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Solar eclipse could cost American businesses nearly $700 million: report

Muhammad Irfan 10:39 PM | 21 Aug, 2017
Solar eclipse could cost American businesses nearly $700 million: report
NEW YORK - Monday's solar eclipse could cost US companies $694 million in missed output, when employees take a break to watch the moon block the sun, according to outplacement and career transitioning firm Challenger, Gray & Christmas.

The company estimates are based on data from the US Bureau of Labor Statistics (BLS).

Monday's eclipse will last nearly two-and-a-half minutes.

“There's very few people who are not going to walk outside when there's a celestial wonder happening above their heads to go out and view it,” said the firm’s Vice President Andrew Challenger.

He added that some people might take longer than three minutes, as they will need to prepare their telescopes or special viewing glasses or even take off for the day.

The overall figure uses average hourly wage data and the number of full-time employed workers older than 16.

“According to the BLS’ most recent American Time Use Survey in 2016, 82.8 percent of employed people worked on an average weekday. Additionally, according to the most recent data on flexible schedules from the BLS taken in 2004, 14.8 percent of the employed worked a shift other than a day shift,” the statement said.

However, Challenger said that this was still a small sum.

“Compared to the amount of wages being paid to an employee over the course of a year, it is very small. It's not going to show up in any type of macroeconomic data,” Challenger said.

Moreover, the Great American Eclipse is set to entail rather fewer losses than other significant events.

Muhammad Irfan

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he believes...life is a station, and death is a longest journey from seen to ...

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USD to PKR: Pakistani rupee remains stable against dollar amid ongoing talks with IMF

KARACHI – Pakistani rupee, which is facing blows in the open market, remained stable against the US dollar, in the inter-bank market on Wednesday.

The local currency moved slightly upward during the opening hours of trading in the inter-bank market. Before noon, PKR was hovering around 285.22, with a slight increase of Rs0.13.

As the situation remained under control in the interbank market, the rupee hits a fresh record low in the open market and was selling at 315 per dollar.

In a recent development, the IMF mission chief shared positive news, confirming that talks are underway with Pakistani authorities. The resumption of the IMF programme remains important for the crisis-hit country.

https://en.dailypakistan.com.pk/31-May-2023/today-s-currency-exchange-rates-in-pakistan-dollar-euro-pound-riyal-rates-on-may-31-2023

Today's gold rates in Pakistan – May 31 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,300 on Wednesday.The price of 10 grams of 24k gold was recorded at Rs199,160.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 232,300 PKR 2,485
Karachi PKR 232,300 PKR 2,485
Islamabad PKR 232,300 PKR 2,485
Peshawar PKR 232,300 PKR 2,485
Quetta PKR 232,300 PKR 2,485
Sialkot PKR 232,300 PKR 2,485
Attock PKR 232,300 PKR 2,485
Gujranwala PKR 232,300 PKR 2,485
Jehlum PKR 232,300 PKR 2,485
Multan PKR 232,300 PKR 2,485
Bahawalpur PKR 232,300 PKR 2,485
Gujrat PKR 232,300 PKR 2,485
Nawabshah PKR 232,300 PKR 2,485
Chakwal PKR 232,300 PKR 2,485
Hyderabad PKR 232,300 PKR 2,485
Nowshehra PKR 232,300 PKR 2,485
Sargodha PKR 232,300 PKR 2,485
Faisalabad PKR 232,300 PKR 2,485
Mirpur PKR 232,300 PKR 2,485

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