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Muhammad Sohaib Firdous

Ryanair flies back into quarterly profit

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Ryanair returns to profit
  • Ryanair said that it returned to profit in the first quarter of 2022.
  • Net profit hit 170 million euros ($174 million) in three months to June.
  • Chief executive Michael O’Leary warns of ongoing threats to the sector’s fragile outlook.

Irish budget airline Ryanair said Monday that it returned to profit in the first quarter as demand jumped on the travel sector’s nascent recovery from the Covid pandemic.

Net profit hit 170 million euros ($174 million) in its first quarter or three months to June, the Dublin-based carrier said in a statement.

That contrasted sharply with a net loss of 273 million euros a year earlier, when it continued to be hit by Covid travel restrictions.

Traffic increased more than five-fold to 45.5 million passengers.

However, Ryanair’s performance still fell short of its pre-pandemic net profit of 243 million euros in the first quarter of its 2019/2020 financial year.

“While traffic recovered strongly… Russia’s invasion of Ukraine in February damaged Easter bookings and fares,” said chief executive Michael O’Leary.

He also warned of ongoing threats to the sector’s fragile outlook.

Global aviation is still in recovery mode from the deadly Covid pandemic, which ravaged travel demand, grounded planes and sparked sector-wide losses.

“While we remain hopeful that the high rate of vaccinations in Europe will allow the airline and tourism industry to fully recover and finally put Covid behind us, we cannot ignore the risk of new Covid variants in autumn 2022,” warned O’Leary.

“Our experience with Omicron last November, and the Ukraine invasion in February, shows how fragile the air travel market remains, and the strength of any recovery will be hugely dependent upon there being no adverse or unexpected developments over the remainder” of this year.

Ryanair was “insulated from the spiralling cost of fuel” with 80 percent of its kerosene costs hedged for the 2022/2023 year, it added.

Airlines bet against volatile oil prices by hedging, or taking a defensive position on futures markets.

 

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S.Africa applies for extradition of graft-accused Guptas

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South Africa files extradition
  • South Africa files extradition request with United Arab Emirates for Atul and Rajesh Gupta.
  • The brothers are accused of orchestrating industrial-scale corruption in the country.
  • They are alleged to have colluded with former president Jacob Zuma to siphon off state assets.

South Africa said on Monday it had formally filed a request with the United Arab Emirates to extradite two brothers accused of orchestrating industrial-scale corruption in the country.

Business tycoons Atul and Rajesh Gupta were held in Dubai last month on suspicion of fraud and money laundering.

They are alleged to have colluded with former president Jacob Zuma to siphon off state assets from Africa’s most advanced economy.

“We can confirm that the extradition request has been duly submitted to the UAE central authority today,” Justice Minister Ronald Lamola told a press conference.

The request is the first step in a process that experts have warned could take years.

South Africa’s case centres on an alleged 25-million-rand ($1.6-million) fraud linked to an agricultural feasibility study — small fry compared to the scale of other allegations facing the family.

Lamola said the alleged study scam is heading for South Africa’s High Court, with a provisional trial date set for January 2023.

The ultra-wealthy brothers ran a sprawling family business empire in South Africa for more than two decades after migrating from India.

Their arrests followed the inking of an extradition treaty between Pretoria and the UAE.

The pair fled to the emirate in 2018 at the start of an anti-corruption push.

An investigation found that they paid bribes for state contracts and wielded influence over ministerial appointments in a scandal that tainted Zuma’s administration and eventually forced him from office.

 

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Swytch’s lightweight e-bike conversion kit: All you need to know

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Swytch's e-bike conversion kit
  • UK-based business Swytch showcased its most recent e-Bike Conversion Kit at Eurobike 2022.
  • Lithium-ion Power Pack can assist you for up to 50 km (31 miles) on a single charge.
  • The product is available for shipping to the EU, UK, Australia, Canada, and the US.

The renowned UK-based DIY electric bike conversion kit business Swytch showcased its most recent e-Bike Conversion Kit at Eurobike 2022.

It is the smallest and lightest e-Bike conversion kit currently on the market, claims the company. Just a handful of the various vehicles that the device is compatible with include hybrid, road, and mountain bikes.

The Swytch Universal e-Bike Conversion Kit allows you to convert any bicycle, even ones with disc brakes, into a pedelec.

The motor’s top speed ranges from 25 kph (about 16 mph) to 32 kph (around 20 mph), and its maximum torque is 40 Nm, depending on the legislation in your country.

The lithium-ion Power Pack can assist you for up to 50 km (31 miles) on a single charge. It is available in ECO and PRO versions. In around two hours, the replaceable battery could be fully charged.

The motor wheel weighs 1.5 kg, while the Power Pack weighs 2 kg (4.4 lbs) (3.3 lbs). A similar kit is also available for Brompton bicycles.

The cheap Swytch e-Bike Conversion Kits are currently sold out, but if you wait to join the Swytch mailing list, you can pre-order during the following launch window and save 50%.

However, you can purchase the kit for the real cost if you get in touch with the brand directly. The product is available for shipping to the EU, the UK, Australia, Canada, and the US.

 

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Rupee slide continues, hits Rs229.88 in interbank

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Rupee slide continues
  • Analysts attributed the latest decline in the value of rupee to political chaos.
  • The total trade deficit of the country escalated to $35.52 billion.
  • The rupee lost Rs 25.03 from Rs 204.85 to dollar on June 30, 2022 to the current level of Rs 229.88.

KARACHI: The Pakistani rupee shed Rs1.51 on Monday to touch a fresh historic low of Rs229.88 against the dollar on Monday as the political crisis worsened keeping traders under pressure.

The local unit shed Rs1.51 to close at Rs229.88 to the dollar from Friday’s closing of Rs228.37 in the interbank foreign exchange market.

Analysts attributed the latest decline in the value of rupee to the political chaos which has affected the economic activities and the confidence of the investors and traders alike.

The depreciation in the local currency has gained acceleration amid uncertainty on the political front after the ouster of the Pakistan Tehreek-e-Insaf (PTI) federal government through a no-confidence motion in April.

With the ambiguity regarding the future of government in Punjab, the country’s political and economic fronts have become messier in an already tense environment, where PTI knocked the doors of the Supreme Court of Pakistan to nullify the election of Hamza Shahbaz as the Chief Minister of Punjab.

Fitch Ratings agency has also downgraded Pakistan’s outlook from stable to negative in view of the significant deterioration in the country’s external liquidity position and financing conditions since early 2022.

The local unit has been on a continuous decline as the investors and traders are buying the dollar for import payments which have created a higher demand in the interbank while the exporters hold their receipts for better yields which furthered the pressure on the local unit, they added.

The shrinking foreign exchange reserves of the country also kept the market under pressure. The foreign currency reserves held by the State Bank of Pakistan (SBP) recorded a decline of $389 million to reach $9.32 billion during the week ended July 15, compared with $9.71 billion on July 7.

The overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15.24 billion. The net reserves held by banks amounted to $5.91 billion.

The current account deficit remains one of the key challenges for the stability of the rupee, as after moderating in the previous three months, it rose to $1.4 billion in May, on the back of lower exports and remittances partly due to the Eid holiday.

The trade deficit rose to $4.8 billion in June, more than $1.7 billion higher than its February low. While non-energy imports have continued to moderate in the last three months on the back of curtailment measures by the government and the SBP.

The total trade deficit of the country escalated to $35.52 billion in the first nine months (July-March) period of the current fiscal year against $20.8 billion in the same period last fiscal year.

The local currency remained under pressure since the start of the current fiscal year. The rupee lost Rs25.03 or 12.21 per cent from Rs204.85 to dollar on June 30, 2022 to the current level of Rs229.88.

At the open market, the buying and selling of the dollar was recorded at Rs228 and Rs230 at 4:30 pm PST.

 

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Pakistan’s E-commerce Market anticipated to exceed $7 Bn in 2022

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Pakistan's E-commerce Market
  • The Pakistani e-commerce business is expected to surpass $7 billion in 2022.
  • It could reach about $9 billion by 2025.
  • The President of the ICCI stated that because of Amazon, both buyers and sellers now have access to a broader market.

According to Muhammad Shakeel Munir, President of the Islamabad Chamber of Commerce and Industry (ICCI), the Pakistani e-commerce business is expected to surpass $7 billion in 2022 and reach about $9 billion by 2025.

Munir stated that Pakistan is growing as a viable market for online commerce while speaking at a training session on e-business on the Amazon platform conducted by the ICCI and the Trade Development Authority of Pakistan (TDAP).

He claimed that the global e-commerce sector was anticipated to surpass $5 trillion in 2022 and reach $6 trillion in 2023. In order to increase trade and exports, the Pakistani business community must work to take a sizable portion of the growing market.

The president of the ICCI stated that because of Amazon, both buyers and sellers now have access to a broader market and they should make the most of this chance to expand their businesses.

Additionally, the pandemic helped the e-commerce industry develop significantly while hurting offline enterprises. Munir emphasized that this finally opened up new possibilities for the growth of e-commerce.

He emphasized that in order to win the trust of consumers, Pakistani businesses must not skimp on the quality of their goods.

Munir also urged the government to guarantee an ongoing supply of electricity because frequent power outages are detrimental to the growth of internet commerce and other related industries.

Additionally, he recommended that the government broaden the nation’s information and communication technology (ICT) infrastructure.

 

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SBP opposes interbank trade to prevent dollar shortage

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SBP opposes interbank trade
  • The State Bank of Pakistan (SBP) has discouraged interbank trading amid a severe scarcity of US dollars.
  • The rupee had its largest weekly decline in more than 20 years last week.
  • SBP Acting Governor told that Pakistan will be able to comfortably satisfy its financial demands.

The State Bank of Pakistan (SBP) has discouraged interbank trading amid a severe scarcity of US dollars that caused the rupee to experience its biggest weekly decline since 1998, according to an international news website, which cited knowledgeable sources.

With its limited authority under the International Monetary Fund agreement, the central bank encouraged commercial banks to manage import payment requests from their own inflows, such as exporter accruals and remittances, in order to stop the unfettered collapse of the rupee against the US dollar.

Under the condition of anonymity, the sources also advised the journal that if banks still needed to borrow money, they should request it from the monetary authority.

It should be noted that the SBP did not respond to a request for comment sent via email.

The Pakistani rupee had its largest weekly decline in more than 20 years last week due to the fact that the nation’s foreign exchange reserves, which are currently around $10 billion, are only sufficient to fund less than two months’ worth of imports.

However, with an IMF bailout on track, SBP Acting Governor Murtaza Syed told that Pakistan will be able to comfortably satisfy its financial demands.

The publication cited sources when it stated that it had already been highlighted that some commercial banks were requesting approval from the SBP and giving US dollars at a premium, which was increasing prices for their clients.

On July 20, commercial banks offered dollars to energy businesses at prices of Rs238 and Rs242, or around 8% more than the day’s official closing rate.

Raheel Ahmed, CEO of Karachi-based steel importer VN Lakhani & Co, added that banks that once issued international payments in a day now take more than a week.

Miftah Ismail, Pakistan’s finance minister, stated during a news conference on July 21 in Islamabad that “Pakistan has encountered dollar payment strain due of energy payments.”

Next month, Ismail predicted, “the tendency will reverse as there will be more dollar supply than demand.”

 

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Increasing drought conditions across US cause farmers to sell cows

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US farmers sell cows
  • 80% of the US’s western area is facing serious drought conditions, which have been present for about a year.
  • The most recent week-long heatwave has reached a crisis point for ranchers.
  • The USDA’s Emergency Assistance for Livestock, Honey Bees, and Farm-Raised Fish program may help ranchers.

US farmers in Western states are being forced to sell off their herds of cattle in higher numbers than they have in over ten years as a result of extreme drought and inflationary pressures.

According to the America Farm Bureau Federation, approximately 80% of the US’s western area is currently facing serious drought conditions, which have been present for about a year.

However, the most recent week-long heatwave, which affected around 80 million people nationwide, has reached a crisis point for farmers and ranchers.

Texas temperatures have been near 100 degrees for several weeks, depleting water supplies and causing the grass to burn, all of which are essential for feeding and maintaining cow herds.

Some ranchers claim that selling is their only option.

Since 2011, when we experienced our most recent severe drought, we haven’t seen this kind of movement of cows to markets, according to Texas A&M professor of agricultural economics David Anderson.

According to an AFBF poll, a severe drought in the West led 40% of farmers to sell off a portion of their herds last year. The problem is currently getting worse as a result of rising prices for supplies like feed, fertilizer, and fuel. A lot of cows are going up for auction.

On sale day, 200–300 cows typically visit the modest sale barn in Elk City, Oklahoma, which serves four minor counties.

According to Monte Tucker, a state board member for the Oklahoma Farm Bureau, they saw 1,000 this week.

According to Tucker, a fifth-generation cattle rancher, he won’t sell his cows until there is no more grass for them to eat. He is using seed to augment the nourishment for his herd, but it is proving to be exceedingly expensive.

“It has increased by two times since last time. We used to purchase that feed for $200 a tonne, but it is now well over $400. Therefore, the feed has doubled, adding to the crunch “Tucker stated.

Anderson claims that despite ranchers’ reluctance to sell, they are at least receiving a fair price at the market. Consumers may eventually pay less because of this.

Consumers in the United States paid 9.7% more for ground beef in June compared to the same month last year.

The issue, though, is projected price increases. The next two years may see increased beef prices for customers as a result of smaller herds and fewer breeding cows.

The US Department of Agriculture (USDA) anticipates a 7% decrease in beef production in 2019.

Through the USDA’s Emergency Assistance for Livestock, Honey Bees, and Farm-Raised Fish Program, farmers and ranchers may be eligible for financial aid.

The program pays any extra expenses ranchers might have to pay to transport water or cattle to better grazing areas.

There is a condition, however. According to the US Drought Monitor, ranchers must reside in a county for a lengthy period of time that has a severe drought ranking level.

Governor Mike Parson of Missouri signed an executive order on Thursday providing assistance to 53 counties in his state that are suffering from an acute drought.

Governor Parson stated in a news release that “I know on my farm that things have rapidly deteriorated, and we are hearing the same reports from countless other farm and ranch families across the state.”

Farmers must be given access to water in state parks and other conservation areas, according to an order given to the departments of Natural Resources and Conservation.

Parsons also gave the Missouri Department of Transportation instructions to waive charges and limitations for farmers and ranchers transporting hay.

 

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