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Business & Economy

Overseas risks: China cuts reserve ratio given domestic pressures

March17(Agencies) -- China’s central bank made a move by pumping liquidity into the banking system to respond to rising pressures in the domestic banking industry and growing risks abroad, a state-owned Chinese newspaper said on Saturday.The move is being marked as “timely” in addition of the central bank on Friday reduced the amount of cash banks must hold as reserves for the first time this year to support a nascent recovery in the world’s second-biggest economy. The cut in the reserve ratio came earlier than financial markets had anticipated.Global markets this week have been hit by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank and uncertainty over Credit Suisse Group AG, which tapped $54 billion in central...

March 19, 2023 at 9:44 am | Economic Affairs

Georgia Assembly acknowledges Sindh & Georgia as twin states

March17,2023Georgia(Agencies) In order to boost US-Pakistan trade ties, the Georgia Assembly yesterday adopted a resolution to acknowledge Sindh and Georgia as twin states.The resolution, which would help honouring the province ofSindh [Located in the Southeastern region of Pakistan] as a sister state with Georgia, was passed with the aim to contribute to US-Pakistan in trade ties and business relations.Mr. Farooq Mughal, the first Pakistani Muslim American elected to theGeorgia House of Representatives played a key role in getting the support of US government and Georgia House of Representatives members for unanimously adopting the resolution.The motion, adopted with the strenuous endeavours of Mr. Farooq Mughal President of the Georgia C...

March 17, 2023 at 10:54 pm | Economic Affairs

Pakistan plans big investment in fertilizer production plants & food processing plants

March17(Agencies) –Pakistan is considering a big investment in metal refining plants, fertilizer production plants, food processing plants including dry milk production and meat processing. “For a future investment, the country has targeted projects to invest in metal refining plants, fertilizer production plants, food processing plants,” said Federal Minister Commerce Syed Naveed Qamar, at ‘Meet and Greet session’ with the media at TDAP HQ in Karachi. About China’s investment in CPEC, the Minister informed that Shandong [Eastern Province of China] is thinking of relocating its labour-intensive industries to Pakistan to reduce production cost. Minister appreciated the efforts of former President Asif Ali Zardari for in...

March 17, 2023 at 10:49 pm | Economic Affairs

Pakistan & Australia agree to enhance cooperation on multilateral settings

Senior officials from Australia and Pakistan discuss the strength of bilateral relations March17,2023 (EA Report) – Agreeing to enhance cooperation in multilateral settings, Pakistan has briefed Australia about the humanitarian situation in Afghanistan and the grave and systematic violations of human rights in IIOJK.The dignitaries from both sides exchanged views on bilateral cooperation the other day [Thursday] in a Senior Officials Talks (SOTs) held in Islamabad. Additional Foreign Secretary (Asia-Pacific) Mumtaz Zahra Baloch represented the Pakistan side, the Australian side was led by First Assistant Secretary for North and South Asia, Gary Cowan in the 8th Session of SOTs.Both sides have agreed to continue cooperation in politica...

March 17, 2023 at 10:46 pm | Economic Affairs

Khar meets Candian legislator

March17(Agencies) - Minister of State Hina Rabbani Khar yesterday met Parliamentary Secretary Rob Oliphant MP of Canada to review the cooperation landscape of both the countries. Both the dignitaries held a parley on the sidelines of Commonwealth Day Celebrations. They also discussed in length the need to reduce visa processing time and deepen migration dialogue.

March 17, 2023 at 7:08 pm | Economic Affairs

Rupee maintains upward trend amid positivity China inflows, dollar slippage

March17(EA Report)--Pakistani Rupee(PKR) registered gains against the US dollar, appreciating nearly 0.47% during the early hours of trading on Friday hovering at 281-282 level in inter-bank market amid positive news from the finance minister regarding inflows from China and as the dollar slipped on the international front.At around 10:50am, the rupee was being quoted at 281.10, an increase of Rs1.32 against the US dollar in the inter-bank market.A day earlier, the rupee saw some respite against the US dollar, settling at 282.42 in the inter-bank market on Thursday, a gain of Re0.43 or 0.15%.In a key development, Finance Minister Ishaq Dar on Thursday said that documentation for second disbursement of $500 million dollars from Industrial a...

March 17, 2023 at 3:01 pm | Economic Affairs

OGRA allows Hi-Tech Lubricants for new oil storage facility in KP

March17(EA Report)--Oil and Gas Regulator(OGRA ) allowed Hi-Tech Lubricants for new oil storage facility in KP in addition of selling petroleum products through up to 35 fuel stations in the province.The regulator has also allowed the company to sell its petroleum products through up to 35 fuel stations in the province. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.“We are pleased to inform that OGRA, through its letters dated March 16, 2023, has permitted HTL to operate new oil storage facility at Nowshera, KPK as well as start of sale/marketing of petroleum products through the operation of upto 35 fuel stations in KPK,” read the notice.The company said that the aforesaid operations/per...

March 17, 2023 at 2:59 pm | Economic Affairs

Dramatic Initiative: Giants make-up to rescue US regional lender

March17(Agencies) A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced to rescue local lender by depositing $30 billion to bolster the system following failures of three midsized lenders in the last week.“This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes,” the group said in a joint statement.“Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most,” the banks said.Shares of First Republic reversed earlier losses to close 10 percent higher on Wall Street Thursday.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of ...

March 17, 2023 at 12:49 pm | Economic Affairs

USD dipps; Relief rally on banks rescue lifts riskier currencies

March17(Agencies) : US dollar slipped on Friday after authorities and banks moved to ease stress on the financial system, taking the heat off most major currencies that tumbled this week in the wake of bank turmoil.Action to rescue First Republic Bank in the US on Thursday boosted risk appetite globally on Friday as fears of a global banking crisis eased, making way for surges in the Australian and New Zealand dollars.The antipodean currencies are traditionally shunned in times of risk aversion.The Aussie jumped 0.79% to $0.6710 in Asia trade on Friday, while the kiwi rose 0.67% to $0.62375.With oversight by authorities, large US banks injected $30 billion in deposits into First Republic, which was caught up in a widening crisis triggered ...

March 17, 2023 at 12:46 pm | Economic Affairs

First Republic shares fall despite unprecedented Wall Street rescue deal

March16(Agencies) - Despite an unprecedented show of support, First Republic Bank's (FRC.N) shares fell 17percent in extended trading Thursday, in the bank from nearly a dozen of the world's largest financial institutions.An unusual rescue said to be orchestrated by JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon earlier this week along with Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, 11 Wall Street firms said they were depositing $30 billion into First Republic.However, investors' relief was short-lived as The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Volume hit 15.6 million shares in the post-market session.Th...

March 17, 2023 at 11:36 am | Economic Affairs

Commerce Minister raises exporters concern about liquidity with SBP.

16th March, 2023Islamabad(EA Report)Federal Minister for Commerce, Syed Naveed Qamar chaired the second meeting of the Committee on Export Enhancement. The Minister assured the business community of the full support of the Government of Pakistan in resolving their issues. He apprised the participants that the Ministry of Commerce is fully cognisant of the liquidity issues being faced by exporters and he has personally took up the matter with State Bank of Pakistan, Federal Board of Revenue and Ministry of Finance to facilitate exporters in meeting their liquidity requirements through low cost financing and speedy refunds of duty drawback and sales tax of the exporters. The Minister also took notice of the difficulties being faced b...

March 16, 2023 at 11:58 pm | Economic Affairs

Commerce & Defense Ministers assure the Sialkot Chamber to Resolve the Outstanding Issues

PRGMEA Central Chairman Ejaz A Khokhar presents souvenir to Commerce Minister Syed Naveed Qamar March 15,2023Sialkot (EA Report)Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited the Sialkot Chamber of Commerce & Industry on March 15, 2023, for an interactive session with the business community of the city. On the occasion, the Honorable Commerce Minister acknowledged the role of the industrial city of Sialkot in the economic sustainability of the country over the years. He said that the business community of Sialkot had taken many revolutionary initiatives including the establishment of a private-sector airport and airline.Syed Naveed Qamar, during his address to the co...

March 15, 2023 at 9:04 pm | Economic Affairs

Economic Crisis Forces Drug Companies in Pakistan to Face Closure

By Ghulam HaiderThe pharmaceutical industry in Pakistan has issued a warning that numerous local companies may soon be compelled to shut down operations as a result of the rupee's devaluation, import challenges, and escalating inflation, which have all led to unaffordable production costsThe pharmaceutical industry in Pakistan is facing a crisis due to the delay in the release of vital bailout funds worth $1.1 billion (€1.03 billion) from the International Monetary Fund (IMF). In recent months, medicine production in the country has declined by 21.5% due to the commercial banks' prolonged refusal to facilitate the import of raw materials.According to Syed Farooq Bukhari, chairman of the Pakistan Pharmaceutical Manufacturers Association, ...

March 11, 2023 at 9:07 am | Economic Affairs

President for increasing trade, economic cooperation with Tanzania

Islamabad, 9 March 2023: President Dr Arif Alvi has underlined the need for increasing trade and economic cooperation with Tanzania for the mutual benefit of the two countries. He said that Pakistan greatly valued its ties with Tanzania and wanted to further boost economic and cultural ties with Tanzania.The President stated this while talking to Pakistan’s High Commissioner-designate to Tanzania, Mr Siraj Ahmad Khan, who called on him, at Aiwan-e-Sadr, today.During the meeting, the President emphasized the need for high level political and cultural exchanges to further strengthen bilateral relations between the two countries. He asked the High-Commissioner-designate to work for further strengthening the institutional capacity building s...

March 9, 2023 at 3:26 pm | Economic Affairs

Naveed Qamar urges for enhancement of bilateral trade with UAE

ISLAMABAD: March 9, 2023: Syed Naveed Qamar Federal Minister for Commerce on Thursday urged for dire need to enhance bilateral trade valume between Pakistan and UAE. The federal minister remarked this in a meeting held with UAE Ambassador to Pakistan H.E. Hamad Obaid Ibrahim Salem Al-Zaabi here in the minister office. Naveed Qamar highlighted that there was huge potential for cooperation between the two countries in the field of renewable energy, agricultural, textile meat of bovine animals, petroleum oils and hospitality sectors. He also perceived that volume of total trade between two countries stood at US$ 10033.05 million in FY-2022 in which export to UAE stood at US$ 1369.83 million and import at US$ 8663.22 million in FY...

March 9, 2023 at 3:21 pm | Economic Affairs

INDONESIAN AMBASSADOR DISCUSSED WAYS TO EXPAND TRADE WITH FEDERAL MINISTER FOR INDUSTRY AND PRODUCTION

Indonesian Ambassador for Pakistan, H.E Mr. Adam M. Tugio paid a courtesy call to the Federal Minister for Industries and Production of Pakistan, Syed Murtaza Mahmud on 7 March 2023 to discuss efforts to deepening bilateral trade by exploring industries that have complementary and competitive edges, and promoting investment between the two countries. The two officials also exchanged notes on value addition industries and strategies to promote SMSEs and in particular those owned by women entrepreneurships considering their importance contribution to the economy of respective country. They further noted the importance of diversifying traded goods and expressed commitment to help facilitate business community of the two countries to expand...

March 9, 2023 at 3:15 pm | Economic Affairs