Business

KARACHI: Honda Atlas Cars Ltd (HACL) on Friday increased the price of vehicles by Rs260,000-Rs550,000 while Pak Suzuki Motor Company Ltd (PSMCL) extended its plant shutdown for two days. Besides, bike assemblers also announced price hikes while steel bar markers continued coming out with new rates. After a third price hike by Honda Atlas in the current year, the new …

KARACHI: South Korean companies are on the brink of operational shutdown in Pakistan because of import restrictions and a delay in the clearance of containers stuck at the port. In a recent interview with Dawn at the office of the Korea Trade-Investment Promotion Agency (Kotra), senior officials from the state-backed trade body as well as the local chamber of Korean investors said …

ISLAMABAD: Prices rose significantly in the outgoing week, both on on-year and on-week bases, mainly led by onions, chicken, cooking oil and a massive jump in fuel prices, official data showed on Friday. As a result, short-term inflation, measured by Sensitive Price Indicator (SPI), jumped to 38.42 per cent on a year-on-year basis for the week ended on Feb 16, …

Twitter said on Friday it will allow only paid subscribers to use text messages as a two-factor authentication (2FA) method to secure their accounts. After March 20, “only Twitter Blue subscribers will be able to use text messages as their two-factor authentication method,” the company tweeted.     Two-factor authentication, meant to make accounts more secure, requires an account holder …

The Chinese billionaire chairman of investment bank China Renaissance has gone missing, the firm said, as shares in the company plunged in Hong Kong on Friday. Bao Fan, who is also executive director of the bank, is a major figure in the Chinese tech industry and has played a key role in the emergence of various domestic internet startups. “The …

Swag Kicks, an online platform that sells used clothing, footwear and accessories from renowned global brands, has raised $1.2 million in seed funding to expand its footprint in Pakistan’s thrift and vintage e-commerce, the company announced on Thursday. The funding round was led by i2i ventures, the company said, adding that prominent venture capital firms such as Techstars Toronto, CrossFund …

ISLAMABAD: The Supreme Court on Thursday ordered the large-scale manufacturing industries to pay a 4 per cent super tax. A three-member bench comprising Chief Justice Umar Ata Bandial, Justice Ayesha A. Malik and Justice Athar Minallah heard the federal government and the Federal Board of Revenue (FBR) appeals regarding the recovery of super tax. It should be noted that various …

A session of the National Assembly to discuss the Finance (Supplementary) Bill, 2023, generally known as the mini-budget, was adjourned on Friday without a vote on the crucial tax amendments necessary for reviving a stalled International Monetary Fund (IMF) programme and averting the threat of default. The session will now resume on Monday at 5pm. Speaker Raja Pervaiz Ashraf chaired …

Large-scale manufacturing (LSM) declined for the fourth consecutive month in December, shrinking 3.51 per cent year-on-year (YoY), data released by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. Big industry output has largely been declining since the start of the current fiscal year, with only a paltry rise recorded in August. There was a negative growth of 5.49pc in …

AdalFi, a digital lending infrastructure provider, announced on Thursday that it has raised $7.5 million in seed funding. The funding round was led by COTU Ventures, Chimera Ventures, Fatima Gobi Ventures and Zayn Capital alongside angel investors, the startup said in a press release. It is the first major corporate funding announcement since the start of the year as Pakistan …