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Usman Hanif

Karachi, Pakistan
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About Usman
Usman Hanif is a journalist associated with daily Jinnah based in Karachi, Pakistan.
He has 4 years experience in journalism.
Previously he worked for Daily Jehan Pakistan.
He also worked with Pakistan Press International' English service for one and half year reporting on different beats ranging from Health, Education, Crime, Environment and other social issues.
Languages
English Punjabi Pashto
+1
Services
Feature Stories Content Writing Corporate Content
+5
Skills
Fact Checking
Portfolio

Farmers ‘unhappy’ with govt’s agricultural loan claims

04 Oct 2023  |  www.geo.tv
The farming community has expressed dissatisfaction with the government's agricultural loan claims despite the State Bank of Pakistan's report indicating substantial disbursements under the Kissan Package. Farmers faced challenges in accessing loans, particularly younger farmers due to land registration issues. The reliance on middlemen has increased, leading to exploitation. The report highlighted the growth in loan disbursements and the role of various initiatives, but stakeholders argue that the financial support has not significantly benefited small and medium farmers. Recommendations include introducing micro and small credit facilities with concessional interest rates.

Plans for Toyota Corolla Cross on track, says Indus Motors CEO

30 Aug 2023  |  www.geo.tv
Indus Motors Company (IMC) CEO Ali Asghar Jamali discusses the challenges faced by Pakistan's automotive industry amid economic turmoil, emphasizing the importance of import substitution and increasing exports. Despite economic uncertainty and unequal taxation, plans for the locally manufactured Toyota Corolla Cross hybrid SUV are on track. The company has implemented cost-cutting measures and is operating on a single shift to navigate the crisis. Auto sales have significantly declined, and inflation is eroding the benefits of localization. The CEO highlights the impact of inflation on both common and wealthy car buyers, with a shift towards cheaper vehicle variants.

Cement industry poised for robust exports

29 Jul 2023  |  tribune.com.pk
In July 2023, Pakistan's cement industry is expected to see a significant increase in exports by 159% year-on-year, reaching 0.4 million tonnes, due to a decline in coal prices. However, domestic cement sales are projected to drop by 21-25% month-on-month because of the monsoon season and higher costs. Despite domestic challenges, total cement sales are anticipated to rise by 53-57% year-on-year, reaching 3.2 million tonnes, with local dispatches up by 44-48% and exports flourishing due to lower international and Afghan coal prices and reduced freight costs. The industry faces challenges from higher interest rates, a potential construction slowdown, and controlled PSDP spending, but is poised for growth in exports.

Businessmen warn of mass industrial shutdowns

26 Jul 2023  |  tribune.com.pk
Business leaders in Karachi, including KATI President Farazur Rehman and UBG President Zubair Tufail, have strongly criticized the recent 34% increase in electricity tariffs, warning of potential massive industry shutdowns. They argue that the price hike will severely affect industries, service sectors, and SMEs, making them less competitive globally. They suggest the government should provide cheaper electricity, possibly through loans for solar systems, to alleviate economic strain and promote renewable energy.

Honda Atlas sees potential surge in car sales

25 Jul 2023  |  tribune.com.pk
Honda Atlas Cars (Pakistan) Limited remains optimistic about a potential surge in car sales in March Year 2023 despite a significant decline in earnings per share from the previous year. The company is affected by restrictions on LC imports but anticipates improvement if these are relaxed. HCAR is also focusing on localisation to mitigate foreign exchange risks and is working on a hybrid vehicle project. Rising interest rates have affected the sales mix, but the company plans to adjust car prices in response to currency devaluation and tax hikes.

Government takes decisive action against illegal loan apps

18 Jul 2023  |  The Express Tribune
The Pakistani government, led by Federal Minister for Information Technology Syed Aminul Haq, has initiated a crackdown on illegal loan applications to protect consumers from fraudulent practices. The Pakistan Telecommunication Authority (PTA) and the Securities and Exchange Commission of Pakistan (SECP) are collaborating to take swift action against unregistered loan companies. The PTA has already blocked 43 such applications. The government plans to launch an awareness campaign to educate consumers on safeguarding themselves against these scams. Industry experts highlight the need for a Personal Data Protection law to ensure digital privacy. The crackdown follows numerous consumer complaints of harassment and aims to curb the exploitation of vulnerable individuals.

Textiles see decline while apparels boom

15 Jul 2023  |  tribune.com.pk
Pakistan's textile industry has seen a 26% year-on-year decline, particularly in cotton yarn and cotton cloth production, while the apparel sector has grown by 13% year-on-year in April 2023 and 26% in the 11-month period of FY2023. Factors such as economic challenges, technological limitations, and raw material price fluctuations have contributed to the textile decline. In contrast, currency devaluation has made Pakistani labor cheaper, benefiting the apparel industry. The All-Pakistan Textile Mills Association has called for lower energy costs to improve competitiveness, with potential textile exports reaching $50 billion by FY2027. The Large-Scale Manufacturing Index shows a 14.37% year-on-year decrease but a month-on-month increase of 5.9%. The government and industry stakeholders need to collaborate to address these challenges and enhance the manufacturing sector's robustness.

IMC strikes historic deal with Toyota Egypt

12 Jul 2023  |  tribune.com.pk
Indus Motor Company (IMC) has signed an agreement with Toyota Egypt to export high-quality auto parts, marking IMC's entry into the global supply chain and becoming the first Pakistani auto manufacturer to do so. The deal aligns with Pakistan's Auto Industry Development and Export Policy and is seen as a positive development for the local automotive industry, which has faced downturns. Despite a significant sales decline, some manufacturers like Honda Atlas Car and PSMC have seen sales growth. The collaboration is also expected to support the government's 'Look Africa' policy by strengthening trade links.

Startup funding plummets by 95%

11 Jul 2023  |  The Express Tribune
Pakistan's startup ecosystem has seen a dramatic 95% drop in funding to $5.2 million in Q2 2023, the lowest since Q1FY2020, amidst a macroeconomic crisis and looming default threat. Despite a stagnant deal count, the decline mirrors a global slowdown in venture funding, with significant drops in major markets like the US, UK, and China. An analyst from Alpha Beta Core notes the global trend and Pakistan's challenging year, but the recent IMF deal and a slight decrease in inflation offer some hope.

Logistic companies struggle to achieve economic growth

05 Jul 2023  |  tribune.com.pk
Logistics companies in Pakistan, including Seagold led by CEO Ayaz Admani, are facing low margins, high taxes, and an unfavorable business environment, which hampers their economic growth. Admani cites a decrease in gross margins and high expenses, while Bilal Ur Rehman, Chairman of PIFFA, points out the restrictive tax regime and bureaucratic hurdles. They call for policy reforms and investment in systems to enable local companies to compete globally. Despite the pandemic's initial impact, there was a surge in demand leading to strong performance in the logistics sector. The industry employs a significant number of individuals and is a key job provider in Pakistan.

Jack Ma’s surprise visit ignites speculation

02 Jul 2023  |  tribune.com.pk
Chinese billionaire Jack Ma's unexpected 23-hour visit to Lahore, Pakistan, has sparked speculation about potential business opportunities and investments. Although confirmed as a personal trip without official engagements, the visit is seen as enhancing Pakistan's reputation and indicating international recognition of its potential. Observers suggest that Ma's interest in education and development, along with Pakistan's growing tech-savvy population and strategic importance in the Belt and Road Initiative, could signal future investments by Alibaba and other Chinese entities.

ABAD flags cartels in construction industry

24 Jun 2023  |  The Express Tribune
The Association of Builders and Developers of Pakistan (ABAD) has raised concerns with the Competition Commission of Pakistan (CCP) about cartel formation in the steel, glass, and tiles industries, which has led to significant price hikes in construction materials. This has adversely affected the construction sector, causing project delays and job losses. ABAD's Chairman, Muhammad Altaf Tai, urged the CCP to take decisive action against these cartels to promote fair competition and reduce costs for the public. The CCP Chairperson, Rahat Kaunain Hassan, assured a thorough investigation and emphasized the importance of fair competition and consumer protection.

Auto industry struggles to meet annual production targets

23 Jun 2023  |  tribune.com.pk
Pakistan's auto industry is facing a severe downturn, with a 51% year-on-year decline in sales during the 11 months of fiscal year 2023, casting doubts on meeting the annual production targets set by AIDEP 2021-2026. Supply chain disruptions, currency devaluation, and price hikes have negatively impacted demand. Despite these challenges, major auto manufacturers have seen an increase in gross margins. The imposition of a 10% super tax and other fiscal measures are expected to further affect the industry's profitability, while plant closures by major OEMs due to import restrictions highlight the need for political stability and trust between the business community and the government.

Plan ‘B’ must be actioned

21 Jun 2023  |  The Express Tribune
The business community in Pakistan is urging the government to develop a comprehensive economic plan amid concerns over the potential stall of the IMF program. Ahmad Jawad of the Pakistan Business Forum and Zulfikar Thaver of the Union of Small and Medium Enterprises highlighted the need for alternative solutions and stronger international relationships. They emphasized the importance of leveraging remittances, supporting GDP growth through imports, and providing incentives for export-oriented sectors. The PBF also called for competitive energy tariffs, targeted subsidies, and exploring credit options for energy imports.

Indus Motor rejects rumours of Pakistan exit

21 Jun 2023  |  The Express Tribune
Indus Motor Company (IMC) has refuted rumours of its exit from Pakistan, clarifying that a recent temporary shutdown was due to inventory issues and delays in opening Letters of Credit. Production has since resumed, and the company remains committed to its plans, including the introduction of a locally manufactured hybrid SUV aimed at reducing carbon emissions by 35%. This development marks a significant milestone for the automotive sector in Pakistan, supported by a $100 million investment made in September 2021.

Govt’s ambitious revenue targets raise concerns

20 Jun 2023  |  The Express Tribune
The government's ambitious revenue collection targets of Rs12 trillion, a 38% increase from the previous year, have raised concerns about their feasibility given the current economic conditions. Experts, including Amreen Soorani and Zeeshan Merchant, express skepticism about meeting these targets, citing potential economic slowdown, fiscal slippages, and the need for a broader tax base. The Federal Board of Revenue faces significant challenges in increasing monthly collections, and critics highlight the lack of measures to widen the tax net, which could burden existing taxpayers. The article underscores the gap between the current number of tax filers and the potential taxpayer base, emphasizing the need for effective government action.

Textile exports decline for 8th consecutive month

18 Jun 2023  |  tribune.com.pk
Pakistan's textile sector has seen an eighth consecutive month of year-on-year decline in exports, despite a 7% month-on-month increase in May 2023. The fiscal year 2023's 11-month period showed a 14.7% decrease in textile exports, totaling $15.03 billion. Analysts attribute the decline to global recession, lower export orders, and domestic challenges such as subsidy removal, cotton unavailability, import delays, and increased utility and finance costs. While basic textiles improved due to orders from China and Bangladesh, value-added products saw significant declines. The fiscal year 2023 is expected to close with a 16% decline in textile exports compared to the previous year.

Pakistani mangoes can combat trade deficit

16 Jun 2023  |  The Express Tribune
Business leaders in Pakistan are advocating for the organization of mango festivals by Pakistani missions abroad to address the country's trade deficit. The Pakistan Business Forum and other trade organizations emphasize the importance of 'Mango Diplomacy' to boost exports and enhance Pakistan's global image. They call for regular festivals and better support from trade officers. Despite favorable conditions for mango production, economic restrictions and lack of government support hinder export opportunities. The business community sees significant potential in leveraging Pakistani mangoes as a valuable export commodity.

Bykea falls victim to hacking attack

14 Jun 2023  |  tribune.com.pk
Bykea, a Pakistani ride-hailing app, suffered a hacking attack that led to users receiving inappropriate messages. The breach occurred through a compromised third-party communication tool without two-factor authentication. Bykea CEO Muneeb Maayr stated that the laptop of a Karachi office employee was accessed from outside the country. The company has restored the app and assured that user data remains safe. Cybersecurity expert Etizaz Mohsin highlighted the need for stronger security measures. Bykea plans to enhance its security and position itself as a national security app.

24% educated youth in Sindh jobless

13 Jun 2023  |  The Express Tribune
A significant 23.6% of unemployed urban youth in Sindh hold university degrees, raising concerns about the effectiveness of higher education in securing employment. The overall youth unemployment rate in Sindh is 3.9%, with the Karachi division experiencing the highest rate at 11.2%. Females face higher unemployment rates than males, and urban areas are more affected than rural ones. Experts call for urgent measures to bridge the gap between qualifications and job opportunities, emphasizing the need for marketable technical skills in the education system.

Sindh unveils ambitious rehabilitation plans

11 Jun 2023  |  The Express Tribune
The Sindh government has announced a comprehensive rehabilitation plan for the 2023-24 budget to address the damage from the 2022 monsoon floods. The plan includes reviving agriculture, rebuilding infrastructure, and providing housing assistance. The World Bank and Asian Development Bank are supporting various projects, such as the Sindh Flood Emergency Reconstruction Project and the Emergency Flood Assistance Project. The government is also committed to reducing greenhouse gas emissions and has initiated mangrove projects, creating 21,000 jobs. The budget includes significant increases for agriculture engineering and livestock and fisheries, with a focus on combating child stunting and malnutrition.

IT sector calls for tax exemptions

07 Jun 2023  |  The Express Tribune
The IT industry in Pakistan is urging the government to implement tax exemptions and allocate funds for skill development to boost the national economy. Key figures, including Muhammad Zohaib Khan of P@SHA, emphasize the potential for significant growth in exports and the need for substantial investment in human resources, infrastructure, and IT education. The sector also calls for incentives for freelancers and the establishment of dedicated IT institutes. Proposals include forex retention, special technology zones, and cash rebate schemes to enhance the industry's competitiveness and ease of doing business.

Builders demand tax reforms to revive construction sector

04 Jun 2023  |  The Express Tribune
The construction sector in Pakistan, operating at 50% capacity, has prompted builders to propose tax reforms to the government. The Association of Builders and Developers (ABAD) Chairman, Muhammad Altaf Tai, called for the removal of a 30% regulatory duty on steel bar imports, which has advantaged a steel manufacturer cartel and halted construction projects. Cement sales have declined due to economic challenges, and the construction industry faces increased material costs and borrowing rates. ABAD's proposal includes extending project deadlines, revising capital gains tax rates, eliminating double taxation, and adjusting mortgage finance policies. The State Bank of Pakistan is urged to set home financing targets for banks.

Tax changes threaten auto industry

03 Jun 2023  |  tribune.com.pk
The auto industry in Pakistan, represented by PAMA and APMA, is facing potential upheaval due to the government's contemplation of revising withholding taxes and duties on domestically manufactured vehicles. Abdul Waheed Khan of PAMA has warned that these changes could exacerbate the industry's current challenges, including economic fluctuations, rising production costs, and competition from imports. Pak Suzuki Motor reported significant losses and production disruptions, while APMA's Muhammad Sabir Shaikh called for the removal of withholding tax on motorcycle dealers. The industry, which is already taxed at over 40% per unit, fears that the proposed tax changes could deter investment and further hinder recovery from past declines.

IT exports to Africa to hit $1b in two years: experts

01 Jun 2023  |  The Express Tribune
Pakistan's IT industry is poised to achieve $1 billion in exports to Africa within two years, driven by a skilled workforce and lower costs. Key figures, including Muhammad Zohaib Khan of P@SHA and Noman Ahmed of Si Global, emphasize the importance of establishing strong connections with African governments and businesses. The Pakistani government supports this initiative through investments and special economic zones. Participation in GITEX Africa 2023 is seen as crucial for showcasing Pakistani IT firms and fostering global relationships. Prime Minister Shehbaz Sharif is optimistic about the IT sector's potential to stabilize the economy.

Exporters struggle with refund process

31 May 2023  |  The Express Tribune
Textile exporters in Pakistan are facing significant financial challenges due to prolonged refund processes for marked lien amounts by banks, resulting in exchange losses. The Towel Manufacturers Association of Pakistan has raised concerns about the State Bank of Pakistan's procedures, which have led to delays and financial constraints, particularly for SMEs. The textile and clothing industry has seen a substantial decline in exports, exacerbated by rising production costs and a lack of government support.

Textile exports plummet by 14% to $13.7 billion

23 May 2023  |  The Express Tribune
Pakistan’s textile exports have declined by 14% to $13.7 billion in the first 10 months of fiscal year 2023, down from $15.9 billion the previous year. The decline is attributed to the global recession and a challenging domestic environment. April 2023 saw a 29% year-on-year decrease in textile exports, marking the seventh consecutive monthly decline. The value-added and basic segments experienced significant drops, although some stability was observed month-on-month. Improved orders from Europe and the United States were noted, but domestic challenges such as high tariffs and finance costs continue to hinder the industry.

Policy adjustments proposed to revitalise economy

21 May 2023  |  tribune.com.pk
Businessmen and industry leaders in Pakistan, including the FPCCI and PBF, have proposed policy adjustments to revitalise the economy, focusing on the upcoming 2023-2024 federal budget. They suggest measures to foster industrial growth, import substitution, and sustainable development. Recommendations include reducing tax rates, broadening the tax base, curtailing the parallel economy, establishing export warehouses, and incorporating agriculture and service sectors into the tax net. Concerns about foreign exchange availability and the role of commercial banks were raised, with suggestions to allow importers to arrange payments outside Pakistan and to limit direct financing to essential items. The potential of the IT sector and the importance of the textile sector were also highlighted, with calls for incentivising cotton cultivation and providing access to finance and discounted export finance.

No choice but to revive IMF, says Ismail

18 May 2023  |  The Express Tribune
Former finance minister Mifta Ismail has stated that Pakistan must expedite an agreement with the IMF due to the current economic crisis. At the 2nd Pak–German Business Gathering, he discussed the country's debt issues, inefficient systems, and the need for technological advancements. German officials expressed confidence in Pakistan's potential and called for bipartisan consensus on economic reforms. Ismail criticized the government's fiscal management and highlighted the impact of taxes on the poor. Pakistan is expected to have less than $2 billion in foreign exchange by October, with food inflation at 50% and overall inflation at 34%, yet farm income has seen positive effects.

Businesses call IMF’s conditions ‘unfair’

14 May 2023  |  tribune.com.pk
The Pakistani government may abandon efforts to secure the final loan tranche from the IMF due to political pressure from opposition leader Imran Khan. Pakistan Business Forum's VP Ahmad Jawad suggests the government might provide public relief and forego the deal after meeting IMF conditions. The government has raised taxes and utility prices per IMF directives but may now reduce the petroleum levy and strengthen the rupee to curb inflation. China has shown interest in assisting Pakistan. The FPCCI President Irfan Iqbal Sheikh urges consultation with the business community for the upcoming budget and criticizes the IMF for raising Pakistan's external funding requirement from $6 billion to $8 billion. Sheikh advocates for indigenous solutions, including tax base broadening, targeted subsidies, and economic policy consultation with stakeholders.

Facebook, Twitter, YouTube still not accessible

13 May 2023  |  tribune.com.pk
The Pakistan Telecommunication Authority (PTA) has claimed to have restored internet access after the release of former premier Imran Khan, but users are still experiencing slow or non-existent connections. Social media sites remain largely inaccessible without VPNs, and internet speed is reported to be as slow as 3G. The internet outage has had a significant impact on businesses, freelancers, and students who rely on online resources. The government's lack of clear communication has led to frustration and criticism, and the temporary disabling of Pakistani freelancers' accounts on Fiverr has negatively affected the country's image.

Internet crawls as service restored after global outcry

12 May 2023  |  tribune.com.pk
Mobile broadband services in Pakistan faced disruptions despite government claims of restoration, following the arrest of PTI Chairman Imran Khan which led to violent protests. The Pakistan Telecommunication Authority had shut down services for security reasons, causing significant economic losses and drawing criticism from organizations like GSMA and Amnesty International for violating fundamental rights. The shutdown affected businesses and daily life, with the telecommunication sector alone losing Rs2.46 billion in revenue. The PTA, under Chairman Maj-Gen (retd) Amir Azeem Bajwa, has been criticized for functioning more like a law enforcement agency. IT Minister Aminul Haq has publicly disagreed with the PTA's restrictive actions. The Sindh High Court issued notices on a petition against the internet suspension, and international bodies, including the Senate Foreign Relations Committee and the US State Department, have expressed concerns and urged for the restoration of internet services.

Businessmen demand end to fine on export proceeds

09 May 2023  |  The Express Tribune
Business leaders in Pakistan are urging the government to stop the 3-9% penalties imposed by commercial banks and the State Bank of Pakistan on delayed export proceeds. They argue that these fines discourage exporters and cause financial losses. Despite a recent SBP circular to accommodate genuine delays, the directives have not been fully implemented. The Federation of Pakistan Chambers of Commerce and Industry, SITE Association of Industries, and Union of Small and Medium Enterprises highlight various global and local factors causing delays and suggest policy changes to facilitate exporters.

Industry demands GI tag for pink salt

05 May 2023  |  tribune.com.pk
The Salt Manufacturers Association of Pakistan is urging the government to obtain a Geographical Indication tag for pink salt to enhance its export potential. Industry leaders highlight the need for value addition in minerals and chemicals, citing the example of Basmati rice. With around 50 companies applying for the GI tag, the Pakistan Mineral Development Corporation is considering the applications. The Trade Development Authority of Pakistan is called upon to support the establishment of a testing laboratory in Balochistan. The Union of Small and Medium Enterprises criticizes India for exporting pink salt under its own brand, while government officials and industry representatives discuss the vast opportunities and economic benefits of the pink salt industry.

Reversal of tariff relief hurts industry

04 May 2023  |  The Express Tribune
Business leaders are upset over the government's decision to withdraw concessionary tariffs for utilities, demanding the immediate restoration of Regionally Competitive Energy Tariffs (RCET) for electricity, natural gas, and RLNG. The Karachi Chamber of Commerce and Industry (KCCI) President, Mohammed Tariq Yousuf, emphasized the negative impact on zero-rated sectors and exporters. The policy reversal is seen as contradictory to the government's encouragement of exporters and is expected to have a disastrous impact on industries and SMEs. The International Monetary Fund's pre-condition to eliminate subsidies is also highlighted as a factor in the policy change.

SCO provides avenue to ramp up trade

03 May 2023  |  The Express Tribune
Pakistan's business leaders urge the government to strengthen trade ties with the Shanghai Cooperation Organisation (SCO) to boost exports and stabilize the economy. The SCO, with its vast economic potential, offers significant opportunities for Pakistan in terms of trade, investment, and industrial collaborations. Key figures emphasize the need for strategic economic relationships, currency swap mechanisms, and regional trade exhibitions. Despite a reduction in the trade deficit, concerns remain about the sustainability of economic recovery, highlighting the need for a balanced approach to increasing exports and reducing the trade deficit.

IT industry projects contraction in exports

02 May 2023  |  The Express Tribune
Experts and stakeholders criticize the government's lack of attention to the IT sector, warning of stagnating and potentially contracting IT exports. They call for business-friendly policies, investment in communication infrastructure, and resolution of issues related to the Federal Board of Revenue. The IT industry's export remittances have decreased, causing concern, but partnerships with international economies offer potential growth. Analysts highlight the impact of political instability and global economic conditions on IT exports.

Freelancing can bring in $60b

28 Apr 2023  |  The Express Tribune
At a round table conference in Islamabad, Amir Piracha of the OICCI presented a report on Pakistan's digital transformation potential, emphasizing skill development to improve the freelancing sector. The report suggests that with the right measures, Pakistan could add $60 billion to its economy in 7-8 years. It calls for increased broadband penetration, 4G coverage, an AI policy, and updated cybersecurity laws. Comparisons were made between freelancer incomes in the US and Pakistan, with suggestions for increasing Pakistani freelancer income. The government's role in providing resources and the challenges of policy inconsistency and skill gaps were discussed. Minister Ahsan Iqbal supported the recommendations and formed groups to monitor and implement digital transformation strategies.

Pricey dollar sparks trouble for startups

25 Apr 2023  |  The Express Tribune
Pakistan's startups are facing significant challenges due to the persistent depreciation of the rupee against the US dollar, compounded by economic woes such as the 2022 floods, lack of export and tax revenue growth, and dwindling foreign currency reserves. Companies like Foodpanda are adapting by shifting expenses from dollars to rupees. Despite these challenges, Foodpanda remains optimistic about achieving profitability and is exploring export opportunities in the Middle East. The collaboration between private companies and the government is highlighted as a key factor in navigating these economic difficulties.

Banks consider SME financing as highly risky

22 Apr 2023  |  tribune.com.pk
In Pakistan, financial institutions are increasingly viewing small and medium-sized enterprises (SMEs) as high-risk, leading to reduced funding support amid challenging economic conditions. Funding for SMEs dropped from Rs586 billion in December 2022 to Rs537 billion by February 2023. Karandaaz Pakistan's CIO Navid Goraya suggests that banks can mitigate risks through structured risk management. Despite rising interest rates and inflation, microfinance institutions are experiencing growth. Karandaaz is promoting SME financing through risk-sharing initiatives and direct financing for well-managed companies. They are also working on climate initiatives and setting up an SME Guarantee Company to address market gaps in SME lending.

Pak Suzuki Motor reports highest quarterly loss

19 Apr 2023  |  The Express Tribune
Pak Suzuki Motor Company recorded its highest-ever quarterly loss of Rs12.9 billion for Q1 2023, with a 54% year-on-year revenue decrease to Rs21.84 billion. The loss was attributed to lower sales and higher finance costs, including a 12-fold increase in finance cost to Rs12.8 billion. The Pakistani rupee's depreciation and high inflation exacerbated the auto sector's challenges. Despite car price hikes, gross margins were only slightly lower quarter-on-quarter but improved year-on-year due to cost-cutting measures. The auto industry has also been impacted by government import restrictions and consumer demand has dropped, as evidenced by a 66% decrease in March 2023 car sales compared to the previous year.

Businessmen predict negative growth in FY23

15 Apr 2023  |  The Express Tribune
Pakistan may experience negative economic growth in fiscal year 2023, with projections from international financial institutions and independent economists indicating a downturn. Business leaders attribute this to fiscal mismanagement and contractionary measures dictated by the IMF. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and other industry representatives emphasize the need to protect exports and propose various economic reforms, including a broadened tax base and simplified taxation system. The government is urged to privatize loss-making entities and take measures to stabilize the economy, including subsidizing exporters and incentivizing foreign exchange remittances.

Thar coal poisoning water: report

14 Apr 2023  |  tribune.com.pk
A report by Dr Mark Chernaik of the Environmental Law Alliance Worldwide confirms that the Thar Coal project in Pakistan is contaminating drinking water with toxic metals, posing severe threats to public health and the environment. Water samples from Thar Coal Block II exceed permissible limits for various toxic substances. The local population, including Leela Ram who has filed a petition in the Sindh High Court, is concerned about the ecological and health impacts. The effectiveness of RO plants installed by the government and private sector to address water contamination is questionable. The report criticizes the Sindh Environmental Protection Agency for inadequate monitoring and suggests immediate action to mitigate damage and provide compensation and clean water to affected communities.

All political parties must come together for stability

10 Apr 2023  |  The Express Tribune
The business community in Pakistan is urging all political parties to collaborate to create a roadmap for political and economic stability. Key figures from various business organizations highlight the adverse effects of political turmoil on the economy, emphasizing the need for increased exports and consistent approaches to international financial programs. The ongoing political power struggle and economic uncertainties are eroding business confidence and investor trust, necessitating immediate and sustained reforms.

Increase local production of edible oil: experts

09 Apr 2023  |  The Express Tribune
Pakistan's agriculture sector needs government intervention to boost local edible oil production, which could save the country from the hefty $4 billion annual import bill. Experts identify Sindh's coastal areas as having high potential for palm, sesame, and canola oil production. The recent SBP decision to curb LCs and foreign exchange shortages has led to rising edible oil prices. Local farmers face challenges due to non-standardised cultivation approaches and lack of government support, including fair pricing and quality seed development. A sustained long-term policy is essential for improving Pakistan's agriculture sector and reducing reliance on imports.

Pak Suzuki raises price for the fourth time

06 Apr 2023  |  tribune.com.pk
Pak Suzuki Motor Company has increased the prices of its vehicles for the fourth time in 2023, with hikes up to Rs 235,000, effective from April 6. The cumulative price rise this year totals Rs 1.203 million. The auto sector has seen a sales decline of 20-25%, attributed to high prices, political instability, and high interest rates for car leasing. Experts cite the depreciation of the Pak rupee and inflexible bank financing as reasons for the decline. The price surge has also affected the second-hand car market, with prices rising significantly. The regulatory duty on used imported cars has been dropped, potentially offering some relief to consumers.

Industries face shutdown on prolonged gas suspension

05 Apr 2023  |  The Express Tribune
Karachi's business community faces a severe crisis due to the prolonged suspension of gas supply to industries, leading to potential shutdowns. The Karachi Chamber of Commerce & Industry (KCCI) and other stakeholders have expressed deep concerns and called for immediate government intervention. The decline in gas production and the need for importing gas are highlighted, with suggestions to implement the Weighted Average Cost of Gas (WACOG) bill to address the shortage and circular debt. The Sui Southern Gas Company (SSGC) has been criticized for its gas supply policies, while SSGC defends its actions, stating the need to prioritize domestic consumers.

This is my Work with my current Organisation "Daily JInnah" an Urdu News Paper.

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