Business Archives - Daily Country News https://dailycountrynews.com/category/business/ Wed, 22 Nov 2023 14:04:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 https://dailycountrynews.com/news/wp-content/uploads/2022/09/cropped-WhatsApp-Image-2022-09-24-at-6.19.02-PM-100x100.jpeg Business Archives - Daily Country News https://dailycountrynews.com/category/business/ 32 32 Ayub Zakori participates in WBAF 2023 World Congress https://dailycountrynews.com/ayub-zakori-participates-in-wbaf-2023-world-congress/ https://dailycountrynews.com/ayub-zakori-participates-in-wbaf-2023-world-congress/#respond Wed, 22 Nov 2023 14:04:10 +0000 https://dailycountrynews.com/?p=40339

PESHAWAR: Renowned industrialist and CEO Zakori Group Ayub Khan Zakori participated in the World Business Angel Investors Forum 2023 World Congress as WBAF Senator here the other day and represented Pakistan by highlighting its soft image, economic potential and investment opportunities to angel investors from all over the world. The event brought together senior senators, […]

The post Ayub Zakori participates in WBAF 2023 World Congress appeared first on Daily Country News.

]]>

PESHAWAR: Renowned industrialist and CEO Zakori Group Ayub Khan Zakori participated in the World Business Angel Investors Forum 2023 World Congress as WBAF Senator here the other day and represented Pakistan by highlighting its soft image, economic potential and investment opportunities to angel investors from all over the world.

The event brought together senior senators, senators and international partners of the forum from 22 countries. The session’s agenda was to delve into strategic dialogues concerning the forum’s forthcoming endeavors, its international committees, and the promotion of entrepreneurial spirit and angel investments across the globe.

At the Global Fundraising Stage (GFRS) of the World Congress, Ayub Zakori highlighted the progress of the Securities & Exchange Commission of Pakistan (SECP) and said that the SECP had initiated a number of projects, including the launching of incubation centers throughout the region, enhancing the ease of doing business, implementing one-window operations, and establishing a taxation framework, adding that these efforts highlighted the Pakistan’s dedication to fostering a welcoming environment for investors.

He further stated, “Pakistan is a land of exciting opportunities, youthful population and a vast and untapped potential, therefore, it is high time for global investors to discover and consider the prospects of Pakistan, its key geographic positioning, and its reservoir of emerging talent as well as new avenues for investment.”

It is to mention here that the World Business Angels Investment Forum (WBAF) is an entity of the G20 Global Partnership for Financial Inclusion (GPFI), and Ayub Zakori was the only delegate from Pakistan as WBAF Senator at this globally recognized convention where he promoted the Pakistan’s international standing and paved the way for global investment inflows for the economic uplift of Pakistan.

The post Ayub Zakori participates in WBAF 2023 World Congress appeared first on Daily Country News.

]]>
https://dailycountrynews.com/ayub-zakori-participates-in-wbaf-2023-world-congress/feed/ 0
 Businessmen asks AJK government to present people, business friendly budget https://dailycountrynews.com/businessmen-asks-ajk-government-to-present-people-business-friendly-budget/ https://dailycountrynews.com/businessmen-asks-ajk-government-to-present-people-business-friendly-budget/#respond Thu, 08 Jun 2023 15:00:14 +0000 https://dailycountrynews.com/?p=38846

Muzaffarabad: “The government of Azad Kashmir should utilize the budget wisely by creating business opportunities, promoting technical education, and formulating long-term policies for AJK”. This was said by the speakers at pre-budget seminar, which was held under the auspices of the Business Forum Azad Kashmir and Gilgit-Baltistan, Speaking on the occasion the President of the […]

The post  Businessmen asks AJK government to present people, business friendly budget appeared first on Daily Country News.

]]>

Muzaffarabad: “The government of Azad Kashmir should utilize the budget wisely by creating business opportunities, promoting technical education, and formulating long-term policies for AJK”.

This was said by the speakers at pre-budget seminar, which was held under the auspices of the Business Forum Azad Kashmir and Gilgit-Baltistan,

Speaking on the occasion the President of the Business Forum Azad Kashmir, Imran Aziz said that Azad Kashmir is abundant in resources, and it is necessary to effectively utilize these resources. If the government of Azad Kashmir reduces its expenses and invests in its resources, the region can become self-sufficient.

Member of the Legislative Assembly AJK Hassan Ibrahim said that there is a need to focus on tourism, I.T., water, and technical education in Azad Kashmir. There are numerous tourist destinations in Azad Kashmir, and if the government facilitates access to these places, it can generate employment for a large number of people and bring in billions of rupees in revenue.

Secretary General of the Business Forum Azad Kashmir Dr. Waqas, Muhammad Yasin said that there is a dire need to utilize water resources available in AJK. By constructing small dams, not only  can it cater the electricity needs of Azad Kashmir, but additional electricity can also be provided to Pakistan.

During the seminar businessmen Kashif Chaudhry, Shaheen Kausar Dar, Zulfiqar Abbasi and JI leader Javed Khan said that the literacy rate in Azad Kashmir is higher than in Pakistan, but the attention of the people is solely focused on government jobs. If the government provides business opportunities for the youth, offers them training, and promotes entrepreneurship, it can create numerous employment opportunities.

The post  Businessmen asks AJK government to present people, business friendly budget appeared first on Daily Country News.

]]>
https://dailycountrynews.com/businessmen-asks-ajk-government-to-present-people-business-friendly-budget/feed/ 0
Business Forum suggests excel of industry, tourism in AJK, GB https://dailycountrynews.com/business-forum-suggests-excel-of-industry-tourism-in-ajk-gb/ https://dailycountrynews.com/business-forum-suggests-excel-of-industry-tourism-in-ajk-gb/#respond Thu, 01 Jun 2023 13:49:17 +0000 https://dailycountrynews.com/?p=38709

Muzaffarabad: The government should give proper attention towards eradicating unemployment. These views were expressed by the speakers in the pre-budget seminar organized by the Business Forum AJK and GB. The president of the forum Imran Aziz said on the occasion that the rate of literacy is much higher than other provinces of Pakistan but there […]

The post Business Forum suggests excel of industry, tourism in AJK, GB appeared first on Daily Country News.

]]>

Muzaffarabad: The government should give proper attention towards eradicating unemployment.

These views were expressed by the speakers in the pre-budget seminar organized by the Business Forum AJK and GB.

The president of the forum Imran Aziz said on the occasion that the rate of literacy is much higher than other provinces of Pakistan but there is not any prospects of employment as there is not any big industry in the area and the educated youth have government jobs only.

“The young generation of AJK and GB should adopt business instead of doing government jobs.

During the seminar the way and means of earning for the youth through E-Commerce and Career counseling were discussed in detail.

Dr Samina Sabir, Dr Abdul Rauf, Faisal Jameel Kashmiri and Shahid Wani also spoke on the occasion. They said that the government may encourage tourism and industry in the area to create more jobs for the educated youth.

The speakers said that despite the business community forwarding its suggestions to the government before every year’s budget, it is unfortunate that the government did nothing for the development of the business so far.

The post Business Forum suggests excel of industry, tourism in AJK, GB appeared first on Daily Country News.

]]>
https://dailycountrynews.com/business-forum-suggests-excel-of-industry-tourism-in-ajk-gb/feed/ 0
Pakistani e-commerce startup SwagKicks raises $1.2 million to tap into thriving preloved market https://dailycountrynews.com/pakistani-e-commerce-startup-swagkicks-raises-1-2-million-to-tap-into-thriving-preloved-market/ https://dailycountrynews.com/pakistani-e-commerce-startup-swagkicks-raises-1-2-million-to-tap-into-thriving-preloved-market/#respond Thu, 16 Feb 2023 13:25:25 +0000 https://dailycountrynews.com/?p=33833

One Pakistani startup is taking advantage of this trend, targeting young people who cannot afford global brands. The startup, SwagKicks, founded in 2018, offers pre-washed and pre-disinfected authentic secondhand lifestyle accessories. They have recently raised $1.2 million in seed funding to expand their reach and tap into the global circular fashion business. According to the […]

The post Pakistani e-commerce startup SwagKicks raises $1.2 million to tap into thriving preloved market appeared first on Daily Country News.

]]>

One Pakistani startup is taking advantage of this trend, targeting young people who cannot afford global brands.

The startup, SwagKicks, founded in 2018, offers pre-washed and pre-disinfected authentic secondhand lifestyle accessories. They have recently raised $1.2 million in seed funding to expand their reach and tap into the global circular fashion business.

According to the co-founder and general partner at i2i Ventures, Misbah Naqvi, “The secondhand clothing market in Pakistan is large, but the supply side is very fragmented. The team at this Pakistani startup is able to operate at scale because of the elaborate back end they’ve built, including an in-house warehouse SaaS product that has tremendous potential.”

The startup aims to grow beyond Pakistan and reach a global audience, both in direct-to-consumer and B2B thrift and vintage fashion.

With over 100,000 customers served and 25,000 items listed on their platform, they are poised to make a significant impact on the e-commerce industry.

The post Pakistani e-commerce startup SwagKicks raises $1.2 million to tap into thriving preloved market appeared first on Daily Country News.

]]>
https://dailycountrynews.com/pakistani-e-commerce-startup-swagkicks-raises-1-2-million-to-tap-into-thriving-preloved-market/feed/ 0
Cabinet to okay Rs170bn tax measures today, IMF told https://dailycountrynews.com/cabinet-to-okay-rs170bn-tax-measures-today-imf-told/ https://dailycountrynews.com/cabinet-to-okay-rs170bn-tax-measures-today-imf-told/#respond Tue, 14 Feb 2023 09:07:51 +0000 https://dailycountrynews.com/?p=33679

ISLAMABAD: Pakistan authorities informed the International Monetary Fund (IMF) that the federal cabinet on Tuesday will approve different tax proposals to fetch an additional revenue of Rs170 billion through a presidential ordinance. “We will adopt the path of promulgation of an ordinance for avoiding further waste of time. Once the cabinet grants its nod the presidential ordinance will […]

The post Cabinet to okay Rs170bn tax measures today, IMF told appeared first on Daily Country News.

]]>

ISLAMABAD: Pakistan authorities informed the International Monetary Fund (IMF) that the federal cabinet on Tuesday will approve different tax proposals to fetch an additional revenue of Rs170 billion through a presidential ordinance.

“We will adopt the path of promulgation of an ordinance for avoiding further waste of time. Once the cabinet grants its nod the presidential ordinance will be promulgated within the current week.

The Washington-based lender suggested adopting the path of permanent taxation measures by abandoning the path of one-offs.

The government, however, decided to drop the flood levy on imports owing to stiff resistance from the IMF and proposed jacking up the general sales tax (GST) rate by 1%, raising it from the standard rate of 17 to 18%.

The IMF had given its prescription to slap a standard rate of GST on petroleum products but Islamabad sternly opposed it. However, the petroleum levy on high-speed diesel (HSD) will be jacked up from Rs40 to Rs50 per litre. The possibility of further increasing the limit of petroleum levy cannot be ruled out at the moment but Pakistan is still resisting it.

A senior official of the Finance Ministry said that the authorities on Monday shared their detailed comments with IMF’s review mission through a virtual meeting on the Memorandum of Financial and Economic Policies (MEFP) and asked the Fund for adopting a staggered approach for making adjustments on all fronts in phases.

However, the IMF has conveyed in a crystal clear tone that Pakistan will have to undertake permanent taxation measures in order to fetch Rs170 billion in additional taxes in the remaining period of the current fiscal year.

Although, the government is still making its last-ditch effort to convince the IMF for allowing certain taxation measures which could be considered “one-offs” such as the imposition of flood levies in some form. But the IMF wants permanent taxation measures, so the government will have to slap massive taxation having annualised impact of Rs500 billion.

“With the imposition of taxes worth Rs450 to Rs500 billion on annual basis, the government can raise additional revenues of Rs170 billion in the remaining period of the current fiscal till June 30, 2023,” said the sources.

It is expected that both parties would strike a staff-level agreement by end of the current week. When asked about the possibility of the promulgation of an ordinance to unveil the mini-budget, an official said that the decision would be taken within the week about introducing a bill or promulgating an ordinance to this effect.

However, another official said that the government did not have the luxury to wait for the next 15 days because every day is counting to collect the desired tax revenues of Rs170 billion through permanent measures. The possible strategy could be unveiling a mini-budget through the presidential ordinance and then it would be laid down before Parliament within the stipulated timeframe under the constitutional obligations.

The IMF has been informed that the government was pursuing bilateral and multilateral creditors to secure the desired dollar inflows and when it would get stamped approval and backing of the IMF in the aftermath of the revival of the Fund programme, Islamabad will be able to raise the desired inflows of $12 to $13 billion. If all dollar inflows are materialised, the ongoing financial year will be ended without the danger of looming default on an immediate basis.

The post Cabinet to okay Rs170bn tax measures today, IMF told appeared first on Daily Country News.

]]>
https://dailycountrynews.com/cabinet-to-okay-rs170bn-tax-measures-today-imf-told/feed/ 0
European real estate market faces wrecking ball amid falling valuations https://dailycountrynews.com/european-real-estate-market-faces-wrecking-ball-amid-falling-valuations/ https://dailycountrynews.com/european-real-estate-market-faces-wrecking-ball-amid-falling-valuations/#respond Fri, 10 Feb 2023 14:02:26 +0000 https://dailycountrynews.com/?p=33518 Facing the steepest fall on record, European real estate investors are likely in for a devastating blow as a recent rout in trophy properties — especially in London and Frankfurt — seems swinging its way towards their already troubled portfolios like a massive wrecking ball. From a fraught refinancing process for an office building in […]

The post European real estate market faces wrecking ball amid falling valuations appeared first on Daily Country News.

]]>
Facing the steepest fall on record, European real estate investors are likely in for a devastating blow as a recent rout in trophy properties — especially in London and Frankfurt — seems swinging its way towards their already troubled portfolios like a massive wrecking ball.

From a fraught refinancing process for an office building in the City of London to the strained sale of the Commerzbank Tower in Germany’s financial hub, investors are scrambling to find ways to bridge financing gaps as lending markets seize up from rapidly rising interest rates, according to a report by Bloomberg.

The reality check will start to hit in the coming weeks as lenders across Europe get results of year-end appraisals. Hefty declines in valuations threaten to cause breaches of loan covenants, triggering emergency funding measures from forced sales to pumping in fresh cash.

“Europe is going to go through the great unwind of 10 years of easy money,” said Skardon Baker, a partner at private equity firm Apollo Global Management. “The amount of distress and dislocation is off the spectrum.”

Loans, bonds and other debt totalling about €1.9 trillion ($2.1 trillion) — nearly the size of the Italian economy — are secured against commercial property or extended to landlords in Europe and the UK, according to the European Banking Authority, a survey by Bayes Business School and data compiled by Bloomberg.

Roughly 20% of that, or about €390 billion, will mature this year, and the looming crunch marks the first real test of regulations designed after the global financial crisis to contain real estate lending risks. Those rules could end up making a correction steeper and more abrupt.

“I think the revaluation will happen more quickly than in the past,” said John O’Driscoll, head of the real assets business of French insurer Axa SA’s investment management unit. “People are starting to get exposed as the tide goes out.”

Europe’s lenders will be prodded by the new regulations to act more aggressively on bad loans. They’re also in better shape than during the last real estate crisis more than a decade ago, so could be less inclined to allow issues to fester. That puts the burden on borrowers.

In the aftermath of the 2008 financial crisis, most banks were reluctant to call in bad loans as doing so would have led to huge losses — a practice dubbed “extend and pretend.” Under new rules on non-performing loans, lenders will have to provision for expected, rather than accrued, losses. That means they have less incentive to sit tight and hope asset values recover.

“The year-end valuations done in the first quarter will be key,” said Ravi Stickney, managing partner and chief investment officer for real estate at Cheyne Capital, an alternative investment fund manager that raised £2.5 billion for real estate lending last year. “The question mark is over what the banks actually do.”

So far valuations haven’t declined enough so that senior debt — the loans generally held by banks — are underwater, but that could soon change. UK commercial properties valued by CBRE Group Inc. fell by 13% last year. The decline accelerated in the second half, with the broker registering a 3% fall in December alone. Analysts at Goldman Sachs Group Inc. have forecast that the total decline could top 20%.

Banks might then act before prices fall further and risk credit losses, forcing indebted landlords into complex alternatives. The issues get thornier for those facing debt maturities. Lenders are reducing the amount of a property’s value they’re willing to loan out. A lower appraisal could act as a double whammy, increasing the funding gap.

“Bank appetite is lower and it will stay lower” until there’s a sign the market has hit bottom, said Vincent Nobel, head of asset-based lending at Federated Hermes Inc. The new regulations prod banks to deal with bad loans “and one way to solve problems is to make it somebody else’s problem.”

According to Bloomberg, Sweden has so far been the epicentre of the crisis, with home prices projected to drop 20% from peak levels. The country’s listed property firms have lost 30% of their value over the past 12 months, and the Swedish central bank and Financial Supervisory Authority (FSA) have repeatedly warned of the risks stemming from commercial property debt.

Falling real estate values could trigger a “domino effect,” as demands for more collateral could force distressed selling, according to Anders Kvist, a senior adviser to the director of the FSA.

While there are some pockets of stability like in Italy and Spain, which were hit harder after the global financial crisis, the UK is slumping and there are signs that Germany could be next.

On the bright side, there are more options available for strapped property investors. Entities such as closed-ended credit funds have steadily expanded over the past decade. Collectively, insurers and other alternative lenders had a higher share of new UK real estate loans than the country’s major banks in the first half of last year, according to the Bayes survey.

In the next 18 months, investors will pour a record amount of money into so-called opportunistic funds which make riskier real estate bets, Cantor Fitzgerald Chief Executive Officer Howard Lutnick said at the World Economic Forum in Davos last week. The trend will help accelerate a rebound in commercial real estate markets, he said.

These new tools could make the turmoil more short-lived than in the past when banks held on to bad loans for years. Louis Landeman, a credit analyst at Danske Bank in Stockholm, expects the reset to be relatively orderly with borrowers having enough to take countermeasures.

“Anyone that can come up with a creative way of filling that gap is going to have a great time,” said Mat Oakley, head of commercial research at Savills told Bloomberg.

The post European real estate market faces wrecking ball amid falling valuations appeared first on Daily Country News.

]]>
https://dailycountrynews.com/european-real-estate-market-faces-wrecking-ball-amid-falling-valuations/feed/ 0
Virtual discussions will continue to finalise implementation of policy measures: IMF https://dailycountrynews.com/virtual-discussions-will-continue-to-finalise-implementation-of-policy-measures-imf/ https://dailycountrynews.com/virtual-discussions-will-continue-to-finalise-implementation-of-policy-measures-imf/#respond Fri, 10 Feb 2023 13:56:09 +0000 https://dailycountrynews.com/?p=33514 ISLAMABAD/WASHINGTON: Pakistan and the International Monetary Fund (IMF) have agreed to continue talks on a bailout deal, delaying the disbursement of $1.1 billion in funding critical to stabilising the dwindling economy. “Virtual discussions will continue in the coming days,” IMF Pakistan Mission Chief Nathan Porter said in a statement, thanking the authorities for the “constructive discussions”. The statement, […]

The post Virtual discussions will continue to finalise implementation of policy measures: IMF appeared first on Daily Country News.

]]>
ISLAMABAD/WASHINGTON: Pakistan and the International Monetary Fund (IMF) have agreed to continue talks on a bailout deal, delaying the disbursement of $1.1 billion in funding critical to stabilising the dwindling economy.

“Virtual discussions will continue in the coming days,” IMF Pakistan Mission Chief Nathan Porter said in a statement, thanking the authorities for the “constructive discussions”.

The statement, issued after the mission concluded its 10-day Pakistan visit, welcomed Prime Minister Shehbaz Sharif’s commitment to implement policies that are required to “safeguard macroeconomic stability”.

Porter noted that “considerable progress” was made during the talks with Pakistani officials on “policy measures to address domestic and external imbalances”.

The IMF mission chief highlighted that the “key priorities include strengthening the fiscal position with permanent revenue measures and reduction in untargeted subsidies, while scaling up social protection to help the most vulnerable and those affected by the floods; allowing the exchange rate to be market determined to gradually eliminate the foreign exchange shortage; and enhancing energy provision by preventing further accumulation of circular debt and ensuring the viability of the energy sector”.

“The timely and decisive implementation of these policies along with resolute financial support from official partners are critical for Pakistan to successfully regain macroeconomic stability and advance its sustainable development,” said Porter.

The IMF mission chief said that the “virtual discussions” will continue between the two sides in the coming days to finalise the “implementation details” of the policies.

Staff-level agreement

Earlier today,  reported that the failure in the implementation of the prior actions by Pakistan resulted in the delay of the signing of the staff-level agreement (SLA) with the IMF delegation.

It said that the IMF mission had shared a draft Memorandum of Economic and Financial Policies (MEFP) with Pakistan and evolved a broader consensus over actions and prior actions.

The visiting IMF team concluded its review parleys in 10 days and left Islamabad without signing the agreement.

The publication stated that the Pakistani authorities delayed the implementation of prior actions. Secondly, the report said, the IMF remained engaged in securing confirmation from all avenues of external financing.

The prior actions included slapping additional taxes through a mini-budget, taking steps to erase circular debt for the energy sector including hiking electricity and gas tariffs and increasing the policy rate for tightening of monetary stance.

“The IMF shared the draft MEFP and relevant tables with Pakistani authorities and there was a broader consensus on actions/prior actions. Some deviations have occurred during the course of parleys contrary to the original mandate obtained by the IMF staff from Washington (Headquarters). The Fund staff requires permission in order to sign the SLA subsequently in the coming week,” Secretary Finance Hamid Yaqoob late Thursday night told journalists.

The finance secretary said that the government shared its plan to secure external financing from all avenues and the IMF did not raise any objections to the estimates.

Sources told The News said that the Pakistani authorities delayed implementations of prior actions due to which the draft MEFP could not be shared well on time.

It should have been handed over to the Pakistani side three days prior to the conclusion of parleys so that the Ministry of Finance could give a careful reading of the document with full understanding.

If this course had been adopted then the prior actions could have been implemented and shared with the Fiscal Affairs Department (FAD) of the IMF based in Washington. And after getting approval from the IMF headquarters, the staff-level agreement could have been signed at the conclusion of talks on Friday.

The report said that the prevailing uncertainty will continue hovering over the economic horizon of the country due to the delay in the agreement.

The post Virtual discussions will continue to finalise implementation of policy measures: IMF appeared first on Daily Country News.

]]>
https://dailycountrynews.com/virtual-discussions-will-continue-to-finalise-implementation-of-policy-measures-imf/feed/ 0
To the 300: The rupee soars to an unprecedented 280 https://dailycountrynews.com/to-the-300-the-rupee-soars-to-an-unprecedented-280/ https://dailycountrynews.com/to-the-300-the-rupee-soars-to-an-unprecedented-280/#respond Fri, 03 Feb 2023 12:15:53 +0000 https://dailycountrynews.com/?p=33255

The rupee lost approximately RRs5.22 as it fell from Thursday’s value of Rs271.36 to Friday’s close of Rs276.58, according to data released by the State Bank of Pakistan (SBP). In the history of the rupee, this is the first time that it has achieved the psychological threshold of Rs275 in the interbank market.   The […]

The post To the 300: The rupee soars to an unprecedented 280 appeared first on Daily Country News.

]]>

The rupee lost approximately RRs5.22 as it fell from Thursday’s value of Rs271.36 to Friday’s close of Rs276.58, according to data released by the State Bank of Pakistan (SBP).

In the history of the rupee, this is the first time that it has achieved the psychological threshold of Rs275 in the interbank market.

 

The rupee lost nearly Rs5 in the open market as well, falling to an unprecedented Rs280 value.

The rupee has never fallen to such a low point before.

It bears repeating that the time when the dollar’s value against the rupee reached its highest point coincided with the country’s SBP foreign exchange reserves falling to $3.086 billion.

The post To the 300: The rupee soars to an unprecedented 280 appeared first on Daily Country News.

]]>
https://dailycountrynews.com/to-the-300-the-rupee-soars-to-an-unprecedented-280/feed/ 0
Google’s layoffs shock long-term workers. https://dailycountrynews.com/googles-layoffs-shock-long-term-workers/ https://dailycountrynews.com/googles-layoffs-shock-long-term-workers/#respond Sat, 21 Jan 2023 10:56:55 +0000 https://dailycountrynews.com/?p=33185

Sundar Pichai, the company’s CEO, explained that during the pandemic, there was more demand for the company’s products. As a result, the company’s headcount has increased rapidly over the past two years. However, the business is currently confronted with “a different economic reality.” The employees affected by the layoffs, many of whom had worked for […]

The post Google’s layoffs shock long-term workers. appeared first on Daily Country News.

]]>

Sundar Pichai, the company’s CEO, explained that during the pandemic, there was more demand for the company’s products. As a result, the company’s headcount has increased rapidly over the past two years. However, the business is currently confronted with “a different economic reality.”

The employees affected by the layoffs, many of whom had worked for the company for a number of years and accomplished a lot, have been surprised and disappointed by the news.

Richard Hay, a Google Engineer with 15.5 years of experience who was involved in major projects like Firehose Deployments, Watchtower Development & Deployment, and the EPC Ops support of Starlink ramp-up from under 1,000 terminals to over 120,000 in 2021, is one of the affected employees.

Another worker, Justin Moore, who had worked for the company for more than 16.5 years, was informed of his layoff at 3 a.m. by an automated account deactivation.

Not only are the employees affected by the layoffs hurt, but they also show how the tech industry is being affected by the ongoing economic downturn. However, it also emphasizes the job market’s uncertainty and fragility, even for successful individuals.

Alphabet will provide affected U.S.-based employees with 16 weeks of severance pay in response to the layoffs, with an additional two weeks for each year worked at the company. Outplacement support and career coaching will also be provided by the company to assist employees in adjusting to new positions.

Numerous businesses are likely to face similar decisions as the tech industry continues to navigate the economic reality of the pandemic. It will be crucial for them to ensure that they are providing adequate support for the employees who are affected by layoffs.

The post Google’s layoffs shock long-term workers. appeared first on Daily Country News.

]]>
https://dailycountrynews.com/googles-layoffs-shock-long-term-workers/feed/ 0
Day trade: PSX drops more than 1,400 points due to political unrest https://dailycountrynews.com/day-trade-psx-drops-more-than-1400-points-due-to-political-unrest/ Tue, 17 Jan 2023 10:48:37 +0000 https://dailycountrynews.com/?p=33118

KARACHI: On Tuesday, the KSE-100 index of the Pakistan Stock Exchange (PSX) fell by more than 1,400 points during intraday trade. The KSE-100 Index was down 1,342.96 points, or around 3.40%, at 3:17 PM, and was circling the 38,377.79 level. The slaughter in the stock market was brought on by both the protracted political unrest […]

The post Day trade: PSX drops more than 1,400 points due to political unrest appeared first on Daily Country News.

]]>

KARACHI: On Tuesday, the KSE-100 index of the Pakistan Stock Exchange (PSX) fell by more than 1,400 points during intraday trade.

The KSE-100 Index was down 1,342.96 points, or around 3.40%, at 3:17 PM, and was circling the 38,377.79 level.

The slaughter in the stock market was brought on by both the protracted political unrest in the nation and the delay in the renewal of the International Monetary Fund’s (IMF) lending programme.

Analysts claim that this severe selloff in the market was caused by the dissolution of the Punjab Assembly and the ongoing instability in the nation amid persistent calls for hasty elections from Pakistan Tehreek-e-Insaf (PTI).
The Shehbaz Sharif government has been under pressure to revive the IMF programme but the “harsh conditions” set by the Washington-based lender have made it almost impossible for the country’s financial managers to proceed.

Meanwhile, the depleting forex reserves with the State Bank of Pakistan below the $5 billion mark — enough for less than three weeks of import — is making the investors jittery.

On Monday, the PSX began another week on a bearish note with the benchmark index plunging over 600 points as the market reacted to the repercussions of political uncertainty.
The index dropped below 40,000 points against a backdrop of a deteriorating political situation coupled with weak economic data.

The political unrest caused by the struggle for power in the nation, the dissolution of the Punjab assembly, and the elections for local bodies in Sindh had an effect on the business climate.

Further dampening investor confidence were worries about monetary policy rate increases, the rupee’s decline versus the dollar, and the postponement of the ninth review of the International Monetary Fund (IMF) programme.

The post Day trade: PSX drops more than 1,400 points due to political unrest appeared first on Daily Country News.

]]>