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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

President Alvi’s Charge Sheet

By Qamar Bashir In a surprising turn of events, Mr. Waqar Ahmad, the Principal Secretary to the President of Pakistan, has refuted allegations of deceiving the president, disregarding his directives, eroding his authority, and falsely suggesting that unsigned and unapproved bills were returned to the Prime Minister's office. He has counter-alleged that the President, instead of returning the bills after giving his observation, retained the Army Amendment Act 2023 and Official Secret Act 2023 files in his office and did not return them even on August 21 much after the due dates. This contemplation led to potential delays, which the Secretary attributes to the President's inaction rather than his own inefficiency. The Receipt and Di...

August 22, 2023 at 6:49 pm | Economic Affairs

Treasure Trove of Lahore

The Government of the Punjab, under the leadership of its active and agile Caretaker Chief Minister Syed Mohsin Raza Naqvi, is taking remarkable measures not only to preserve rich cultural heritage but also to promote its valuable historical treasure. Abdul Rashid Shakir How mesmerizing were the chants of “Lahore Lahore Eiy” and “Jinne Lahore Nai Takya, Jammiya Nai” atop double-decker bus of Punjab Tourism Department, built especially for an enriching tour of the Lahore city in order to acquaint riders with the cultural heritage, architectural landmarks and historical footprints of the past. Mall Road, Jail Road, Ferozpur Road, Data Darbar (Ali Hajveri Shrine), and Greater Iqbal Park housing three historical sites of ...

August 22, 2023 at 4:44 pm | Economic Affairs

4,000 vendors and buyers throng the two-day Pakistan Expo in Canada

Toronto:(EA Report) Nearly 4,000 vendors and visitors thronged a two-day Pakistan Expo held in the Canadian city of Vancouver to showcase Pakistani products to local buyers and customers and help forge business-to-business collaborations between Pakistan and Canada. The event was inaugurated by High Commissioner for Pakistan to Canada Zaheer A. Janjua while Consul General of Pakistan to Vancouver Janbaz Khan and a large number of Pakistani Canadian entrepreneurs, vendors, producers, businessmen, tradesmen, ministers, and legislators were also present. The two-day expo was the first of its kind held in Western Canada. It was jointly organized by the Pakistan Western Canada Trade Association (PWCTA) and the Consulate General of Pakista...

August 22, 2023 at 12:51 pm | Economic Affairs

Lucky Cement Successfully Commissioned 25MW Solar Power Plant

Aug,, 21(E.A Report) — Lucky Cement Limited successfully completed the commissioning of a 25 MW solar power facility at its Karachi manufacturing sites.The company expressing satisfaction with the project's timely execution, announcing its operational commencement on August 20, 2023.With this milestone, the company's capacity for self-consumption of power generated from renewable sources has now reached 39%. This includes the previous installation of a 34 MW solar power plant in December 2022 at their Pezu manufacturing site, along with Waste Heat Recovery plants at both locations. The combined capacity of these solar power facilities underscores the company's dedication to renewable and eco-friendly energy.The investment in these renewa...

August 21, 2023 at 6:32 pm | Economic Affairs

Saif Group to Voluntarily Wind Up Cement Venture

Aug,, 21(E.A Report) — Saif Group has initiated the voluntary winding up process for Saif Cement Limited, as reported in the exchange filing by Saif Power Limited.“The decision to recommend the voluntary winding up of Saif Cement Limited, an unlisted subsidiary company, has been made by the Board of Directors of Saif Power limited in the shareholders' best interests. This recommendation is pending approval from the shareholders and will be discussed at the Extraordinary General Meeting of the Company scheduled for September 12, 2023. In the event of winding up, the proceeds from the subsidiary will be returned to the Company, which intends to utilize the received funds,” according to a statement issued by Saif Power.In 2021, the mana...

August 21, 2023 at 6:32 pm | Economic Affairs

SMEDA Launches Develop Separate Credit Risk Assessment System Initiative for Manufacturing SMEs

Aug,, 21(E.A Report) — Small and Medium Enterprises Development Authority (SMEDA) has launched an initiative to develop a separate credit risk assessment system for easy disbursement of loans to the manufacturing SMEs in Pakistan.CEO SMEDA, Farhan Aziz Khawaja informed that the initiative had been started through a PSDP funded project of SMEDA; “the Research, Regulatory Insight & Advocacy Assistance for SMEs” (RRI&A) under the federal Ministry of Industries & Production (MoIP).In a press statement issued here today. CEO SMEDA said, SMEs in Pakistan face significant hurdles in obtaining finance. Challenges encompass limited data transparency, complex paperwork, cumbersome bank protocols, SMEs' creditability and readiness, ...

August 21, 2023 at 6:28 pm | Economic Affairs

Asian currencies edged lower on week opening

Aug, 21(Agencies) — Asian currencies edged lower on Monday after China surprised markets with a modest cut in lending rates, while Thailand’s economy grew at a much slower-than-expected pace.Indonesian rupiah led losses in the region, depreciating 0.3%, while the Malaysian and Singaporean currencies fell marginally.Bucking the trend, the Thai baht appreciated 0.4%, posting its best day since July 27, even as growth moderated in the second quarter.“No cut on 5-year LPR (loan prime rate) is a big surprise and this may further lead to lower expectations on the cut of existing mortgage rate, given no rate cut on 5-year LPR already indicated the big NIM (net interest margin) pressure the banks are facing,” said Willer Chen, research ana...

August 21, 2023 at 6:27 pm | Economic Affairs

Rekindling Hope

The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. By Qamar Bashir In a landmark moment for Pakistan, the newly-appointed Caretaker Prime Minister conducted his first Cabinet meeting on August 18, 2023, a telecast that left an indelible mark on the nation. His eloquent speech, clarity of thought, and unwavering commitment to a clear vision left an impression that resonated with citizens across the spectrum. The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. His priorities were firmly set on orga...

August 19, 2023 at 11:34 am | Economic Affairs

The New Federal Ministers, that I know personally.

By Qamar Bashir In a significant development for Pakistan, a caretaker Cabinet has been sworn in by the President. This diverse assembly, composed of 16 ministers and three advisors, marks a departure from conventional political structures, instead favoring a blend of technocrats, retired bureaucrats, IT experts, business figures, a select few politicians, and eminent individuals. With a prominent mandate to uplift the nation's economic and financial landscape, enhance business appeal, attract trade and investment, and pave the way for forthcoming free and fair elections, this Cabinet's formation heralds a pivotal chapter in Pakistan's journey toward stability and progress. With a prominent mandate to uplift the nation's economic ...

August 19, 2023 at 11:27 am | Economic Affairs