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EA ReportIslamabad, Oct. 8 — Two resolutions on Indian Illegally Occupied Jammu & Kashmir (IIOJK) have been presented to Swedish Parliament for discussion.The parliament will debate these Motions, later in the month. Both Motions have been filed by members of the ruling Social Democrat Party.One of Motions has been presented by Serkan Kose, who is a Swedish MP of Turkish origin and has been regularly raising the Kashmir issue in the Swedish Parliament in the past as well. The other has been presented by Johan Buser, another Social Democrat MP.The Motion by Serkan Kose refers to the decades long ‘conflict in the Kashmir region,’ and highlights the illegal actions of 5 August 2019 saying that ‘Since the change in the constitution...

October 8, 2021 at 8:16 pm | Economic Affairs

AgenciesNew York, Oct. 8 — America's economic recovery take hit a roadblock as US employers added only 194,000 jobs in September, another troubling sign that Covid is disrupting the economy.It marked the second-straight month in which the US economy added far fewer jobs than expected. Jobs growth slowed down dramatically in August.The unemployment rate declined to 4.8% in September, the Bureau of Labor Statistics said Friday, down from 5.2% in August.But, if you're an optimist, there is reason to be hopeful about the future.The surveys behind the jobs report were completed around the middle of September when Covid infections began to plateau. They have been on a steady decline since mid-September, a reason to be optimistic about job grow...

October 8, 2021 at 8:12 pm | Economic Affairs

EA ReportISLAMABAD, Oct. 8 — Securities and Exchange Commission of Pakistan (SECP) registered 2,223 new companies in September 2021, up by 20% over the same period in the preceding year. Total capitalization (paid-up capital) of the new companies stood at Rs. 2.8 billion and the total number of registered companies has risen to 1,52,089. Private Limited companies accounted for 65% of the new incorporations, whereas 32% were registered as single-member. Remaining 3% were registered as public unlisted companies, not for profit associations, trade organizations and limited liability partnership (LLP). Approximately 99% companies were registered online and 210 foreign users were registered from overseas. Sector-wise, construction &...

October 8, 2021 at 6:36 pm | Economic Affairs

AgenciesBEIJING, Oct. 8 — China ordered miners in Inner Mongolia to ramp up coal production following oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated.governments scrambling as the northern hemisphere heads into winter besides rebound in economic activity from coronavirus restrictions has exposed alarmingly low supplies of natural gas leaving traders, industry executives andEnergy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy's dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasg...

October 8, 2021 at 6:35 pm | Economic Affairs

AgenciesSINGAPORE, Oct 8 — Liquified Natural Gas (LNG) prices for Asia escalated this week following world’s top buyer China faced an ongoing power crunch in addition of low inventory in Europe pushed up competition for the super-chilled fuel.Average LNG price for November delivery into Northeast Asia was estimated at about $37 per metric million British thermal units (mmBtu), up nearly 16% from the previous week, industry sources said.December delivery prices were estimated to be about $38 per mmBtu, they added.Price agency S&P Global Platts' Japan-Korea-Marker (JKM), which is widely used as a benchmark in the spot market, had surged to a record high of $56.326 per mmBtu on Wednesday, before easing later in the week.Gazprom's Chin...

October 8, 2021 at 6:34 pm | Economic Affairs

EA ReportLAHORE, Oct. 8 — Pakistani rupee takes another breath against USD on week-end by stepping back to 170.53 in inter-bank market Friday.News from the international front regarding prices of international commodities especially coal and gas brought some relief to the choking rupee.According to State Bank of Pakistan (SBP), PKR closed at 170.53 against the USD, a day-on-day appreciation of 34 paisas or 0.20%. Since dropping to 170.96 against the greenback, the lowest level in its history earlier this week, the PKR has gained 43 paisas.The stepping back of PKR comes as the central bank continues to introduce measures to address the rupee decline.Earlier this week, the SBP announced new rules to enhance transparency in the foreign curr...

October 8, 2021 at 6:23 pm | Economic Affairs

AgenciesOct. 8 — Gold prices edged higher on Friday but were stuck in a narrow range, as investors sought more direction from the US non-farm payrolls report, considered key to the US Federal Reserve's stimulus taper schedule.Spot gold rose 0.2% to $1,759.34 per ounce by 0320 GMT, trading in the range of $1,760.43-$1,752.27.US gold futures were flat at $1,760.10.Gold was finding support in Asia as local investors bought the precious metal to hedge for non-farm payrolls and weekend event risk, Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA said, adding "gold's fate will be determined by the non-farm payrolls print tonight.""If we see a number above 500,000, gold is likely to resume its downtrend as markets lock and load D...

October 8, 2021 at 12:12 pm | Economic Affairs

Islamabad ( Press Release) The Delegation of the European Union (EU) to Pakistan and JusticeProject Pakistan (JPP) on Thursday hosted an event to commemorate the upcoming World Day Againstthe Death Penalty (October 10).At the event, Justice Project Pakistan launched their latest campaign, titled ‘This Is (Not) A Game’,highlighting systemic issues in the criminal justice system, with a particular focus on the struggles ofwomen who have to engage with the system and the difficulties they face in terms of access to justice.The Chief Guest at the event was Mr. Riaz Fatyana, member of the National Assembly and Chairmanof the National Assembly’s Standing Committee on Law and Justice. The keynote address wasdelivered by award-winning fi...

October 8, 2021 at 12:11 pm | Economic Affairs

Caixin PMI EA ReportBEIJING, Oct. 8– China’s services sector returned to growth in September as a major COVID-19 outbreak in the eastern province of Jiangsu receded, offering some support to a slowing economy, a private-sector survey showed on Friday.The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 53.4 from 46.7 in August, pulling away from the lowest level seen since the height of the pandemic last year. The 50-point mark separates growth from contraction on a monthly basis.Analysts say the services sector, which was slower to recover from the pandemic than manufacturing, is more vulnerable to sporadic COVID-19 outbreaks in the country, clouding the outlook for the much anticipated rebound in consumption in th...

October 8, 2021 at 12:08 pm | Economic Affairs

AgenciesOct. 8 — Oil prices tracked towards a 4.5% gain on Friday, getting signs of some industries begun switching fuel from high-priced gas to oil.Doubts on U.S. government for releasing oil from its strategic reserves for now also played its due.“A lot of catalysts are out there to keep the oil market tight,” said Edward Moya, a senior market analyst at brokerage OANDA, pointing to signs of improved fuel demand as economic activity rebounds and coronavirus restrictions ease as well as fears that a cold winter will further strain gas supplies.Expectations are high “that nothing in the immediate future will change the significant supply/demand deficit that is in place”, said Moya.Brent crude futures jumped 93 cents, or 1.1%, to ...

October 8, 2021 at 10:15 am | Economic Affairs

AgenciesSingapore, Oct.8 — USD hovered below a year high to major peers on Friday amid improved risk sentiment.Meanwhile traders awaited clues on the pace of Federal Reserve policy normalization from a closely watched monthly payrolls reports.The risk-sensitive Australian dollar held near the three-week high hit overnight, when it surged 0.55% against the greenback.Global equities rallied and bond yields climbed after U.S. Senate leaders moved to avert a U.S. debt default, while a global easing in energy prices tempered simmering stagflation fears.“The improvement in risk appetite favours pro-growth currencies, with safe-haven pairs the underperformers,” Rodrigo Catril, senior FX strategist at National Australia Bank in Sydney, wrote...

October 8, 2021 at 10:12 am | Economic Affairs

AgenciesSingapore,Oct. 8— Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key U.S. jobs data for any fresh insight into the timing of Federal Reserve tapering.MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)rose0.5%, after rallying 2.1% the day before, its biggest daily gain since August. Japan's Nikkei index (.N225) advanced 1.8%.Chinese blue chips (.CSI300) gained 0.56% as they resumed trading after being closed for the National Day holiday, while Hong Kong (.HSI), which has been open all week, gained 1%.Elsewhere, Australian shares (.AXJO) rose 0.84%, helped by mining stocks amid surging commodities prices.Over the past ...

October 8, 2021 at 10:10 am | Economic Affairs

October 7, 202Vienna (Press Release) Ambasador Aftab Ahmad Khokher said that Pakistan was committed to promoting meaningful international cooperation against corruption, which remained a common and persistent challenge for the international community. He was speaking at the 10th Assembly of Parties of the International Anti-Corruption Academy (IACA) which was being held here on Thursday. Referring to Prime Minister Imran Khan’s address to the 76th Session of the UN General Assembly, he said that the scourge of corruption and illegal transfer of assets to offshore havens led to the impoverishment of developing nations, depleted their resources and further accentuated the rich-poor gap within and among countries. He stressed the urge...

October 7, 2021 at 7:51 pm | Economic Affairs

AgenciesLONDON, Oct. 7 — Soaring gas prices are likely to drive a switch to oil that boosts global crude demand by several hundred thousand barrels per day (bpd) squeezing already tight supply, analysts forecast.Natural gas prices, particularly in Europe, have spiked this year buoyed by a combination of low inventories, low supplies and higher Asian demand.The jump in energy costs has led manufacturers to curtail activity from Spain to Britain and helped sparked power crises in China.And the leap in gas prices is set to send the substitution of oil for gas to generate power to unprecedented levels, Swedish bank SEB has forecast.“This has never happened before at such a global scale. The market has always tried to substitute from costly...

October 7, 2021 at 7:39 pm | Economic Affairs

AgenciesSINGAPORE, Oct. 7 — US wheat futures stand higher for a second straight session following strong buying .Most-active wheat contract on the Chicago Board Of Trade (CBOT) rose 0.2% at $7.47-1/4 a bushel by 0153 GMT, after closing up by a similar amount in the previous session.Egypt's state grains buyer, the General Authority for Supply Commodities, said it bought 180,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat in an international tender. No US supplies were offered in the tender.Soft wheat exports from the European Union in the 2021/22 season that started in July had reached 8.07 million tonnes by Oct. 3, up from 5.56 million tonnes by the same week in 2020/21.In Ukraine, the agriculture ministry lowered its fo...

October 7, 2021 at 4:28 pm | Economic Affairs

AgenciesOct. 7— Gold was flat on Thursday as investors waited for US payrolls data, a move that analysts say could push bullion prices as low as $1,725.Spot gold was little changed at $1,763.00 per ounce by 0651 GMT, while US gold futures were up 0.1% at $1,764.10 per ounce.The US dollar holding close to a one-year high, buoyed by inflation concerns and expectations that the Fed would have to act sooner to normalise policy, also limited any uptick in gold.A stronger dollar makes gold less appealing for those holding other currencies."Central banks are in a precarious situation as they watch inflation continue to pick up… Historically, it is good for gold, but it doesn't work that way in an environment where central banks are starting t...

October 7, 2021 at 4:26 pm | Economic Affairs