Business

Toyota stop production in Pakistan and offered refunds
Business

Toyota stop production in Pakistan and offered refunds

Toyota Indus has stopped assembling cars in Pakistan. The company is offering a full interest refund to its customers. The company's office said in a statement, that the people who wish to wait can wait for months to get automobiles imported. Many companies have planned to stop their work in Pakistan. Last week, companies like Careem, Vava cars, and many more decided to shut down their projects. Due to Economic Instability in the country companies wish to move out. Just like that, Toyota Indus also stopped production of cars in Pakistan. The company intends to do business but only on imported cars now. However, the firm agrees to give a refund to their customers. The agreement they had with the customers, is of full interest if the delivery got canceled from their side. Now the co...
Pakistani petrol prices could rise?
Business

Pakistani petrol prices could rise?

According to experts, price of petrol in Pakistan should have reduced by Rs 25 per liter in view of the recent decline in oil prices in the international market. Due to the rupee's continuous decline against the dollar and the local unit making record lows on a daily basis for the last couple of days, the government will not be able to pass on the benefits of lower prices for petroleum products to consumers. The local currency had plunged to a new low against the US dollar, which continued to strengthen in the inter bank market for the ninth straight session. As it shed Rs 3.09 or 1.31%, the greenback closed at Rs 236.02 in the inter bank market, up from Rs 232.93 a day earlier. After closing at almost Rs 211 on July 15, 2022, the dollar has gained Rs 25 against the rupee. As a c...
Export-Oriented Sectors Saw Gas Prices Rise by 82%
Business

Export-Oriented Sectors Saw Gas Prices Rise by 82%

Five export-oriented sectors have been approved to use Regasified Liquefied Natural Gas (RLNG) at a price of $9 per MMBTU by the Economic Coordination Committee (ECC). After detailed discussion, the ECC approved RLNG price at US $9 per MMBTU, all inclusive for existing gas connections in five export oriented sectors across Pakistan. Members of ECC Members of the ECC including Commerce Minister Naveed Qamar and Industries & Production Minister Syed Murtaza Mehmood attended the meeting presided over by Finance Minister Miftah Ismail, as well as former prime minister Shahid Khaqan Abbasi, Defence Minister Khwaja Asif, Power Minister Khurram Dastgir Khan, and state ministers for finance and petroleum Dr Aisha Ghous Pasha and Musadik Malik. A summary of regional competitive ene...
Amazon sues 10,000 Facebook Group Admins for fake reviews
Business, Sci-Tech

Amazon sues 10,000 Facebook Group Admins for fake reviews

Amazon is taking legal action against admins of Facebook groups. The groups are reportedly responsible for fraudulent reviews on Amazon's sites in the United States, United Kingdom, Germany, France, Italy, Spain, and Japan. The world's largest online retailer and a prominent cloud service provider Amazon are suing 10,000 Facebook admins. The company is claiming these groups are in use for fake reviews on the store's website. In the US, UK, Germany, France, Italy, Spain, and Japan these groups are doing this activity as per the company reported. The tech giant said the groups promised money or goods to the members. In exchange for these things, members have to give a fake review on Amazon stores. The real people get a good image of the store from that. The company has reported that ...
Fitch sees ‘considerable risks’ In IMF report
Business

Fitch sees ‘considerable risks’ In IMF report

The New York-based agency(Fitch), one of three major global rating agencies, also affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' on Monday. Since the start of the year, Pakistan's external liquidity position and financing conditions have deteriorated significantly, according to Fitch Ratings. Ratings outlooks downgraded by Fitch due to a host of other factors. Especially in the current environment of slowing growth and high inflation, renewed political volatility could undermine the authorities' fiscal and external adjustment. A lack of political stability Earlier this month, Fitch reported that former prime minister Imran Khan, who ousted by a no-confidence vote on 10 April, demanded early elections and held large protests. With only a s...