Author: Faisal Shahnawaz

  • Toyota Indus Motors offers 100% refunds on booking cancellation

    Toyota Indus Motors offers 100% refunds on booking cancellation

    KARACHI: Toyota Indus Motors on Wednesday announced to refund 100 per cent amount and mark-up on booking cancellation.

    In a statement issued by Indus Motor Company, the company said that it is facing unprecedented difficulties in its operations due to factors beyond the Company’s control.

    The company further stated that we will continue to do our utmost to facilitate and support our customers during these difficult times.

    READ MORE: Toyota lowers July production in Japan

    Taking the economic challenges and uncertainty into consideration, customers who wish to cancel their order bookings will be refunded 100 per cent of the deposited amount along with a mark-up payment.

    Mark-up shall be paid from the date of receipt of payment by the Company to the date of cancellation of the order, without any deduction of administrative charges.

    In light of this uncertainty, the tentative delivery timelines mentioned in the PBO for pending orders are being provisionally pushed back by at least 3 months. The price prevailing at the time of delivery shall continue to be applicable.

    READ MORE: Indus Motors rebuts plant shutdown reports

    We extend our sincere apologies to all the customers who are facing delays with their orders due to these unforeseen circumstances and would like to reassure our valued customers that we are working closely with the Government and the regulatory authorities to minimize the delay as much as possible.

    The unforeseen devaluation of the Pakistani Rupee, coupled with the Government restrictions, including the LC approval constraints rendering it impossible to import CKD kits without prior permission, and the continuing financial instability have led to a force majeure situation.

    Due to the current conditions, IMC’s production has been radically disrupted and we are unable to produce the requisite units as per full capacity, resulting in the delay in tentative delivery schedules.

    We are presently unable to foresee how long these and other external factors will persist, and cannot rule out the possibility of disruptions to manufacturing in the near future.

    READ MORE: COVID-19 cases reported at Toyota work sites

  • Experts highlight importance of female education

    Experts highlight importance of female education

    ISLAMABAD: Highlighting the importance of female education and the role it plays in country’s development, experts stressed on the role of academia, civil society and government towards making education compulsory for all and remove the bottlenecks in the implementation of Article 25A of the Constitution of Pakistan.

    Special emphasis was laid on eliminating discrimination against girls towards provision of their basic right.

    These thoughts were expressed by experts during National Conference on Girls Right to Education, organized by Awaz CDS Pakistan here.

    Chairperson National Commission on the Rights of Children (NCRC) Afshan Tahseen, emphasized on the need of developing national and provincial education policies that will benefit the whole country. She highlighted how government can monitor the enforcement and administration of current legislation and assess and solve the bottlenecks concerning equity and quality in imparting educational for all. Lack of Implementation of Article25A is central to all challenges being faced by children and youth in our country, she highlighted.

    Ali Kamal Chief SDGs Planning Commission of Pakistan, talked about current status of SDG-4 in the country and informed the factors hindering the implementation of Article 25 A. He said that, girls constitute the majority of Out of School Children (OOSC) population. He further said that SDG-4 is enabler to achieve all other 16-SDGs.

    Speakers at the conference appreciated Awaz CDS for providing such platforms to develop and monitor national and provincial education policies that will benefit all students, providing a valuable forum to share information and strategies to improve educational equity, advocating for girls education and related issues, and monitoring the work of government on education policies and programs.

    Convener at Parliamentary Research Group and Chief Executive, Vision 2047, Zafarullah Khan said that, there is a need to identify the reasons affecting education in the country. He said that Pakistan is a developing country and is far away from achieving the national and international educational targets. There are many stumbling factors in this regard like lack of educational funds; poor school facilities; poor management; absence of schools; unavailability of teachers; patriarchy and lack of awareness about the importance of education.

    Chief Executive Awaz CDS Pakistan, Mohammad Zia ur Rehman said that “more than one decade has passed when Article25A was passed by the Parliament of Pakistan whereas its implementation so weak that nothing has been witnessed beyond commitment. we demand Government to establish an effective tracking and reporting system to capture the gender specific expenditures of education system for better policy making”.

    He further said that to ensure education for every out-of-school girl in Pakistan by 2030, the provision of stipend / monetary incentive and nutritional support is necessary. He demanded to assign an identical e-identity number to every OOS girl specific with an identification of the target population and its location alongwith appropriate legislation to end child marriages.

    Malala Education Champion Marium Amjad Khan said that 3.3% of girls in Pakistan are married off under the age of 15 while 18.3% of girls married off are under the age of 18, so early marriage is a big barrier in girls secondary education besides number of other social and economic reasons. We should start with changing the mindset of people.

    There were panel discussions and various sessions in the conference in which speakers shared their knowledge and suggestions.

    During the session on “Policy to Action progress on Education”, speakers shared their thoughts and insights regarding Girls Right to Quality Secondary Education. Executive Director Bedari (Punjab), Anbreen Ajaib, Executive Director Mechanism for Rational Change (Balochistan), Sumera Mehboob, Executive Director- Pakistan Youth Change Advocates (Khyber Pakhtunkhwa), Areebah Shahid, National Coordinator Pakistan coalition for Education, Zehra Kaneez and Programs Director-AzCorp Entertainment (Sindh), Madiha Rehman shared situation from their respective provinces and provided the audience with the whole scenario of education system in Pakistan.

    This session was followed by sessions on “Development agenda and role of donor support”. Munazza Gillani Country Director Sightsavers International focused on inclusive and accessible  education. Sadie Hussain from ACTED shared solutions to ensure No Girl Leave Behind. Mahwish Afridi from Hashoo Foundation shared Tech Education Schools in the newly merged districts of Khyber Pakhtunkhwa and Zeeshan Noel from UNWOMEN focused on addressing patriarchal challenges to address girls education in Pakistan. A large number of representatives from government, academia, civil society, policy makers and educationists attended the event.

  • Pakistan stocks gain 79 points in volatile trading

    Pakistan stocks gain 79 points in volatile trading

    KARACHI: Pakistan stocks ended up 79 points on Wednesday amid volatile trading during the day amid political uncertainty.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,973 points from previous day’s closing of 39,894 points, showing a gain of 79 points.

    Analysts at Arif Habib Limited said that the stock market continued to remain under pressure throughout the day due to concerns regarding uncertain economic situation.

    READ MORE: Pakistan stocks end up in mixed trading session

    The benchmark KSE-100 index witnessed a volatile session as investors opted to remain sideways as Pak Rupee continued its freefall against US Dollar.

    The exchange rate ended at historic low of rupee at Rs236.02 to the dollar from previous day’s closing of Rs232.93 in interbank foreign exchange market.

    Main board volumes remained dry whereas decent volumes were observed in the 3rd-tier stocks.

    READ MORE: Pakistan stocks fall amid political uncertainty

    Sectors contributing to the performance include Banks (+76.9 points), Chemicals (+54.2 points), Technology (+27.5 points), Engineering (+14.4 points) and Cement (+10.1 points).

    Volumes decreased from 131.8 million shares to 121.6 million shares (-7.6 per cent DoD). Average traded value also decreased by 1.3 per cent to reach US$ 17.6 million as against US$ 17.8 million.

    Stocks that contributed significantly to the volumes are LOTCHEM, WTL, TPLP, CNERGY and UNITY.

    READ MORE: Weekly Review: market likely to stay positive on financial results

  • SBP issues KIBOR rates – July 27, 2022

    SBP issues KIBOR rates – July 27, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 27, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.7015.20
    2 – Week14.7415.24
    1 – Month14.8115.31
    3 – Month15.1315.38
    6 – Month15.4615.71
    9 – Month15.5316.03
    1 – Year15.6116.11

    READ MORE: SBP issues KIBOR rates – July 26, 2022

  • SBP’s customer forex rates – July 27, 2022

    SBP’s customer forex rates – July 27, 2022

    On Wednesday, July 27, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, unveiling the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

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  • Pakistan’s headline inflation may up 24% in July 2022

    Pakistan’s headline inflation may up 24% in July 2022

    KARACHI: Pakistan’s headline inflation may settle at 24 per cent for the month of July 2022 as compared to 8.41 per cent in July 2021 and 21.3 per cent in June 2022.

    Analysts at Arif Habib Limited said that Consumer Price Index (CPI) for the month of July 2022 would mark the beginning of fiscal year 2022/2023 figures compared to 8.9 per cent in the previous fiscal year.

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

    The Year on Year (YoY) uptick in CPI will likely be led by Transport (67.5 per cent YoY), Food (27.6 per cent YoY), Housing (18.3 per cent YoY), Restaurants & Hotels (26.6 per cent YoY), Household Equipment (20.3 per cent YoY), Recreation & Culture (14.9 per cent YoY), Clothing & Footwear (16.1 per cent YoY) and Miscellaneous (15.4 per cent YoY).

    On a Month on Month (MoM) basis, CPI reading is expected to increase 3.52 per cent. The analysts expected that MoM inflation to remain under pressure for the month of July 2022 mainly on the back of surge in prices of Transport, Housing related and Food items. The Transportation index is likely to keep MoM inflation up by 7.4 per cent MoM.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

    This huge surge is on account of increase in petroleum product prices. Moreover, Food index is expected to post a 3.1 per cent MoM in July 2022. As per Sensitive Price Index (SPI) data published by the Pakistan Bureau of Statistics (PBS), increase in average prices of Potatoes, Pulses, Onions and Cooking oil will keep the inflation in-check. Moreover, on the back of quarterly house rent adjustment, higher electricity charges and increase in construction cost, housing index too is likely to remain up MoM by 5.7 per cent.

    Given the recent developments on the fiscal front including rollback of subsidy on petroleum products along with increase in prices and hike in electricity prices, headline inflation is expected to remain elevated in the following months.

    READ MORE: Average inflation estimated up to 12% in FY22

    It is likely to remain in the double digit in August 2022 as well, averaging over 18 per cent in the current fiscal year along with increase in core inflation. Moreover, in the monetary policy meeting held on July 7, 2022, the State Bank of Pakistan (SBP) increased the benchmark policy rate by 125 basis points to 15 per cent (highest since March 1999).

    Moreover, rates on EFS and LTFF loans were linked to the policy rate, in-line with our expectations, at a 500 basis points discount though (to 10 per cent), so as to continue incentivizing exports while ensuring monetary tightening penetrates effectively.

    READ MORE: Average inflation estimated up to 12% in FY22

  • Bitcoin to Pak Rupee on July 27, 2022

    Bitcoin to Pak Rupee on July 27, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,911,181.82 on July 27, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Ripple to Pak Rupee on July 27, 2022

    Ripple to Pak Rupee on July 27, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs77.17 on July 27, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Dogecoin to Pak Rupee on July 27, 2022

    Dogecoin to Pak Rupee on July 27, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs14.44 on July 27, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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