Business

Web Desk — HMD Global, the home of Nokia phones, has achieved the milestone of producing over one million locally assembled mobile phones in Pakistan in just 6 months after setting up the assembly unit in the country. The company partnered with Tecno Pak Electronics last year in setting up the assembly plant of Nokia phones in Pakistan which has …

Web Desk — Pak Suzuki Motor Company (PSMC) has issued a recall for the 2019-2021 Alto over a suspected fuel filler neck fault. The company issued a public notice on its website, addressing 660CC Alto owners to visit the nearest Suzuki dealerships for the replacement of the faulty part. PSMC suspects that the part is prone to catching rust and …

Web Desk — The State Bank of Pakistan (SBP) has introduced a mechanism for requiring prior approval for the import of goods, which has hampered the arrival of completely knocked down (CKD) kits of vehicles and major imports in the auto industry. In the next week, the delay in processing approvals for CKD kits import transactions will lead to a …

Web Desk — Japanese bike assemblers have increased the prices by up to Rs23,500 citing the rising cost of raw materials on account of rupee devaluation against the dollar. Pak Suzuki Motor Company Ltd (PSMCL) has made a jump of Rs5,000-9,000 effective from June 1. The new price of GD110S, GS150, GS150SE and GR150 is Rs212,000, Rs232,000, Rs249,000 and Rs339,000. …

Web Desk — Indus Motor Company (IMC) has achieved a landmark of producing one million vehicles since it began mass production back in 1993. The one-millionth unit, a Toyota Corolla Grande, was lined off at the company’s plant in Karachi the other day amidst much fanfare. This was celebrated by the company’s 4000 employees and representatives from Toyota including Yoshiki …

Web Desk — Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, has partnered with DIGIT, a leading technology brand of Swift Biz Solutions Pvt. Ltd. in Pakistan, to bolster Pakistan’s digital and financial ecosystem. MMBL, under this strategic partnership, will accelerate digital inclusion by enabling its deposit account customers to purchase DIGIT smartphones (Glory1, Play1 & Energy) at an …

Web Desk — Saudi Arabia is finalizing the extension of the kingdom’s $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters. “We are currently finalizing extending the $3 billion deposit to Pakistan,” he said on the sidelines of the World Economic Forum in Davos. Last year, Saudi Arabia deposited $3 billion to the State Bank of …

Web Desk — Indust Motor Company (IMC) has revealed its future plan to introduce electric vehicles in Pakistan, saying that hybrid electric vehicles are their first step in this direction. Speaking at an auto conference, titled “Role of hybrids in transforming automobile landscape in Pakistan”, IMC Chief Executive Officer Ali Asghar Jamali underlined that his company was working on “Make …

Web Desk — Due to the country’s bulging import bill, the State Bank of Pakistan (SBP) reduced on Tuesday the consumer financing tenure for vehicles, bringing it down to a maximum of three years for cars with engine displacement of over 1,000cc, and to five years for those under 1,000cc. “The maximum tenure of auto finance facility is reduced from …

Web Desk — In order to accelerate digital payments, NayaPay, the first eMoney institution in Pakistan, and StormFiber, the largest fiber broadband service provider in the country, have announced their partnership. What is StormFiber?StormFiber is one of the fastest-growing fiber-optic ISPs with a network spanning 15 cities and scaling to 25+ cities by the end of the year. The brand …