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Supply concerns ticks Oil up ; outshine macro jitters

Aug, 29(Agencies) — Oil prices climbed slightly up Tuesday following potential supply disruptions as a result of an incoming hurricane hurtling towards U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.Jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two gia...

August 30, 2023 at 4:11 pm | Economic Affairs

Dollar eases on markets brace data fest

Aug, 29(Agencies) — US dollar index eased 0.077% at 103.85 after slipping 0.2% on Monday against six key rivals. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer.View gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.With US central bank highlighting the interest rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.First up is job openings figures for Ju...

August 29, 2023 at 4:32 pm | Economic Affairs

Rupee hits new low of 302 against USD

Aug., 28(E.A Report) — Pakistani rupee dipped on Monday to a new record low against US dollar by settling at 302 in inter-bank market.Rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP) at close.During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.Currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.In a related devel...

August 29, 2023 at 3:39 pm | Economic Affairs

KSE-100 weighs down over rupee’s record fall

Aug., 28(E.A Report) — Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index weighed down by near 200 points on Monday with collective pessimism over rupee’s record fall and lack of positive triggers.KSE-100 started first day of the week positive, reaching an intra-day high of 47,733.51. However, profit taking erased the gains and pushed the index into negative territory.At close, the benchmark index settled at 47,478.61, down 192.61 points or 0.40%. “Profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate,” brokerage house Topline Securities said in its marke...

August 29, 2023 at 3:29 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

Oil up as China moves to support flagging economy

Aug, 28(Agencies) — Oil prices moved up on Monday as China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%.Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost stru...

August 28, 2023 at 6:45 pm | Economic Affairs

USD eases from a 12-week peak on week opening

Aug, 28(Agencies) — Dollar eased from a 12-week peak on Monday as traders weighed US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy. “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell said in a keynote address. “It is the Fed’s job to brin...

August 28, 2023 at 6:41 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

Rupee settles at new low of 301 against USD

Aug., 25(E.A Report) — Pakistani rupee hit a new record low against US dollar by settling at 301 in the inter-bank market on Friday.At close, Rupee settled at 301 after a decrease of Re0.78 or 0.26%, as per the State Bank of Pakistan (SBP)On Thursday, the rupee had closed at the then-record low against the US dollar at 300.22.In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports.Enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.Central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of A...

August 25, 2023 at 8:35 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

USD sharp pullbacks against Asian currencies on softer-than-expected global economic data

Aug, 24(Agencies) — US dollar nursed a sharp pullback against Asian currencies on Thursday after softer-than-expected global economic data muddied the interest rate outlook and pushed down US yields ahead of the Federal Reserve’s Jackson Hole symposium.Australian dollar, which has been taking a battering for a few months on signs of China’s slowdown and resilience in the US, jumped 0.9% overnight after US manufacturing and services PMIs missed expectations.“Weaker than expected … data led markets to scale back their expectations for US policy,” said Commonwealth Bank of Australia currency strategist Carol Kong, with jobless claims the next focus ahead of Fed Chair Jerome Powell’s Friday speech.The New Zealand dollar also leap...

August 24, 2023 at 5:05 pm | Economic Affairs