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Sovereign Wealth Fund- Hope or a Dream

PSWF is being established to provide a long-term investment vehicle for the nation's excess oil and gas revenues, investment infrastructure and energy initiatives, and provide financial assistance to the government. By Qamar BashirThe Pakistan Sovereign Wealth Fund (PSWF) Bill was passed by the Senate on August 2, just eight days prior to the dissolution of the National Assembly leading to the end of the current government's mandate.The bill, once signed by the President of Pakistan, will enable the government to establish a PSWF where the country's solvent assets worth Rs. 2.3 trillion will be parked. The government has identified at least seven solvent and profit-making companies with net worth of Rs. 2.3 trillion including OGDCL, ...

August 4, 2023 at 12:45 pm | Economic Affairs

German Army Chief Calls on COAS, Asim Munir

August 2,2023Rawalpindi: (PR)Lieutenant General Alfonas Mais, Chief of German Army called on General Syed Asim Munir, COAS at GHQ.During the meeting matters of mutual interest, regional security situation and defence cooperation were discussed.Both reiterated the desire to further enhance bilateral relations in all fields.The visiting dignitary acknowledged and appreciated Pakistan Army’s successes in fight against terrorism and Pakistan’s continued efforts for bringing peace and stability in the region.

August 2, 2023 at 1:02 pm | Economic Affairs

Australian Envoy Calls on Chairman Foreign Affairs’ Committee Mohsin Dawar

Islamabad: July 17,2023 (PR)Australian High Commissioner H.E. Mr. Neil Hawkins called on the Chairman of the Standing Committee on Foreign Affairs of the National Assembly of Pakistan, Mr. Mohsin Dawar, at his office today in the Parliament House. During the meeting, the areas of mutual interest between the two countries were discussed. The two officials exchanged views on the political, security, and economic situation in Pakistan. H.E. Mr. Neil apprised the Chairman of Australia’s effort to support Pakistan’s development in various areas such as water security, women’s education, family planning, etc. Mr. Mohsin Dawar welcomed Australia’s contribution to Pakistan and highlighted various challenges faced by youth, especial...

July 17, 2023 at 8:59 pm | Economic Affairs

India exploits G20 to advance self-serving Kashmir agenda

Pakistan has strongly objected to India's decision to host the G20 Tourism Working Group meeting in Srinagar on 22-24 May 2023 By Prof. Engr. Zamir Ahmed Awan The G20 is the forum of 19 countries and the European Union that addresses major issues concerning the global economy, including sustainable development, international financial stability, and climate change mitigation. It comprises most of the world's largest economies, accounting for 80% of gross world product, 75% of international trade, two-third of the global population, and 60% of the world's land area. India's decision to host G20 events in IIOJK is just another self-serving measure aimed at perpetuating its illegal occupation of Jammu and Kashmir. G20 was establis...

April 15, 2023 at 2:25 pm | Economic Affairs

UAE invites PM Shehbaz Sharif to attend COP28 in November!

13th April, 2023.Islamabad(Press Release) Prime Minister received the Ambassador of United Arab Emirates (UAE) to Pakistan, H.E. Hamad Obaid Ibrahim Salem Al-Zaabi, on Thursdsy.The Ambassador delivered an invitation to the Prime Minister from the UAE leadership inviting him to attend COP28, which is scheduled to be held in Dubai from 30 November to 12 December 2023.Prime Minister thanked the UAE leadership for the invitation. He also expressed his gratitude for their support in relief efforts in the wake of devastating floods in Pakistan last year. Prime Minister appreciated UAE’s role in combating climate change and expressed the hope that UAE’s stewardship of COP28 would yield meaningful outcomes for countries like Pakistan, which ar...

April 13, 2023 at 10:16 pm | Economic Affairs

Asian markets fall alongside Wall St as Fed rate hike, warning

March,23(Agencies)-- Asian markets skidded Thursday, tracking losses on Wall Street after the US Federal Reserve hiked interest rates again and dealt a blow to hopes it could cut them later in the year to soothe worries over the banking sector.Recent turmoil caused by the collapse of two US lenders and the takeover of Credit Suisse had fanned speculation central banks would pause their inflation-fighting monetary tightening campaign.But on Wednesday, officials announced a ninth straight increase in the cost of borrowing as they put their emphasis on containing prices, though the 25-basis-point rise was half of what was expected at the start of the month.Fed boss Jerome Powell also told journalists that “rate cuts are not in our base case...

March 24, 2023 at 11:09 am | Economic Affairs

Dollar slips as Fed outlook shifts

March,23(Agencies)-- US dollar stayed under pressure near seven-week low Thursday as US bond yields fell sharply after the Federal Reserve sounded close to calling time on interest rate hikes.The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about “ongoing increases” being needed in favour of “some additional” rises, as it waits and watches how wobbling confidence in banks affects the economy.Futures imply only an even chance of one more hike. That’s a contrast to Europe where markets see another 50 bp or so to go, and the gap sent the euro surging.The dollar pared some of its losses when US Treasury Secretary Janet Yellen set off another round of bank stock selling and jitters over sta...

March 24, 2023 at 11:09 am | Economic Affairs

Saudi, Iranian foreign ministers to meet paving way re-open embassies

March,23(Agencies)-- Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and his Iranian counterpart, Hossein Amirabdollahian, have agreed to meet soon and pave the way for the re-opening of embassies under a deal to re-establish ties, Saudi state news agency SPA said on Thursday.Earlier this month, Iran and Saudi Arabia agreed to revive relations after years of hostility that had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria.The ministers spoke by phone to mark the occasion of the Muslim holy month of Ramadan, SPA said.Amirabdollahian emphasized during the call Iran’s readiness to strengthen relations with Saudi Arabia, Iran’s official news agency IRNA reported.The f...

March 24, 2023 at 11:03 am | Economic Affairs

Palm drops more than 3% to lowest in five months

March,22(Agencies) Malaysian palm oil futures tumbled on Wednesday to their lowest in five months, weighed down by sharp losses in rival edible oils and crude oil, and lingering concerns about the global banking crisis.The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 140 ringgit, or 3.7%, to 3,644 ringgit ($815.94) a tonne by the midday break, hitting its lowest since Oct. 14.Palm fundamentals remain strong but trading is weighed down by bearish sentiment, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.“Adding to the woes is uncertainty over interest rate decision from the Fed,” Varqa said. While recent market turmoil has eased, the Federal Reserve’s interest rate ...

March 22, 2023 at 7:46 pm | Economic Affairs

‘Pakistan is running out of time,’ warns PBC

March,22(E.A Report) Pakistan Business Council (PBC), one of the country’s largest corporate advocacy platforms, has warned that time is running out for the country as it struggles to resume the International Monetary Fund (IMF) programme.“As stakeholders contest short-term power, Pakistan’s long-term future is in jeopardy,” said the PBC in a statement on Wednesday. “Drip feed and hope will not suffice. Without IMF’s programme and debt reprofiling, help from friendly nations is not forthcoming.” “Pakistan is running out of time,” it added.The statement comes as Pakistan reels from one of its worst economic crises in history. The South Asian country has been faced with a barrage of woes with a perceived default risk and do...

March 22, 2023 at 7:41 pm | Economic Affairs

Bilawal Bhutto says normal Iran-Saudi Arabia ties a recipe for regional peace

March 22,2023Islamabad (EA Report)Foreign Minister Bilawal Bhutto Zardari has extended warm felicitations on the signing of the Joint Trilateral Statement by Iran, Saudi Arabia and China, and termed the resumption of diplomatic relations between Riyadh and Tehran as a testament to the wisdom and farsightedness of the leadership of the two countries.In a telephonic conversation with Foreign Minister Hossein Amir Abdollahian of the Islamic Republic of Iran, on Wednesday, the Foreign Minister also commended the important role played by China in facilitating this process, which has also been the stated policy of Pakistan.Underscoring Pakistan’s close fraternal relations with both Iran and Saudi Arabia, the Foreign Minister stressed that the ...

March 22, 2023 at 1:42 pm | Economic Affairs

Russia Shows Support for China’s Role in Political Settlement of Ukraine Crisis

By Kashif Rizwan March 22, 2023Islamabad(Special Report) In a major breakthrough, Russia has expressed willingness for political settlement of the Ukraine issue, telling that Moscow is open to talks for peace and welcomes China to play a constructive role in this regard.This is what Russian President Vladimir Putin indicated while welcoming China’s President Xi Jinping at the Kremlin on his arrival in Moscow.“Russia appreciates China for consistently upholding an impartial, objective, and balanced position and standing for fairness and justice on major international issues,” Vladimir Putin said, adding that the two sides had an in-depth exchange of views on the Ukraine issue. He said, “Russian welcomes China’s willingness to p...

March 22, 2023 at 11:36 am | Economic Affairs

Bilwal telephone call with the Hossein Amir

March21 (Agencies) Minister for Foreign Affairs Bilawal Bhutto Zardari yesterday extended felicitations on the signing of the Joint Trilateral Statement by Iran, Saudi Arabia and China in Beijing. Bilawal, in a telephonic conversation with Foreign Minister Hossein Amir Abdollahian of Iran, termed the resumption of diplomatic relations between Saudi Arabia and Iran as a testament to the wisdom. The Foreign Minister also commended the important role played by China in facilitating this process. The Minister was of the view that the renewal of diplomatic ties between the two brotherly countries would serve as a harbinger for peace.

March 22, 2023 at 9:19 am | Economic Affairs

President Xi conveys desire to enhance coordination with Russia- Xi meets Putin

March21(Agencies) President Xi Jinping and Russian President Vladimir Putin on Tuesday thoroughly deliberated China’s peace plan for Ukraine, besides promising to further strengthen ties. Xi is in Russia where was greeted by the Kremlin Commandant at the alighting point.Both the Presidents exchanged views on China-Russia relations and issues of mutual interest. Putin conveyed to his counterpart that Russia was ready to help Chinese businesses replace Western firms that have left Russia over the war in Ukraine. He also informed that he had discussed the proposed Power of Siberia 2 pipeline with the Chinese leader. Xi said that he wanted to strengthen coordination and cooperation with his country.President Xi Jinping stressed that si...

March 22, 2023 at 8:44 am | Economic Affairs

Fragile sentiment: USD pinned near five-week low besides regaining

March, 21(Agencies) --US Dollar pinned near a five-week low besides regaining some ground on Tuesday as traders tiptoed back into riskier assets after UBS’ state-backed takeover of Credit Suisse allayed some fears of a widespread, systemic banking crisis.Market sentiment remained fragile, however, investors struggled to determine the scale of the ramifications from a sector hit that began with Silicon Valley Bank’s collapse, putting a cap on risk appetite and giving some support to the safe haven dollar.Sterling rose 0.02% to $1.2280, while the euro steadied at $1.0722.The Aussie fell 0.22% to $0.6703. News of UBS’ planned takeover of rival Credit Suisse on Sunday - a shotgun merger engineered by Swiss authorities - gave way to a sma...

March 21, 2023 at 12:43 pm | Economic Affairs

US-Pakistan Innovation Expo – An opportunity for Pakistani entrepreneurs to share business ideas

March20 (Agencies) US Ambassador Donald Blome has said that the top priorities of her government is to further promote economic growth in Pakistan, besides enhancing trade and investment between the United States and Pakistan. “The US is Pakistan’s largest export market. We are seeing more and more U.S. investment come to Pakistan. There is still room to grow and entrepreneurs like you are central to that effort,” said US Ambassador Donald Blome, at the concluding ceremony of the Two-Day Expo event with the title“US-Pakistan Innovation Expo”. The expo was organized with the aim to provide a platform for established start-ups to showcase their business ideas and prototypes and network with potential US and Pakistani venture....

March 20, 2023 at 7:05 pm | Economic Affairs