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Business & Economy

Faysal Bank posts highest-ever annual profit of Rs. 20.2 billion in 2023

With its stellar performance in 2023, Faysal Bank has set a new benchmark for excellence in the banking industry, paving the way for continued success and prosperity in the years to come Faysal Bank Limited (PSX: FABL) has reported its highest-ever annual profit in 2023, solidifying its position as a powerhouse in Pakistan's banking sector. The bank's net profit surged to an impressive Rs. 20.2 billion, marking a remarkable 77% increase compared to the previous year. This substantial growth in profitability demonstrates Faysal Bank's resilience and ability to capitalize on market opportunities despite challenging economic conditions. The bank's performance in 2023 reflects its strategic initiatives and efficient management of resourc...

February 10, 2024 at 3:57 pm | Economic Affairs

China’s Afghan Pivot

This unprecedented move positions China as the first nation to extend formal recognition to the Taliban-led government, showcasing both the country's pragmatic diplomacy and its commitment to fostering a shared future with Afghanistan. By Qaiser Nawab In a groundbreaking development, Chinese President Xi Jinping formally acknowledged Mawlavi Asadullah, also known as Bilal Karimi, as the Ambassador Extraordinary and Plenipotentiary of the Islamic Emirate of Afghanistan. This unprecedented move positions China as the first nation to extend formal recognition to the Taliban-led government, showcasing both the country's pragmatic diplomacy and its commitment to fostering a shared future with Afghanistan. Beyond fostering diplomatic...

February 7, 2024 at 5:43 pm | Economic Affairs

China’s Afghan Pivot       

This unprecedented move positions China as the first nation to extend formal recognition to the Taliban-led government, showcasing both the country's pragmatic diplomacy and its commitment to fostering a shared future with Afghanistan. By Qaiser Nawab In a groundbreaking development, Chinese President Xi Jinping formally acknowledged Mawlavi Asadullah, also known as Bilal Karimi, as the Ambassador Extraordinary and Plenipotentiary of the Islamic Emirate of Afghanistan. This unprecedented move positions China as the first nation to extend formal recognition to the Taliban-led government, showcasing both the country's pragmatic diplomacy and its commitment to fostering a shared future with Afghanistan. Beyond fostering diplomatic...

February 4, 2024 at 5:22 pm | Economic Affairs

Govt incentives to boost local mobile phone manufacturers: Dr. Umar Saif

Caretaker Minister for Information Technology and Telecommunications Dr. Umar Saif said that mobile manufacturing industry is the future of Pakistan and the government is providing incentives to the industry to boost local manufacturing of mobile phones in the country.Speaking at "TECNO Pakistan Mobile Summit 2024" in Islamabad, Dr Umar saif said that during the last 60 days of the caretaker government, the IT exports of Pakistani have raised by 32 percent adding that the government aims at taking IT exports to $5 billion in the ongoing year.The minister said that there is huge potential to excel in the information technology and we are working on fiber optics and spectrum mechanisms and providing vibrant environment to all the respective ...

January 30, 2024 at 12:11 am | Economic Affairs

Career Expo at Pakistan China Friendship Centre

The event will host over 5000 students from diverse disciplines of engineering and business management from leading universities participating from all over Pakistan. PRESS RELEASE The Ministry of Energy (Petroleum Division), in collaboration with Pakistan Petroleum Limited, one of the leading national Exploration and Production company, is thrilled to announce the first of its kind national level upcoming career expo set to take place on January 31 and February 1, 2024 at the Pakistan China Friendship Centre, Islamabad.With the theme “Fuelling Futures,” the Career Expo 2024 aims to create awareness and bridge the gap between students and oil, gas and mineral companies. It will facilitate meaningful interactions, and career devel...

January 27, 2024 at 2:02 pm | Economic Affairs

Chairman PTA presents Annual Report to PM

Chairman PTA presents Annual Report 2023 to Prime Minister Press Release The report highlights that the telecom sector generated Rs. 850 billion in terms of revenues in financial year 2022-23, showing a growth of 17% despite economic challenges. Chairman Pakistan Telecommunication Authority (PTA), Maj General (Retd) Hafeez-ur- Rehman, called on the caretaker prime minister of Pakistan, Anwaar-ul-Haq Kakar to present PTA’s Annual Report for the year 2023. This report encapsulates the noteworthy progress and advancements witnessed in the telecommunications industry throughout the preceding year. During the meeting, Chairman PTA highlighted key milestones, innovative initiatives, and strategic interventions undertaken by PTA...

January 27, 2024 at 10:13 am | Economic Affairs

Rogue India, Benevolent China

Human rights organizations including Human Rights Watch and Amnesty International have documented a range of serious rights violations in the region by Indian authorities. By Qamar Bashir The inauguration of the Ram Temple in Ayodhya on January 22, 2024 is a highly abhorrent and agonizing event, particularly for the Muslim community in India and globally. The event was a symbol of the neglect of secular principles in the Indian Constitution and a disregard for the religious and communal sentiments of Muslims. The demolition of the famous Babri Masjid in 1992 and the subsequent legal and political developments leading up to the temple's inauguration are a painful and humiliating chapter in the Muslim history. The Ram Temple, for ma...

January 26, 2024 at 5:56 pm | Economic Affairs

The Misery Index

The Bloomberg Economics report comes as a significant boost for PML-N, enhancing its image as a competent economic manager. By Qamar Bashir The Bloomberg Economics report, lauding the Pakistan Muslim League-Nawaz (PML-N)'s economic management, comes at a critical time as Pakistan faces severe economic challenges. With the country in the throes of a financial crisis, marked by soaring inflation of 20-25% and an unemployment rate above 8%, the populace is burdened and seeking immediate relief. Notwithstanding its shortcomings, this report has indeed impacted the election campaigning for every stakeholder including PML(N), PTI and PPP, and has generated media and public discourses. This backdrop has triggered a wave of extravag...

January 26, 2024 at 2:10 pm | Economic Affairs

China hopeful of peaceful & timely elections in Pakistan

The Consul General of the Peoples Republic of China in Lahore Mr. Zhao Shiren has said that China believes Pakistan can hold a peaceful, safe and timely elections while the solution of Occupied Kashmir should be according to the resolutions of the United Nations. He expressed these views while talking to journalists in Meet the Press program at Lahore Press Club. Mr. Zhao Shiren said that general elections are internal matter of Pakistan.  We should not interfere, but we will welcome whoever forms government and move forward together. He said CPEC is the joint venture of China and Pakistan which has completed 10 years and will be completed in any case. Under CPEC, he said US $26 billion have been invested so far while construction ...

January 26, 2024 at 11:56 am | Economic Affairs

Elections 2024

Season of Lofty Promises The underlying assumption in each of political forces manifestos is that with their coming into power will lead to an instantaneous resolution of the myriad difficulties being faced by the Pakistani people. By Qamar Bashir The elections 2024 are unfolding in a landscape marked by intense competition and heightened political rhetoric. Major parties are engaging in a familiar cycle of blame games and lofty promises, often overlooking the complex economic and financial situation of the country. Pakistan Muslim League-Nawaz (PML-N) has adopted a strategy that focuses on criticizing its main rival, the Pakistan Tehreek-e-Insaf (PTI), branding it as responsible for the May-9 incident. Interestingly, PML-N app...

January 24, 2024 at 4:31 pm | Economic Affairs

CPEC Fast Tracking Development

Joining CPEC offers a platform for significant economic growth through investment in infrastructure and industrial projects. The corridor promises enhanced connectivity, opening up new market accesses, particularly for landlocked regions. By Qamar Bashir The arrival of Chinese Vice Foreign Minister Sun Weidong in Islamabad to attend the 4th meeting of the CPEC-Joint Working Group on International Cooperation and Coordination marks a significant milestone in the China-Pakistan Economic Corridor (CPEC) initiative. Co-chaired by Pakistan’s Foreign Secretary Muhammad Syrus Sajjad Qazi, this meeting is set to evaluate significant strides in key development areas: rural revitalization, industrialization, green development, and science...

January 22, 2024 at 2:50 pm | Economic Affairs

Pakistan: CPEC-SIFC

Panacea to Economic Renaissance SIFC can contribute significantly to inclusive economic growth and sustainable development through CPEC. This involves ensuring that the benefits of CPEC are evenly distributed, addressing regional disparities, and fostering inclusive growth. By Qamar Bashir Like many other Pakistanis, I have also been pondering why the CPEC, touted as a game changer and harbinger of development and prosperity, has almost completed its first phase and launched its second phase, but inversely, the country is in deep financial and economic difficulties, the country is faced with the worst form of inflation, investment is almost negligible, and GDP growth is even worse. Hopes for growth and development in the coming ye...

January 21, 2024 at 12:23 am | Economic Affairs

Pakistan’s Economic Take-off

China has become the largest foreign investor in Pakistan. Under the CPEC it has invested almost $30 billion and is committed to invest more in the future. By Prof. Engr. Zamir Ahmed Awan China and Pakistan are closet friends and with relations covering political, diplomatic, economic, and defense dimensions. Irrespective of whatsoever happening in the region or geopolitics, the ties between the two countries have remained undeterred. On the economic front, China has become the largest foreign investor in Pakistan. Under the CPEC it has invested almost $30 billion and is committed to invest more in the future, particularly focusing on investment in the power sector and infrastructure development. The next stage of the CPEC is focu...

January 19, 2024 at 2:29 pm | Economic Affairs

Qatar: Doha Welcomes Four Global Giants for Transformative Collaboration

In a historic event marked by grandeur and significance, the Qatar National Museum in Doha witnessed the spectacular launch of four international companies – Fang-da Partners, Belt and Road Trading and Contracting, Gallery Five International, and SW International. Hosted by The Belt and Road Trading and Contracting, this momentous occasion brought together distinguished figures from various sectors to celebrate the spirit of unity and collaboration.The launch showcased each partner's narrative as a tapestry of innovation and shared aspirations, laying the foundation for transformative collaboration. The captivating live creation "One World, Peaceful World" served as an evocative testament to the shared pursuit of global harmony. The conv...

January 10, 2024 at 12:02 pm | Economic Affairs

Pakistan’s Economic Puzzle

Either the IMF advice has a problem or Pakistan has failed to implement the economic reforms under the IMF policy guidelines? By Prof. Engr. Zamir Ahmed Awan Pakistan’s current economic model is not working since it has fallen behind its peers, significant progress in poverty reduction has now started to reverse, and the benefits of growth have accrued to a narrow elite, observes World Bank Country Director Najy Benhassine. “There is a broad consensus that action is needed to change policies that have plagued development, benefitted only a few, and led to very volatile and low growth,” Benhassine stated in a Policy Vision article, published in the latest UNDP publication. It is true that Pakistan is not performing well in...

January 8, 2024 at 11:34 am | Economic Affairs

Beyond Dominance

The "New Era of Diplomacy" paints China as a nation standing tall, its voice confident, its actions assertive, yet its hand outstretched in friendship. By Qamar Bashir Amidst the echoes of Chinese success in every realm – from economic summits to cyberspace frontiers, from military might to diplomatic triumphs – President Xi during a meeting of the Central Committee of the Communist Party of China (CPC) discussed the work relating to foreign affairs (on December 27-28, 2023) unleashed a new wave of global engagement for Beijing. This "New Era of Diplomacy" paints China as a nation standing tall, its voice confident, its actions assertive, yet its hand outstretched in friendship. Here, aggression finds purpose, not malice; stre...

January 2, 2024 at 4:48 pm | Economic Affairs