Business Archives - Page 12 of 24

Export-Oriented Sectors Saw Gas Prices Rise by 82%

27Jul

By Muhammad Dastageer Shams2 Comments

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

19Jul

By Aqsa Azam5 Comments

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

19Jul

By Muhammad Dastageer ShamsNo Comments

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...

First time in 20 years, Euro and Dollar at parity

15Jul

By Muhammad Dastageer Shams1 Comment

Business

First time in 20 years, Euro and Dollar at parity

The exchange rate between the Euro and the US Dollar has reached parity for the first time in 20 years. Despite the drop in the euro since the beginning of the year, it hit $1 on Tuesday. As a result of Russia's invasion of Ukraine and high inflation, there is fear that the continent might be entering a recession. In an attempt to reduce its dependency on Russian oil and gas, the European Union, which received roughly 40% of its gas from Russian pipelines before the war, is seeking to reduce its dependence on these resources. Russia has also reduced gas supplies to some EU countries and recently cut the Nord Stream pipeline to Germany by 60%. Why did the euro drop? There are several key factors that have led to the Euro’s recent decline. First, the E.U.’s economy is slowing, a...

14Jul

By Wajahat Waji2 Comments

Business

Why Airlift Shutdown Within an Year?

Airlift Technologies, which has been operating in Pakistan for the past three years, will cease all its quick commerce operations tomorrow (July 13, 2022). Employees already informed of the company's decision to shut down in a meeting today. According to multiple sources who spoke to Profit, there is a great deal of concern among Airlift's staff about the possibility of a company-wide shutdown, which will be announced at the company's all-staff meeting tonight. In eight Pakistani cities, including Lahore, Karachi, and Islamabad, Airlift offered a same-day commerce service. Airlift's website and app allow customers to order groceries, produce, and other necessities, such as medicines, and deliver them in 30 minutes or less. So what happened? Shortly, quite a bit. People are le...