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MANILA: 22 Sep.— Asian Development Bank lowered its 2021 economic growth outlook for developing Asia, amid continuing concerns over the coronavirus disease (COVID-19) pandemic.However, ADB said recovery was underway in "developing Asia", referring to the bank's 46 members, including China and India, but growth was revised down to 7.2% from 7.3% projected in its Asian Development Outlook (ADO) report released in April.The bloc's combined economy was projected to expand 5.4% next year, compared with the April forecast of 5.3%."Asia and the Pacific's recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout," ADB Chief Economist Yasuyuki Sawa...

September 22, 2021 at 9:33 am | Economic Affairs

Islamabad, the September 21st, 2021: +Press Release) The Speaker National Assembly Mr. Asad Qaiser underlined the need for strengthening tobacco regulatory and taxation regime to ensure decent profitability for the farmers as well as progressive increase in government’s revenue from tobacco industry. He stated that information asymmetries, regulatory capture and inefficient taxation regime has stoked fears about collapse of tobacco market for the poor farmers, exorbitant profits for tobacco industry without commensurate increase in government’s revenue from cigarettes industry, and rampant tobacco consumption in Pakistan. It was also outlined that upward revision of taxes levied on cigarettes was the only route to discourage smoking an...

September 21, 2021 at 11:10 pm | Economic Affairs

September 21, 2021New York ( Press Release) Secretary-General of the Organization of Islamic Cooperation (OIC), Dr. Yousef A. Al-Othaimeen, met with His Excellency President of the Cooperative Republic of Guyana, Mr. Mohamed Irfaan Ali, on Monday, 20 September 2021, on the sidelines of the meetings of the 76th session of the United Nations General Assembly. The two sides discussed aspects of enhancing cooperation between the OIC and the Republic of Guyana, an OIC Member State, and activating its role within the framework of joint Islamic action. The meeting discussed ways to support Guyana in many fields within the context of Islamic solidarity.

September 21, 2021 at 11:07 pm | Economic Affairs

EA ReportIslamabad, Sept. 21–National Command and Operation Centre (NCOC) has decided to ease coronavirus restrictions in six districts of Khyber Pakhtunkhwa and Punjab from Wednesday following the improved coronavirus situation in the areas.Minister for Planning, Development, and Special Initiatives Asad Umar decided to ease the strict Covid-19 restrictions in Lahore, Multan, Faisalabad, Sargodha, Gujrat, and Bannu from September 22 during NCOC meeting.Last week, the NCOC had relaxed restrictions in Rawalpindi, Gujranwala, Sheikhupura, Sialkot, Khushab, Mianwali, Bhakkar, Khanewal, Bahawalpur, Rahim Yar Khan, Peshawar, Swabi, Malakand, Swat, Haripur, Abbottabad, Mansehra and Dera Ismail Khan and Islamabad.Meanwhile, Pakistan reported on...

September 21, 2021 at 11:04 pm | Economic Affairs

September 21,2021Islamabad (Press Release) Japan continues to support anti-polio drive in Pakistan.The third nationwide anti-polio campaign of 2021 is underway. Over 40 million children under five years of age will be vaccinated during the campaign. In Pakistan, only one case of wild poliovirus has been reported so far this year, while 75 cases were reported in the same period last year. H.E. MATSUDA Kuninori, Ambassador of Japan, highly appreciated the drastic decrease in the number of reported wild polio cases in Pakistan as a result of the sincere and united efforts of the government and people of Pakistan. He also expressed his respect for all the polio workers who are engaged in the door-to-door vaccination amid the COVID-19 pan...

September 21, 2021 at 11:00 pm | Economic Affairs

September 21, 2021Vienna (Press Release)Chairman Pakistan Atomic Energy Commission (PAEC) Mr. Muhammad Naeem addressed the annual General Conference of the International Atomic Energy Agency (IAEA), presently underway in Vienna. He said that Pakistan strongly supported the Agency’s role in promoting the peaceful uses of nuclear technology in accordance with its motto "Atom for Peace and Development". He highlighted the contribution of nuclear technologies to Pakistan’s socio-economic development. He said that Pakistan was forging ahead to expand the share of nuclear power in the national energy mix not only to meet its growing energy needs but also to mitigate the impact of of climate change as nuclear was a carbon free and relia...

September 21, 2021 at 2:42 pm | Economic Affairs

Agencies 21 Sep 2021Copper prices were trading near a one-month low Tuesday following a debt crisis at China developer Evergrande Group spurred a sell-off across markets and stoked worries over global demand.Global stock markets grappled with contagion fears, sparked by troubles at ChinaThree-month copper on the London Metal Exchange edged up 0.3% to $9,063 a tonne by 0337 GMT, but was hovering near its lowest level since Aug. 20 hit in the previous session of $8,975 a tonne. The contract lost 4.8% so far this month.Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets.Chinese markets are closed for a holiday and will reopen on Wednesday.FundamentalsThe global world ...

September 21, 2021 at 2:39 pm | Economic Affairs

September 21, 2021Rawalpindi (ISPR)His Excellency Mr Andreas Papastavrou, Greek Ambassador to Pakistan called on General Qamar Javed Bajwa, Chief of Army Staff here at GHQ today.During the meeting matters of mutual interest, regional security situation especially current situation in Afghanistan and cooperation in various fields were discussed. COAS said that Pakistan remains committed to cooperate with its international partners for peace in the region and ensuring a stable and prosperous future for Afghan people. COAS reiterated that Pakistan is safe for all sorts of international tourism, sports & business activities and we encourage healthy bilateral exchanges in all areas of common interest.The visiting dignitary appreciated Pakis...

September 21, 2021 at 1:38 pm | Economic Affairs

EA Report KARACHI: sep. 21— Pakistan's largest city and Sindh's provincial capital Karachi has emerged 59th among 60 peers in The Safe Cities Index 2021 as one of the least safe major cities in the world as it was ranked, report compiled by The Economist Intelligence Unit points out.Safe Cities Index (SCI) 2021 report ranks 60 cities across 76 indicators covering digital, health, infrastructure, personal and environmental security.Pakistan’s financial hub Karachi attained an overall score of 39.7 out of 100 on the SCI2021 index, with only Yangon, the capital city of Myanmar, which is facing political turmoil scoring less than Karachi with 39.5 points.Denmark capital Copenhagen was placed first as the safest city in the world with a sco...

September 21, 2021 at 1:17 pm | Economic Affairs

Agencies 21 Sep : Oil prices have been pushed up Tuesday following US supply tightness signals, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.Brent crude climbed up 63 cents or 0.9% to $74.55 a barrel by 0340 GMT, after fallen of Monday, by almost 2%. The contract for West Texas Intermediate (WTI) that expires later on Tuesday, was up 69 cents or 1% at $70.98 after dropping 2.3% in the previous session.Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said."While slowing Chinese econo...

September 21, 2021 at 1:14 pm | Economic Affairs

Islamabad, September 21, 2021 (Press Release) The United States and Pakistan reaffirmed their commitment to work together to address climate change through the creation of the U.S.-Pakistan Climate and Environment Working Group. Addressing the Working Group on September 20, U.S. Chargé d’affaires Angela P. Aggeler hailed over 50 years of U.S.-Pakistan partnership and cooperation on energy and the environment, which has facilitated more than $900 million in new investments in renewable energy, supported programs in water and climate-smart agriculture, and spurred the installation of air quality monitors across the country. Chargé d’affaires Aggeler lauded the efforts Pakistan has made in climate adaptation and land use through init...

September 21, 2021 at 1:13 pm | Economic Affairs

Agencies Dollar stood tall, yuan under pressure for growing Evergrande risksAgencies21 Sep— The safe-haven dollar and yen stood tall against offshore yuan that wallowed near an almost one-month low Tuesday while investors sought shelter from a potential China Evergrande default.New Zealand dollar also sank after the central bank's assistant governor poured cold water on bets for a 50 basis point rate hike next month.Yuan stood at 6.4805 per dollar after weakening as far as 6.4879 Monday for the first time since Aug. 23. Mainland markets are shut for holidays until Wednesday."It feels like the market was waiting on something from the Chinese authorities over the weekend to calm the markets and ringfence the contagion worries from a loomin...

September 21, 2021 at 1:07 pm | Economic Affairs

AFP 21 Sep 2021 UNITED NATIONS: President Joe Biden will tell the world Tuesday that the United States wants to avoid a Cold War with China, while pivoting from continuous post-9/11 conflicts to an era of US-led diplomacy.Biden's first speech as US president to the annual United Nations General Assembly in New York faces a tough reception.He has spent his presidency branding countries like China and Russia as the opposing side in a generational, global struggle between autocrats and democracies.Close ally France is also furious at what it calls backstabbing by Washington in a defense pact that will see Australia acquire US nuclear submarine technology, while ditching previous plans for FrenchThrow in the hangover from the traumatic Afghani...

September 21, 2021 at 1:04 pm | Economic Affairs

Agencies —21 Sep.Spot gold sliped 0.1% to $1,762.08 per ounce by 0340 GMT Tuesday, as cautious investors braced for the US Federal Reserve's guidance for tapering and interest rate hikes, while risk-off sentiment stoked by China Evergrande's debt woes limited declines in the safe-haven metal.Spot gold fell 0.1% to $1,762.08 per ounce by 0340 GMT. Prices recovered from a more than one-month low of $1,741.86 on Monday as concerns over the fallout from property developer Evergrande's solvency issues spooked stock markets worldwide and drove investors to safe-haven assets.US gold futures were flat at $1,763.70.Bullion is considered as a hedge against inflation and currency debasement likely to result from the widespread stimulus. A hawkis...

September 21, 2021 at 1:00 pm | Economic Affairs

Islamabad, September 20, 2021Press Release : President Dr Arif Alvi has urged the need for raising awareness among women about the breast cancer, its early detection and treatment so as to save precious human lives. He regretted that due to lack of education and awareness, the breast cancer mortality rate in Pakistan was almost 50% which was quite alarming. The President made these remarks while chairing a meeting on breast awareness campaign through video link from Karachi. The meeting was attended by SAPM on Health, Dr. Faisal Sultan, Provincial Health Ministers from Punjab and KPK, WHO representative in Pakistan, Dr. Palitha Mahipala, Chief Secretary of Balochistan and Sindh and representatives of PIMS and Shifa International Hospital, ...

September 20, 2021 at 10:23 pm | Economic Affairs

September 20, 2021Vienna ( Press Release)Delegations of Pakistan and Kazakhstan held a bilateral meeting on the sidelines of the 65th General Conference of the International Atomic Energy Agency (IAEA) in Vienna, today. While the Pakistan delegation was led by Chairman of the Pakistan Atomic Energy Commission (PAEC) Muhammad Naeem, the Kazakh side was led by Deputy Foreign Minister of Kazakhstan Mr. Akan Rakhmetullin.Pakistan’s Permanent Representative to International Organizations in Vienna, Ambassador Aftab Ahmad Khokher, also participated in the meeting.The two sides exchanged ideas on possible collaboration in the peaceful uses of nuclear energy in the areas of health, agriculture and industry, under the auspices of IAEA. It was ...

September 20, 2021 at 8:52 pm | Economic Affairs