In May 2024, auto financing in Pakistan continued its 23rd consecutive month of decline, totaling Rs233 billion, marking a 22.5% decrease year-on-year and a slight 1.2% drop from the previous month. Despite the State Bank of Pakistan (SBP) reducing the interest rate to 20.50% on June 10, down from 22% held for nearly a year, this move did not stimulate interest among buyers to purchase new cars. The outstanding loan amount has steadily decreased from Rs300 billion in May 2023 to Rs236 billion in April 2024. Since June 2022, when auto financing stood at Rs368 billion, there has been an…
Author: Iqra Khan
Mohsin Naqvi, the chairman of the Pakistan Cricket Board (PCB), has outlined a series of significant initiatives aimed at revitalizing Pakistan’s domestic cricket structure. These measures are designed to bolster the quality of domestic cricket, improve coaching standards, nurture talent, and bridge the gap between domestic and international cricket levels. Key decisions include a revision of player contracts to incentivize performance and ensure equitable treatment across formats. Naqvi emphasized the importance of organizing tournaments in all three formats to elevate competition and provide a robust platform for players to demonstrate their skills. Promoting quality domestic cricket at all levels is…
The incident recounted by Ramiz Raja sheds light on a peculiar and dramatic episode during a cricket match in Gujranwala, Pakistan, during the era of General Ziaul Haq’s rule. Here’s a summary of what happened: The four-day cricket match began in an almost deserted stadium, with only a few spectators present. As the match progressed, small groups of spectators started filling up the stands. Within hours, the stadium was packed with around 10,000 people. This surge in attendance puzzled the players. Soon after the stadium filled up, police arrived and approached the captain, Ramiz Raja. They instructed the players to…
KARACHI: Analysts for the car industry referred to the government budget for 2024–2025 as a mistake and demanded a 24-year sustainable plan for all businesses, including the auto industry. They emphasized that in order to quickly establish this long-term strategy, the government must involve the cabinet, political parties, and industrialists. Growth in the industry depends on sustainability, but local rules are subject to sudden changes, usually prompted by news reports, which means corporate executives have to make continual adjustments to their plans. Due to this instability, doing business and investing in the nation is extremely risky. In particular, the auto…
Plotting is the most popular investment option in Pakistan because of the lack of knowledge about finance; plots are thought to be the most profitable type of land.After holding onto these plots for decades, many investors sell them for two or four times their initial cost, frequently believing they have made a sizable profit. But after accounting for depreciation and inflation, these investments really yield little to no financial return at all. In contrast, if tackled with the appropriate information and technique, the stock market offers a strong possibility for significant earnings. The Pakistani stock market functions similarly like any…
ISLAMABAD: Pakistan’s commercial real estate market is facing formidable obstacles due to low investor confidence and stagnating prices. Analysts caution that the industry is preparing for a protracted decline, which would have an impact on investors and the whole economy. Hassam Ali, a real estate policy expert at the All Pakistan Real Estate Association, stated that there are no immediate signs of recovery in the commercial real estate sector, which was once a flourishing hub of activity. Instead, the sector is currently stagnant. In an interview with WealthPK, he contended that the industry’s downfall was caused by a number of…
The Sialkot Chamber of Commerce and Industry (SCCI) president said that online payment had been introduced for chamber membership renewal. SCCI President Abdul Ghafoor Malik said that now instead of visiting the Sialkot chamber for the renewal of their firms, members can renew their firms from home. He said that the chamber had always endeavored to ensure the provision of best services to its members and businessmen. Malik said that he and his team had rendered valuable services to solve the problems of members. “Being the SCCI president, I would continue to play my role in the betterment of members…
Pakistan Tourism Development Corporation (PTDC), in collaboration with Sustainable Tourism Foundation Pakistan (STFP), has initiated a comprehensive public awareness campaign aimed at promoting responsible tourism in Pakistan’s mountainous regions. Director of PTDC, Aftab ur Rehman Rana highlighted that the campaign seeks to raise awareness among tourists regarding eco-friendly practices when visiting Pakistan’s breathtaking mountain areas, said a press release on Sunday. He emphasised the detrimental impact of irresponsible tourist behaviour, such as littering, which not only harms the natural environment but also jeopardizes the local cultural heritage and traditions. “While tourism has brought economic benefits to local communities, it has…
Ministry of Federal Education and Professional Training will launch the “Empowering Voices, Shaping Futures” campaign to promote public speaking skills among Pakistani youth. Led by the President of the Oxford Debating Union, Israr Khan, the campaign aims to empower youth with essential public speaking skills for personal and professional growth. According to the education ministry, the campaign will also enhance confidence, critical thinking, and effective communication among youth.However, under the campaign, the ministry will implement a national launch event, social media campaign, public speaking workshops, debates and regional competitions The campaign seeks to unlock the potential of Pakistan’s youth and…
Islamabad Art Gallery (IAG) will organise a reference in memory of Mansoor Rahi, a celebrated artist whose recent passing left an indelible mark on the global art landscape. To commemorate his legacy and contributions to the world of art, Head of IAG, Prominent artist and former Federal Minister for National Heritage and Culture, Jamal Shah said that IAG would organise a special event for the remembrance of Mansoor Rahi. He said that the event would be attended by prominent artists who shed light on Rahi’s life and career. Mansoor Rahi was the leading abstractionist painter of Pakistan and his teaching…
