I just heard the news that AirLift has been shut down and that all the staff has been let go due to the financial crisis. One thing that is important to mention here is that it is not unique to Pakistan, we are seeing startups in the other countries go through a similar obstacles. However,…
Pakistan’s top performing startup, Airlift, which had raised $110 million in funding last year, made a declaration on Tuesday that it has permanently shut operations in the country after day-to-day financial struggles. The very giant couldn’t overcome the global startup funding crunch and some bad business decisions. Prior, with the beginning of downturn, Airlift was…
The primary difference between an average person and a billionaire is the way that they think and we all can learn a lot from billionaires that can help us in everyday investments. Most of the billionaires with abundant wealth invest in real estate which is quite a stable investment even during inflation. Never Use Your…
Pakistan has reduced armed forces development programme by Rs72 billion or nearly 20% or one-fifth of the allocation made on June 10 in order to meet a significant condition of the International Monetary Fund (IMF) about accomplishing primary budget surplus in the new fiscal year. The allocations are in addition to the regular defense budget….
If you get monthly remittances from a non-resident Pakistani, you are doing well. Obviously, you have it better than Pakistanis who earn money in the Pakistani rupee, but you also have it better than Pakistanis who get foreign payments for their services. When someone from overseas gives money to their relatives, the funds arrive in…
As of seventeenth June, the State Bank of Pakistan (SBP) had exclusively about $8.238 billion worth of forex reserves that covered only five weeks of import bills of products. At the point when the reserves are not sufficient to cover import bills for a very long time, they are thought of as deficient. That conveys…
The rising inflation and so called “global economic recession” is coming strong on working class and many people have lost their jobs in the past month. We have been hearing and seeing news of many startups shutting down their operations including some major firms like Swvl, Truckitin, Retailo and Dawai, which has left many unemployed…
CEO Earthlink Mr. 𝗠𝘂𝗯𝘂𝘀𝗵𝗲𝗿 𝗛𝗮𝘆𝗮𝘁 received the awards for the most sought-after Earthlink projects 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́, and 𝗣𝗶𝗮𝗻𝗼 𝗯𝘆 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ at the Sheraton Grand London Park Lane Hotel. CEO Earthlink Mr. Mubusher Hayat, honored with 𝗺𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗮𝘄𝗮𝗿𝗱𝘀 and 𝗻𝗼𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻𝘀 for his splendour projects 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ & 𝗣𝗶𝗮𝗻𝗼 𝗯𝘆 𝗧𝗵𝗲 𝗚𝗿𝗮𝗻𝗱𝗲́ at the International Property…
Prime Minister Shahbaz Sharif addressed the nation after chairing a meeting of his economic team, in Islamabad, on June 24, 2022. In his address the prime minister addressed the “tough” economic decisions that the current government has to take as the economy was at the brink of bankruptcy. The premier announced that the government would…
During the calendar year 2021, banks nonperforming loans (NPLs) increased 3.8% (Rs31 billion) and Pakistan’s energy sector again continued to remain the largest defaulter in the repayments of loans to banks. In its latest Financial Stability Review of 2021 the State Bank of Pakistan (SBP) reported, “Sector-wise analysis indicates that the rise in overall NPLs…
Records from the Office for National Statistics show May’s inflation was highest since March 1982. The reading was up from 9.0% in April and soaring food prices pushed British consumer price to a 40-year high of 9.1% last month which is the highest rate out of the Group of Seven countries and one which threatens…
As crude has soared in recent months due to tight supplies of crude caused by Russian invasion of Ukraine will not be enough to meet the demand from reopening of world economies, particularly China as it opens up after a month-long lockdowns. On Wednesday oil prices plunged more than five percent which has made traders…
A day after finance minister Miftah Ismail’s announcement of the agreement of $2.3 billion loan from Chinese banks consortium, the Pakistani rupee showed a sharp recovery by Rs4.7 on Thursday morning in the interbank market. According to the State Bank of Pakistan, the US Dollar closed at Rs207.23 in the interbank market while the previous…
Y Combinator logistics startup Rider has raised $3.1million from YC Demo Day as it pursues to upgrade the logistics space in Pakistan and create next day delivery service just like Amazon. Apart from YC, investors including i2i Ventures, Flexport, Soma Capital and Rebel Fund also joined in the financing round. Global founders Capital, Fatima Gobi…
PayFast by APPS (“PayFast”) is pleased to turn into the first fintech in Pakistan to cooperate with worldwide installments pioneer Visa through Cybersource. Through this collaboration Cybersource is offering its powerful and dynamic computerized installment arrangement suite to PayFast. It incorporates E-business checkout, computerized vendor stage, Fraud Management, and SoftPOS. This drive clears the way…
Senior leaders from across the world attend the four-day FATF plenary to discuss a range of money laundering and terrorist financing issues. Finally The Financial Action Task Force (FATF) announced removal of Pakistan from grey list because Pakistan has fully met all 34 action items in its 2018 action plan. However, one last step is…
On Monday, Federal Minister for Revenue and Finance Miftah Ismail being hopeful claimed that the stalled International Monetary Fund’s (IMF) Extended Fund Facility (EFF) would be revived within a day or two. After a meeting held by Senate Standing Committee on Finance the finance minister declared that “I am very hopeful that the IMF programmed…
Being good with finances does not mean just meeting your ends, it means managing your resources or income in efficient way. Life is much easier when you have good skills of managing and organizing your finances. The way you organize your finances shows the impact of your credit score and amount of debt you carry…
On Friday, in the National Assembly the combined government has introduced the so called ‘progressive’ budget for the Fiscal Year 2022-2023 with an outlay of Rs9.5 trillion in the middle of strict conditions for the revival of $6 billion loan programme stalled for months over violation of policies, by International Monetary Fund (IMF). Finance and…
With a record amount deficit and spiraling inflation everyone had been apprehensively waiting for the budget, to see how the government would proceed in one of the worst time periods in Pakistan’s economic history. The government has put forth the budget policies ranging from controlling deficit to urgency of returning to IMF program and boosting…
The “progressive, pro-people and business friendly” budget for the Fiscal Year 2022-2023 approved by present government is all set to be rolled out on June 10, which is also focused on increasing revenues. Few months back the government was more inclined to revive its multi-billion dollar deal with International Monetary Fund (IMF) programme but with…
The International Monetary Fund (IMF) has demanded from Pakistan’s government to re-consult the China-Pakistan Economic Corridor (CPEC) energy deals before the payments of 300 billion to the Chinese power plants which has put Islamabad into tight position. These power plants were established under the 1994 and 2002 power policies under the CPEC framework agreement which…
On Thursday, Finance Minister Miftah Ismail, during a press conference held to review government’s economic performance, disclosed Economic Survey 2021-2022 with high expectation that the foreign exchange reserves at State Bank of Pakistan will rise to $12 billion in coming days after the inflow from China is recorded. This statement came a day before the…
Special Technology Zones (STZs), Systems Limited and Special Technology Zones Authority (STZA) have signed a contract to promote licensed domestic and global technologies companies for the development and implementation of the One Window Portal System. The signing ceremony took place in presence of Chairman FBR Asim Ahmad, senior representatives from both organisations as well as…
On June 8, Wednesday, in Singapore the oil prices have increased predicting a report of low U.S oil stocks while the demand would be high in upcoming driving season. Analysts expect data for last week to show another downfall in U.S crude inventories with the chances of distillate and gasoline stocks rising higher. OANDA analyst…
The World Bank on Tuesday has warned that due to Russian invasion in Ukraine has worsened the damage from Covi-19 pandemic and marked down its global growth forecast by nearly a third to 2.9% for 2022.The World Bank said in its Global Economic prospects report that the war in Ukraine has maximized the slowdown in…
Goldman Sachs has increased its Brent oil price for the second half of the year 2022 and first half of year 2023 by $10 to $135 a barrel reasoning that a structural supply deficit was still unresolved. Analyst at the ban reported on June 6 that prices would need to be increased for supply to…
The International Monetary Fund (IMF) has strictly demanded to end income tax exemptions in the upcoming budget. A government official on terms of remaining anonymous has told that no such proposal was under consideration. Sources have revealed that the government would increase tax on income earned through online gaming and social media applications including popular…
Forex Association of Pakistan data showed that on Tuesday, for the first time in the history Pakistani rupee broke all records by surpassing 205 threshold against US dollar after shedding RS 4 in the open market. The graph kept on falling downwards dropping to an all-time low of Rs202.75 in the interbank market during full…
The government of Pakistan is steadily gliding towards International Monetary Fund (IMF) programme for which preconditions are already being met. Recently, just within a time span of one week the discount rate has been increased by 150 basis points to 13.75% while petrol price has hiked to Rs60 per liter. These are just the initial…