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genciesHONG KONG, Oct. 25— Asian markets were mixed Monday after last week's gains with investors keeping a worried eye on a fresh Covid outbreak in China that could drag on the already stuttering economy.Long-running worries about inflation continued to cast a shadow over trading floors, though a healthy batch of earnings have tempered those concerns in the past couple of weeks.Reporting by tech titans including Amazon, Apple, Samsung and Microsoft are on the agenda this week, and will be closely followed for an idea about what impact supply chain snarls and rising prices is having on their bottom lines.Their forward guidance will also be of interest as they contemplate tighter central bank monetary policies and a possible hike in inter...

October 25, 2021 at 5:59 pm | Economic Affairs

AgenciesHong Kong, Oct. 25– US dollar steadied on Monday after its steepest weekly loss in more than a month, as traders weigh the effect of inflation on the relative pace of looming rate hikes - with a wary eye on U.S. growth data and a European Central Bank meeting.Dollar was firm against the yen especially, at $1.1643 per euro and found a footing on the yen at 113.54 after Friday’s slide.The Australian and New Zealand dollars were held below the multi-month peaks they had scaled during last week.Greenback had softened, especially against the yen, after Federal Reserve Chair Jerome Powell said on Friday it was time to start cutting back asset purchases, though not yet time to begin raising interest rates.His remarks came as investors...

October 25, 2021 at 5:58 pm | Economic Affairs

October 24,2021New YorkOn the occasion of United Nations Day and the commemoration of the 76th Anniversary of the United Nations, I warmly congratulate the UN community on behalf of Pakistan.The United Nations was established 76 years ago to maintain international peace and security and promote the economic and social development of all nations.The U.N Charter prescribed strict adherence to the principles of non-use of force, self-determination of people, respect for state sovereignty and territorial integrity, and non-interference in their internal affairs.In the past 76 years, peace was not universally achieved. But a devastating Third World War was avoided and regional conflicts were contained, largely through general adherence to the U...

October 24, 2021 at 11:40 pm | Economic Affairs

October 24, 2021Islamabad ( Press Release) Foreign Minister Shah Mehmood Qureshi said Pakistan joins the international community today in celebrating the 76th Anniversary of the founding of the United Nations (UN). In a statement issued by him on the UN Day he said as the most representative inter-governmental organisation, the UN is best placed to address the common issues faced by humanity including the contemporary triple challenge of the COVID-19 pandemic, the accompanying economic crisis, and the threats posed by climate change. Inspired and guided by the vision of our founding father, Quaid-e-Azam Muhammad Ali Jinnah, Pakistan has always upheld the principles of the UN Charter. We have maintained a firm and abiding commitment to m...

October 24, 2021 at 7:31 pm | Economic Affairs

Rawalpindi (EA Report)Pakistan is celebrating the United Nations Day amidst the admiration of the world leaders due to it's contribution to the international peace keeping efforts.Pakistan is observing this day with the overwhelming feelings of the pride and honor on it's rich history and tradition to the UN peace keeping missions. Whereas it is also worth mentioning here that the global leaders admired time to time Pakistan's lions share in the peace keeping efforts of the UN. We can share some glimpses hereUn Secretary General ban Ki Moon said" I sense great confidence and hope here today. But the feelings that overwhelms me is gratitude: gratitude as the United Nations Secretary General and gratitude as a global citizen for what Pakista...

October 24, 2021 at 12:12 pm | Economic Affairs

October 23,2021Dhaka (Press Release)Pakistani squash player Noor Zaman breaks into the final of the Men’s Bangabandhu International Squash Tournament 2021 being held in Dhaka, Bangladesh from October 20-24, 2021. Noor Zaman, 2nd seeded in the championship defeated Mr. Navaneeth Prabhu of India in Semi Final that was played today at the Gulshan Club Dhaka. Six Pakistani players including Mr. Noor Zaman, Mr. Muhammad Farhan Hashmi, Mr. Hamza Sharif Muhammad Ashab Ifran , Salman Saleem and Mr. Ali Uddin participated in the tournament. High Commissioner for Pakistan in Dhaka, Mr. Imran Ahmed Siddiqui welcoming Pakistani Squash players in Dhaka congratulated Noor Zaman on his splendid victory and reaching the final of the internation...

October 24, 2021 at 12:09 pm | Economic Affairs

October 22, 2021Islamabad(Press Release)President Dr Arif Alvi has asked the Higher Education Commission (HEC) of Pakistan to further improve the Online Distance Learning Policy while keeping in view the fast-changing requirements of the modern age and adopting international best practices. He highlighted that the importance of distance learning education had increased manifold, particularly during the COVID-19 pandemic, adding that the distance learning programmes needed to be integrated into the mainstream education system. The President made these remarks during a briefing on Online Learning Policy (ODL) of Higher Education Commission (HEC), at Aiwan-e-Sadr, today. Executive Director HEC, Dr. Shaista Sohail, and senior officials of the ...

October 22, 2021 at 10:57 pm | Economic Affairs

October 22, 2021Islamabad(Press Release)Japan and Pakistan agreed on debt deferral of US$200 millionas the 2nd phase of G20 DSSI Islamabad: October 22, 2021 The Governments of Japan and Pakistan agreed on debt deferral amounting to approx. US$200 million on October 22, 2021, as the second phase of “the G20 Debt Service Suspension Initiative (DSSI)”. Prior to this, both Governments agreed on the first debt deferral amounting to approx. US$370 million on April 27, 2021, under the same initiative. The total amount of deferred debt has reached approx. US$570 million, which will widen the fiscal space for the Government of Pakistan to restore its economy affected by the COVID-19 pandemic. The concessional loans, subject to debt def...

October 22, 2021 at 10:55 pm | Economic Affairs

October 22,2021Rawalpindi( ISPRHis Excellency Mr Kuninori Matsuda, Japanese Ambassador to Pakistan paid a farewell call to 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 thanked Ambassador for his services and appreciated his contributions for fostering strong ties between the two countries and support towards defence / security cooperation and stance on Afghan situation.The visiting dignitary appreciated Pakistan's role in Afghan situation including successful evacuation operations and pledged to keep working for better relations between th...

October 22, 2021 at 10:52 pm | Economic Affairs

EA ReportLahore, Oct. 20 — KSE-100 index opened on a negative note and experienced a volatile session.Experts recommend to trade with a cautious approach and accumulate positions on weakness with risk defined below aforementioned support zone.The session compromised on a swing of more than 550pts, a high of 172pts, a low of 379pts and recorded a loss of 192pts to settle at 44,629pts level.Trading volumes witnessed in the last trading session were comparatively lower than the previous trading session.The index has been forming a higher high and a higher low for the last three consecutive trading sessions. The index closed above the lower band by 47.0%. Bollinger Bands are 3.12% wider than normal.Among the popular momentum indicators, Stoc...

October 20, 2021 at 11:10 am | Economic Affairs

AgenciesHONG KONG. Oct.19 — Asian markets advanced further on Wednesday, joining a global rally fuelled by strong earnings, while investors were keeping tabs on comments from the Federal Reserve as it prepares to bring an end to its vast financial support programme.Tokyo, Hong Kong, Sydney, Singapore, Wellington, Taipei and Manila all rose, though there were slight losses in Shanghai and Seoul.Signs of progress on Joe Biden's massive spending bill provided an extra lift to sentiment, while bitcoin came within touching distance of a new record after a new financial instrument to invest in the cryptocurrency started trading in New York.Strong profit reports from big-name firms over the past week have reinforced optimism that the corporate ...

October 20, 2021 at 11:05 am | Economic Affairs

AgenciesOct.29 — Oil futures rose and were near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic heating needs.The Brent crude benchmark rose 75 cents to settle at $85.08 a barrel. U.S. West Texas Intermediate (WTI) futures rose 52 cents to settle at $82.96 a barrel.Prices have been climbing the last two months. Since the start of September, Brent has risen by about 19%, while WTI has gained around 21%.“Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,” said Louise Dickson, senior oil markets analy...

October 20, 2021 at 11:04 am | Economic Affairs

AgenciesNew York, Oct. 19 —— Oil prices pulled back after touching multi-year highs on Monday, trading mixed as U.S. industrial output for September trembled , tempering early enthusiasm about demand.Production at U.S. factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering economic growth.“The oil market started off with a lot of exuberance, but weak data on U.S. industrial production caused people to lose confidence in demand, and China released data that intensified those worries,” said Phil Flynn, senior analyst at Price Futures Group in New York.Brent crude oil futures settled down 53 cents or...

October 19, 2021 at 10:46 am | Economic Affairs

AgenciesOct. 19 — China's power shortages hit growth, threatening more pain for global supply chains, while Europe's gas squeeze looked set to continue as Russia's Gazprom showed no sign of hiking exports to the region in October.Coal, oil and gas prices have all rocketed higher in recent weeks hammering utilities and consumers from Beijing to Brussels, raising inflationary pressures and putting at risk a global recovery from the COVID-19 pandemic.Europe, which relies on Russia for 35% of its gas supplies, has seen its benchmark gas price rise more than 350% this year. As a result, a slew of European firms that supply gas or power to households and companies have folded.A dozen or so suppliers have already gone bust in Britain.In Asia, p...

October 19, 2021 at 10:44 am | Economic Affairs

October 18, 2021Rawalpindi (ISPR) Change of Command Ceremony held at Gujranwala cantt. Lieutenant General Syed Asim Munir handed over command of Gujranwala Corps to Lieutenant General Muhammad Aamer, Corps Commander Gujranwala Corps.

October 18, 2021 at 6:45 pm | Economic Affairs

Rawalpindi (Press Release) Ms Angela Aggeler, US Charge d' Affairs to Pakistan 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 wishes for an enduring relationship with United States. COAS also reiterated the need for global convergence on Afghanistan for avoiding humanitarian crisis and coordinated efforts for economic uplift of the Afghan people.The visiting dignitary appreciated Pakistan's role in Afghan situation, efforts for regional stability and pledged to play their role for furt...

October 18, 2021 at 5:55 pm | Economic Affairs