BUSINESS
Pakistan's economy takes a beating amid rising political instability following Punjab by-poll results
The results -- PTI won 15 out of 20 seats in the by-elections-- have dealt a setback for the ruling Pakistan Muslim League-Nawaz (PML-N) led coalition, which has been trying to secure a bailout package from the International Monetary Fund as well as other friendly countries. Punjab, the largest and most populous province in Pakistan, has typically been the stronghold of the PML-N.
China slaps $1.18 bn fine on ride-hailing major Didi Global over national security
Senior executives Will Cheng Wei and Jean Liu Qing were each fined 1 million yuan, the regulator said, reports South China Morning Post. The CAC said in its statement that Didi committed 16 offences involving the illegal collection of data from drivers and passengers. "They include the illegal processing of 64.7 billion personal information entries over the span of seven years since June 2015," the report said.
Amazon ramps up India hiring for cheaper Internet service as Musk's Starlink quits
The company has posted several job openings for Project Kuiper in the country. One job posting in Bengaluru seeks to hire a manager to "execute and handle the project's licensing strategy in India and Asia-Pacific". The other job opening is for Business Strategy Lead, Country Development, Project Kuiper in Haryana (Gurugram).
Pakistan allows state-owned company to import 0.3 million tons of wheat to manage strategic reserves
The decision was made at an ECC meeting attended by ministers and representatives from all relevant ministries, the finance ministry said in a statement on Wednesday night. The Ministry of National Food Security and Research at the meeting presented a summary of urgent advice relating to the awarding of third international wheat tender 2022, Xinhua news agency reported quoting the statement.
Gautam Adani surpasses Bill Gates to become 4th richest person in world, Mukesh Ambani slips to 10th spot | Here's Top 10 list
As per the new Forbes list, Adani stands at top 4 with a total net worth of $115.4 billion which is about $11 billion higher than that of Gates, whose wealth stands at $104.2 billion. Meanwhile, Reliance Industries chairman Mukesh Ambani has slipped to 10th position in world's billionaires list. According to Forbes, Adani's wealth has more than doubled since early 2021 to a current $112.9 billion. Let's take a look at the top 10 richest persons in the world.
Several essential medicines vanish from Pakistani markets
"None of the brands selling lithium carbonate are available in the market for the last couple of months," a renowned psychiatrist and former president of the Pakistan Psychiatric Society (PPS) said while referring to the formulation known as the most effective medicine for the treatment of several psychiatric illnesses, including bipolar disorder.
Uber files: UK union stages 24-hour strike to make CEO accountable
The union on Wednesday asked passengers not to cross the Uber driver picket line and not use the service, along with asking drivers not to open the app. The union, alleging that Uber fundamentally changed in 2017 after Dara Khosrowshahi became CEO, also held a public demonstration at Uber UK's head office at Aldgate Towers in London.
Crypto exchange Zipmex pauses withdrawals until further notice
In a tweet late on Wednesday, Zipmex said that due to a combination of circumstances "beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice".
Hyundai sells 1.88 mn vehicles in first 6 months, Q2 profit jumps 56%
Net profit for the three months ended in June rose to 3.08 trillion won (US$2.34 billion) from 1.98 trillion won during the same period of last year, the company said in a statement. In the six-month period, Hyundai sold a total of 1.88 million vehicles, achieving 43 per cent of its sales target of 4.34 million units for the year.
Tesla sold 75% of its Bitcoin, Musk says Dogecoin still with him
Last year, Tesla made a $1.5 billion investment in Bitcoin and announced that it would accept Bitcoin as payment. In the second-quarter (Q2) earnings call with analysts, Tesla Ceo Elon Musk said that the reason the company sold a bunch of its Bitcoin holdings "was that we were uncertain as to when the COVID lockdowns in China would alleviate".
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