Care Today

Martins Licis (Worlds Strongest Man)

1 year ago | [YT] | 1

Care Today

Pakistan Automotive Manufacturers Association (PAMA) has reported a steep decline across the automotive sector during the initial nine months of fiscal year 2024 (July to March). According to the data released by PAMA, the Pakistan automotive industry witnessed a sharp decline in sales, with passenger car sales plummeting by 36.9% as only 54,089 units were sold.

The downturn in car sales can be attributed to multiple factors; including soaring inflation, diminished purchasing power, high interest rates, expensive auto financing, and rising car prices. These challenges have significantly impacted consumer confidence and their ability to invest in new vehicles.

Furthermore, PAMA reported notable declines in other automotive segments, with truck sales dipping by 45.2% and bus sales by 39%. Sales of SUVs and pick-ups also experienced a decline of 40.3%, while two and three-wheeler sales saw a relatively smaller decrease of 9.9%.

#caretoday #pakistan #news #trending #cars #carsales✔️ #2024

1 year ago | [YT] | 0

Care Today

The government is moving quickly to deregulate the prices of petroleum products to address concerns about rising fuel prices and the impact of smuggled oil products on the market.

The Petroleum Division has instructed the Oil and Gas Regulatory Authority (OGRA) to provide analysis and implications of deregulating petroleum products within three days. Authorities aim to shift criticism from the government to oil marketing companies, reported a national daily.

Deregulation would essentially allow oil companies to set their own prices for MS petrol and high-speed diesel (HSD) across different cities and towns. While legally petroleum prices are already deregulated, kerosene prices are the only ones officially set by the government.

Under the new framework, OGRA and the Competition Commission of Pakistan would play a larger role in ensuring product quality, availability, and competitive pricing to prevent market collusion.

Oil Companies Advisory Council (OCAC) recently warned the federal government about the detrimental effects of rampant smuggling on government revenue and local refineries. They fear it could jeopardize planned investments in refinery expansion and upgrading projects aimed at meeting environment-friendly specifications.

#caretoday #pakistan #news #trending #petrol #petrolprices

1 year ago | [YT] | 1

Care Today

Finance Minister Muhammad Aurangzeb’s current negotiations with the International Monetary Fund (IMF) have evoked mixed reactions from commentators – one that of relief contingent on harsh conditions of the Fund and second that of fear that the country is not ready to be free of this debt-driven oppression.

Even if Pakistan manages to get a minimum 3-year loan program next month, it will only offer temporary relief– it will not be sustainable. Care Today reached out to a few experts/commentators who said the country should opt for an exit program from the IMF and move on.

Debt and Privatization
While Pakistan achieved several objectives under the $3 billion stand-by arrangement released by IMF last year, the sacrifices made by ordinary citizens to meet these conditions shouldn’t be overlooked. A market reviewer opined that without IMF assistance, achieving these results would have taken significantly longer, but the debt situation has become worse.

“Again, had there been no bailout from the IMF last year, it would have taken another two more years to achieve the results we have witnessed in the past 12 months. The IMF did help accelerate the process of economic recovery and external sector viability, but the debt spiral continues to worsen,” he added.

#caretoday #pakistan #news #trending #imf

1 year ago | [YT] | 0

Care Today

The Khyber Pakhtunkhwa government has decided to impose a standardized sales tax on services provided by restaurants and wedding halls across the province.

The decision was made during a meeting chaired by Fouzia Iqbal, Director General of the Khyber Pakhtunkhwa Revenue Authority (KPRA), and attended by Muzzammil Aslam, Advisor to the Chief Minister on Finance.

The DG KPRA provided a detailed briefing to the CM’s advisor regarding the transition of sales tax on services from a percentage-based system to a fixed regime, particularly focusing on sectors such as wedding halls and beauty parlors.

Wedding halls and beauty parlors will be categorized based on their sizes and business capacities, with fixed rates of sales tax set for each category.

The meeting also decided that traders’ associations and chambers of commerce will be consulted, and all service providers will be required to register with KPRA.

#caretoday #pakistan #news #trending #wedding #tax

1 year ago | [YT] | 0

Care Today

Federal Minister for Finance and Revenue Muhammad Aurangzeb attended the “Roundtable on Implementing for Faster Results and Greater Impact” organized by the World Bank. In his intervention, he appreciated the World Bank’s Thought Leadership and its insightful report titled “From Swimming in the Sand to High and Sustainable Growth.”

The report laid out a clear roadmap for Pakistan to become a high-middle-income country by 2047, with the potential for the economy to grow from over US$ 300 billion to US$ 3 trillion. Aurangzeb emphasized that the World Bank’s focus on climate change, digitalization, and human development aligned with the government’s priorities. The Finance Minister commended the World Bank’s initiative to launch a single platform to enhance its operational effectiveness.

#caretoday #pakistan #news #worldbank #economy

1 year ago | [YT] | 1

Care Today

The State Disaster Management Authority (SDMA) has issued an alert for heavy rains in Azad Kashmir from April 18 to 22.

The SDMA has advised tourists to exercise caution during this period. It has warned of possible rain and snowfall in Muzaffarabad, Azad Kashmir, and nearby areas during the next five days.

Furthermore, there may be an increase in rainfall intensity and wind speeds. SDMA has advised citizens and tourists to take precautionary measures while traveling.

The district administration has also urged people to avoid traveling in areas prone to rain, landslides, and snowfall.

Moreover, the National Disaster Management Authority (NDMA) has issued a warning advising the public to avoid traveling as the country braces for another round of rainfall.

“The expected rain this week may cause flash floods and landslides in the low-lying and mountainous areas,” NDMA said. The Pakistan Meteorological Department has forecasted that several parts of the country may experience rainfall from April 16 to 22.

#caretoday #pakistan #rainfall #tourist

1 year ago | [YT] | 1

Care Today

Just like Pakistan International Airlines (PIA), Pakistan Railways is also grappling with financial challenges.

According to a report by a national daily, the second-largest state-owned enterprise lacks the financial resources to replace 100 locomotives that have surpassed their operational lifespan of 20 to 25 years.

Due to the financial challenges, Pakistan Railways is forced to operate these locomotives. The report revealed that 35 out of these 100 engines that have exceeded their lifespan were purchased in 1975.

Furthermore, administrative issues have also made it difficult for Railways to replace the old fleet. An official told the national daily that Pakistan Railways (PR) is in dire need of 100 new locomotives to replace the old ones procured in 1975 and 1990.

He added that the “problem is the paucity of funds that must be made available to procure new locomotives and save the heavy maintenance cost being incurred on making the old ones operational.”

The official also mentioned the increasing number of incidents due to faults in the outlived engines. He requested the federal government to allocate funds for Railways in the upcoming annual budget for the year 2024-25 under the Public Sector Development Programme (PSDP).

The official stated that besides the 350 active locomotives of different specifications, PR has over 60 engines that are grounded. They will not be used further.

The official also shared statistics regarding the number of locomotives purchased since 1975. According to him, 35 locomotives of 300 horsepower and another 10 or so of 150 horsepower were acquired in 1975. The number of locomotives purchased in 1990 was 54, 63 in 2013-14, 55 locomotives of 90 series (4,000 HP) in 2017, and another 20 engines of 45 series having a capacity of 2,000 HP in 2019.

According to the official, PR only has 138 locomotives that still have their life for 12 to 20 years or so. He added that the rest have completed their life, particularly those procured in 1975 and the 1990s. “Life of a new locomotive is up to 25 years maximum, but Pakistan Railways is still using the 35 to 50 years old locomotives with heavy maintenance cost,” the official said.

In response to a question, he emphasized that to address the shortage of new locomotives, the railways require adequate funds to acquire a minimum of 100 new engines.

This investment would result in significant savings, as the maintenance costs associated with old engines would be reduced. Additionally, the adoption of new, fuel-efficient engines available in the market would lead to savings in fuel expenses, as these engines offer excellent mileage at higher speeds.

1 year ago | [YT] | 0

Care Today

Pakistan’s local refineries have demanded an end to the smuggling of petroleum products from Iran in order to proceed with the $5-6 billion upgrade plan in six years.

The Oil Companies Advisory Council (OCAC) recently complained about the smuggled products in a letter to the Special Investment Facilitation Council (SIFC). It said in a letter that refineries will only go ahead with the investment plan when smuggled petroleum products are wiped out of the Pakistani market.

OCAC lamented that oil marketing companies (OMCs) like PSO and Shell are experiencing reduced consumption and incurring monthly losses of $35.6 million, which is also hurting government tax revenue.

This issue not only undermines the forthcoming investments in refinery expansions but also jeopardizes the objectives of the new refining policy, it added.

The Refining Policy, finalized after four years, aims to attract significant investment and enhance production while meeting Euro-V specifications. However, the continuation of smuggling threatens to disrupt planned projects, impacting the entire supply chain and profitability of OMCs. OCAC complained that despite countless requests to the Petroleum Secretary, no concrete action has been taken against the rise in smuggled petroleum products.

The association has called for immediate intervention to safeguard the energy security and economic stability of the country.

1 year ago | [YT] | 5

Care Today

The Pakistan Stock Exchange (PSX) has notified investors that all regular market symbols which are currently traded in lot sizes of 20, 50, 100, and 500 shares, shall be converted into lot size of ONE Share and these symbols shall be discontinued in ODD Lot market accordingly.

Currently, 90 symbols are already being traded in lot size of ONE share.

The main bourse mentioned the following points for transitioning to the One Share lot:

This transition will take place in batches on a weekly basis. The implementation shall start from 22nd April 2024 and shall be completed in a total of six batches.

Companies with lot sizes of 20, 50, and 100 shares are divided into 1 single batch due to nominal contribution % in terms of total trades of the REG market.

The remaining batch wise list of companies shall be notified to the market before each implementation.

All REG market symbols including GEM symbols will become part of this transition.

Equities ETFs (UBLPETF, NITGETF, NBPGETF, MZNPETF, JSMFETF, ACIETF, JSGBETF and MIIETF) and Fixed Income ETF (HBLTETF) will not be part of this transition and shall continue to trade in a lot size of 500 shares. Resultantly, the mentioned above ETFs shall remain available in the ODD Lot market.

Deliverable Future Contracts (DFCs) and initial public offer (IPO), where 500 shares lot size is applicable, shall continue with a lot size of 500 shares.

1 year ago | [YT] | 0