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
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
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
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
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
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
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
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 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
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
Pakistan Rupee Exchange Rate