News Archives for Business & Finance - 2021-05-08

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Business & Finance - 2021-05-08

Tesla director contradicts Elon Musk’s timeline for autonomous cars

Based on a recent statement by Elon Musk, it was anticipated that Tesla is making progress towards becoming driverless by the end of the year.
That excitement was cut short when Tesla’s Director of Autopilot software reportedly contradicted that statement.

Updated 08 May, 2021 07:53pm

Companies

Volkswagen Plant Construction to start in Pakistan

Construction of the Volkswagen plant in Pakistan will officially commence within this quarter.

Published 08 May, 2021 05:39pm

IT and Computers

Xiaomi surpasses Apple in Europe due to Impressive Growth

Xiaomi has surpassed Apple in terms of market share in Europe.
Xiaomi now accounts for 23 percent share of the European region as compared to Apple's 19 percent and witnessed impressive 85 percent year-on-year growth in Europe as compared to Apple's 22 percent.

Updated 08 May, 2021 05:37pm

Companies

Thailand set to boost COVID-19 vaccinations, expects to approve Moderna shots

Moderna vaccine to be approved soon – official.
Thailand should have at least 150 mln doses of vaccines – PM.

Published 08 May, 2021 04:26pm

Companies

Sri Lanka approves Pfizer COVID vaccine for emergency use

Dr. Sudharshani Fernandopulle, the minister overseeing the fight against the epidemic, said in a statement the government would order 5 million doses of the Pfizer vaccine.
Sri Lanka is the first country in South Asia to approve the Pfizer vaccine. It has also approved Russia's Sputnik and China's Sinopharm vaccines for emergency use.

Published 08 May, 2021 04:17pm

Industry

Uzbekistan's Q1 GDP growth slows to 3.0pc from 4.6pc in Q1 2020

Industrial output, up 3.8%, was the main growth driver, the committee's data showed.

Published 08 May, 2021 04:03pm

Commodities

Egypt's GASC seeks soyoil and sunflower oil for arrival July 11-31

GASC said it wanted at least 30,000 tonnes of soyoil and 10,000 tonnes of sunflower oil. The deadline for the offers is May 11.
GASC will also hold a domestic tender for vegetable oils on Tuesday, the supply ministry said, where it is seeking quantities of at least 3,000 tonnes of soyoil and 1,000 tonnes of sunflower oil.

Published 08 May, 2021 03:55pm

Hyunda recalls 6th generation Elantra for possible engine fires

Interestingly, the recalled Elantra is the same one that was recently launched in Pakistan.
Elantra's 2.0-liter engine has poorly heat-treated piston oil rings. Consequently, the oil leaks from there onto hot exhaust components, which could cause a fire in the engine bay.

Published 08 May, 2021 02:32pm

Locally produced COVID vaccine to be available by May end

Due to the agreement on technology transfer, the National Institute of Health (NIH) will be able to produce three million doses per month which will significantly reduce the country’s dependence on other countries.

Published 08 May, 2021 12:08pm

Tough U.S. jobs report shows Biden’s rocky road to full economic recovery

U.S. job growth unexpectedly slowed last month, likely restrained by shortages of workers and raw materials. Nonfarm payrolls increased by only 266,000 jobs, well below the nearly 1 million jobs economists expected and a sharp contrast to steady increases in growth from January to March.

Published 08 May, 2021 11:29am

SECP considering conversion of physical shares into book-entry form

As per SECP, in order to minimize shareholding disputes and make the entire process of holding, monitoring, and transferring of shares much easier, cost-efficient and transparent, the SECP is considering a proposal requiring all the public listed, public unlisted, public interest and private limited companies to have their shares in book-entry form in compliance with Section 72 of the Companies Act, 2017.

Published 08 May, 2021 11:14am

PIA incurs over Rs7.5bn losses in first three months as Covid-19 dents aviation

Due to extremely challenging environment on account of COVID-19, PIA has attained gross loss of Rs 3.6 billion and operating loss of Rs 5.4 billion during the period ended March 31 2021.

Published 08 May, 2021 10:48am

Pakistan exports to UK witness 31pc growth

These are the highest-ever exports to UK in a 10-months’ period, said Dawood.

Published 08 May, 2021 10:26am

NAPHDA chairman tells IIA delegation: Traders’ problems to be resolved on preferential basis

ISLAMABAD: Lt-Gen Anwar Ali Hyder (retd), Chairman Naya Pakistan Housing and Development Authority (NAPHDA) on ...