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November 8, 2021Islamabad (Press Release)Pakistan is extremely concerned over the rapidly deteriorating security and human rights situation in the Indian Illegally Occupied Jammu and Kashmir (IIOJK).The Indian Occupation forces' continuing violence against innocent Kashmiris, including the reported incident in which a Kashmiri youth was brutally shot in Shopian, is highly reprehensible.In the face of India's repulsive state-terrorism, unabated repression, and widespread violations of human rights and international humanitarian law in IIOJK, the Kashmiri people remain resolute in their just struggle for self-determination.India must understand that no amount of brutality, clamp-downs or use of force can suppress the indigenous Kashmiri stru...

November 9, 2021 at 12:20 pm | Economic Affairs

November 8,2021Islamabad ( Press Release)The OIC’s Special Envoy for Jammu and Kashmir, Mr. Yousef Aldoubeay, met with Foreign Secretary, Sohail Mahmood, today. The OIC’s Assistant Secretary General (ASG) for Humanitarian Affairs, Mr. Tarig Bakhit, and other senior members of the OIC delegation were also present.Welcoming the Special Envoy, the Foreign Secretary underscored that the visit reaffirmed the OIC’s resolute support to the just struggle of the Kashmiri people for their inalienable right to self-determination. As a collective voice of the Islamic Ummah, this steadfast and principled position was a source of strength to the people of the Indian Illegally Occupied Jammu and Kashmir (IIOJK).On the human rights situation in the ...

November 8, 2021 at 7:42 pm | Economic Affairs

November 8,2021Rawalpindi (ISPR)Change of Command Ceremony held at Corps Headquarters Karachi today. Lieutenant General Nadeem Ahmed Anjum hands over command of Karachi Corps to Lieutenant General Muhammad Saeed

November 8, 2021 at 7:01 pm | Economic Affairs

November 8,2021ISPR(Press Release)Ms Marta Morgan, Deputy Foreign Minister of Canada called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), today.During the meeting matters of mutual interest, bilateral cooperation in various fields, overall regional situation and collaboration in humanitarian measures in Afghanistan were discussed. COAS said that Pakistan desires to maintain the tradition of bilateral engagement and wish for long term & multi-domain enduring relationship with Canada. COAS reiterated the dire need for global convergence on Afghanistan to avoid humanitarian crisis . The visiting dignitary appreciated Pakistan’s role in evacuation operation in Afghanistan, regional stability and pledged to play her role for f...

November 8, 2021 at 6:57 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

AgenciesTOKYO, Nov. 8– Oil prices rose on Monday after Saudi Arabia's state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies.Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. US oil gained 87 cents or 1.1% to $82.14, having declined almost 3% through Friday.Aramco late on Friday raised its December official selling price to Asia for its Arab light crude to $2.70 a barrel versus Oman/Dubai crude, up $1.40 from this month.The move by Aramco suggests "demand remains strong" as the OPEC producer and other major oil exporters keep the reins on supply, ANZ Research said in a note.The Organization of the Petroleu...

November 8, 2021 at 4:42 pm | Economic Affairs

Advisor to Prime Minister on Finance and Revenue says business community will not be harassed, but will have to pay taxesEA ReportISLAMABAD, Nov. 8. Advisor to Prime Minister on Finance and Revenue Shaukat Tarin said on Monday that Pakistan needs to increase its tax-to-GDP ratio in order achieve economic development.Addressing a ceremony in Islamabad, Tarin said that he has told the business community that they have to pay taxes, however, they will be facilitated and will not face harassment from the Federal Board of Revenue (FBR).“No one will harass the taxpayers, but everyone has to pay taxes,” he said.The advisor informed that they have got all relevant data such as billing information, bank account statemenst, traveling expenses, �...

November 8, 2021 at 4:41 pm | Economic Affairs

October 7, 2021Islamabad( Press Release)The 4th Round of Bilateral Political Consultations (BPC) between Pakistan and Canada was held this evening. Foreign Secretary Sohail Mahmood led the Pakistan delegation while the Canadian side was led by Deputy Foreign Minister Marta Morgan.During the BPC, a wide-range of bilateral relations as well as regional and multilateral issues of mutual interest were discussed. Warmly welcoming the delegation, Foreign Secretary noted that Prime Minister Imran Khan and Foreign Minister Shah Mahmood Qureshi had conveyed congratulatory messages to their respective Canadian counterparts following the recent elections. He noted that Pakistan and Canada had enjoyed a longstanding, friendly and cordial relationship....

November 8, 2021 at 12:12 am | 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

November 6, 2021Islamabad(Press Release)The OIC’s Special Envoy for Jammu and Kashmir, Ambassador Yousef Aldobeay will be visiting Pakistan and the Azad Jammu and Kashmir from 7-12 November 2021. A high-level delegation including the OIC’s Assistant Secretary General for Humanitarian Affairs, Ambassador Tarig Bakhit and other Senior Officials will accompany the Special Envoy.The Special Envoy will hold discussions encompassing the peace and security, human rights, humanitarian and legal aspects of the grave situation in the Indian Illegally Occupied Jammu and Kashmir (IIOJK). His visit will reinforce the centrality of a just settlement of the Jammu and Kashmir dispute to lasting peace in South Asia. During his visit to Azad Jammu an...

November 6, 2021 at 10:10 pm | Economic Affairs

AgenciesBEIJING, Nov. 6– China has boosted daily output of coal to a new annual high of 11.88 million tonnes after concerted efforts to alleviate a supply shortage as it heads into winter, the powerful state planner said, and production could rise further.The Asian giant's consumption of polluting coal has drawn scrutiny this week as nations gathered in Glasgow to discuss further measures needed to slow global warming.Beijing, by far the world's biggest consumer of coal and also the top producer of climate-warming greenhouse gases, is committed to reducing coal use, but only after 2025."According to current production increase trends, the daily production rate is expected to soon exceed 12 million tonnes," the National Development and Re...

November 6, 2021 at 6:11 pm | 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

AgenciesNov. 5— Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.Brent crude rose 36 cents, or 0.45%, to $80.90 a barrel by 0912 GMT after touching $81.79. U.S. West Texas Intermediate crude gained 60 cents, or 0.76%, to $79.41 after rising as high as $80.17.The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read moreTop OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organizat...

November 5, 2021 at 6:50 pm | Economic Affairs