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AgenciesHONG KONG, Oct. 28 —Fears over rising inflation and pressure on central banks to tighten monetary policy sent markets lower in Asian trade Thursday as investors contemplate the end of the era of cheap cash, while spiking Covid infections act as a reminder that the pandemic is far from over.Ongoing worries about China's vast property sector and the future of giant developer Evergrande were also in view ahead of a payment deadline, while uncertainty over Joe Biden's social spending plan was also keeping a lid on sentiment.However, a string of healthy corporate earnings has provided a crucial boost to trading floors, helping push markets to multi-year or record highs this week, while Apple and Amazon are due to report later in the d...

October 28, 2021 at 12:29 pm | Economic Affairs

October 26,2021Islamabad(APP)President Dr Arif Alvi on Tuesday said a cultural narrative of Pakistan defined by the ethos of tolerance and peace was need of the hour to bring the nation together and transform its cultural diversity into unity.Addressing at a conference themed ‘National Integration and Cultural Assimilation’ here at the Pakistan National Council of Arts, the president said Pakistan’s culture was a beautiful blend of customs and traditions from all provinces contoured by various ethnicities.The two-day conference organized by the National Heritage & Culture Division under the Ministry of Education and Professional Training was joined by scholars from across the country to deliberate on the subject of national cultu...

October 26, 2021 at 10:39 pm | Economic Affairs

EA ReportLAHORE, Oct. 26 —— Pakistan's rupee dropped to another all-time low against the US dollar, closing above the 175 level for the first time in the inter-bank market on Tuesday.According to State Bank of Pakistan (SBP), the PKR closed at 175.27 against the USD, a day-on-day depreciation of 84 paisas or 0.48%. On Monday, the PKR had dropped to the-then record low of 174.43.PKR has lost around 13% of its value against the greenback since its recent high in May amid various explanations being provided by the central bank as well as market followers.Among them remains lack of clarity over negotiations with the International Monetary Fund (IMF) that has kept the market unnerved."The market is eagerly waiting for a green signal from th...

October 26, 2021 at 7:44 pm | Economic Affairs

By H.E. Aftab Ahmad Khokher The people and Government of Austria are set to mark the Austrian National Day on 26 October 2021. This day is a landmark in Austrian history as the Austrian Parliament passed the constitutional law on permanent neutrality of Austria on 26 October 1955. Despite its small size and population, Austria has an advanced and highly industrialized economy. Due to its geography - it is a landlocked country in Central Europe - and history, Austrian diplomatic and economic relations remains largely focused on its immediate neighbours including Germany, Italy, Switzerland and Hungary. Engagement with the broader EU zone is also a priority.   Pakistan and Austria established diplomatic relations in 1956 and ha...

October 26, 2021 at 5:50 pm | Economic Affairs

AgenciesBEIJING, Oct. 25— China placed a city of four million under lockdown on Tuesday in a bid to stamp out a domestic coronavirus spike, with residents told not to leave home except in emergencies.Rrestrictions announced as China reported 29 new domestic infections -- including six cases in Lanzhou, the provincial capital of northwestern province Gansu.Officials in Lanzhou said the "entry and exit of residents" would be strictly controlled and limited to essential supplies or medical treatment."All types of residential communities are to implement closed management," authorities said in a statement.The latest rules come on top of strict stay-at-home orders imposed on tens of thousands in northern China, with access to tourist sites al...

October 26, 2021 at 5:41 pm | Economic Affairs

AgenciesTOKYO, Oct. 26— United States’ strong demand pushed Oil prices edged higher on Tuesday after trading down earlier.Brent crude was up 13 cents or 0.2% at $86.12 a barrel by 0427 GMT, after gaining 0.5% on Monday. US oil gained 5 cents or 0.1% to $83.81 a barrel, having finished unchanged the previous session after testing new highs.While China's red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter."Forecasts for a colder November have energy traders bracing for a very tight market that will be met (with) unprecedented demand this winter," OANDA senior market analysts Edward Moya said in a note."This oi...

October 26, 2021 at 5:39 pm | Economic Affairs

AgenciesOct. 26 — Gold prices eased on Tuesday, weighed down by an uptick in the dollar and US bond yields, as investors assessed central banks' likely response to higher inflation ahead of key upcoming policy meetings.Spot gold fell 0.2% to $1,803.51 per ounce by 0329 GMT. US gold futures dropped 0.1% to $1,805.30.The metal rose nearly 1% to a high of $1,809.66 on Monday, only about $4 shy of an over one-month peak scaled last week.The dollar rose 0.1% on Tuesday, recovering from a near one-month trough hit during the previous session, souring gold's appeal to buyers holding other currencies.Benchmark 10-year US Treasury yields were also a tad higher at 1.6369%, raising non-interest bearing gold's opportunity cost."Gold should remain re...

October 26, 2021 at 11:09 am | Economic Affairs

AgenciesHONG KONG, Oct. 26 — Fresh records on Wall Street moved mostly Asian markets up on Tuesday following healthy corporate earnings overshadowing ongoing concerns about inflation, while progress in Washington on Joe Biden's big-spending economic plans also provided support.Tokyo led gains, piling on 1.8 percent in the morning while Shanghai, Sydney, Seoul, Wellington, Taipei, Manila and Jakarta also rose.However, a fresh virus outbreak in China, which has left tens of thousands of people in lockdown, revived concerns about the world's number two economy and authorities' zero-Covid policies.The S&P 500 and Dow both ended at new peaks, with tech firms lifted by a surge in electric car maker Tesla to the trillion-dollar mark ahead o...

October 26, 2021 at 11:07 am | Economic Affairs

AgenciesOct. 26 — US dollar has bounced off recent lows and was firm in choppy trade on Tuesday ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook.The euro fell 0.3% overnight on softer-than-forecast German business morale and expectations that the European Central Bank (ECB) will stay dovish when it meets on Thursday whereas, euro last bought $1.1598, near a one-week low.Other overnight moves were modest, with the dollar easing a tad on the Aussie, kiwi and sterling. It was steady on Tuesday save for a small rise on Japan’s yen to 113.83 yen, and a slight dip on the Aussie.The U.S. dollar index rose held at 93.856.“The dollar looks to be finding its feet in the mid-93s,”...

October 26, 2021 at 11:06 am | Economic Affairs

October 25,2021Riyadh(Press Release) Prime Minister Imran Khan met with His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the sidelines of the “Middle East Green Initiative” (MGI) Summit in Riyadh today. The Prime Minister paid tribute to the leadership of the Custodian of the Two Holy Mosques, His Majesty King Salman bin Abdulaziz, in the progress and development of the Kingdom. He lauded His Royal Highness Crown Prince Mohammed bin Salman for the Saudi Vision 2030, which aimed at transforming the socio-economic development of the Kingdom in the 21st century. The Prime Minister warmly congratulated the Crown Prince on successfully organizing the Middle East Green Initiative (MGI) Summit on Climate Chan...

October 26, 2021 at 12:10 am | Economic Affairs

October 25,2021Riaz( Press Release)Prime Minister Imran Khan meets the Crown Prince and Prime Minister of BahrainPrime Minister Imran khan had a meeting with the Prime Mininter of the Kingdom of Bahrain, His Royal Highness Prince Salman Bin Hamad bin Isa al Khalifa today in Riyadh on the side-lines of the “Middle East Green Initiative” Summit.The two Prime Ministers expressed satisfaction at the close cooperation between the two fraternal countries in diverse fields. They discussed a range of issues of bilateral importance and also exchanged views on the latest developments in Afghanistan.Prime Minister Imran Khan underlined that Pakistan and Bahrain have historic and deep-rooted fraternal ties. Recalling his visit to Bahrain in Decemb...

October 25, 2021 at 8:50 pm | Economic Affairs

By HE Shujjat Ali Rathore Spain and Pakistan have a history of warm and cordial relations marked by shared perceptions on a broad range of regional and international issues. At present, more than 100,000 members of the Pakistani diaspora reside in Spain. This, coupled with the vast political, trade and tourism ties, makes Spain one of Pakistan's oldest and increasingly important partners. The year 2021 marks the 70th anniversary of the establishment of diplomatic relations between the Kingdom of Spain and the Islamic Republic of Pakistan. Most recently, we commemorated this through a musical performance “Soniche´” (fusion of jazz, flamenco and Pakistani music) that was organized in August 2021 in collaboration with Casa Asia (Sp...

October 25, 2021 at 8:47 pm | Economic Affairs

October 25,2021Islamabad( Press Release)Satrang Gallery is delighted to present “Life in a play”, a two-person exhibition of Minaa Mohsin and Farazeh Syed.These two brilliant painters have each created vibrant scenes for audiences and viewers to sink into. These vignettes or slices of life are like the moving parts of a play, at times absurd, at others dramatic, sometimes contradictory, coming together to create a complete journey.The title of the exhibition references Shakespeare’s often quoted comparison of the stages of life to the acts of a play. These artists choose to depict the female form within these scenes, either directly or through representation, in order to highlight female dynamism – passion, creativity, assertivenes...

October 25, 2021 at 8:44 pm | Economic Affairs

October 25,2021Dhaka(Press Release)High Commissioner for Pakistan, Mr. Imran Ahmed Siddiqui called on Hon. Prime Minister of Bangladesh, Sheikh Hasina earlier today. This was his second meeting with Hon. Prime Minister Hasina since his arrival last year.The High Commissioner conveyed Prime Minister Imran Khan’s message of goodwill and friendship to Hon. Prime Minister Sheikh Hasina and the people of Bangladesh. Prime Minister Hasina reciprocated her good wishes for the leadership and people of Pakistan. The High Commissioner thanked Hon. Prime Minister for her support in implementing his diplomatic mandate in Bangladesh. The two sides agreed to further promote bilateral relations between the two countries. The High Commissioner presented...

October 25, 2021 at 8:37 pm | Economic Affairs

October 25, 2021Rawalpindi(ISPR)H.E Ms Wendy Gilmour, Canadian High Commissioner to Pakistan called on General Qamar Javed Bajwa , Chief of Army Staff (COAS) at GHQ, today.During the meeting matters of mutual interest, bilateral cooperation in various fields, overall regional situation and peace & stability in the 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 that there is a need for global convergence on Afghanistan to avoid humanitarian crisis together with coordinated efforts for economic uplift of the Afghan people.The visiting dignitary appreciated Pakistan’s role in Afghan ...

October 25, 2021 at 6:52 pm | Economic Affairs

AgenciesSINGAPORE, Oct. Oct25 — US oil may test a resistance at $84.94 per barrel, a break above could lead to a gain into the $85.66-$86.64 range.The Oct. 20 high of $84.25 has been surpassed.The uptrend from the August 23 low of $61.74 has thus been confirmed.The trend is presumed to be riding on a wave 3 from $79.42, which could extend to $86.64.This wave makes a part of a bigger wave (5), which may extend a lot, if the current wave count turns out to be correct.However, the unusual consolidation from the Oct. 20 high of $84.25, which was shaped into an expanding wedge, undermines this wave count.Support is at $83.88, a break below which could cause a fall into $81.12-$83.03 range. On the daily chart, oil has broken a resistance at $8...

October 25, 2021 at 6:00 pm | Economic Affairs