Tag: Latest

  • Microsoft reduces profit estimation due to market volatility

    Microsoft reduces profit estimation due to market volatility

    Microsoft slashed its fourth-quarter profitability and earnings projections on June 2, becoming the latest U.S. corporation to notify of the impact of a stronger dollar.

    An aggressive Federal Reserve and increased geopolitical tensions have driven the dollar up 14 per cent against a basket of currencies in the last year, forcing companies like Coca-Cola Co and Procter & Gamble to lower their expectations for the rest of the year.

    A stronger dollar generally consumes the earnings of multinational corporations that have extensive global operations and convert foreign currencies into dollars. Microsoft has lowered its sales forecast for all three segments, which include Windows products, cloud services, and personal computing.

    Corporate hedging activity has increased as more businesses seek to protect their revenues from the impact of market volatility in the face of rising inflation. It’s indeed common for businesses to preserve themself from unusual currency transitions, however, the intensity comes after years of low forex fluctuation when market volatility had little impact on income.

    Revenue for the quarter is expected to be between $51.94 billion and $52.74 billion, down from a previous range of $52.40 billion to $53.20 billion. Microsoft reduced its profit forecast from $2.28 to $2.35 per share to between $2.24 and $2.32 per share.

    Considering Refinitiv data, analysts expect earnings per share of $2.33 on revenue of $52.87 billion. In April, the company forecasted double-digit revenue growth for the next fiscal year, owing to increased demand for its office software and cloud services as economies reopen and businesses shift to a hybrid model that allows employees to work from both the office and from home.

  • Petroleum Division refutes Imran Khan’s assertion about Russia’s low-cost fuel offer

    Petroleum Division refutes Imran Khan’s assertion about Russia’s low-cost fuel offer

    There is no formal evidence in the petroleum division of Russia’s offer of inexpensive LNG, crude oil, and POL products, as former Prime Minister Imran Khan has often claimed.

    Syed Zakria Ali Shah, Joint Secretary of Development and a spokesman for the Petroleum Division, stated this to a reporter.

    According to sources in the petroleum sector, trading of crude oil, POL products, and LNG was not even on the table when Khan discussed the purchase of LNG. There was no mention in the meeting minutes of any Russian offer of providing LNG and gasoline at a 30 per cent lower rate.

    According to the spokesman, the government wrote letters to Russia on March 30 through the Ministry of Foreign Affairs in reference to the February 2022 visit of a Pakistan delegation, expressing Pakistan’s desire to enter long-term agreements on the import of crude, POL products, and LNG at discounted rates.

    The Petroleum Division also wrote to the Foreign Ministry, asking if Russia had provided any lower tariffs on LNG and fuel items. He also stated that it had given two reminders to this effect in the first week of April 2022, but the ministry stated that it had not received any letter from Russia for conversation in this respect.

    The Former energy minister, Hammad Azhar attracted the attention of his Russian peer, in a letter dated March 30, 2022, to an Inter-Governmental Agreement (IGA) on LNG cooperation that had been in force between the two friendly nations since 2017. The Russian minister was informed that Pakistan was willing to strengthen its partnership by expediting negotiations between the two selected nominees so that a long-term agreement for LNG delivery on a G2G basis could be reached as soon as possible.

    Then-energy-minister recommended two to three Russian LNG cargoes each month, each holding 140,000 cubic metres of LNG.

    There was no mention of any Russian offer in that letter, only a request for negotiation on a long-term contract for the import of gasoline and LNG at a reduced rate.

    According to officials at the energy ministry, India has been purchasing crude oil from Russia for decades and has continued to do so despite EU and US sanctions imposed as a result of its conflict with Ukraine. They claimed that India’s foreign policy was largely independent due to its strong economic power and enticing market for large economies.

    They further claimed that India had obtained a special dispensation from the US from its sanctions against Iran and had been buying crude oil and POL products from Iran despite US and UN sanctions for a long time. They claimed that India was the US’s strategic partner in the area against China.

    “India always pitches its argument before the US saying if it does not import fuel from Iran, its economy will hurt and it will never be on a par with China. As far as Pakistan is concerned, it is not possible to import crude oil, POL products, and LNG at discounted rates even in the wake of EU and US sanctions on Russia, as the country’s economic muscle is very weak and the country is always dependent on the IMF programme”. The officials said that Pakistan had also failed to complete the IP gas line project just because of US and UN sanctions on Iran.

    Via: The News

  • Pakistan manufactured 9.72 million mobile phones in four months: Report

    Pakistan manufactured 9.72 million mobile phones in four months: Report

    Pakistan Telecommunication Authority (PTA) revealed that domestic plants produced 9.72 million mobile devices in the first four months of 2022, contrasted to 0.86 million acquired internationally.

    In April 2022, local manufacturing plants developed 2.56 million mobile devices, compared to 0.25 million imported from other countries.

    According to Brecorder, 5.69 million 2G smartphones and 4.03 million 3G and 4G phones are among the 9.72 million mobile handsets developed or assembled locally. 53 per cent of mobile devices on the Pakistan network are 3G and 4G smartphones, while 47 per cent are 2G.

    Despite the growth in local mobile phone production, Pakistan acquired $1.810 billion worth of cellphones in the first ten months of 2021-22, contrasted to $1.684 billion in the same period the previous year, a 7.43 per cent increase, as per the Pakistan Bureau of Statistics (PBS).

    Total telecommunications imports into the country climbed by 14.05 per cent during the review period (July-April) 2021-22, rising from $2.116 billion in July-April 2020-21 to $2.413 billion in the same period last year.

    According to PTA data, the local manufacturing tendency indicates a favourable response to the PTA’s Mobile Device Manufacturing (MDM) Authorization regulatory system.

  • Pakistani rupee crashes to historic low of Rs194 against US dollar

    Pakistani rupee crashes to historic low of Rs194 against US dollar

    During the trading session on Monday, the Pakistani rupee (PKR) maintained its declining trend, touching Rs194, its worst rate versus the US dollar. At the interbank, the greenback strengthened by Rs1.47 during the trading hours.

    The General Secretary of the Exchange Companies Association of Pakistan, Zafar Paracha said that the greenback climbed by Rs11.07 since the new government took government, while debt has increased by Rs1,400 billion due to the disparity.

    Pakistani currency lost 3.1 per cent of its value against the US dollar in the previous week in the interbank market, with Pakistan’s currency hitting new record lows to end the week at Rs192.53, its worst closing in history.

    Read more: Pakistani Rupee crashes to a record low against US dollar 

    The local currency fell in value across the board as concerns about the economy, declining foreign currency reserves, and worsening trade imbalance intensified. Concerns over the International Monetary Fund (IMF) programme have also caused fear and speculation in the market.

  • Lahore Police officials will now wear ‘body cams’ to fight crime

    Lahore Police officials will now wear ‘body cams’ to fight crime

    Lahore Police has planned to utilise Body Worn Cam at E-Police checkpoints on the entry and exit points of the provincial capital for the welfare of the public, according to the Senior Superintendent of Police (SSP) Operations Wing Lahore Captain (retd) Mustansir Feroze. 

    He claimed that the Lahore Police Department’s plan will not only keep the city secure but also minimize citizen-police conflicts. He added that the interaction (audio and video) between police officers and civilians would also be recorded by the Body-Worn Cam.

    According to SSP Operations, this measure will aid in identifying criminals as well as eliminating terrorism. He claimed that this method would re-establish public trust in the police force, and also that citizens can lodge complaints on 1787.

    Read more: Islamabad Traffic Police intensifies crackdown against wrong parking

    Senior police officials will supervise the programme and would offer on-the-spot instructions to address the public’s complaints.

    Body cameras are already being used in a number of other nations, but they have never been deployed by police in Pakistan. This idea will undoubtedly aid higher-ranking Lahore police officials in combating crime and monitoring how officers perform throughout the day and their attitude toward civilians.

  • Heatwave intensifies, Disaster Management Authorities on high alert

    Heatwave intensifies, Disaster Management Authorities on high alert

    Keeping in view the meteorological department’s prognosis of a heatwave for the coming week, the Punjab government issued an advisory on Friday, requesting that all relevant ministries in the province take steps to mitigate the effects of the heat.

    The provincial and district crisis management agencies have been activated across the province to avert health-related occurrences, according to Punjab Chief Secretary Kamran Ali Afzal, who issued an advisory to several ministries.

    Hospitals and the emergency service Rescue 1122 have also been placed on high alert, he said. For sensitive areas, temporary water-drinking sites and early reaction centers, according to the chief secretary, should be erected. He urged individuals to take all necessary precautions to protect themselves from the heatwave and to heed the health department’s advice.

    The Provincial Disaster Management Authority (PDMA) has already issued a warning for severe heatwave conditions in upper, central, and southern Punjab during the next week.

    Read more: Rescue 1122 service to officially launch in Karachi this month

    From May 15, a high-pressure system is expected to hold the upper atmosphere, according to the Met Office.

    Day temperatures are expected to rise to 7-9 degrees Celsius above normal owing to the high pressure in upper Punjab, and 6-8 degrees Celsius beyond average in the central and south Punjab, during the heatwave.

  • Federal Govt teachers demand pay raise, promotion

    Federal Govt teachers demand pay raise, promotion

    Federal government employees have warned to hold another sit-in in the federal capital if their demands for salary increments and promotions are not met by May 23.

    They voiced the statement during a rally in front of Parliament House organised by the All-Government Employees Grand Alliance (AGEGA), where a significant number of teachers showed up, responding to the Federal Government College Teachers Association’s call (FGCTA).

    Dr Nazir Ahmed Bhutta, the FGCTA’s General Secretary, urged the government to fulfill its promise made last year in February.

    As per the agreement, all perks or allowances should be combined with basic salaries, employees should be given timely promotion and raise, including pay and pension adjustments should be implemented to minimise wage discrepancy.

    Professor Tahir Bhatti, president of the FGCTA (local unit of H-9 College), demanded the return of the Saturday weekly off for government employees who, he claimed, couldn’t afford to work six days a week due to a large increase in fuel prices in recent months.

    To preserve electricity, he believes the government should proclaim Saturday as a holiday.

    Professor Farhan Azam, senior vice-president of the FGCTA, noted that the remuneration of employees in different departments differed significantly, causing resentment among lesser-paid staff of the same grade. He proposed that professionals of the same status should have the same pay and privileges.

    Rehman Bajwa, AGEGA’s chief coordinator, cautioned that if the employees’ demands were not met by May 23, they would take to the streets after speaking with their management.

  • Redmi unveils new Note 11T models with 144Hz Display, 120W charging

    Redmi unveils new Note 11T models with 144Hz Display, 120W charging

    Redmi’s President and General Manager Lu Weibing recently teased yet another future Redmi Note 11 variant. Presently, the Note 11 series offers a number of variants, still the tech giant is not done with it yet.

    The teaser graphic does not provide any features or design details, although the firm has previously hinted that the 11T phones will have a top-notch, turbo level performance. It is expected to include a number of performance-enhancing features.

    Redmi Note 11T Pro will include a 144Hz refresh rate LCD display, based on previous rumours. In China, it will be powered by MediaTek’s high-end Dimensity 8000 SoC, however, it is unclear what chipset would be used in the international or Pakistani variant. Also, the global variant will most likely have a different name.

    The Note 11T will have a 4,980 mAh battery with 67W fast charging support, while the Note 11 Pro will have a slightly smaller 4,300 mAh battery with 120W super fast charging.

    Read more: Apple may replace iPhone 14 mini with a Max model

    Redmi 11T phones will arrive in China before the worldwide market as the teasers are from China. A few months later, the Pakistani market and other countries will most certainly see an official release from the company.

  • Samsung rolls out Android 12 based latest One UI 4.1

    Samsung rolls out Android 12 based latest One UI 4.1

    The Galaxy A32 5G received Android 12-based One UI 4.1 update in April, and now the LTE variants are getting Samsung’s latest custom Android interface.

    It also raises the Android security patch level for the smartphone to April 1, 2022, however, given that a few Samsung handsets have already received it, we expect the May patch to arrive soon.

    The smartphone gets a new update with firmware version A325FXXU2BVD6 that delivers a revamped UI and additional functionality.

    Read more: Samsung shipped 73.7 million cellphones in Q1 2022

    The One UI 4.1 update is already launched in several countries, and if you have not received it yet, you can manually check for it by going to Settings > Software update on your handset or wait for a few more days as Samsung takes a while to send updates to Pakistan.

  • 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.