Tag: fy2021

  • 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.

  • State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting

    State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting

    Following an emergency meeting, the State Bank of Pakistan (SBP) raised interest rates by 250 basis points, as mounting political uncertainty and rising worldwide oil prices threaten to drive the country into a full-fledged economic catastrophe.

    The key rate is now 12.25 per cent, as per the latest statement released by the central bank on Thursday. According to the report, this makes the real rate “mildly positive” and will assist maintain external and price stability.

    The judgment came a few hours before the Supreme Court was due to rule on the constitutionality of Prime Minister Imran Khan’s disputed move to dissolve parliament and hold new elections. Pakistan may find it difficult to persuade the International Monetary Fund (IMF) to grant a much-needed loan tranche due to the political limbo.

    At the recent briefing, SBP governor, Reza Baqir, said, “We thought it’s important to take decisive action”.  He added that the body does not intend to do anything else.

    The central bank claimed that intensified domestic political turmoil contributed to the rupee’s 5 per cent loss and caused a jump in local bond rates, as well as Pakistan’s Eurobond yields and Credit Default Swap (CDS) spreads. Oil prices are likely to remain elevated, and the Federal Reserve of the United States is expected to compress sooner than expected, according to the report.

    The PKR broke all records on Thursday, selling at more than Rs189 per dollar in intraday trading in the interbank market, continuing a slump that has witnessed its decline of more than 10 per cent since March 4.

    Read more: Pakistan to import 32.7 million barrels of oil to cover petroleum needs

    Pakistan’s political instability, in addition to money from the IMF, is causing delays in a planned $1 billion green bond offering. A refinancing from China is also expected; the repayment in recent weeks caused Pakistan’s foreign-exchange reserves to plummet to their lowest level since records began in 2010.

    In a meeting last month, SBP cautioned that it might convene earlier than planned to avoid a crisis. It revised its average inflation prediction for the fiscal year ending in June from 9 per cent to little more than 11 per cent.