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
Islamabad; July 17,2023 -( EA Report) Mian Mohammad Younis has been appointed as the Chairman of the Board of Directors Faysal Bank Limited, in its board meeting held on July 17, 2023. With the professional career spanning over four decades in Ministry of Finance, Banking and Financial Sector reforms, Mr. Younis brings in extensive knowledge of Corporate Sector Governance and financial markets.Mr. Younis has also served at the Board of Directors of Meezan Bank Limited, as the Chairman of the Board Audit Committee and was also a member of the Board Risk Management Committee.He has been part of the Board of Directors at Faysal Bank Limited for more than nine years where he has been the Chairman of Board Audit and Corporate Governance Comm...
July 17, 2023 at 8:54 pm | Economic Affairs
Since 1990, Pakistan's policy towards the Taliban in Afghanistan has undergone several shifts due to changing geopolitical dynamics and regional security concerns. By Qamar Bashir In recent statements, the army chief has shifted from an appeasement policy with the Afghan Interim Government to an aggressive policy, warning it to rein in the Tehreek-e-Taliban Pakistan (TTP) militant umbrella group. The TTP has been using Afghan soil to launch attacks in Pakistan. The army chief had noted Pakistan has "serious concerns about the safe havens and freedom of action available to the Tehrik-e Taliban Pakistan militant group." He made these remarks after two militant strikes in recent days killed 12 Pakistani soldiers on the Pakis...
July 17, 2023 at 6:37 pm | Economic Affairs
Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. By Qamar Bashir “I am the Prime Minister for another thirty days,” said Shahaz Sharif during recently held ceremony in Islamabad. He quelled all rumors including elections would be postponed indefinitely, the incumbent governments would continue for at least one more year, and formation of a technocratic government for indefinite period. Shahbaz Sharif put a curtain on extra-constitutional speculations by announcing that his government will only be in power for another month but before announcing his intention to step down. He put eve...
July 15, 2023 at 6:15 pm | Economic Affairs
July, 14(Agencies) — Hong Kong stocks completed a full week of gains on Friday, as traders bet the Federal Reserve is close to the end of its rate-hike cycle and were hopeful of fresh economic stimulus measures out of China.The Hang Seng Index added 0.33 percent, or 63.16 points, to 19,413.78.Shanghai Composite Index was marginally higher, adding 1.22 points to 3,237.70, while the Shenzhen Composite Index on China’s second exchange was also flat, inching down 0.90 points to 2,058.10.
July 14, 2023 at 8:10 pm | Economic Affairs
July, 14(Agencies) — Pakistan LNG Ltd (PLL) received a bid from commodities trader Trafigura for an LNG import tender at $23.47 per million British thermal units (mmBtu) to be delivered on January 3-4 and at $22.47/mmBtu for delivery February 23-24, a source said on Friday.Pakistan issued two tenders in June, seeking spot liquefied natural gas (LNG) cargoes for the first time in nearly a year but did not receive any bids.The bid from Trafigura is for Pakistan LNG’s second tender which closes on July 14.Meanwhile, Bloomberg News reported that the shipments offered by Trafigura “are priced at roughly a 30% premium to current market prices, according to traders”.“Typically, spot purchases of fuel would be sold at similar levels to m...
July 14, 2023 at 8:07 pm | Economic Affairs
July, 14(Agencies) — US dollar hovered at 15-month lows on Friday after a steep dive overnight following markets wagered Federal Reserve was close to the end of its rate hike cycle due to easing inflation.Dollar index, which measures the US currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022. The index is on course for its worst week since November.US producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after consumer prices rose modestly last month as evidence mounts that the world’s largest economy had entered a phase of easing inflation.“Markets are generally pretty pleasant with the l...
July 14, 2023 at 2:53 pm | Economic Affairs
Livestock and Dairy Modernization and Improvement Support Program is a significant stride forward in the government's efforts to transform livestock and agriculture sectors and improve lives of millions. By Qamar Bashir Special Investment Facilitation Council (SIFC) has launched its first product, the Livestock and Dairy Modernization and Improvement Support (LIMS) Program, with the support of the World Bank and the Asian Development Bank at a cost of $500 million. The purpose of this five-year program is to increase the profitability and productivity of Pakistan's livestock and dairy industries. Being an integrated program, it has taken care of every possible aspect of the livestock and dairy sectors and will strive to provide fa...
July 14, 2023 at 10:24 am | Economic Affairs
Prime Minister thanked the Army Chief for bringing in the green initiative and hoped that this project would change the fate of Pakistan. By Qamar Bashir Army chief after taking command has been meeting with businessmen, agriculturists, and economists to bring in some semblance and overcome countries economic and financial woes. Though it went unnoticed at that time until the formation of Special Investment Facilitation Council (SIFC) with the Army Chief as a member was announced. Soon after its formation, various sessions were held wherein many important decisions were finalized in a jiffy. The four terminals of Karachi ports were handed over to a Dubai-based company on 30 years lease. SIFC's second decision was to auct...
July 14, 2023 at 10:19 am | Economic Affairs
July, 13(Agencies) — China’s yuan slipped slightly against the dollar on Thursday, as the country’s export growth surprised investors to the downside, but analysts said further currency weakness was expected to be limited.China’s exports fell more than expected in June year-on-year, while imports also contracted, in the worst showing for outbound shipments from the world’s second-largest economy in three years.Prior to the market’s open, the People’s Bank of China set the midpoint rate at 7.1527 per US dollar, 238 pips firmer than the previous fix 7.1765.The spot yuan opened at 7.1680 per dollar and was changing hands at 7.1687 at midday, 37 pips weaker than the previous late session close.Despite the strengthening of yuan ag...
July 13, 2023 at 3:24 pm | Economic Affairs
Pakistan Rupee Exchange Rate