Browsing: Business

Religious Minister Aneeq Ahmed plans to announce a more affordable Hajj policy on November 15, featuring reduced costs, a shorter 20-day program, and enhanced security measures, including QR-coded suitcases. These initiatives aim to simplify the pilgrimage experience for prospective pilgrims amidst economic challenges.

Gold prices in Pakistan have seen a significant reduction, with a drop of 2100 rupees per tola, reflecting global trends where the price per ounce has fallen by 17 dollars. This shift has implications for consumers and the local jewelry industry, emphasizing the importance of monitoring gold prices for those involved in the trade.

Suzuki Pakistan’s grand launch event in Karachi showcased MSMS Season 4, the upgraded Swift with enhanced safety features, and the introduction of Suzuki ECSTAR global engine oil. Managing Director Mr. Hiroshi Kawamura emphasized Suzuki’s commitment to customer connections, safety, and global product recognition, promising to enrich the Suzuki experience through MSMS Season 4.

Fuel prices in Pakistan are poised to decrease by up to Rs. 10 per liter on November 15, potentially lowering petrol and diesel rates to Rs. 275.38 and Rs. 293.18, but the Rupee’s recent depreciation may counteract these savings.

Regal Automobile (DFSK) is poised to introduce the SERES 3 Electric Vehicle in Pakistan, catering to the growing demand for electric cars amidst escalating fuel costs. Priced between Rs. 9,599,000 and Rs. 11,799,000, the EV offers a noteworthy 400 km range and the convenience of home charging, making it an attractive and eco-friendly option.

Indus Motor Company is set to introduce locally-produced Corolla Hybrid Electric Vehicles in Pakistan by December, with a substantial $100 million investment aiming to cut import costs and promote sustainability. Despite challenges like high taxation and imported used cars, IMC remains committed to advancing the nation’s auto industry.

Bank Alfalah’s AlfaMall revolutionizes the 11.11 Sale Day with a 0% markup ‘Buy Now, Pay Later’ feature, making genuine products more accessible. With discounts up to PKR 10,000 and flexible monthly instalments, it redefines the shopping experience for diverse consumers.

The Pakistan Stock Exchange (PSX) reached a record-breaking 55,253.19 points during intraday trading, reflecting a 1.83% increase driven by positive investor sentiment amid expectations of a successful IMF review and stable economic indicators. The market’s resilience is attributed to factors like attractive valuations and robust domestic institutional buying.

Caretaker Federal Minister Dr. Shamshad Akhtar highlighted the success of the Asaan Mobile Account initiative during the Pakistan Spotlight Day at the WEF – Edison Alliance event, resulting in 8.5 million new bank accounts, including 3.2 million for women. She also commended the 1 Billion Lives Challenge’s achievements and stressed the crucial role of replicating such initiatives in sectors like healthcare and education across developing economies.

Remittances from overseas Pakistanis surged by 10% YoY to $2.46 billion in October 2023, reaching the highest level since March 2023. Notably, inflows from top contributors Saudi Arabia, the UAE, and the US increased, though the cumulative remittances for the first four months of fiscal year 2023-24 declined by 13% to $8.79 billion.