Business

I know what you are thinking. However, since you will not admit it publicly (what contemporary marketer worth their salt would?), I will come out and say it in your stead. This ‘Metaverse’ thing is a confusing jumbled mess, albeit a very trending one. From a marketing point of view, the whole movement is abuzz with pretentious jargon, high-touch-low-substance PR …

KARACHI: The auto sector crisis deepened as Indus Motor Company (IMC) and Millat Tractor Ltd (MTL) on Tuesday announced production shutdowns due to parts shortages and delivery disruptions due to flood devastation across the country. The assembler of Toyota vehicles informed the Pakistan Stock Exchange that its plant will remain shut from Sept 1-16 due to parts shortages caused by …

The PKR continued to recover for the second consecutive session on Wednesday, gaining Rs1.92 against the dollar in the interbank market. By 1:10pm, the local currency was being traded at Rs218.2 per dollar after appreciating 0.87 per cent, data shared by the Forex Association of Pakistan showed. Separately, the PKR was changing hands at Rs216.5 per dollar in the open …

Oil prices continued to slide on Wednesday on investor worries about the ailing state of the global economy, the prospect of key central bank interest rate hikes, and increased restrictions to curb Covid-19 in China. US West Texas Intermediate (WTI) crude futures were down $1.34, or 1.46 per cent, at $90.30 a barrel by 0833 GMT, after sliding $5.37 in …

“Pakistan’s economic and political situation isn’t stable right now.” We often hear statements like these every time we turn on the television, listen to the radio, or browse through social media platforms. It is important to be aware about the country’s situation, but the constant bombarding of distressing news does more harm than good. Luckily, there is a simple solution …

ISLAMABAD: The government on Tuesday approved immediate disbursement of Rs25,000 each to 4.125 million families affected by the recent rains and floods, involving an additional fiscal impact of Rs103 billion, and ordered 1.6m tonnes of wheat imports to meet higher needs arising from the natural disaster. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the …

Indian industrialist Gautam Adani became the world’s third-richest person on the Bloomberg Billionaires Index on Tuesday, the first time an Asian has ranked in the top three. The self-made billionaire has seen his net worth more than double to $137.4 billion in the last year, rising 20 spots on the index to now rank just behind Elon Musk and Jeff Bezos, Bloomberg News reported. …

Oil prices were stable on Tuesday as the market balanced supply concerns with fears that an inflation-induced weakening of global economies would soften fuel demand. Brent crude futures for October settlement fell 9 cents, or 0.09 per cent, to $105 a barrel by 0841 GMT, after climbing 4.1pc on Monday, the biggest increase in more than a month. The October …

PostEx, a fintech primarily catering to e-commerce players and providing them credit, announced on Monday that it had acquired Call Courier, one of the country’s leading third-party logistics providers. “Following the transaction, PostEx will now service 1.3 million users with over 8,000 merchants across 500 cities in Pakistan, on track to becoming the largest fintech in Pakistan with a monthly …

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 …