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November 15,2021Islamabad(Press Release)Ambassador of Qatar to Pakistan H.E. Sheikh Saoud Abdulrahman called on Prime Minister Imran Khan today.The Ambassador of Qatar conveyed greetings of the leadership of Qatar to Prime Minister Imran Khan today.Reciprocating warm sentiments, the Prime Minister reaffirmed Pakistan's desire to strengthen bilateral ties with Qatar.

November 15, 2021 at 7:54 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

Agencies SINGAPORE, Nov. 15— Crude oil prices fell on Monday, under pressure from expectations of increasing supplies and a lower demand forecast amid higher energy costs.Brent crude futures fell 45 cents, or 0.6%, to $81.72 a barrel, as of 0604 GMT. U.S. West Texas Intermediate (WTI) crude lost 36 cents, or 0.5%, to $80.43 a barrel.Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices."The White House has been debating how to tackle higher inflation, with some officials calling for the strategic reserve to be tapped, or halting U.S. exports," ANZ analysts said in a report.U.S....

November 15, 2021 at 5:29 pm | Economic Affairs

November 12, 2021Islamabad ( Press Release)The 11th round of Bilateral Political Consultations between Pakistan and Switzerland was held in Islamabad on 12 November 2021.  Dr Muhammad Tariq, Additional Secretary (Europe), led the Pakistan side, while the Swiss side was headed by Ambassador Raphael Nägeli, Assistant Secretary of State for Asia and Pacific, Federal Department of Foreign Affairs (FDFA).The two sides exchanged views on bilateral relations, including political, economic, trade and investment. Cooperation in the fields of education, science and technology, defence and security, agriculture, and at multilateral fora were also part of the parleys. Both sides expressed satisfaction on the existing cooperation mechanisms and a...

November 12, 2021 at 9:03 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

October 12,2021ISPR(Press Release) Mr Thomas West, United States (US) Special Representative for Afghanistan, called on General Qamar Javed Bajwa, Chief of Army Staff (COAS) at GHQ, 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 & multi-domain enduring relationship with United States. COAS reiterated the need for global convergence on Afghanistan for avoiding looming humanitarian crisis and coordinated efforts for economic uplift of the Afghan people.The visiting dignitary appreciated Pakistan's role in Afghan situation, spec...

November 12, 2021 at 4:19 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. 11— Oil prices were steady on Thursday after falling in previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.Brent crude futures fell on Wednesday by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world’s biggest oil consumer, rose after the government released some strategic reserves.Brent crude futures gained 31 cents, or 0.4%, to $82.95 a barrel at 0515 GMT, while WTI futures rose 29 cents, or 0.4%, to $81.63.“Crude prices are t...

November 11, 2021 at 4:51 pm | Economic Affairs

November 10,2021Islamabad( Press Release (Speaker National Assembly Asad Qaiser has said that Afghanistan is passing through a decisive phase in its history and it is incumbent upon Pakistan being its neighbor to support Afghanistan as peaceful and stable country. He said that strengthening trade ties between both countries would bring prosperity and it would also generate economic activities in the region. He expressed these views while addressing the “8th Focus Discussion on Pakistan and Afghanistan Economic Activity “organized by Pakistan Afghanistan Joint Chamber of Commerce (PAJCCI) in Islamabad today.Speaker National Assembly made it clear that Pakistan always desires to build relations with Afghanistan on the basis of economic a...

November 10, 2021 at 10:00 pm | Economic Affairs

November 10,2021Islamabad( Press Release)The Special Representatives/Envoys for Afghanistan from China, Russian Federation, United States and Pakistan will participate in the Troika Plus meeting in Islamabad on 11 November 2021. The meeting will be inaugurated by Foreign Minister Shah Mahmood Qureshi.Pakistan attaches high importance to the Troika Plus mechanism on the situation in Afghanistan. Pakistan hopes that deliberations of the Troika Plus meeting would contribute to the ongoing efforts for achieving lasting peace and stability in Afghanistan.

November 10, 2021 at 9:57 pm | Economic Affairs

November 10, 2021 Islamabad( Press Release)Lieutenant General Faiz Hameed, Director General Inter Services Intelligence called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today. Various matters pertaining to national security and synergy amongst tri- services and intelligence organisations were discussed during the meeting.DG ISI expressed his appreciation for the thorough professionalism of PAF personnel, and their resolve to safeguard the aerial frontiers of Pakistan. The Air Chief lauded the diligent efforts of Inter Services Intelligence for maintenance of regional peace and stability.

November 10, 2021 at 9:54 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

09 November, 2021 Islamabad (Press Release)Ambassador of Federal Republic of Somalia H.E. Mrs Khadija Mohamed Al Makhzoumi called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today. During the meeting, both the dignitaries discussed matters of professional and mutual interest.H.E. Mrs Khadija Mohamed Al Makhzoumi commended the professionalism of PAF and acknowledged its rising indigenous capacity in aviation industry.The Air Chief said that Pakistan and Somalia share common religious values and cultural bonds.The Air Chief highlighted that both the countries enjoy cordial relations and reiterated his resolve to further enhance the existing bilateral cooperation between the two air ...

November 9, 2021 at 10:59 pm | 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