Business

Pakistani e-commerce platform PriceOye.pk has raised $7.9 million in a seed funding round led by US-based JAM Fund, it emerged on Tuesday. It also brought a number of unicorn founders to its cap table, most notably Peter Thiel who founded PayPal and Palantir Technologies — making it his first investment in Pakistan. Beenext, an early investor in Indonesian e-commerce platform …

NEW YORK: Elon Musk has formally subpoenaed a Twitter whistleblower to share information about spam accounts at the social network, as the billionaire fights in court to back out of a massive buyout deal. Musk has tried to pull out of the $44 billion agreement by saying Twitter misled him on the number of false accounts, or bots, prompting strong …

ISLAMABAD An initial report suggests that the data stolen from the Securities and Exchange Commission of Pakistan’s web­site recently was mainly due to the absence of a proper and updated cyber security mechanism. A group of hackers scrapped off data of the commission’s directors by using a weak digital link at its website. The initial report, however, suggested the hacking …

WASHINGTON: The executive board of the International Monetary Fund (IMF) meets on Monday (today) to consider a bailout package for Pakistan as Islamabad claims tying up at least $37 billion in loans and investments. If the board approves the deal, the IMF will immediately disburse about $1.2 billion to Pakistan and may provide up to $4 billion over the remainder …

The United States dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.44 in the Asia trade, with greenback strength pushing other major currencies to new …

The Pakistan Stock Exchange (PSX) opened the week in the red on Monday, with the benchmark KSE-100 index shedding points shortly after trading began. By 10:46am, the benchmark had lost 652.13 points, or 1.53 per cent, to reach 41,939.38 points. Head of Research at Intermarket Securities, Raza Jafri, said the KSE-100 index was affected by the performance of equities globally. …

The PKR remained under pressure on Monday, depreciating by Rs1.34 against the dollar in the interbank market. Data shared by the Forex Association of Pakistan showed the local currency was changing hands at Rs222 per dollar at 11:45am, down 0.6 per cent. Mettis Global Director Saad bin Naseer said the primary reasons for the rupee’s fall were the dollar’s ascent in international markets …

KARACHI: The stock market commenced on a negative note in the outgoing week over concerns about new tax measures aimed at increasing revenue collection. Arif Habib Ltd said the investor sentiment was revived after the State Bank of Pakistan (SBP) kept the policy rate unchanged. Moreover, the momentum gained further strength after Qatar announced its plans to invest $3 billion …

ISLAMABAD: In an attempt to avert any possible move to endanger the IMF deal, federal Finance Minister Miftah Ismail will sit down with his Khyber Pakhtunkhwa counterpart on Monday (tomorrow) to resolve differences between the Centre and the province over outstanding issues. Talking to Dawn on Saturday, Mr Ismail confirmed he had called KP Finance Minister Taimur Khan Jhagra for a meeting, …

KARACHI: After depressed sales in July, auto assemblers paint a gloomy demand scenario in the coming months due to flash floods in various rural parts of the country that have destroyed standing crops and homes of growers. A sizable volume of motorbikes and four-wheelers are sold in rural areas where small to large growers earn their livelihood through various crops. …