22 September 2021: Islamabad (Press Release) The Advisor to PM on Commerce and Investment, Abdul Razak Dawood, met the Ambassador of Japan to Pakistan, H.E. Mr Kuninori Matsuda. In the meeting, matters relating to bilateral cooperation and the organisation of economic forums were discussed. The possibilities of assistance by Japan for up-gradation of the focus areas of infrastructure and facilities for various sectors like fisheries, salt and food processing also came under discussion.During the meeting, the Ambassador informed that Toyota Corporation of Japan would invest about USD 100 million in producing and exporting hybrid vehicles from Pakistan. He also invited the Advisor to visit Japan which he accepted.Mr. Dawood said, ‘’Pakis...
September 22, 2021 at 5:38 pm | Economic Affairs
Gold prices inches up ahead of US Federal Reserve's policy signals later Wednesday on reducing stimulus.Spot gold climb to $1,777.68 per ounce by 0356 GMT, while US gold futures recotded flat at $1,778.00.Gold could get some relief for the near term however the downtrend for the month would hold In the absence of an official taper signal, DailyFX currency strategist Ilya Spivak said.Spot gold may retest support at $1,744. Fed's two-day meet is due to conclude on Wednesday as investors focus on any new signals on when a taper may begin.US central bank is also likely to provide an outlook on interest rate hikes from the current near zero level.Wednesday's statement will also offer Fed's rate projections for 2024 for the first time. "If it lo...
September 22, 2021 at 2:46 pm | Economic Affairs
TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk...
September 22, 2021 at 2:44 pm | Economic Affairs
TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk-...
September 22, 2021 at 2:42 pm | Economic Affairs
TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk-...
September 22, 2021 at 2:41 pm | Economic Affairs
September 22,2021Islamabad (Press Release) Samsung Electronics is in the process of establishing their TV line-up plant in collaboration with the R&R Industries at Karachi, learnt from the Commerce Ministry. It will become functional in Q4 of 2021 and is expected to produce 50,000 units annually. This is a vindication of MOC’s "Make-in-Pakistan" policy for industrialisation via rationalisation of input costs and other incentives
September 22, 2021 at 2:28 pm | Economic Affairs
HONG KONG: 22 Sept—Asian investors trod carefully on Wednesday but nerves appeared to be settled by news that troubled Chinese property giant Evergrande had agreed a plan to repay interest on one of its key bonds, for now avoiding a default that many fear could hammer the domestic and global economy.However, confidence remains at a premium as traders await a crucial meeting of the Federal Reserve, where it could announce a timetable to start tapering its vast monetary easing programme.That comes against the ever-present backdrop of spiking coronavirus infections and slowing global growth, as well as a brewing battle over the US debt ceiling that, if not resolved, could see a default in the world's top economy, potentially sparking anothe...
September 22, 2021 at 2:25 pm | Economic Affairs
September 22,2021Ottawa (Press Release) Speakers at a webinar in Canada have advised the international community to remain engaged with the Taliban to avert a humanitarian crisis and preserve investments of international community for the rights of women, children, education, and healthcare in Afghanistan.Instead of abandoning Afghanistan as it did two decades ago, the international community would do well to remain engaged with the Taliban to use its leverage for effecting change in the behaviour of Taliban and ensuring continuation of process for an inclusive government for durable peace and stability in Afghanistan.This was the crux of thoughts and concerns shared by speakers at the webinar arranged by Pakistan High Commission Canada on...
September 22, 2021 at 2:21 pm | Economic Affairs
Lahore: 22 Sept— An increase of Rs 2.07 per unit in tariffs for Electricity Distribution Companies (Discos) of August 2021 has been sought by Central Power Purchasing Agency-Guaranteed (CPPA-G)under monthly FCA mechanism.CCPA-G data says that total cost of energy was Rs 103 billion. CPPA-G also sought previous adjustment/supplemental charges of Rs 3.283 billion against use of power of 7.48 GWh.According to CPPA-G total energy generated recorded at 15,679.72 GWh, at a basket price of Rs 6.4653 per unit.The sale to IPPs was reduced by 15.82 GWh, the price of which was Rs 279 million while the reduction in transmission losses was recorded at 476.63 GWh, cost of which is Re 0.20 per unit.National Electric Power Regulatory Authority (Nepra) w...
September 22, 2021 at 11:03 am | Economic Affairs
September 22,2021New York (Press Release)Foreign Minister Makhdoom Shah Mahmood Qureshi met Foreign Minister Augusto Santos Silva of Portugal in New York on the margins of the 76th session of the United Nations General Assembly. Views were exchanged on bilateral, regional and international developments as well as on cooperation between the two countries at the UN. The Foreign Minister underscored Pakistan’s desire to further strengthen its engagement with Portugal, especially in economic and trade spheres. The Foreign Minister expressed satisfaction at the Parliamentary Friendship Groups that have been established in the respective Parliaments and called for the need to fully activate them for enhanced cooperation and people-to-...
September 22, 2021 at 10:01 am | Economic Affairs
September 22,2021Vienna (Press Release)Pakistan and Nigeria held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. Pakistan’s delegation was led by Chairman of the Pakistan Atomic Energy Commission (PAEC) Muhammad Naeem. The Nigerian side was led by Ambassador Suleiman Dauda Umar, Nigeria’s Permanent Representative in Vienna. Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. Pakistan and Nigeria have ongoing collaboration within the framework of an MoU on nuclear regulatory functions and many Nigerian experts have undergon...
September 22, 2021 at 9:59 am | Economic Affairs
September 22,2021Vienna (Press Release)Pakistan and Azerbaijan held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. While the Pakistan delegation was led by Chairman of the Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem, the Azerbaijani side was led by Deputy Minister Mr. Faig Taghi-Zada.Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. Pakistan and Azerbaijan have ongoing collaboration under the IAEA auspices whereby Pakistani varieties of cotton, developed through nuclear techniques to be disease and weather resi...
September 22, 2021 at 9:56 am | Economic Affairs
Islamabad : 22 Sep.—: Pakistan has been found top among 10 countries in the world where internet freedom has been on the decline and raised concerns over the rules proposed by the country that could further damage cyber liberty, an international freedom advocacy group and research organisation says.Expressing concerns over the proposed regulation in the country, its latest report, “Freedom on the Net 2021: The Global Drive to Control Big Tech”, the Washington-based Freedom House came up with details of cyber freedom in different countries around the world and ranked Pakistan seventh among “abusers of internet freedom”.The report also found Pakistan among 24 countries which have initiated measures governing how platforms treat con...
September 22, 2021 at 9:48 am | Economic Affairs
September 22,2021Vienna (Press Release)Pakistan and Belarus held a bilateral meeting yesterday on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA), currently taking place in Vienna. Chairman of the Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem led the Pakistani delegation. The Belarus side was led by Belarusian Minister for Energy Mr. Victor Karankevich. Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting. The objective of the meeting was to explore possibilites of collaboration between the two countries in the peaceful uses of nuclear energy in the areas of health, agriculture and in...
September 22, 2021 at 9:43 am | Economic Affairs
September 21, 2021New York ( Press Release)U.S. Special Representative for Afghanistan Reconciliation Ambassador Zalmay Khalilzad called on Foreign Minister Shah Mahmood Qureshi in New York today. They discussed the latest developments in Afghanistan and the continued need for an inclusive political settlement in Afghanistan. The Foreign Minister reiterated Pakistan’s support for a broad based and stable government in Afghanistan, which can be a credible development and security partner for the international community. He expressed concern about the deteriorating humanitarian situation in Afghanistan and hoped that international community would support the Afghan people in order to prevent further instability in the region. The For...
September 22, 2021 at 9:40 am | Economic Affairs
AgenciesPARIS, 22 Sep : OECD warned of an “uneven” global economic recovery as it lowered its 2021 growth forecasts for the world and the United States while raising the outlook for Europe.The world economy has bounced back this year on the back of stimulus measures, the rollout of effective Covid vaccines and the resumption of many economic activities, the Organisation for Economic Co-operation and Development (OECD) said.But the Paris-based organisation voiced concerns about lower vaccination rates in poorer countries.“The recovery remains very uneven, with strikingly different outcomes across countries,” the OECD said in its interim economic outlook.Global gross domestic product has surpassed its pre-pandemic level following las...
September 22, 2021 at 9:37 am | Economic Affairs
Pakistan Rupee Exchange Rate