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October 4, 2021Islamabad( Press Release)Foreign Minister Makhdoom Shah Mahmood Qureshi and Argentine Ambassador Leopoldo Francisco Sahores, jointly planted 7 Friendship Trees in a Ceremony to commemorate 70th anniversary of diplomatic relations , held at Argentina Park here, today. On the occasion, Foreign Minister Qureshi stated that the two countries have developed a strong relationship over the 70 years, which is based on mutual trust, respect and cooperation. Underlining that warmth and cordiality characterized the Pakistan-Argentina relationship, he highlighted the growing linkages between the two peoples. The Foreign Minister emphasized that structured engagement should continue to further strengthen bilateral cooperati...

October 4, 2021 at 6:45 pm | Economic Affairs

EA ReportLahore, Oct. 4 — Pakistan's rupee breaks afresh losing streak against US dollar, hitting a new low of 170.8 at inter-bank Monday.The decline comes after the PKR failed to sustain the slight gain it recorded on Friday to finish at 170.48.According to State Bank of Pakistan (SBP), the rupee closed at 170.8 against the USD, registering a depreciation of 32 paisas or 0.19%.PKR has seen its value depreciate by nearly 11% against the USD since its recent high in May, has come under immense pressure as a widening current account deficit, record growth in imports, as well as the Afghanistan situation take toll on the currency.While the SBP has undertaken a number of measures to curtail imports, the effect has yet to take place. Last wee...

October 4, 2021 at 6:40 pm | Economic Affairs

NEW DELHI, Oct. 4 — Farmers in India vowed to intensify their months-long protest against laws aimed at liberalising agriculture as tension flared a day after eight people were killed in clashes between growers and ruling party supporters.Four of the eight were killed when a car linked to a senior ruling party official crashed into protesters in Uttar Pradesh state, protest leaders said.Police said they were investigating the crash and had registered a case against 13 people including a son of a minister of state in the interior ministry, Ajay Kumar Mishra.An alliance of protest groups called in a petition to President Ram Nath Kovind on Monday for a court-supervised investigation of the violence."We'll intensify our agitation in Uttar P...

October 4, 2021 at 5:03 pm | Economic Affairs

AgenciesOct. 4– USD gets fresh boost on Monday after two consecutive sessions of losses following ramped up hedge funds holdings as widening concerns about the Chinese property sector and resilient US Treasury yields boosted the appeal of the greenback.Spending after second quarter of 2021 on the back foot, dollar has received a fresh boost in recent weeks, climbing to its highest levels in a year against its rivals last week as top investment banks have revised up their forecasts.Citigroup strategists expect more upside in the dollar due to challenges in the Chinese real estate sector, higher US yields not driven by a global economic recovery and the negative impact for energy importers.Shares in embattled developer China Evergrande wer...

October 4, 2021 at 4:53 pm | Economic Affairs

AgenciesOct 4. — Gold prices started steady below a one-week high on Monday following lingering concerns over higher inflation and a slowdown in economic growth countered pressure from a firmer dollar.Spot gold was little changed at $1,759.11 per ounce by 0632 GMT, after hitting its highest since Sept. 23 at $1,765.54 earlier in the day. US gold futures rose 0.1% to $1,760.20.The dollar index was steady and rebounded from its lowest level since Sept. 29 hit earlier in the day, making gold more expensive for buyers holding other currencies.Offsetting pressure from the stronger dollar were concerns over persistent inflation, with data on Friday showing euro zone inflation hit a 13-year high last month and elevated price spikes in the Unite...

October 4, 2021 at 4:50 pm | Economic Affairs

By H.E. Dr Mohammad Faisal Heartfelt Felicitations to the People of the Federal Republic of Germany on the Occasion of German National Unity Day It gives me immense pleasure to extend my heartfelt felicitations to the people of the Federal Republic of Germany on the occasion of German Unity Day, the day that marks the end of the decades long dreadful division 31 years ago, and the emergence of Germany, once again, as a unified nation. Germany’s current prominent position among the international community as a developed economy, and a liberal democracy is truly a reflection of the strength of German culture and the resilience of its people. Pakistan attaches great significance to its cordial relations with Germany; and is k...

October 4, 2021 at 3:26 pm | Economic Affairs

AgenciesHEMEL HEMPSTEAD, England, Oct. 4 — British military combat fatigues personnel walked in at a BP refinery Monday after government ordered army to help deliver fuel to help compensate for an acute shortage of truckers.Britain’s supply chains for everything from pork, petrol and poultry to medicines and milk have been strained to breaking point by shortages of labour in the wake of the Brexit and COVID crises.Panic buying of fuel amid the shortage of truckers triggered chaotic scenes across major cities last week with queues of drivers stacked up. Some have had fist fights over the pumps while others hoarded fuel in old water bottles.“As an extra precaution, we’ve put the extra drivers on,” Prime Minister Boris Johnson’s f...

October 4, 2021 at 1:49 pm | Economic Affairs

AgenciesWASHINGTON - A massive leak of financial documents was published by several major news organizations on Sunday that allegedly tie world leaders to secret stores of wealth, including King Abdullah of Jordan, Czech Prime Minister Andrej Babis and associates of Russian President Vladimir Putin. The dump of more than 11.9 million records, amounting to about 2.94 terabytes of data, came five years after the leak known as the “Panama Papers” exposed how money was hidden by the wealthy in ways that law enforcement agencies could not detect.The International Consortium of Investigative Journalists, a Washington, D.C.-based network of reporters and media organizations, said the files are linked to about 35 current and former national...

October 4, 2021 at 12:19 pm | Economic Affairs

AgenciesTOKYO, Oct. 4 — Asian shares dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.Trading in shares of debt-laden China Evergrande was suspended pending an announcement about a major transaction. That comes a few days after the distressed developer missed a key interest payment on its offshore debt obligation for the second time.Chinese media reported on Monday Evergrande will sell a half-stake in its property management unit for more than $5 billion, however, that news did little to sooth sentiment.“The biggest problem is not a default by Evergrande but the environment that has led to its downfall. Authorities are regu...

October 4, 2021 at 12:15 pm | Economic Affairs

AgenciesHONG KONG, Oct.4– Distressed developer China Evergrande is going to sell a half-stake in its property management unit to Hopson Development for more than $5 billion, Chinese media said on Monday.Evergrande and Hopson requested trading halts ahead of a major transaction.Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities.Evergrande said it requested a trading halt pending an announcement about a major transaction and Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”China’s state-backed Global Times said...

October 4, 2021 at 12:09 pm | Economic Affairs

The beginning of the Chinese Revolution in 1911 brought an end to the monarchical system and catalyzed a democratic wave in China. It was a result of efforts from the nationalist forces to bring about democratic norms. National days are of utmost importance, not only culturally, but also in representing independent states and the current government system. October 1st is China's National Day which is to commemorate the founding of the People's Republic of China in 1949. There are usually many activities arranged in Tian'anmen Square in Beijing to celebrate that day. Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)  paid tribute to the people and government of China on account of China’s National Day to acknowledge t...

October 2, 2021 at 12:08 pm | Economic Affairs

Edited & compiled by Abdul Sattar The Communist Party of China is the vanguard of China’s working class, the Chinese people, and the Chinese nation. Serving the people wholeheartedly is its abiding mission. The country is the people and the people are the country. The CPC is dedicated to the people and forever puts their interests first. It follows the underlying trends of social development and respects the people’s principal role in making history. It pursues the lofty goal of working for the wellbeing of the Chinese people, and does everything in the interests of the people. The CPC is rooted in the people. It was born in 1921 in the great struggle against the feudal rule and foreign aggression, at a time when Marxism-Leni...

October 2, 2021 at 12:01 pm | Economic Affairs

On September 21, 2021, President Xi Jinping attended the general debate of the 76th session of the United Nations (UN) General Assembly in Beijing via video link and delivered an important speech titled "Bolstering Confidence and Jointly Overcoming Difficulties to Build a Better World". Xi Jinping pointed out that this year marks the centenary of the Communist Party of China. It is also the 50th anniversary of the restoration of the lawful seat of the People's Republic of China in the UN, a historic event which will be solemnly commemorated by China. We will continue our active efforts to take China's cooperation with the UN to a new level and make new and greater contributions to advancing the noble cause of the UN. Xi Jinping stres...

October 2, 2021 at 11:51 am | Economic Affairs

October 1, 2021Islamabad(Special Report) Director General of the Ministry of Foreign Affairs Mr Muhammad Mudassar Tipu has said that the Communist Party of China transformed China by bringing about 800 million people out of the poverty, an unprecedented achievement in the history of mankind. He was speaking here today at an impressive ceremony organized bythe Representative Office of the Chengdu Association for Foreign Trade and Economic Co-operation (CAFTEC), to commemorate 72nd anniversary of the establishment of People’s Republic of China. The reception was attended by members of business community, Chinese entrepreneurs and civil servants.In his key note address at the Ceremony, Mr. Mudassir Tipu underscored that: “The Communist Pa...

October 1, 2021 at 2:11 pm | Economic Affairs

AgenciesSINGAPORE, Oct. 1– Singapore’s central bank announced plans on Friday to introduce a digital platform that will enable banks to share information on customers and transactions, part of efforts to prevent money laundering and terrorism financing.The platform is co-created by the Monetary Authority of Singapore (MAS) and six major commercial banks in the city-state - DBS Group, Oversea-Chinese Banking Corp, United Overseas Bank, Standard Chartered Bank, Citibank and HSBC, an MAS statement said.

October 1, 2021 at 2:00 pm | Economic Affairs

AgenciesSINGAPORE, Oct. 1 - US dollar started last quarter of year near its highest levels, headed for its best week since June as investors expected a hawkish-sounding Federal Reserve to lift U.S. interest rates sooner than its major peers.Markets in Hong Kong and China are closed on Friday. Later in the day, traders are awaiting U.S. personal spending and core consumption deflator data and nervously watching for any progress on the debate over raising the U.S. debt ceiling.The dollar index stood at 94.287, having gained 1.1% so far this week, the largest weekly rise since late June.The euro was steady on Friday at $1.1578, but has fallen about 1.3% during the week, and through major support around $1.16, to touch its lowest levels since ...

October 1, 2021 at 1:58 pm | Economic Affairs