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EA ReportLAHORE, Nov. 19— All Pakistan Textile Mills Association (APTMA) has rejected sudden hike in gas prices from $6.5/MMBTU to $9/MMBTU for Export Oriented Units.Addressing a hurriedly-called press conference here at APTMA House, the leadship remarked that Punjab was being rapped and penalized through abnormal increase in gas tariff rendering it in competing against other provinces, adding that a wide gulf between the gas prices of Punjab and rest of the country would lead to national disharmony and jeopardise the sustainability of textile business in Punjab.Chairman APTMA, Abdul Rahim Nasir marked upward revision in gas tariff a sheer contradiction of the commitment of federal government for continuous supply of gas/RLNG on $6.5/MMB...

November 19, 2021 at 9:20 pm | Economic Affairs

November 19,2021Islamabad (Press Release)Ambassador of Kingdom of Saudi Arabia Nawaf bin Said Al-Malki called on Speaker National Assembly Asad Qaiser in Islamabad, today. Bilateral relations and issues of mutual interest were discussed during the meeting.Speaker Asad Qaiser said that Pakistan and Saudi Arabia enjoyed strong fraternal ties firmly rooted in shared faith, culture, traditions and mutual goodwill. He said that the people and Government of Pakistan have deep respect for Custodian of the Two Holy Mosques and the Saudi Leadership. He added that Pakistan wanted to strengthen the bilateral relations through enhanced cooperation in social and economic sectors between two brotherly countries. Commending the role of Kingdom as a leade...

November 19, 2021 at 7:10 pm | Economic Affairs

November 19,2021Rawalpindi(Press Release)Ms Fawzia Bint Abdullah Zainal, Speaker of the Council of Representatives of Kingdom of Bahrain, called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), today. During the meeting, matters of mutual interest, current security situation in Afghanistan and bilateral cooperation in various fields were discussed. COAS said that Pakistan desires to maintain the tradition of bilateral engagement and wish for long term & enduring relationship with Bahrain. COAS also reiterated the need for global convergence on Afghanistan to avoid humanitarian crisis and coordinated efforts for economic uplift of the Afghan people. The visiting dignitary appreciated Pakistan’s role in Afghan situation, speci...

November 19, 2021 at 7:10 pm | Economic Affairs

November 19, 2021Islamabad ( Press Release)Foreig Secretary Shohail Mahmood received Japan's ambassador -designate Wada Mitsuhiro at Ministry of Foreign Affairs today. Foreig Secretary-extended best wishes to him-hoped that during his term, Pakistan and Japan partnership would be further strengthened-affirmed Pakistan’s resolve to work with Japan on all regional and international issues of common interest.

November 19, 2021 at 2:50 pm | Economic Affairs

November 18,2021Islamabad (Press Release) PresidentInternational Islamic University (IIU) Prof. Dr. Hathal Homoud Alotaibi has said that CPEC is a vital project that will bring economic development in region and it shall be a source of promoting prosperity between both countries.He was addressing the concluding ceremony of a two-day international conference on “China-Pakistan Economic Corridor Building Narratives” organized by Iqbal International Institute for Research and Dialogue (IRD), of International Islamic University (IIU) at Quaid-e-Azam Auditorium, Faisal Masjid Campus, Islamabad.In his speech, IIUI President said that CPEC will indeed open new avenues of progress in various sectors such as energy, railways and engineering tha...

November 18, 2021 at 6:56 pm | Economic Affairs

November 18,2021Islamabad(APP) President Dr Arif Alvi Wednesday broke ground for construction of academic block of Shaheed Zulfiqar Ali Bhutto Medical University (SZABMU) and Federal Medical College.While speaking on the occasion, he observed that the process of reforms should continue to improve the medical education.Medical professionals should remain connected to the society and should work for the poor, he added.The President emphasized on virtual education to increase enrolment of students without extra spending on infrastructure.Virtual education was of immense importance and Pakistan needed a large number of information technology and medical graduates and attention should be given to this aspect of education, he added.He said the n...

November 18, 2021 at 4:03 pm | Economic Affairs

November 18,2021Vienna (Press Release)Ambassador of Pakistan to Austria, Aftab Ahmad Khokher, met Mr. Wolfgang Sobotka, President of the Austrian National Council today. They discussed all issues of mutual importance including situation in Afghanistan, Jammu and Kashmir and bilateral cooperation in the fields of education, trade and parliamentary exchanges.Wolfgang Sobotka recognised importance of bilateral relations with Pakistan. Ambassador Khokher urged him to play his role for further strengthening the relationship. President Sobotka also recognized the importance of interactions between parliamentarians of the two countries. In this regard, he expressed his readiness to receive parliamentary delegation from Pakistan. Talking about rec...

November 18, 2021 at 3:42 pm | Economic Affairs

The second meeting of the First Council Board of "Belt and Road" Medical Device Innovation and Application Alliance (BRMDIA) was convened on Wednesday in the University of Shanghai for Science and Technology (USST) by the joint efforts of 109 institutions from 20 countries and regions through online and on-venue modes, where Dr Muhammad Shahbaz President of China Pakistan Medical Association from Pakistan has been awarded a certificate of excellence for his great contributions to the Health Corridor project. Several MoU’s including China Pakistan Cooperation in Healthcare Sector for Training Medical and Engineer Personnel were signed at the grand event. "Belt and Road" Medical Device Innovation and Application Conference is an annual ...

November 18, 2021 at 3:39 pm | Economic Affairs

November 17,2021Islamabad (EA Report)A two-day international conference on “China-Pakistan Economic Corridor Building Narratives” organized by Iqbal International Institute for Research and Dialogue (IRD), of International Islamic University (IIU) commenced on Wednesday at Quaid-e-Azam Auditorium, Faisal Masjid Campus, Islamabad.The conference organized by IRD in collaboration with Faculty of Social Sciences, is being attended by eminent national and international experts in economics, sociology and mass media. In different sessions of the conference, around 50 national and international experts, researchers, academicians and intellectuals will discuss various aspects of CPEC’s regional and global impact. The IIU Rector Prof. Dr. Mas...

November 17, 2021 at 6:02 pm | Economic Affairs

November 17, 2021Islamabad( Press Release)Speaker National Assembly Asad Qaiser has said that Pakistan accords high importance to its long-standing fraternal relations with Bahrain which are rooted in shared faith, believes and mutual traditions of Islamic brotherhood. He said that bilateral relations between both countries can be strengthened by expanding cooperation in the field of trade, investment and human resources development. He congratulated Speaker of the Council of Representatives of the kingdom of Bahrain and people of Bahrain on the Golden Jubilee Celebration of Independence of Bahrain. He expressed these views during a meeting with Ms. Fawzaia Bint Abdullah Zainal , Speaker Of the Council Of Representatives of the kingdom of ...

November 17, 2021 at 4:00 pm | Economic Affairs

November 17,2021Islamabad ( Press Release)Pakistan looks forward to welcoming Sikh pilgrims visiting Gurdwara Darbar Sahib through the Kartarpur corridor from 17 November.While Pakistan had reopened the Kartarpur Corridor on 29 June 2020 after temporary suspension of about three months due to Covid-19 pandemic, India had kept the Corridor closed from its side for nearly 20 months, and has only now allowed it to be re-opened.Sikh community from India and around the world had been urging the opening of the Corridor. Pakistan had also proposed formally to India to reopen the corridor in respect of the wishes and sentiments of the pilgrims.Pakistan will also be hosting thousands of Sikh pilgrims from India and around the world for 552nd birth ...

November 17, 2021 at 3:36 pm | Economic Affairs

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

EA ReportLahore, Nov. 16— State Bank of Pakistan (SBP) brought forward meeting of Monetary Policy Committee (MPC) following recent “unforeseen developments” that have affected the outlook for inflation and the balance of payment.Monetary Policy Committee (MPC) has decided to bring forward its next meeting from the previously announced date of November 26, stating that meeting.In a brief statement on Tuesday, SBP says, "The MPC will now convene in SBP Karachi on Friday, November 19, 2021.”The SBP said the meeting has been brought forward in light of recent unforeseen developments that have affected the outlook for inflation and the balance of payments, and to help reduce the uncertainty about monetary settings prevailing in the mark...

November 16, 2021 at 6:44 pm | Economic Affairs

AgenciesSINGAPORE, Nov. 16—Oil prices rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe.Brent futures added 61 cents, or 0.74%, to $82.66 a barrel, as of 0421 GMT, while US West Texas Intermediate (WTI) crude climbed 54 cents, or 0.67%, to $81.42 a barrel."At these oil prices, supply is going to grow but it might take six months and inventories have come down so low. We don't have a safety margin," said Tony Nunan, a Tokyo-based senior risk manager at Mitsubishi Corp."We have very low inventory levels and if we have a very cold winter and OPEC is still sluggish at increasing supplies that could push...

November 16, 2021 at 4:54 pm | 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

November 15,2021Islamabad(EA Report) 552nd birth anniversary of Baba Guru Nanak being celebrated from 17th to 26th November.Pakistan has given special permission to Sikh Yatrees from across the world to attend the celebrations. Sikh yatrees from India, USA, UK , Afghanistan and Canada and other counties will attend the celebrations .Sikhs from Afghanistan have arrived Pakistan through Torkham Border. Indian Sikh Yatrees will be arriving Pakistan on 17th November through Wahga Border. During these celebrations Sikh Yatrees will also be visiting Darbar Kartarpur Sahib.

November 15, 2021 at 7:56 pm | Economic Affairs