Browsing: Business

Seres captivates EV enthusiasts in Pakistan with a significant price reduction for the Seres 3 EV, now priced at Rs. 8,390,000. This move, effective from December 20, 2023, underscores the company’s dedication to sustainable mobility and showcases impressive features, making eco-friendly driving more accessible.

Health-tech startup Sehat Kahani, founded by doctors Dr. Sara Saeed Khurram and Dr. Iffat Zafar Aga, secured $2.7 million in a Series A funding round led by Amaanah Circle. The platform, offering seamless virtual connections between doctors and patients, plans to use the funds to enhance features, including AI tools, and expand globally after experiencing a 141% average year-on-year growth in the last three years.

The Pakistani rupee extended its strengthening streak, opening at 280 and reaching 279 against the US Dollar during intraday trade. Closing at 282.79, it gained 11 paisas, backed by stable trades and a minor decline in global crude prices impacting the US Dollar.

To tackle pollution, Punjab’s government and a private company have introduced electric rickshaws with a range of up to 150 kilometers per charge, providing an eco-friendly transport solution. The initiative aims to curb environmental impact and promote cleaner commuting in the region.

Pakistan celebrates a significant boost in agricultural exports to China as the interim Minister of Commerce announces the first shipment of dried chillies, marking a pivotal moment in trade relations with potential exports exceeding $20 billion in the near future. The minister urges exporters to prioritize quality standards and productivity for sustained success in the Chinese market.

The Pakistani rupee continued its positive streak, closing at 283.01 against the US Dollar, while worries linger over the World Bank’s forecast of declining remittances due to economic challenges and a shift to informal channels.

In November 2023, the country’s foreign direct investment increased by 12% to $131 million, with China leading as the top investor. The power sector attracted substantial investments, totaling $334 million in the first five months of fiscal year 2024.

Remittances from Pakistan’s IT and IT-enabled Services (ITeS) sector saw a 6% increase, reaching $1.152 billion in the first five months of the fiscal year 2023-24. The month-on-month rise in November and the year-on-year increase showcase positive momentum, aligning with the country’s strategy to boost IT exports to $10 billion, as unveiled by the Federal Minister for Information Technology and Telecommunications.

The Pakistani rupee extended its winning streak for the fifth day against the US Dollar, starting at 281 and closing at 283.21 in the interbank market. Despite minor fluctuations, the rupee exhibited strength, gaining approximately Rs. 1 intraday and showing resilience against other major currencies.

Pakistan borrowed $4.285 billion in the first five months of the fiscal year 2023-24, witnessing a 16% reduction from the previous year. Notable contributions came from Saudi Arabia, and while the IMF and other inflows were not reflected in the reported data, the total reached $6.485 billion, including funds for specific projects from China and other countries.