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
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
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
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
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
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
March16(Agencies) -- Oil prices rebounded to 1percent on Friday following Saudi Arabia and Russia meeting after a banking crisis sparked a sell-off in global financial and oil markets this week.
March 17, 2023 at 11:36 am | Economic Affairs
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
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
Mar 16, 2023 (APP):Foreign Minister Bilawal Bhutto Zardari Thursday proposed to establish a special task force of experts at the Organization of Islamic Cooperation (OIC) forum to develop a strategy to secure equal treatment in the rules and structure of international finance, trade and taxation. "We must also demand a speedy debt restructuring for 60 financially vulnerable countries, the redistribution of unutilized SDRs (Special Drawing Rights) to developing countries, large lending by multilateral development banks, massive public-private partnership investments, sustainable infrastructure and the mobilization of the promised climate financing of US$100 billion," he said while delivering his opening statement as Chairman of the ...
March 16, 2023 at 9:41 pm | Economic Affairs
Pakistan Rupee Exchange Rate