read more: Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    The authority also proposed a hike of Rs83.50 per liter of petrol and Rs119.88 per liter of diesel considering the federal government’s recommended petroleum levy of Rs30 and 17 per cent GST, as per the official statement.

  • Apple to launch new Macs with next-generation M2 chips

    Apple to launch new Macs with next-generation M2 chips

    Apple is planning to release the next-generation Apple Silicon chip for its laptops, almost two years after introducing the first Macs using its own silicon. The company is presently testing third-party programmes on at least nine new Mac models equipped with an M2 processor.

    Unreleased Macs have been spotted in app logs, to sources familiar with the situation, implying that Apple is currently conducting final tests on the new PCs before revealing them to the public. The new M2 processor will be used in all new Macs, which are slated to be released later this year.

    A MacBook Air, MacBook Pro, and Mac mini with an M2 chip; new MacBook Pros with the M2 Pro and M2 Max chips; and a Mac Pro with an Apple Silicon chip ‘successor to the M1 Ultra processor’. Apple has been working on the new Macs for a while now.

    Surprisingly, it appears that Apple is still testing a new Mac mini with the M1 Pro CPU seen in the current MacBook Pro generation. Apple had planned to release high-end versions of the present Mac mini with the M1 Pro and M1 Max CPUs, according to 9to5Mac’s sources, but they were likely canceled to make way for the Mac Studio.

    Read more: Elon Musk offers $43 billion to acquire Twitter

    The Studio Display firmware contains references to a new Mac mini model, thus it’s probable that at least some of these Macs will be released soon. Apple could unveil two new Macs in June at WWDC 2022.

  • Toyota to launch its first electric car with 559 km range next month

    Toyota to launch its first electric car with 559 km range next month

    Toyota announced that it will introduce its revolutionary bZ4X battery-powered SUV in its home market on May 12, as part of a larger push to minimise its carbon footprint.

    The bZ4X is Toyota’s first vehicle built on a specific electric vehicle (EV) platform created in collaboration with Subaru. It’s made at the Motomachi factory, which now employs CO2-free utility power sourced from renewable sources.

    It was also disclosed that the Japanese dealerships would start taking orders for the first batch of 3,000 vehicles in May 2022, with the second batch of about 2,000 vehicles anticipated early in the autumn. This year, the manufacturer plans to create and sell 5,000 units.

    The Japanese manufacturer claims that its new battery electric vehicle (BEV) SUV has a power-efficiency rating of 128Wh/km and a touring range of 559 kilometers (347 miles). It is compatible with rapid DC chargers available all around the world, while its battery can be topped to 80 per cent in just 40 minutes.

    All bZ4X models delivered in Japan will be leased, as per the manufacturer, to alleviate customer concerns about electric cars and allow it to apply its 3Rs (Rebuild, Reuse, Recycle) battery management system. The batteries incorporated in the SUVs will be guaranteed for ten years and 200,000 kilometers (120,000 miles) at 70 per cent capacity retention.

    Read more: Here’s a look at the new Honda Vezel 2023

    The Kinto service will be able to lease the bZ4X models to private clients, while the Rent-a-Lease and Toyota Mobility Services networks will be able to lease the EV to corporate customers.

  • Elon Musk offers $43 billion to acquire Twitter

    Elon Musk offers $43 billion to acquire Twitter

    Elon Musk has submitted a takeover bid for Twitter, offering $54.20 per share, days after becoming the group’s largest shareholder. This is an offer worth more than $43 billion.

    According to a Securities and Exchange Commission (SEC) filing, Mr. Musk described this as a “best and last offer,” reflecting a 54 per cent premium over the day before he commenced investing in the business in late January 2022.

    Musk stated in the filing that “I don’t have faith in the management” and that he could not make the adjustments he desired in the public market.

    As per a letter written to CEO Salesforce and chairman of Twitter, Bret Taylor, Musk stated that if the proposal is not accepted, he will reassess his status as a shareholder as Twitter has a lot of potential which needs to be unlocked.

    The billionaire CEO of Tesla and SpaceX and the world’s richest man, purchased a 9.2 per cent share in Twitter on April 4, according to a regulatory filing. The tech mogul was invited to join Twitter’s board of directors the next day, but he denied the offer by the end of the week.

    Musk wrote to Mr. Taylor on April 13: “I invested in Twitter because I believe it has the potential to be the global platform for free speech, and I believe free speech is a societal requirement for a healthy democracy”.

    Read more: Elon Musk is no longer joining Twitter board as the microblogging network is “dying”

    “However, after making my investment, I’ve come to recognize that the company, in its current form, can neither thrive nor serve this societal need,” he wrote. “Twitter should be turned into a private firm”.

    Considering the tweeted document, Musk’s financial adviser for the proposal is Morgan Stanley.

  • Here’s a look at the upcoming Honda Vezel 2023

    Here’s a look at the upcoming Honda Vezel 2023

    Honda’s mini-SUV, the HR-V is finally approaching its second generation. The upcoming model will have some significant upgrades from styling to engine performance.

    It will be bulkier, futuristic, and more powerful than the previous model, with better looks than the smaller, hybrid-only European variant introduced in 2021.

    VEZEL and HR-V confusion

    For those who may not know, the original name for ‘Honda Vezel’ is ‘Honda HR-V’. This hybrid vehicle has become quite famous in Pakistan for its good looks and impressive fuel consumption despite being an expensive completely built-up (CBU) unit. It is mostly witnessed with a ‘Vezel’ badging instead of ‘HR-V’ here.

    The Japanese automaker said that the new subcompact SUV will be based on the same platform as the international Honda Civic variants. It has a longer wheelbase than before, and the rear suspension is now independent.

    Engine and Performance

    One important thing Honda revealed about the powertrain is that it will be a more responsive engine as compared to the prior one, which might be the Civic’s 180-hp turbocharged 1.5-liter inline-four, replacing the existing HR-V’s 141-horsepower 1.8-liter inline-four.

    The HR-V’s engine for the base model could be the naturally aspirated 158-hp 2.0-liter inline-four from the Civic’s lower trim levels. Front-wheel drive will almost certainly be standard, with all-wheel drive as an option, and a CVT automatic transmission will almost certainly be the only transmission option. A hybrid HR-V is also expected to enter the lineup, though it may arrive later than the fuel-only model.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Honda has not officially revealed any photographs or details of the HR-V’s interior, however, it will be exciting to see how the new platform will affect its packaging. As the fuel tank was positioned behind the front seats, the previous HR-V, like the Fit, had a surprisingly low cargo floor.

    The LX, Sport, EX, and EX-L variants from the current model are anticipated to continue over. Honda also published a video showcasing the new HR-V in a variety of colours, including red, silver, black, and white. Unfortunately, there is no official statement released by the company regarding its price and availability in other regions.

  • New bank timings announced by SBP, Saturday will now be observed as a working day

    New bank timings announced by SBP, Saturday will now be observed as a working day

    Pursuant to the federal government’s directive issued on April 13, the State Bank of Pakistan (SBP) would observe a six-day work week with amended timings.

    During Ramzan, working hours for the central bank, development finance institutions (DFIs), microfinance banks (MFBs), and all commercial banks, are as follows:

    Monday to Thursday and Saturday from 8:00 am to 3:00 pm with a prayer break from 1:00 pm to 1:30 pm.

    Fridays: from 8:00 am to 1:00 pm without a break, according to a notification from SBP.

    Public dealing hours

    Banks and MFBs have been advised to adhere to the following public dealing business hours:

    Monday through Thursday and Saturday from 8:00 am to 1:00 pm (no break).

    Fridays from 8:00 am to 12:00 pm (no break).

    Banks and MFBs may observe longer business (banking) hours for public dealing from 8:00 am to 2:00 pm (without break) on weekdays excluding Fridays, depending on their business needs.

    The abovementioned schedule will take effect immediately and will not be changed or withdrawn unless it is amended or canceled.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.

  • Pakistan’s cotton fabric trade climbed by 28.23 per cent

    Pakistan’s cotton fabric trade climbed by 28.23 per cent

    In the first eight months of the fiscal year 2021-22, Pakistan’s textile and garment exports grew to $1.65 billion. The Pakistan Bureau of Statistics (PBS) estimates that the textile and apparel sector brought in $12.607 billion this time, compared to $ 9.999 billion in exports from July to February 2020-21.

    Knitwear exports surged by 33.86 per cent to $3.302 billion on a year-over-year (YoY) basis, while non-knit readymade clothes trade increased by 25.11 per cent to $2.516 billion. Additionally, cotton yarn exports increased by 34.40 per cent to $815.375 million, up from $606.690 million the previous year.

    Cotton fabric trade climbed by 28.23 per cent in 2022, reaching $1.584 billion in value. Also, over the eight months of 2021-22, the distribution of bed clothing jumped by 20.34 per cent.

    The industry has engaged in synthetic fiber imports, which increased by 31.65 per cent from July to February 2021-22, and the cost of artificial silk yarn soared by $ 569.256 million.

    Consequently, the value of textile machinery in Pakistan has climbed dramatically over the last eight months, reaching $577.249 million.

    Read more: SBP determined to curb inflation, improve foreign exchange reserves

    For those unaware, Pakistan’s textile sector has the capacity to generate $30 billion in annual revenue. The country’s leaders and economic experts should assess the existing economic situation and devise an effective economic strategy to boost textile exports.

    To summarise, the industry has tremendous potential and can significantly contribute to the country’s economic success by providing job opportunities. Which could help the country’s GDP and GNP grow even more.