Business & Economy

AgenciesHONG KONG, Nov. 17—US Dollar reached a four-and-a-half-year high against the yen on Wednesday after better-than-expected US retail dataThe US retail data also boosted Wall Street equities, although Asian shares failed to follow suit.MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.45% edging off Tuesday's near three-week closing high, with declines in most markets, while Japan's Nikkei lost 0.4%.The dollar reached a high of 114.97 yen in early Asian hours, its strongest since March 2017, while the euro languished at a 16-month low at $1.1320.Pakistan's rupee registers second successive gain against US dollarThe greenback was helped by Tuesday data which showed US retail sales rose faster-than-expected in Octob...

November 17, 2021 at 11:41 am | Economic Affairs

AgenciesTOKYO, Nov. 16 —US dollar eased broadly against riskier currencies and the yuan scaled a five-month high on Tuesday, as talks between US and Chinese leaders seemed to have an amicable start, while traders awaited looming US retail sales data.The euro also scraped off a 16-month low and rose almost 0.2% to $1.1383 as it licks wounds from a drubbing on Monday amid concerns about COVID-19 outbreaks and pushback on rate hike expectations from Europe's central bank chief.Calling US President Joe Biden an "old friend," his Chinese counterpart Xi Jinping said their countries must increase communication and cooperation. Both leaders stressed their responsibility to avoid conflict in opening remarks.By the halfway point in talks, the yuan...

November 16, 2021 at 4:52 pm | Economic Affairs

AgenciesTOKYO, Nov. 15—— US Dollar eased back from near an almost 16-month high versus major peers on Monday, as traders awaited fresh clues on the U.S. economy after bringing forward bets last week for a Federal Reserve interest rate hike on the back of red-hot inflation.Dollar index, which measures the currency against six peers, eased 0.13% to 95.012 from Friday, when it posted its biggest weekly gain since mid-August and touched 95.266 for the first time since July 2020.Investors will also be watching any comments coming out of a virtual summit between President Biden and Chinese leader Xi Jinping, set for Tuesday morning Beijing time and Monday evening in Washington, with relations between the world's two largest economies straine...

November 15, 2021 at 5:30 pm | Economic Affairs

EA ReportLahore, Nov. 12—rupee made new record during continued fall against the US dollar, closing at its all-time weakest level in the inter-bank market after even hitting 176 in intra-day trade on Friday.Currency closes at 175.73 in inter-bank market on FridayCurrency has been under immense pressure in recent days as uncertainty over the International Monetary Fund (IMF) programme rattles market participants. A higher import bill, widening current account deficit, and inflationary concerns have added to the currency woes.The historic low comes barely two weeks after the rupee had closed at its then-lowest level of 175.27 against the dollar in the inter-bank market.On Friday, the rupee depreciated for the fifth successive time.Accordin...

November 12, 2021 at 6:02 pm | Economic Affairs

AgenciesLONDON, Nov. 11— US dollar rose to 20-month highs against the euro and other currencies on Thursday, and the yen fell back towards multi-year lows, after the hottest US inflation reading in a generation encouraged bets on interest rate hikes.US consumer prices grew last month at their fastest annual pace since 1990, data showed, and traders think the Federal Reserve could respond by lifting interest rates faster than peers in Europe and Japan.Euro was pummelled, as the European Central Bank is seen lagging on policy tightening.It slipped further to $1.1459 on Thursday, its lowest since July 2020.Sterling was also marginally down on Thursday at a new 11-month low of $1.3388, with better-than-expected GDP data in Britain doing litt...

November 11, 2021 at 4:53 pm | Economic Affairs

Nov. 11— Gold prices were flat on Thursday after a surge in US consumer prices drove the metal to a five-month peak in previous session.FundamentalsSpot gold was little changed at $1,850.00 per ounce by 0100 GMT, after hitting its highest since June 15 on Wednesday.US gold futures gained 0.2% to $1,852.00.US consumer prices accelerated in October as Americans paid more for gasoline and food, leading to the biggest annual gain in 31 years, more signs that inflation could stay uncomfortably high well into 2022 amid snarled global supply chains.Gold is often viewed as a hedge against rising price levels.In another report on Wednesday, the US Labour Department said initial jobless claims last week fell to the lowest level since the middle of...

November 11, 2021 at 4:52 pm | Economic Affairs

AgenciesNov. 10— Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near-term travel demand picked up with COVID-19 pandemic curbs easing.Brent crude futures were at $85.22 a barrel by 0732 GMT, up 44 cents, or 0.5%, to after rising 1.6% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures rose 16 cents, or 0.2%, to $84.31 a barrel, adding to Tuesday’s 2.7% gain.Both benchmarks touched their highest in two weeks earlier on Wednesday, supported by tightening global oil inventories during the past several months, and the latest data from the American Petroleum Institute reinforcing the view that supply remains constrained.Ac...

November 10, 2021 at 4:07 pm | Economic Affairs

AgenciesTOKYO, Nov. 19 — US dollar held a three-day loss against major peers and traded near a one-month low to the yen on Wednesday, with highly anticipated US inflation data looming that could guide the timing of a Federal Reserve interest rate increase.China will also release readings on consumer and producer prices on Wednesday, which could sway the direction of policy there as property sector woes threaten the broader economy.The dollar index, which measures the greenback against six rivals, was little changed at 93.970 after retreating gradually from a more than one-year peak at 94.634 reached Friday.The currency was steady at 112.915 yen after dipping to 112.73 on Tuesday for the first time since Oct. 11.The euro was also about fl...

November 10, 2021 at 11:51 am | Economic Affairs

Nov. 10 — Spot gold fell 0.2% to $1,827.05 per ounce by 0255 GMT, after hitting its highest since Sept. 3 earlier in the sessionGold prices slipped from a more than two-month peak on Wednesday, as an uptick in the dollar hurt the bullion's appeal.FundamentalsSpot gold fell 0.2% to $1,827.05 per ounce by 0255 GMT, after hitting its highest since Sept. 3 earlier in the session.US gold futures edged 0.1% lower to $1,829.70.The dollar index edged up 0.1%, raising gold's cost to buyers holding other currencies.Two of the US central bank's most dovish policymakers said Tuesday they expect to get more clarity on the post-pandemic economic outlook by next summer, when the Federal Reserve is expected to finish winding down its asset purchases.The...

November 10, 2021 at 11:50 am | Economic Affairs

November 9,2021Islamabad( Press Release) The Cabinet today approved the Strategic Trade Policy Framework (STPF) 2020-25. The STPF 2020-25 aims to enhance the ability of Pakistani enterprises’ capacity to produce, distribute and sell products and services as or more efficiently than their competitors.The following priority sectors have been identified under the STPF after studying the international demand trends on one hand and on the other the capacity and capabilities of different export sectors of Pakistan.Traditional Sectors Developmental Sectors Textile & ApparelLeatherSurgical InstrumentsSports GoodsCarpetsRiceCutlery 1. Engineering Goods (incl. Auto Parts)PharmaceuticalMarble & MineralsProcessed Food & BeveragesFootw...

November 9, 2021 at 7:23 pm | Economic Affairs

EA ReportLAHORE, Nov. 8– Pakistan Stock Exchange (PSX) is considering to reduce minimum brokerage commission to 0.01% of transaction value for fixed income Exchange Traded Funds (ETF).Bourse in a notice said quoting Annexure-III of Chapter 4 of PSX Regulations, said standard rate of brokerage commission is higher of ‘3 paisas per share’ or ‘0.15% of the transaction value’ on every buy and sell transaction, which is not squared during the same trading day or only on one side which is squared-off during the same trading day.Accordingly, PSX is proposing to reduce brokerage commission for fixed income ETF to ‘1 paisa per share’ or ‘0.01% of the transaction value’, whichever is higher,” it said.PSX has also invited interest...

November 8, 2021 at 4:54 pm | Economic Affairs

AgenciesLONDON, Nov. 8. US dollar stayed broadly steady on Monday and currency markets lacked momentum as investors weighed up volatile rate projections and central banks' tolerance of inflation.Last week, the US Federal Reserve stuck to its view that current high inflation is expected to be transitory.The next test of this wait-and-see approach to inflation will be US CPI data due on Wednesday.At 0853 GMT, the dollar index was little changed on the day at 94.229, holding below the 15-month high it hit on Friday following stronger-than-expected US jobs data."The tightening labour market will keep pressure on the Fed to keep tightening policy going forward, and speed up rate hike plans if labour force participation does not improve as expec...

November 8, 2021 at 4:43 pm | Economic Affairs

Shanghai (Press Release)Ambassadof Pakistan to China, Mr. Moin Ul Haque, met with Mr. Mr. Lui Dashan, President of NORINCO Group in Shanghai. The two sides exchanged views on further enhancing cooperation. NORINCO is a leading Chinese state enterprise specializing in wide range of military and civilian products. It has a strong presence in Pakistan and is executing many important defence and civilian projects. It had also built the Lahore Orange Line Metro Train. Ambassador Haque said that Pakistan valued its long partnership with NORINCO. He invited the company for exploring investments in oil and gas, housing, railways and mining sectors of Pakistan.The two sides would remain engaged to further enhance mutual cooperation.

November 7, 2021 at 10:38 am | Economic Affairs

Shanghai(Press Release) Pakistan's ambassador to China Moin Ul Haque visited the headquarters of Shanghai Automotive Industry Corporation (SAIC) in Shanghai where he was warmly received by Mr. Zhao Aimin, Executive Vice President of SAIC.Mr Zhao briefed the ambassador about the company, its core businesses and its overseas projects. SAIC was the top Chinese automakers with a large number of its own brands in both passenger and commercial vehicles. It was also actively promoting the commercialization of new energy vehicles. He further informed that the SAIC had successfully entered into Pakistan market with introduction of its MG model and started production in July 2021 in partnership with JW SEZ. The company planned to expand its producti...

November 7, 2021 at 10:32 am | Economic Affairs

ISLAMABAD, Nov 5: Securities and Exchange Commission of Pakistan (SECP) registered 2,017 new companies in October 2021, raising the total number of registered companies to 154,093. Total capitalization (paid-up-capital) of the new companies stood at Rs2.7 billion.According to an official communication with media, around 99 percent companies were registered online, while 140 foreign users were also registered from overseas. The October incorporation consist of 63% private limited companies, 33% single member companies and three percent public unlisted companies, not for profit associations, and limited liability partnership (LLP).Construction & real estate sector took the lead with the incorporation of 369, trading with 302, and informa...

November 5, 2021 at 6:53 pm | Economic Affairs

EA ReportLahore Nov. 5— Punjab government sealed two sugar mills besides seizing hundreds of tonnes of the commodity following rise in sugar prices.Chief Secretary Punjab Kamran Afzal has said that a crackdown has been started against sugar hoarders in the province.Two sugar mills have been sealed in Sargodha and Faisalabad while 6,757 tonnes of sugar were recovered from Rahim Yar Khan, 100 bags from Lahore, 480 bags from Sargodha, and 960 bags from Sahiwal.Chief Secretary Punjab informed that government officials have been deployed for checking the stock of sugar mills and selling them at a fixed price.Kamran Afzal further said that the confiscated sugar will be sold in the market at a controlled rate which will reduce the price of suga...

November 5, 2021 at 6:52 pm | Economic Affairs