Business & Economy

By Mehreena Aziz Khan Grassroots level awareness must also be inculcated about environmental and social issues in schools and amongst the youth, in community centers and also the relevant training and sensitization for the tourism and hospitality stakeholders. Responsible Tourism is a tourism management paradigm which aims to mix economic, social and environment benefits of tourism and minimize the (tangible and intangible) costs to destinations. It is the management of tourism in a way that ensures creation of quality tourism experiences whilst keeping the triple-bottom line in sight, including economic growth, environmental integrity and social justice, in order to contribute positively to the sustainable development of the region....

September 29, 2021 at 11:35 am | Economic Affairs

By Syed Hasan Javed Visitors to Pakistan carry pleasant memories and become its best advocates as the tourism-rich fabulous country is dotted with areas of touristic interest for all shades and types of travelers. Pakistan is the 5th largest country in the world with a population of 220 million. It has 67 percent population under 30 years of age. Pakistan is sitting on a ‘demographic dividend’, with 54% of its population under 20 years. Pakistan’s geographical location, gives it the advantage of land route access to 4 billion people which is nearly half of the global population residing in China, India, Central Asia, West Asia and the Gulf Region. In the ancient times Pakistan served as a ‘Gateway’ to Silk Route connecti...

September 29, 2021 at 11:08 am | Economic Affairs

SINGAPORE, Sept.29— US dollar showed its muscles near its strongest levels of the year on Wednesday, after driving higher with U.S. yields and benefiting from investor nervousness about the Federal Reserve starting to withdraw policy support just as global growth headwinds gather.The yen, which is sensitive to U.S. yields as higher rates can draw flows from Japan, touched an 18-month low of 111.685 per dollar early in the Asia session.The euro, which fell to a one-month low overnight, sat at $1.1687 and was close to testing major support around its 2021 low of $1.1664 and its Nov. 2020 low of $1.1602.Elsewhere, the dollar was firm after broad gains overnight lifted the dollar index against other major currencies to an 11-month high of 93...

September 29, 2021 at 10:52 am | Economic Affairs

Lahore, Sep. 27— Pakistan's rupee took a historic dip against the US dollar Monday in inter-bank market, closing at 169.6, thrashing down level it registered just earlier this month.Rupee edged near all-time low against the dollar, which last time, had lost its ground at 169.12 on September 15, this year, lowest level at that interval , before a minor recovery began.According to State Bank of Pakistan (SBP), the PKR closed at 169.60 against the USD, a decline of 52 paisas or 0.31% on Monday.Development raises further concerns over the demand-side pressure that has already seen the currency lose over 10% since its recent high in May 2021. In the past four months, the rupee has been under pressure amid concerns over import payments and the...

September 27, 2021 at 6:32 pm | Economic Affairs

Lahore, Sept. 27 — Lahore Chamber of Commerce and Industry (LCCI) and Intellectual Property Organization (IPO) Monday joined hands to enhance cooperation in creating awareness about Intellectual Property Rights.LCCI President Mian Tariq Misbah and Director General IPO Shazia Adnan signed a Memorandum of Understanding (MoU) on behalf of their respective organizations.LCCI Vice President Tahir Manzoor Chaudhry, EC Members Haris Atiq and Mardan Ali Zaidi were also present on the occasion.It has been agreed between the two organizations that Technology and Innovation Support Center (TISC) will be established at the LCCI.According to the reached understanding the Center will provide basic level services and additional services according to th...

September 27, 2021 at 5:56 pm | Economic Affairs

HONG KONG, Sept. 27 —Equity markets rose Monday, a broadly positive lead from Wall Street, while investors kept a nervous eye on developments at Evergrande as it teeters on the brink.Global stocks mostly fall on renewed Evergrande fears, Hong Kong was among best performers on bargain-buying after suffering a blow-out last week, though traders were still none the wiser about whether Evergrande paid interest on an offshore bond that was due last Thursday.In early trade, Hong Kong, Sydney, Seoul, Singapore, Wellington, Manila and Jakarta were all in positive territory, though Shanghai dipped.Tokyo rose, days ahead of a leadership election in Japan's ruling party to replace Prime Minister Yoshihide Suga, with optimism that the winner will pu...

September 27, 2021 at 5:51 pm | Economic Affairs

TOKYO, Sept. 27-Oil prices climbed for a fifth straight day on Monday where Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.Brent crude was up 92 cents or 1.2% at $79.01 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added 83 cents, or 1.1% to $74.81, near its highest since July, after rising for a fifth straight week last week.“Supply tightness continues to draw on inventories across all regions,” ANZ Research said in a note.Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.Caught short by the demand rebound, members of the Organi...

September 27, 2021 at 1:49 pm | Economic Affairs

By Haroon Sharif With the exception of past two years where the global economy suffered a major shock by COVID-19 pandemic, the tourism sector has been growing across the globe and remained a major contributor to world GDP. According to the World Travel and Tourism Council (WTTC), Travel & Tourism’s contribution to world GDP outpaced the global economy for the seventh consecutive year in 2017. Travel & Tourism’s direct, indirect impact accounted for US$8.3 trillion contribution to the world’s GDP, 10.4% of global GDP, 313 million jobs, 1 in 10 jobs around the world and US$1.5 trillion exports (6.5% of total exports, 28.8% of global services exports), US$882 billion investment (4.5% of total investment). Travel & ...

September 27, 2021 at 11:27 am | Economic Affairs

September 25,2021Islamabad Press Release) In a short period of time, Pakistan has become a 4G Smartphone exporter, revealed by the Commerce Minister Abdul Razaq Dawood"I would like to congratulate Airlink Communications in playing an integral role in this process and exporting their first batch of 1500 locally manufactured smartphones to UAE". Its a small beginning for the company but a significant milestone for Pakistan's mobile phone industry.

September 25, 2021 at 11:56 am | Economic Affairs

NEW YORK/LONDON, Sept 25. - European markets fell on Friday and major U.S. indexes were little changed as worries over fallout from debt-laden China Evergrande persisted, while U.S. bond yields pushed higher after hawkish stances from central banks.The Dow and S&P 500 were little changed in Friday afternoon trading following a two-day rally, with a downbeat sales forecast from Nike offsetting gains in financial and energy shares.Concern over whether distress at Evergrande could spill into the broader economy has hovered over markets this week. Evergrande's electric car unit warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in ot...

September 25, 2021 at 11:19 am | Economic Affairs

NEW YORK— Greenback on Friday positioned its third straight week of gains against a basket of major currencies following uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in prior session.China Evergrande Group owes $305 billion and has run short on cash, missing a Thursday deadline for paying $83.5 million and leaving investors questioning whether it will make the payment before a 30-day grace period expires. A collapse of the company could create systemic risks to China’s financial system.The safe-haven dollar had its biggest one-day percentage drop in about a month on Thursday after Beijing injected new cash into the financial system and Evergrande announced it w...

September 25, 2021 at 10:35 am | Economic Affairs

TOKYO: 24 Sep.— The cooling-off Dollar checks lowest level in a week versus major peers Friday, following improved risk sentiment wiped out recent gains amid easing concerns about contagion from a potential Evergrande Group default.Risk appetite returned, lifting oil and global equities, even as hawkish comments from the Bank of England pushed up yields globally, with those on 10-year US Treasury notes hitting the highest since July overnight at 1.437%.That failed to help the greenback though, with the US Dollar Index, which measures the currency against a basket of six rivals, easing slightly to 93.068 from Thursday, when it slid 0.36% and touched the lowest since Sept. 17 at 92.977.That erased gains for the week, and set the index up f...

September 24, 2021 at 1:39 pm | Economic Affairs

HONG KONG: 24 Sept.— Investors wary eye on Evergrande developments let Asian markets fluctuated Friday, keeping an upbeat outlook for the global recovery outlook.A more hawkish tilt by the British and Norwegian central banks hinted at a similar outlook, while analysts said markets would likely end the year on a strong note.Subsiding concern about the future of Evergrande added to the broadly positive mood, while hopes a US debt default could be averted also provided support.Investors struggled to track a surge on Wall Street that followed news the Federal Reserve planned to start tapering its vast monetary easing programme within months, which observers took as a signal of confidence that the world's top economy is well on the right trac...

September 24, 2021 at 12:06 pm | Economic Affairs

KUALA LUMPUR: 23 Sep.—Malaysian palm oil futures Thursday extended gains to a third session following lower production forecasts and robust exports ahead of a key festival in top buyer India.Benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 15 ringgit, or 0.35%, to 4,345 ringgit ($1,037.49) a tonne in early trade.Palm oil may retreat into a range of 4,157-4,234 ringgit per tonne, as its bounce from the Monday low of 4,032 ringgit is ending, Reuters technical analyst Wang Tao said.FUNDAMENTALSContract rallied 3% in the previous session after industry groups estimated a decline in Sept. 1-20 Malaysian production following a near 12% rise in August.Exports during Sept. 1-20 rose 36.7% from the...

September 23, 2021 at 3:31 pm | Economic Affairs

SINGAPORE, 23 Sep.— Dollar eased slightly from a one-month high on Thursday whereas Asia session stayed thinned by a holiday in Japan, the euro bounced a bit to $1.1705, scraping off a one-month lowThe Federal Reserve set the stage for rate hikes next year but left enough breathing room to slow things down if necessary, while sterling traded firmly ahead of a Bank of England meeting.In an Asia session thinned by a holiday in Japan, the euro bounced a bit to $1.1705, scraping off a one-month low. Sterling was up 0.1% to $1.3643 as investors weighed the risk of a hawkish surprise from the central bank.Other moves were pretty modest, with the greenback staying near multi-week highs against the Australian and New Zealand dollars and holding ...

September 23, 2021 at 3:28 pm | Economic Affairs

Lahore Sept 22– Pakistan Stock Exchange's (PSX) KSE-100 index shed 1,243 points during intraday trading on Wednesday before bouncing back later and more than halving its losses, continued foreign institutional selling said to be responsibleBenchmark index opened at 46,008.85 points and gained slightly within the opening minute of the session to reach day's high of 46,031.89 points. Bourse then witness sharp selling and by 1:12pm had plunged to day's low of 44,788.17 points.It did stage a substantial recovery and cut its losses to 411.61 points (0.89%) by the end of the session, closing at 45,597.24.“Continued foreign selling combined with local institutional selling dragged the stock market lower sharply", said Intermarket Securities' ...

September 22, 2021 at 9:25 pm | Economic Affairs