The auto industry demands immediate government support The local automotive industry has urged the new government to immediately implement measures to support the sector and restore investor confidence in Pakistan. “Currently, as many as 13 local brands collectively produce more than 40 models with a total capacity of 500,000 units per year,” said Abdul Rehman Aizaz, Chairman of the Pakistan …

ARL cuts output to 33% as smuggling bites Attock Refinery Limited (ARL) has become the first victim of smuggled petroleum products as the refinery on Monday shut down its main distillation unit, reducing its capacity to just 33%, due to a backlog of unsold diesel stocks. Oil industry sources warned that other refineries may also close their units if uncontrolled …

Strong corporate results send PSX to record highs The Pakistan Stock Exchange (PSX) on Monday rose to a new record high during the corporate earnings announcement season, driven by strong financial results and expectations ahead of the State Bank of Pakistan’s (SBP) monetary policy announcement on April 29. In the morning, trading started at the lowest level of the day …

PSX is partnered with the London Stock Exchange Group In a significant development, the Pakistan Stock Exchange (PSX) has signed a memorandum of understanding with LSEG (London Stock Exchange Group) on Environmental, Social and Governance (ESG). Under this mutual understanding, the two companies will work to develop a set of standard ESG data tools for PSX-listed companies to report their …

REER jumped to a six-year high Pakistan’s real effective exchange rate (REER) – the rupee’s value against a basket of trading partners’ currencies – rose to a six-year high of 104.1 in March 2024, theoretically making imports cheaper and exports challenging. However, Pakistan’s imports have declined due to restrictive measures taken by the government to manage low foreign exchange reserves …

March 2024 records the highest ever IT exports ICT export remittances surged by $339 million (17.44%) to $2.283 billion during July 2023 to March 2024 FY2023-24 compared to $1.944 billion reported for the same period last year. In March 2024, ICT services export remittances jumped to $306 million, a remarkable increase of 36% compared to $225 million in March 2023. …

The FBI is warning consumers not to use public phone charging stations The FBI is warning users not to use public phone charging stations to avoid exposing their devices to malicious software. Public USB stations like the kind found in shopping malls and airports are being used by bad actors to spread malware and surveillance, according to a tweet last …

Huawei sales soar in China as Apple sinks Huawei is not only making a strong comeback in China, it is also on the verge of overtaking Apple in the world’s largest smartphone market. The Shenzhen-based conglomerate, which has become a flashpoint in the growing rivalry between Washington and Beijing, saw 70% year-over-year growth in its smartphone sales in China in …

iPhone sales plummet. This is why Apple’s smartphone sales fell by 10% last quarter, according to market research firm IDC. The main reason: iPhone sales in China fell sharply. The company has lost momentum in China as nationalism, a rough economy and increased competition have hurt Apple over the past few months. “It’s a significant decline for Apple, but if …

TikTok could face EU fines and suspension of its sister app TikTok Lite European officials threatened TikTok with massive fines and a possible forced suspension this week of a new spinoff app, launched this month, that regulators claim contains addictive features. The warning targets TikTok Lite, a less data-intensive version of the main TikTok app that contains a feature that …