Category: Business

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

  • Apple’s new iOS update to fix battery drain issues for iPhones, iPads

    Apple is rolling out a new series of software updates for its gadgets. This update includes both iOS 15.4.1 and iPadOS 15.4.1 for all compatible iPhones and iPads.

    This may seem like a small update with no new features, as the number incrementation clearly suggests.

    However, it claims to increase something that we are sure is quite essential to the majority of Apple users: battery life. The recent reports state that installing this patch will resolve the battery drain issues that were supposedly triggered with the release of iOS 15.4 just a short while ago.

    A workaround for Braille devices (a touch reading and writing method for blind users) becoming unresponsive while navigating text or showing an alert is also included, as well as a fix for Made for iPhone hearing devices (made for Apple) losing connection within select third-party apps.

    Other, unspecified bug fixes and performance improvements may also be included, but the major hype is all about the fix for battery drain issues.

    Read more: Is the iPhone SE 2022 a major flop?

    If your iPhone or iPad becomes extremely hungry following the iOS or iPadOS 15.4 version, you should go to Settings and install iOS 15.4.1 or iPadOS 15.4.1 which should be available for all devices by now.

  • Twitter announces introduction of ‘edit button’ on April 1, Twitterati say it’s a prank

    The social microblogging site, Twitter, has announced that it is planning to update the new feature of the edit button on April 1.

    It stated, “We are working on an edit button.” When someone asked if the platform is fooling around, Twitter said in a statement, “We cannot confirm or deny but we may edit our statement later,” reports The Express Tribune.

    https://twitter.com/Twitter/status/1509951255388504066

    Many users believed that Twitter is playing pranks as the announcement was posted on April Fool’s Day.

    Many netizens reacted to it jokingly. One user said, ” I got fooled by too many things today.”

    https://twitter.com/n0tz03/status/1510137743891841028

    One user said that it is the best April Fool joke made by Twitter.

    https://twitter.com/AnandShastri/status/1510128460546527237

    The social microblogging site, Twitter, has announced that it is planning to update the new feature of the edit button on April 1.

    https://twitter.com/713kook/status/1510137574412918785

  • Ramzan Relief Package: Utility Stores Corp announces discount on 1,500 items at 4,000 outlets

    Utility Stores Corporation of Pakistan (USC) will sell various food items at prices cheaper than the open market through its country-wide retail outlets as a part of its Ramzan Relief Package.

    The state-owned enterprise is offering discounted prices for 19 food items besides 1,500 total items that will be available at 4,000 stores throughout the holy month of Ramzan.

    Consumers will pay Rs950 for a 20-kilogram wheat flour bag under the package, instead of its original price of Rs1100-1350. Similarly, one kilogramme (kg) of sugar would be offered at Rs85 instead of Rs86-93. One kg of subsidized ghee costs Rs260 at USC, whereas edible ghee costs Rs470 on the open market.

    The price of one liter of cooking oil at USC is Rs407, while the open market is offering the same at Rs500.

    Likewise, one kg of daal channa costs Rs162 at USC, while it is being sold at Rs180-190 on the open market. Similarly, a kg of dal moong (washed) costs Rs170, and the open market sells it for Rs180-200 per kg. Washed daal mash costs Rs268 at USC, as compared to its price of Rs280-320 on the open market.

    Furthermore, one kg of daal masoor costs Rs215 at USC, instead of Rs250-280 in the open market. Sella rice will cost Rs165 per kg, basmati rice Rs155 per kg, and tota rice Rs85 per kg.

    The dates will cost Rs140 per kg, whereas dates on the general market will continue selling for Rs200 and Rs240. The 950gm tea pack costs Rs1,042 at USC, in contrast to its price of Rs1,250 in the open market.

    Read more: FBR records 29.1% growth during July 2021 to March 2022

    Ultra-high temperature (UHT) or pasteurized milk at USC is offered at USC for Rs142, and costs Rs165 in the general market. Squashes are sold for Rs250 instead of Rs290, and squashes and syrups (1,500 ml) are available for Rs437, compared to the original price of Rs495 in the open market.

  • FBR records 29.1% growth during July 2021 to March 2022, despite providing ‘massive tax relief’

    The provisional revenue collection data for the months of July 2021 to March 2022 of the current financial year 2021-22 have been announced by the Federal Board of Revenue (FBR).

    The net collection was Rs575 billion for the month of March 2022, up 20.5 per cent from Rs477 billion in March 2021.

    Conversely, the gross revenues, rose by 28.9 per cent in the current financial year, from Rs3,577 billion in July 2020 to March 2021 to Rs4,611 billion in July 2021 to March 2022. Furthermore, the amount of reimbursements granted in March 2022 was Rs31.9 billion, compared to Rs26.3 billion in March 2021, showing a 21.3 per cent upsurge.

    Then again, refunds of Rs229 billion were paid from July 2021 to March 2022, a 25 per cent increase over the Rs183 billion paid the previous year.

    Read more: Petrol, Diesel prices to remain unchanged till April 15

    It is worth noting that the continuous remarkable growth in revenue collection has been achieved despite the government providing ‘massive tax relief’ to the general public on a variety of vital commodities.

    For the first time in Pakistan’s history, the sales tax on all petroleum products was abolished, costing the FBR Rs45 billion in the past month.

  • Petrol, Diesel prices to remain unchanged till April 15

    The government has decided to maintain the existing prices for petroleum products for the fortnight. Petroleum prices will remain unchanged from April 1 to April 15, as per a statement released by the finance division.

    Petrol is currently priced at Rs149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs144.15, Rs125.56, and Rs118.31 per liter, respectively.

    Following an increase in global market prices at the time, the government approved a record-breaking Rs12.03 per liter hike for petrol on February 15. Surprisingly, on February 28, the government decreased POL prices by Rs10 per liter, to lessen the impact of existing inflation on the public.

    The Oil and Gas Regulatory Authority (OGRA), on the other hand, has raised the price of liquefied petroleum gas (LPG) by Rs13 per liter.

    Read More: Nisab amount of zakat deduction set at Rs88,927 for 2022

    After an increase of Rs157 per domestic cylinder and Rs606 per commercial cylinder, the prices of domestic and commercial LPG cylinders have been fixed at Rs2,916 and Rs11,220, respectively, for April 2022.

    Conversely, in the aftermath of the Russia-Ukraine conflict, the international market saw massive volatility as crude oil prices reached new highs.

  • Nisab amount of zakat deduction set at Rs88,927 for 2022

    Nisab amount of zakat deduction set at Rs88,927 for 2022

    The nisab amount of zakat for the year 2022 is set at Rs88,927, according to a notification dated March 30, 2022, issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan.

    The account holders, maintaining a minimum of Rs88,927 balance on the first day of Ramzan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramzan.

    If the amount standing to the credit of an account is less than the said amount, no Zakat deduction shall be made. While savings, profit-and-loss sharing, and other similar accounts are subject to nisab deductions. it is worth noting that the zakat deduction has surged by Rs7,994 as compared to last year, due to an increase in gold and silver prices.

    Read more: Banks to remain closed for public dealing on 4 April

    The amount for nisab in 2021 was set at Rs80,933 and Rs46,329 for 2020. In the majority of Islamic countries, It is adjusted at 2.5 per cent of one’s wealth above the nisab.

  • Is the iPhone SE 2022 a major flop?

    Is the iPhone SE 2022 a major flop?

    Apple is limiting the production of its recently launched ‘budget’ smartphone, the ‘iPhone SE 2022’ owing to lower-than-expected demand. The tech giant has urged suppliers to reduce the manufacturing of the iPhone SE, by roughly 2 million to 3 million devices, or about 20 per cent of initial booking orders.

    In fact, the iPhone SE is still not as well-known as Apple’s higher-priced iPhones. According to research, from its launch through Q4 2021, the 2020 edition of the iPhone SE contributed to only 12 per cent of total iPhone sales.

    It is worth mentioning that Apple also slashed orders for AirPods by around 10 million devices for the current year.

    The 5g enabled iPhone SE is marketed by the company as an alternative for the premium devices from Apple. However, its price tag of Rs105,238 (excluding PTA charges) still seems surprising as compared to the earlier SE model which was offered with a lesser price tag of Rs72,520 (excluding PTA charges).

    Read more: Apple to offer subscription-based service for selling iPhone, iPad, MacBook

    According to Nikkei, the drop in production is a result of the Ukraine crisis and inflation’s detrimental influence on the demand for gadgets.

    Following Russia’s invasion of Ukraine, several major IT companies, including Apple, ceased sales in the country. The United States, the European Union, Japan, South Korea, and Taiwan have all slapped economic sanctions on Russia, causing supply chain disruption and raising inflation concerns.

  • Honda Atlas to increase prices for all motorcycles from April 1

    Atlas Honda is set to announce another price hike within a month for all of its motorcycles. The manufacturer will increase the prices from Rs2,000 to Rs10,000 for seven variants.

    As per two prominent Atlas Honda motorcycle dealerships in Lahore: Honda Gulberg and Honda Hamiz Bedian, the Association of Pakistan Motorcycle Assemblers (APMA) have already notified all Honda dealerships across Pakistan of the revised prices.

    The imminent price hike is due to the rising cost of raw materials used in production as well as the continuous depreciation of the Pakistani rupee.

    According to the dealerships, the popular Honda CD70 and CD70 Dream variants will see a price hike of Rs2000 which will be sold at Rs99,900 and Rs106,500 respectively from April 1.

    Honda Pridor will be priced at Rs136,900 after an increase of Rs3000 in its existing price of Rs133,900.

    The manager at Honda Gulberg stated that the company will release a formal notification on March 31, 2022, regarding the increase, the new rates will be effective from Friday.

    This hike will place Honda CG 125’s price at almost Rs160,000. It is worth noting that the same bike was priced at Rs134,000 last year in the same period.

  • Khyber Pakhtunkhwa cabinet approves Rs2.5 billion subsidy under Ramzan package

    The Khyber Pakhtunkhwa (KP) cabinet on March 29 okayed a subsidy package of Rs2.5 billion for the upcoming holy month of Ramzan, to ensure an uninterrupted supply of edible items at lesser rates.

    KP Chief Minister Mahmood Khan presided over the meeting, which was attended by ministers, chief minister’s advisers, and administrative secretaries.

    Following the meeting, government spokesman Barrister Mohammad Ali Saif revealed that 2,800 points had been set up around the KP to sell 20kg bags of wheat flour for Rs800 instead of the customary Rs1100 during Ramzan, while 10kg bags would be sold for Rs400.

    During Ramzan, the cabinet also decided to set up 83 sasta bazaars, 123 Ramazan facilitation centers, 42 mobile utility stores, and 96 Ramzan dastarkhwans.

    All of these points will be supervised by monitoring units led by respective secretaries and deputy commissioners to prevent price hikes and shortages of vital commodities on the market.

  • Instagram may introduce voice message replies for stories soon

    Instagram may introduce voice message replies for stories soon

    Instagram is reportedly working on a feature that would allow users to reply to stories with a picture or a voice message. This was signaled by the application developer, Alessandro Paluzzi, who further mentioned in his tweet that Instagram is also testing a feature that will allow users to share posts using a QR code.

    Paluzzi’s screenshots show the traditional message box where you may reply to users’ stories, with a twist, as one snapshot includes a GIF sign, while another has a mic icon in addition to the GIF button that was already available.

    Users will probably use these icons to respond to Instagram stories with an image or a voice message.

    The social media platform introduced a feature in February that allowed users to like other users’ stories without having to respond with a direct message.

    Until then, the only option to respond to a story was to send a direct message to the user through the text box at the bottom of the story (or using pre-set emojis, GIFS, or stickers, which were almost similar.

    Read more: Intel to launch world’s fastest 5.5 GHz CPU on April 5

    The rumored new picture reply function will complement existing capabilities and provide users with more options for creatively responding to stories. These features are also well-suited to Instagram’s long-term strategy.

    All of this may be included in the coming days as the head of Instagram, Adam Mosseri, had already stated that the Meta-owned platform will be focusing on the videos, messaging as well as creators.