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Business & Economy

Economic Outlook 2023-24

The IMF projections in the new Stand-By Facility for Pakistan are more conservative, and see greater persistence of stagflation. The GDP growth rate is projected at 2.5% and the rate of inflation at close to 26%. Dr. Hafiz A. Pasha The year 2022-23 witnessed the worst from of 'stagflation' in the history of Pakistan. Primarily due to the ravages of the floods and severe physical restrictions on imports of raw materials and inputs, the GDP growth rate is likely to have been significantly negative. Simultaneously, due to large supply shortages and the 40% devaluation of the rupee, the rate of inflation rose to a monthly average of 29.2%. The unemployment rate has risen to 8.5%, with almost two million workers losing their jobs d...

September 1, 2023 at 3:04 pm | Economic Affairs

Tahir Bhatti takes charge as President/ CEO ZTBL

ISLAMABAD, August 31, 2023: Tahir Yaqoob Bhatti on Thursday took over as President/CEO Zarai Taraqiati Bank Ltd (ZTBL). Mr Bhatti is high profile banker with his experience spanning over 35 years in almost all major areas of banking with large and mid-tier financial institutions.  He has been part of senior management teams of Askari Bank, ABL and Faisal Bank. Prior to joining ZTBL, Mr Bhatti served as President/CEO Punjab Provincial Cooperative Bank Ltd, the oldest financial institution in country dealing in agriculture. Mr Bhatti is MBA from IBA Lahore and M. Com from Hailey College of Commerce Lahore. He is also qualified DCMA (Gold Medalist) and fellow of Institute of Bankers in Pakistan (IBP). He is certified director fr...

August 31, 2023 at 6:18 pm | Economic Affairs

Saudi envoy meets Commerce Minister, affirms strong bilateral trade ties

August 31, 2023: Islamabad: (PR)Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy paid a visit to the Ministry of Commerce today, where he met with caretaker Federal Minister for Commerce, Industries and Production, Dr. Gohar Ejaz. During the meeting, Ambassador Nawaf extended congratulations to Dr. Gohar on his recent appointment and conveyed warm regards from Saudi Arabia's Custodian of Two Holy Mosques and Crown Prince Mohammed Bin Salman. Dr. Gohar discussed the strong historical ties between Pakistan and Saudi Arabia, expressing gratitude for Saudi Arabia's consistent support of Pakistan's economic stability and growth. The minister commended the Saudi leadership's visionary approach and assured Ambassador Nawaf of Pakistan's ...

August 31, 2023 at 4:24 pm | Economic Affairs

“Entrepreneurship” taken as compulsory subject for grades 9-12

Aug., 28(E.A Report) — National Single Curriculum of Pakistan has taken “Entrepreneurship” in as a compulsory subject for grades 9-12 to develop the country as an enterprising nation, Chief Executive Officer SMEDA says.Addressing as Keynote speaker at International See Pakistan Conference organized by Association of Private Sector Universities of Pakistan (APSUP), CEO SMEDA said that includsion of Entrepreneurship would help promote entrepreneurship culture in society, right from the school level.In tandem, entrepreneurship was also being inculcated in our students through encouraging “sports entrepreneurship” on the lines of the professionally managed football leagues around the world. SMEDA’s Sports Industries Development Cen...

August 29, 2023 at 3:23 pm | Economic Affairs

Revitalizing Balochistan: A Call for Transformation and Advancement

Throughout the history of Pakistan, leaders have made pledges to utilize the wealth of Balochistan for the betterment of its people. Regrettably, these commitments have frequently led to the misallocation of provincial resources, leaving its populace to grapple with adversity. By Qamar Bashir The region of Balochistan has often garnered attention due to its vast reservoirs of minerals, oil, and natural gas. However, it is imperative to shift our focus to the plight of its residents, who endure formidable challenges in their everyday lives. Is there hope for a departure from this repetitive pattern, or are we destined to see the cycle persist, with tribal leaders often bearing the blame for the ongoing poverty in the province? T...

August 28, 2023 at 6:56 pm | Economic Affairs

Indus Motor Company’s profit drops by 39% to Rs9.66bn

Aug., 28(E.A Report) —Indus Motor Company (IMC) registered a drop of profit nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales as profit-after-tax (PAT) of Rs9.66 billion in fiscal 2023.Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler of Toyota vehicles in Pakistan met on August 25 to review the company’s financial and operational performance in the year ended June 30, 2023.Along with the result, the company declared a final cash dividend of Rs29 per share. This is in addition to the already paid combined interim cash dividend of Rs42.8 per share, taking the full year divided to Rs71.8 per share.On a quarterly basis, I...

August 28, 2023 at 6:49 pm | Economic Affairs

Sterling trembles 10-week low on rate hike expectations hit

Aug, 25(Agencies) — British pound dropped to a 10-week low on Friday as investors rein in expectations of where they think Bank of England’s interest rate might peak after recent soft activity data.S&P Global’s flash purchasing managers’ index (PMI) for August, released on Wednesday, showed business activity contracted, indicating the UK economy was on course to shrink in the third quarter and prompting markets to scale back tightening bets.Sterling was last down 0.1% at $1.2591, having earlier dropped to its lowest level since June 13 at $1.2560. The euro stood at 85.72 pence, also down 0.1%. “Weaker than-forecast retail sales last week and dismal PMI this week have raised concerns over the health of the UK economy and reces...

August 25, 2023 at 9:51 pm | Economic Affairs

Asian stocks sink, dollar climbs as risk of hawkish Powell looms

Aug, 25(Agencies) — Investors Friday braced for the risk of a hawkish tilt from Federal Reserve Chair Jerome Powell at Jackson Hole US yields stabilised below 14-year highs as Asian stocks sold off and the dollar scaled an 11-week peak against major peers.Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centered worries about global growth.Meanwhile, the People’s Bank of China set a much stronger-than-anticipated official mid-point for the yuan - something it has done every day this week - to keep a floor under its currency amid the strains from a robust dollar and a sputtering economy.MSCI’s broadest index of Asia-Pacific shares sagged 1.2%...

August 25, 2023 at 9:47 pm | Economic Affairs

Anwar-ul-Haq Kakar stresses for strengthened bilateral ties with UK

August 25,2023As Pakistan continues to forge ahead on its path to development and prosperity, partnerships with key nations like the United Kingdom play a vital role.In a significant step towards fortifying the longstanding ties between Pakistan and the United Kingdom, Pakistan's High Commissioner to the UK, Dr. Muhammad Faisal, held a productive meeting with Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday.During the meeting, Caretaker Prime Minister Anwaar-ul-Haq Kakar underscored the immense historical significance of the relationship between Pakistan and the United Kingdom and emphasized the need for its further enhancement. He expressed his deep commitment to solidifying the bonds of friendship and cooperation between the two na...

August 25, 2023 at 9:40 pm | Economic Affairs

President vs Election Commission. The country is the victim

President vs Election Commission. The country is the victim By Qamar Bashir Former Press Secretary to the President Former Press Minister to the Embassy of Pakistan to France Former MD, SRBC In the aftermath of the president's tweet regarding the Army Amendment Act 2023 and the Official Secrets Amendment Act 2023, there was a profound upheaval in the nation's legal and political realms, sparking extensive discussions, debates, and passionate reactions. Some individuals praised the president as a heroic figure for speaking out against the suspected tampering of the controversial bills, recognizing the broad implications these actions held for the current and future well-being of the Pakistani populace. On the other hand, t...

August 25, 2023 at 3:19 pm | Economic Affairs

Indus Motor again announces 12-day plant shutdown

Aug., 24(E.A Report) — Indus Motor Company has again decided to shut production from August 25, 2023 to September 06, 2023, citing drop in demand amid lower purchasing power.Company announced the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “In fiscal year 2022-2023, due to challenging economic environment, low consumer purchasing power and increase in duties and taxes by the Federal Government, the demand for auto sector has continuously declined,” read a statement.“While considering the low demand and inventory levels, the company has decided to close its production plant from Friday, 25 August, 2023 to Wednesday, 6 September, 2023 (both days inclusive),” it added.Despite securing a last-minute deal...

August 24, 2023 at 5:07 pm | Economic Affairs

President Alvi’s Charge Sheet

By Qamar Bashir In a surprising turn of events, Mr. Waqar Ahmad, the Principal Secretary to the President of Pakistan, has refuted allegations of deceiving the president, disregarding his directives, eroding his authority, and falsely suggesting that unsigned and unapproved bills were returned to the Prime Minister's office. He has counter-alleged that the President, instead of returning the bills after giving his observation, retained the Army Amendment Act 2023 and Official Secret Act 2023 files in his office and did not return them even on August 21 much after the due dates. This contemplation led to potential delays, which the Secretary attributes to the President's inaction rather than his own inefficiency. The Receipt and Di...

August 22, 2023 at 6:49 pm | Economic Affairs

Treasure Trove of Lahore

The Government of the Punjab, under the leadership of its active and agile Caretaker Chief Minister Syed Mohsin Raza Naqvi, is taking remarkable measures not only to preserve rich cultural heritage but also to promote its valuable historical treasure. Abdul Rashid Shakir How mesmerizing were the chants of “Lahore Lahore Eiy” and “Jinne Lahore Nai Takya, Jammiya Nai” atop double-decker bus of Punjab Tourism Department, built especially for an enriching tour of the Lahore city in order to acquaint riders with the cultural heritage, architectural landmarks and historical footprints of the past. Mall Road, Jail Road, Ferozpur Road, Data Darbar (Ali Hajveri Shrine), and Greater Iqbal Park housing three historical sites of ...

August 22, 2023 at 4:44 pm | Economic Affairs

4,000 vendors and buyers throng the two-day Pakistan Expo in Canada

Toronto:(EA Report) Nearly 4,000 vendors and visitors thronged a two-day Pakistan Expo held in the Canadian city of Vancouver to showcase Pakistani products to local buyers and customers and help forge business-to-business collaborations between Pakistan and Canada. The event was inaugurated by High Commissioner for Pakistan to Canada Zaheer A. Janjua while Consul General of Pakistan to Vancouver Janbaz Khan and a large number of Pakistani Canadian entrepreneurs, vendors, producers, businessmen, tradesmen, ministers, and legislators were also present. The two-day expo was the first of its kind held in Western Canada. It was jointly organized by the Pakistan Western Canada Trade Association (PWCTA) and the Consulate General of Pakista...

August 22, 2023 at 12:51 pm | Economic Affairs

Lucky Cement Successfully Commissioned 25MW Solar Power Plant

Aug,, 21(E.A Report) — Lucky Cement Limited successfully completed the commissioning of a 25 MW solar power facility at its Karachi manufacturing sites.The company expressing satisfaction with the project's timely execution, announcing its operational commencement on August 20, 2023.With this milestone, the company's capacity for self-consumption of power generated from renewable sources has now reached 39%. This includes the previous installation of a 34 MW solar power plant in December 2022 at their Pezu manufacturing site, along with Waste Heat Recovery plants at both locations. The combined capacity of these solar power facilities underscores the company's dedication to renewable and eco-friendly energy.The investment in these renewa...

August 21, 2023 at 6:32 pm | Economic Affairs

Saif Group to Voluntarily Wind Up Cement Venture

Aug,, 21(E.A Report) — Saif Group has initiated the voluntary winding up process for Saif Cement Limited, as reported in the exchange filing by Saif Power Limited.“The decision to recommend the voluntary winding up of Saif Cement Limited, an unlisted subsidiary company, has been made by the Board of Directors of Saif Power limited in the shareholders' best interests. This recommendation is pending approval from the shareholders and will be discussed at the Extraordinary General Meeting of the Company scheduled for September 12, 2023. In the event of winding up, the proceeds from the subsidiary will be returned to the Company, which intends to utilize the received funds,” according to a statement issued by Saif Power.In 2021, the mana...

August 21, 2023 at 6:32 pm | Economic Affairs