Category: Business

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

  • PUBG MOBILE Celebrates 4th Anniversary with a Special ‘Game Strong Hai’ Anthem by Bilal Saeed and Aima Baig

    PUBG MOBILE Celebrates 4th Anniversary with a Special ‘Game Strong Hai’ Anthem by Bilal Saeed and Aima Baig

    Pakistan – March 22, 2022 – PUBG MOBILE, Pakistan’s most popular mobile video game is marking four years of entertainment, vibrance and thrill for players with a host of celebratory activities. These include a Version 1.9 Update and more importantly a ‘Game Strong Hai’ anthem sung by two of the country’s most legendary artists. A unique collaboration between Bilal Saeed and Aima Baig, the song represents the playing spirit and commitment that PUBG MOBILE has shown towards its local audiences. 

    The celebration of PUBG MOBILE’s four years in Pakistan is being touted in an extremely decorated way. The highlight of the festivities is a catchy and attractive anthem that is unprecedented. The ‘Game Strong Hai’ song by Bilal Saeed and Aima Baig marks an engaging instance in the music and entertainment landscape of Pakistan. Through the song, PUBG MOBILE is symbolizing the transformation it has brought to the country’s gaming and entertainment ecosystem. The platform has not only created diverse avenues for exciting gameplay but also built revenue generation pathways for individuals across the nation. 

    Ever since it launched in Pakistan, PUBG MOBILE has been extremely successful in enthralling audiences and players through distinct opportunities for online gaming and entertainment. Marking its 4th birthday party, a number of amazing changes are coming to Erangel, Livik and Spawn Island maps for an enhanced gaming experience for users. A new floating gameplay mode in the sky, new themed camps, vehicles, and more are now available to players. Players will also have a chance to get a new X-Suit, enjoy a new Season and Royale Pass Month, and experience the new collaboration with the massively multiplayer online game Warframe.

    PUBG MOBILE’s Version 1.9 Update also introduces Cycle 2 Season 5. A whole new set of legendary rewards are available including Glasses, Set, Parachute, MK14, Mask, and Cover. New 4th Anniversary-themed missions will also be available, allowing players to unlock commemorative titles and exclusive rewards through collecting souvenirs. Other updates include the adjustment of Ranked Classic Mode team ranges, Season Tokens that can now be obtained through activity in Ranked Matches, and changes to the shop and season purchase limit.

    New content is coming to Royale Pass Month with Month 9: Cosmic Clash. Work through the ranks and unlock the Wukong Prime Set, Fluorescent Flash Set, and the themed PP-19 Bizon, Kar98K, and QBZ finishes! Players can unlock these rewards and also earn a free RP Voucher (60 UC) for the next Royale Pass Month, Micro Battle, by participating in the server-wide Golden Chicken event. 

    Royale Pass Month 9: Cosmic Clash, begins March 22nd and ends April 19th. 

    The new Arena mode Royale Arena: Assault is now available. In Royale Arena: Assault the Playzone appears randomly in different areas and can suddenly turn into a combat zone. Strong teamwork and quick reactions are essential as the team who completes the elimination goal first will be the winner. This fast-paced action is available beginning April 07th in Erangel and Livik.

    PUBG MOBILE’s Version 1.9 Update also introduces the new Silvanus X-Suit. Find Silvanus on Spawn Island in Erangel with exclusive Emotes, X-Elements, and abilities!

    A new collaboration is coming to PUBG MOBILE, this time with the massively multiplayer online game Warframe. Players can currently enjoy a special Warframe preview event that features a series of challenges to complete in order to obtain skin. Players can also look forward to obtaining exclusive skins as well as an additional event as part of the Version 1.9 update, with details to be revealed soon.

    PUBG MOBILE’s Version 1.9 Update will also bring a revamped Classic Mode featuring a number of significant updates. A Recall Tower has been added in certain game modes that allows players to recall eliminated teammates, giving them a second chance for success on the battlefield. A new Fog of War Anti-Cheat system has been added to select Arena Maps and some Classic Modes to help combat wallhacks. A number of other quality fixes have also been made, including an update to the Military Base Bridge in Erangel, as well as Control, UI and Settings Improvements.

    The new map Aftermath is also getting a series of updates in PUBG MOBILE’s Version 1.9 Update, with changes to ziplines and weapon behaviour to improve the gameplay experience. The Cheer Park will also be refreshed with new racing gameplay, updates to the Shooting Range, the addition of new fast-travel options, and an expanded settings section for sound and UI.

    A number of other improvements have been made to PUBG MOBILE, including visual improvements, UI upgrades and much more.

    With a culture of strong and adhesive gaming communities, PUBG MOBILE has brought this genre of entertainment away from specialized gaming zones and right to people and their smartphones. From making like-minded friends to creating opportunities for money, fame and recognition, PUBG MOBILE has single-handedly transformed the ecosystem in Pakistan. 

    PUBG MOBILE’s Version 1.9 Update is available now! Download for free on the App Store and Google Play Store.

    About PUBG MOBILE

    PUBG MOBILE is based on PUBG: BATTLEGROUNDS, the phenomenon that took the world of interactive entertainment by storm in 2017. Up to 100 players parachute onto a remote island to battle in a winner-takes-all showdown. Players must locate and scavenge their own weapons, vehicles, and supplies, and defeat every player in a visually and tactically rich battleground that forces players into a shrinking play zone.

    For more information, please visit the official PUBG MOBILE social channels on Facebook, Instagram, Twitter and YouTube.

    ABOUT DIGITAL EXTREMES

     Founded in 1993 by James Schmalz, Digital Extremes ranks as one of the world’s top independent video game development studios. Originating with the co-creation of Epic Games’ multi-million unit selling Unreal® franchise including Unreal and Unreal Tournament, Digital Extremes went on to develop Dark Sector®, BioShock® for the PlayStation®3, the BioShock 2 multiplayer campaign, and The Darkness® II. The studio has reached its greatest critical and commercial success with the free-to-play action game, Warframe®, boasting a global community of 70+ million registered players on PC, PS5™, PS4™, Xbox Series X|S, Xbox One, Nintendo Switch™. For more information about Digital Extremes, visit www.digitalextremes.com. To sign up for Warframe, visit www.warframe.com.

    This article is sponsored

  • Facebook locks accounts that have not activated ‘Facebook Protect’

    Facebook has decided to lock Facebook accounts that did not activate the ‘Facebook Protect’ feature. Facebook has sent e-mails to all its users, however, many of them did not respond to it.

    Many users have received e-mails with the subject, “Your account requires advanced security from Facebook Protect.”

    In the e-mail, Facebook sent a link and requested users to click the link and activate ‘Facebook Protect’ for more protection. It also warned if users did not activate this feature, users would not have access to their profile after the deadline, March 17.

    However, some users did not respond to it at all as they considered it a spam message.

    According to Facebook, this feature is “a program designed for people that are likely to be highly targeted by malicious hackers, including human rights defenders, journalists, and government officials.”

    Facebook sent emails through security@facebookmail.com. As the deadline to activate ‘Facebook Protect’ passed, many users have lost access to their accounts.

    Some users have been facing issues to turn on the feature, ‘Facebook Protect’.

    https://twitter.com/EpicSwitzer/status/1504902966083346433
    https://twitter.com/itzzdaniela/status/1504215679167172608?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1504215679167172608%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.geo.tv%2Flatest%2F406143-facebook-is-now-locking-out-people
  • Rs 182.50 in open market: US dollar hits record high against rupee

    Rs 182.50 in open market: US dollar hits record high against rupee

    The US dollar reached an all-time high against the Pakistani rupee on Tuesday, soaring to Rs182.50 in the open market, reports Samaa News. In the inter-market, the rupee reached Rs181.35 against the US dollar during the intra-day trade. The devaluation in the rupee has been seen despite a decrease in the current account deficit.

    The current political situation in the country is said to be one of the reasons behind the increase in the value of the dollar against the local currency. In addition, concerns about the next tranche of the International Monetary Fund (IMF) is also a possible reason behind the devaluation. There has been no progress in Pakistan and the IMF’s seventh review talks for the release of the next loan tranche. The IMF expressed reservations about the PM’s relief package.

    Despite market expectations, the declining current account deficit failed to entice investors, and the currency continued to fall to new lows.

  • Don’t want that friendship message? Meta introduces online women safety initiatives in Pakistan

    Don’t want that friendship message? Meta introduces online women safety initiatives in Pakistan

    Meta has launched an online safety initiative for women in Pakistan that includes Online Safety Guide and StopNCII (Non-consensual intimate images). These programs would provide protection to women users in cyberspace.

    Online Safety Guide, is available on “Safety@Facebook” to connect with established helplines in Pakistan. It is easily accessible in both languages English and Urdu to avoid restraints in providing assistance to victims. There are safety guide tools that will help women to protect themselves from online fraud.

    Stop NCII.org is a platform where women can register their case if someone is threatening to leak their intimate image online which is referred to as ‘Revenge Porn’.

    This platform was established with the help of Meta’s expert guidance. It was funded by the collaboration of a global NGO partner —the UK Revenge Porn Helpline.

    It was already providing global services and now it has joined collaboration with regional partners to advocate the rights of victims.

    The portal is also available in the Urdu language so that women will not hesitate in asking for assistance from experts.

    The partner of Meta in Pakistan, Digital Rights Foundation (DRF) has organised an online roundtable for launching the Urdu-based portal of Stop NCII in Pakistan.

  • Hum tou gaye: Netflix plans to stop password sharing with friends, family

    Hum tou gaye: Netflix plans to stop password sharing with friends, family

    Netflix announced on Wednesday that it is testing new solutions to terminate the sharing password facility between friends and family.

    Netflix will add an extra payment to add more users to an account.

    Director of product innovation in Netflix, Chengyi Long said, “While [separate profiles and multiple streams] have been hugely popular, they have also created some confusion about when and how Netflix can be shared.”

    He further continued, “As a result, accounts are being shared between households — impacting our ability to invest in great new TV and films for our members.”

    Netflix is conducting a first experiment phase in three countries which includes Chile, Costa Rica and Peru.

    The streaming platform will send notifications to subscribers regarding options to add households to an account with discounted prices which are 2,380 CLP in Chile, 2.99 USD in Costa Rica and 7.9 PEN in Peru.

    Then, subscribers will have the option to turn the viewing profiles either into a new account or an extra member account.

    Long also talked about future plans, “We’ll be working to understand the utility of these two features for members in these three countries before making changes anywhere else in the world.”

  • Inauguration of Select Technologies Factory (wholly owned subsidiary of Air Link Communication Ltd.) in collaboration with Xiaomi H.K. Limited

    Inauguration of Select Technologies Factory (wholly owned subsidiary of Air Link Communication Ltd.) in collaboration with Xiaomi H.K. Limited

    Lahore, 4th March, 2022: Select Technologies, a wholly-owned subsidiary of Air link Communication Limited is proud to announce the inauguration of its smartphone manufacturing plant for the production of Xiaomi handsets in Pakistan.

    The event took place on the 4th of March at the factory located in Quaid-e- Azam Industrial Estate, Kot Lakhpat. Airlink group is one of the leading manufacturers, retailers and distributors of smartphones, with nearly all major global brands of the industry as their partners. The company holds approx. 20% market share in distribution and is set to enhance its footing by beginning production of Xiaomi handsets.

    Mr Muzzaffar Hayat Piracha, CEO Select Technologies, commenting on this auspicious occasion said, “Our partnership with Xiaomi is wonderful news not only for the company but also for Pakistan.

    Xiaomi is a global tech giant and market leader in innovative technology which is not only limited to smartphones. This venture will open many avenues as smartphone manufacturing is the first step towards a bigger goal. My aim is to register Pakistan on the global technological map with a vision of par excellence service delivery and product provision to every nook and corner of Pakistan. We will not only be localizing manufacturing; this will consequentially enhance exports of Pakistan and help us play our role in reducing the import bill.”

    Companies around the globe consider Pakistan’s mobile market as an emerging market with a plethora of opportunities for businesses. With the emergence of 3G/4G technology, there has been a significant increase subscriber base of mobile operators. Locking on this opportunity, mobile brands are providing consumers with a wider choice of smartphones at more affordable prices in the low tier range.

    This initiative is expected to drive a sales volume of 550 million USD in revenue. The huge production size will not only create new job opportunities for the citizens of Pakistan but will also contribute to the reduction in the country’s import bill and enable new possibilities in international business.

    This article is sponsored by Xiaomi.

  • India set to launch its own digital currency, tax crypto assets

    India set to launch its own digital currency, tax crypto assets

    India’s central bank plans to launch the digital version of the rupee in the coming fiscal year, according to Indian finance minister. The 2022-2023 financial year of India will begin on April 1.

    “Introduction of a central bank digital currency will give a boost, a big boost to the digital economy,” Nirmala Sitharaman said while delivering India’s annual budget. “Digital currency will also lead to a more efficient and cheaper currency management system.”

    The minister did not give any technical details about the currency but said it will involve block chain and other technologies.

    If India launches its digital currency, it will become one of the world’s largest economies to implement Central Bank Digital Currency (CBDC).

    India’s decision comes after China began CBDC experiments in different cities. The United States and the Bank of England are exploring the prospects for their own economies.

    Nirmala Sitharaman also said that India will impose a tax of 30% on income from cryptocurrencies and other digital assets.

  • Want to buy the new iPhone? Think again because the new Pakistan tax is shocking

    Want to buy the new iPhone? Think again because the new Pakistan tax is shocking

    If you are thinking of asking your relative or a friend to bring you iPhone 13 Pro Max 1TB from abroad, think again. The government has yet again increased taxes on luxury phones.

    Let’s suppose you buy the highest-end iPhone from abroad. The 1TB phone will cost you $1,730.92 which is 305,068.94 PKR, for the highest-end iPhone.

    If you will a buy a 128GB phone it will cost you $1,189.67 which is 208,571.16 PKR. Similarly, the price for a 256GB phone will be $1,297.92 which is 227,549.39 PKR.

    The price of a 512GB phone is 1514.42$ which is 265,505.84 PKR.

    A government source has informed The Current that phones from abroad are now being subjected to 17% sales tax instead of a fixed sales tax. The total tax will also include customs tax.

    Earlier, the fixed sales tax on the iPhone13 Pro max was Rs. 10,000 but if you now calculate a 17 per cent tax on 305,068.94 PKR in our case, the tax will be 51,861.7198. The customs tax is Rs 34,000 on the iPhone.

    If you now want to buy an iPhone 13 Pro max in Pakistan, the total tax will be 51,861.7198+34,000=85,861.17 for the 1TB Phone.

    If you have a passport on which you came back with the phone, it will cost you a little less, 51,861.7198+26,000=77,861.7198.

    Government sources while talking to The Current said, “If a person can afford a phone worth almost 300k, then he can pay 78k too. These phones have inelastic demands.”

    “Most smartphones sold in Pakistan (more than 80%) and mid category (between $150-200). 70% of these are now made in Pakistan and have very little tax on them. The ones in the range that are imported have a tax of around Rs 5-8k on them,” the source added.

  • Pakistan decides to make cryptocurrency illegal

    Pakistan decides to make cryptocurrency illegal

    The State Bank of Pakistan (SBP) and the federal government have come together to make a decision to ban the usage of all types of cryptocurrencies.

    The 38-page report has been submitted by the SBP Deputy Governor Seema Kamil to the Sindh High Court to declare it illegal.

    On October 20, 2021, the provincial high court directed the government to form a committee presided by the federal secretary of finance to determine cryptocurrency’s legal status and submit a detailed report.

    The submitted report has stated that digital currency is based on virtual business that could be used for terrorism financing and money laundering.

    It also listed eleven countries that banned digital currency including Saudi Arabia and China and urged the court to impose high penalties over unauthorised usage as these countries have implemented.

    The court ordered that the report should be submitted to the finance and law ministries for a final decision on its legal status. They will decide if a ban would be within constitutional jurisdiction.

    The hearing was heard by the two-bench judge headed by Justice Karim Khan Agha. The next hearing will be held on April 12 this year.

    Meanwhile, a TV host and crypto entrepreneur, Waqar Zaka pleaded to make digital currency legal. In his view, it would benefit the economy of the country.

    It was reported previously that Pakistanis have lost almost 18 crores in a cryptocurrency-related scam. Almost 55,000 people have become victims of the scam. In total, 11 mobile applications have been identified as part of the fraud.

    As per FIA Cyber Crime Reporting Sindh chief Imran Riaz, the applications that are involved include, MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK, 91fp.

  • Pakistan loses $250m worth of textile exports due to gas shortage

    Pakistan loses $250m worth of textile exports due to gas shortage

    Pakistan has lost $250m worth of textile exports in December 2021 when the gas supply was suspended for 15 days in the Punjab textile sector.

    Executive Director of All Pakistan Textile Mills Association (APTMA), Shahid Sattar also confirmed the loss of millions of dollars by saying that it will “never be recovered.”

    The government restored gas supply on December 29 with the supply of 75 million cubic feet per day (mmcfd) by mid-January and ensured that the supply would be increased up to the finest level after the extreme winter season was over.

    On the other hand, the sources said that the gas being supplied to the export sector is less than the government announced despite the industry purchasing gas at $9 per Metric Million British Thermal Unit (MMBTU), instead of $6.5 mmcfd during the winters.

    The ministry of Commerce sources also revealed that the smooth supply of electricity was not received by the textile mills in Punjab from the national grid due to interruptions. They further added that it is causing huge losses to the industry, which may go up to $250-400 million per month.

    The textile mills association also sent the letter to the Advisor to Prime Minister on Commerce and Textiles Abdul Razak Dawood on January 7, in which they expressed their serious concern over the interruptions in the supply of electricity.

    The letter said, “Each interruption wastes half an hour and up to two hours in restarting the machinery, resulting in losing material and rendering capacity grossly underutilized.”

    It further added that mills were currently running on 80% capacity, which signifies a 20% loss of exports. “And this adds up to losses between $250-$400 million in exports lost every month”.