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EA ReportLahore, Dec2—Pakistan stocks got a hammering on Thursday with the benchmark KSE-100 index losing over 1,400 points or nearly 3.2% during the first half of the trading session as the market reacted sharply to the widening trade deficit data.Index was hovering around the 43,900-point level -- a fall of 3.2% -- and heading for one of its worst days of the calendar year at noon,The sell-off comes after Pakistan posted a massive trade deficit in November, denting economic sentiment.Stocks fell across-the-board, following inflation reading that touched a 21-month high.This has raised interest-rate hike expectations, analysts told Business Recorder, and could put the central bank on the path of even more aggressive monetary tightening....

December 2, 2021 at 12:29 pm | Economic Affairs

December 1,2021Islamabad(Press Release)Foreign Secretary (FS) Sohail Mahmood held a briefing for the Islamabad-based OIC Heads of Mission, today, on the proposed Extraordinary Session of the Council of Foreign Ministers (OIC-CFM) of the Organization of the Islamic Conference (OIC) on the situation in Afghanistan.The Foreign Secretary informed that on 29 November, the Kingdom of Saudi Arabia – in its capacity as the Chair of the Summit of the OIC – took the initiative to propose the convening of an Extraordinary Session of the OIC Council of Foreign Ministers, relating to the situation in Afghanistan.Pakistan welcomed this initiative and offered to hostthe CFM in Islamabad on 17 December 2021.The Foreign Secretary underscored that this ...

December 1, 2021 at 10:24 pm | Economic Affairs

Islamabad (Press Release)Greetings from Ambassador WADADear Pakistani Friends,Assalamu Alaikum,I am WADA Mitsuhiro, newly appointed Ambassador of Japan to Pakistan.  It is my pleasure to contribute to the development of Japan-Pakistan relations especially at this very important time and to work in this wonderful country which has a rich history, culture and also very warm-hearted people.Next year marks the 70th anniversary of the establishment of diplomatic relations between Japan and Pakistan since our cordial relationship began in 1952. On this remarkable opportunity, I will sincerely pursue my duties to further develop the existing friendly relationships in various fields such as politics, economy, culture, and defence cooperation....

December 1, 2021 at 2:45 pm | Economic Affairs

November 25,2021?Ambassador Jauhar Saleem, in his capacity as the President of the International Development Law Organization (IDLO), presided over the Annual Assembly of Parties, is the highest decision making forum of the Organization. Italian Minister of State for Foreign Affairs Marina, Sereni, Director General IDLO, Ambassasors/ Permanent Representatives of member countries, President UNIDROIT. Members Board of Advisors and representatives from FAO, IFAD and WFP attended the meeting.?Comprising 38 Member countries, IDLO is an international inter-governmental Organisation devoted to promoting Rule of Law and justice to further the global goals of Peace and Sustainable Development and is striving for making justice systems more effectiv...

November 25, 2021 at 11:26 am | Economic Affairs

November 23,2021Islamabad (Press Release)Foreign Secretary Sohail Mahmood received Nigel Casey HC, UK’s Special Representative to Afghanistan here on Tuesday at the Ministry of Foreign Affairs. Foreign Secretary shared Pakistan’s perspective on situation in Afghanistan, especially humanitarian aspect; emphasized urgent steps to prevent humanitarian crisis and economic collapse; stressed importance of stable and prosperous Afghanistan for the region.

November 23, 2021 at 7:48 pm | Economic Affairs

November 23,2021Islamabad(Press Release)The National Assembly Special Committee on the Agricultural Products recommended that the Minimum Indicative Price of Tobacco should be fixed at Rs. 260/kg. The Committee instructed the Pakistan Tobacco Board to ensure that no stock of tobacco is left unsold with the farmers and urgent steps should be taken to ensure that the cigarette manufacturers purchase 1.4 million kg surplus tobacco as per assigned quota under the PTB Marketing Rules. Speaker National Assembly Asad Qaiser presided the meeting attended by Syed Fakhar Imam, Federal Minister for National Food Security and Research, Shahram Khan Taraki, Minister for Education, KP and members of the Special Committee on Agricultural Products.The mem...

November 23, 2021 at 7:47 pm | Economic Affairs

Media ReleaseWashington, Nov. 23–White House on Tuesday said it would make 50 million barrels of oil available from the U.S. Strategic Petroleum Reserves to help cool oil prices.The release, a combination of a loan and a sale from the reserve was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Great Britain, the White House said.The move is designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington and other consumer nations to pump more quickly to match rising demand.U.S. President Joe Biden is facing low approval ratings due to high prices for gasoline and other consumer items in the recovery from the coronaviru...

November 23, 2021 at 5:44 pm | Economic Affairs

AgenciesTOKYO, Nov. 23– Gold prices edged up on Tuesday but hovered close to their lowest level in more than two weeks hit in the previous session, as the dollar gained on US President Joe Biden's nomination of Federal Reserve Chair Jerome Powell for a second term.Spot gold rose 0.2% to $1,809.40 per ounce, after sliding 2.1% to its lowest since Nov. 5 on Monday. US gold futures gained 0.2% to $1,809.60 FundamentalsSpot gold rose 0.2% to $1,809.40 per ounce by 0048 GMT, after sliding 2.1% to its lowest since Nov. 5 on Monday. US gold futures gained 0.2% to $1,809.60. The dollar index held near a 16-month peak after Biden on Monday nominated Fed Chair Powell for a second four-year term, bolstering bets the central bank might raise i...

November 23, 2021 at 2:06 pm | Economic Affairs

AgenciesMELBOURNE, Nov. 33. Oil prices fell on Tuesday on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.US West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.8%, to $76.17 a barrel at 0423 GMT.Brent crude futures fell 42 cents, or 0.5%, to $79.28 a barrel."US President Biden is said to be preparing to announce a release of oil from its strategic petroleum re...

November 23, 2021 at 2:04 pm | Economic Affairs

AgenciesHONG KONG, Nov. 23–US Dollar hit a new four-and-a-half-year top against the yen on Tuesday after Federal Reserve Chair Jerome Powell was renominated for a second term, reinforcing bets that US interest rates would rise next year and diverge from Japan's.The greenback rose as much as 0.24% to 115.13 yen, its highest since March 2017, having jumped 0.77% on Monday."We expect the weak JPY narrative to continue finding support amid attention to monetary policy divergence," Barclays analysts said in a note.They said 115.5, the dollar's March 2017 high, would be one key level to watch, when it came to dollar gains, and, "above that, we caution that there is no clear resistance until 118.7 (the end-2016 high)."The Japanese currency is s...

November 23, 2021 at 2:02 pm | Economic Affairs

November 22,2021Islamabad Press ( EA Report) A delegation of Lahore Chamber of Commerce and Industry calls on the President Arif Alvi here on Monday at at Aiwan-e-Sadr. Members of the delegation discussed economic environment of the country and give some suggestions to help improve the business conditions. The delegation on the behalf of the trade industry and business community expressed full confidence on the economic policies of the government. The appreciated the reform agenda of the government. President Arif Alvi thanked and told that government is fully committed to provide conducive business environment for the economic growth of the country. President Arif Alvi also told the positive impact of the Ease of the Doing Business initia...

November 22, 2021 at 11:25 pm | Economic Affairs

November 22,2021ISLAMABAD(EA Report)President Dr Arif Alvi on Monday said Pakistan offered business-friendly policies for foreign investors particularly in agriculture, information technology, telecommunication, energy, and tourism sectors.The president expressed these views while talking to the ambassadors-designate of Japan, Norway, Poland, and the non-resident ambassador-designate of Cambodia, who separately called on him, at the Aiwan-e-Sadr.Earlier, the ambassadors-designate Mitsuhiro Wada (Japan), Per Albert Ilsaas (Norway), Maciej Pisarski (Poland) and the non-resident ambassador-designate of the Cambodia Ung Sean presented their credentials to President Dr Arif Alvi at a ceremony. The president congratulated the newly-appoin...

November 22, 2021 at 10:46 pm | Economic Affairs

November 22,2021ISPR(Press Release)A delegation led by Mr Gregory Weldon Meeks, Chairman House Foreign Affairs Committee (HFAC), USA and Mr Amerish Babulal Bera, Members HFAC (Chairman of the Subcommittee on Asia Pacific, Central Asia and Non-proliferation) called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), today.During the meetings, matters of mutual interest, current security situation in Afghanistan and bilateral cooperation in various fields were discussed. COAS said that Pakistan desires to maintain the tradition of bilateral engagement with all the regional players and wish for enduring peace in the region. COAS reiterated the need for global convergence on Afghanistan for avoiding humanitarian crisis and coordinated ef...

November 22, 2021 at 10:23 pm | Economic Affairs

November 22,2021Islamabad(Press Release)Foreign Secretary(FS)Sohail Mahmood received Cambodia’s non-resident ambassador Ung Sean on Monday at the Ministry of Foreign Affairs (MOFA). Extending best wishes, FS hoped that during his term Pakistan-Cambodia bilateral relations would be further strengthened in all dimensions. He also expressed resolve to deepen cooperation with ASEAN under Cambodian Chair.

November 22, 2021 at 10:20 pm | Economic Affairs

November 22, 2021Islamabad (Press Release) Speaker National Assembly Asad Qaiser has stressed for collective international efforts to address the impending humanitarian crisis in Afghanistan. The Speaker said that the situation in Afghanistan warrant immediate steps otherwise the ultimate suffer would be the marginalized Afghan population. He expressed these views while talking to the United States Congressmen Mr. Gregory Meeks and Mr. Ami Bera who called on the Speaker in Parliament House, this morning.Speaker Asad Qaiser said that the International community should immediately step forward and address the looming humanitarian crisis in Afghanistan. He said that in case of delay in that regard, the ultimate sufferers would be the old aged...

November 22, 2021 at 6:06 pm | Economic Affairs

November 22, 2021Islamabad( Press Release)Commander, Qatari Emiri Naval Forces, Major General Abdullah Bin Hassan Al-Sulaiti called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today. During the meeting, both the dignitaries discussed matters of professional and mutual interest.Major General Abdullah Bin Hassan Al-Sulaiti commended the professionalism of PAF and acknowledged its rising indigenous capacity in aviation industry. The Air Chief said that Pakistan and Qatar enjoy longstanding religious, cultural and historical bonds which are manifested through strong ties between both air forces. The Air Chief reiterated his resolve to further enhance the existing bilateral cooperation...

November 22, 2021 at 5:51 pm | Economic Affairs