National

Throughout the history of Pakistan, leaders have made pledges to utilize the wealth of Balochistan for the betterment of its people. Regrettably, these commitments have frequently led to the misallocation of provincial resources, leaving its populace to grapple with adversity. By Qamar Bashir The region of Balochistan has often garnered attention due to its vast reservoirs of minerals, oil, and natural gas. However, it is imperative to shift our focus to the plight of its residents, who endure formidable challenges in their everyday lives. Is there hope for a departure from this repetitive pattern, or are we destined to see the cycle persist, with tribal leaders often bearing the blame for the ongoing poverty in the province? T...

August 28, 2023 at 6:56 pm | Economic Affairs

Aug, 25(Agencies) — British pound dropped to a 10-week low on Friday as investors rein in expectations of where they think Bank of England’s interest rate might peak after recent soft activity data.S&P Global’s flash purchasing managers’ index (PMI) for August, released on Wednesday, showed business activity contracted, indicating the UK economy was on course to shrink in the third quarter and prompting markets to scale back tightening bets.Sterling was last down 0.1% at $1.2591, having earlier dropped to its lowest level since June 13 at $1.2560. The euro stood at 85.72 pence, also down 0.1%. “Weaker than-forecast retail sales last week and dismal PMI this week have raised concerns over the health of the UK economy and reces...

August 25, 2023 at 9:51 pm | Economic Affairs

Aug, 25(Agencies) — Investors Friday braced for the risk of a hawkish tilt from Federal Reserve Chair Jerome Powell at Jackson Hole US yields stabilised below 14-year highs as Asian stocks sold off and the dollar scaled an 11-week peak against major peers.Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centered worries about global growth.Meanwhile, the People’s Bank of China set a much stronger-than-anticipated official mid-point for the yuan - something it has done every day this week - to keep a floor under its currency amid the strains from a robust dollar and a sputtering economy.MSCI’s broadest index of Asia-Pacific shares sagged 1.2%...

August 25, 2023 at 9:47 pm | Economic Affairs

August 25,2023As Pakistan continues to forge ahead on its path to development and prosperity, partnerships with key nations like the United Kingdom play a vital role.In a significant step towards fortifying the longstanding ties between Pakistan and the United Kingdom, Pakistan's High Commissioner to the UK, Dr. Muhammad Faisal, held a productive meeting with Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday.During the meeting, Caretaker Prime Minister Anwaar-ul-Haq Kakar underscored the immense historical significance of the relationship between Pakistan and the United Kingdom and emphasized the need for its further enhancement. He expressed his deep commitment to solidifying the bonds of friendship and cooperation between the two na...

August 25, 2023 at 9:40 pm | Economic Affairs

By Qamar Bashir In a surprising turn of events, Mr. Waqar Ahmad, the Principal Secretary to the President of Pakistan, has refuted allegations of deceiving the president, disregarding his directives, eroding his authority, and falsely suggesting that unsigned and unapproved bills were returned to the Prime Minister's office. He has counter-alleged that the President, instead of returning the bills after giving his observation, retained the Army Amendment Act 2023 and Official Secret Act 2023 files in his office and did not return them even on August 21 much after the due dates. This contemplation led to potential delays, which the Secretary attributes to the President's inaction rather than his own inefficiency. The Receipt and Di...

August 22, 2023 at 6:49 pm | Economic Affairs

The Government of the Punjab, under the leadership of its active and agile Caretaker Chief Minister Syed Mohsin Raza Naqvi, is taking remarkable measures not only to preserve rich cultural heritage but also to promote its valuable historical treasure. Abdul Rashid Shakir How mesmerizing were the chants of “Lahore Lahore Eiy” and “Jinne Lahore Nai Takya, Jammiya Nai” atop double-decker bus of Punjab Tourism Department, built especially for an enriching tour of the Lahore city in order to acquaint riders with the cultural heritage, architectural landmarks and historical footprints of the past. Mall Road, Jail Road, Ferozpur Road, Data Darbar (Ali Hajveri Shrine), and Greater Iqbal Park housing three historical sites of ...

August 22, 2023 at 4:44 pm | Economic Affairs

Toronto:(EA Report) Nearly 4,000 vendors and visitors thronged a two-day Pakistan Expo held in the Canadian city of Vancouver to showcase Pakistani products to local buyers and customers and help forge business-to-business collaborations between Pakistan and Canada. The event was inaugurated by High Commissioner for Pakistan to Canada Zaheer A. Janjua while Consul General of Pakistan to Vancouver Janbaz Khan and a large number of Pakistani Canadian entrepreneurs, vendors, producers, businessmen, tradesmen, ministers, and legislators were also present. The two-day expo was the first of its kind held in Western Canada. It was jointly organized by the Pakistan Western Canada Trade Association (PWCTA) and the Consulate General of Pakista...

August 22, 2023 at 12:51 pm | Economic Affairs

Aug,, 21(E.A Report) — Lucky Cement Limited successfully completed the commissioning of a 25 MW solar power facility at its Karachi manufacturing sites.The company expressing satisfaction with the project's timely execution, announcing its operational commencement on August 20, 2023.With this milestone, the company's capacity for self-consumption of power generated from renewable sources has now reached 39%. This includes the previous installation of a 34 MW solar power plant in December 2022 at their Pezu manufacturing site, along with Waste Heat Recovery plants at both locations. The combined capacity of these solar power facilities underscores the company's dedication to renewable and eco-friendly energy.The investment in these renewa...

August 21, 2023 at 6:32 pm | Economic Affairs

Aug,, 21(E.A Report) — Saif Group has initiated the voluntary winding up process for Saif Cement Limited, as reported in the exchange filing by Saif Power Limited.“The decision to recommend the voluntary winding up of Saif Cement Limited, an unlisted subsidiary company, has been made by the Board of Directors of Saif Power limited in the shareholders' best interests. This recommendation is pending approval from the shareholders and will be discussed at the Extraordinary General Meeting of the Company scheduled for September 12, 2023. In the event of winding up, the proceeds from the subsidiary will be returned to the Company, which intends to utilize the received funds,” according to a statement issued by Saif Power.In 2021, the mana...

August 21, 2023 at 6:32 pm | Economic Affairs

Aug, 21(Agencies) — Asian currencies edged lower on Monday after China surprised markets with a modest cut in lending rates, while Thailand’s economy grew at a much slower-than-expected pace.Indonesian rupiah led losses in the region, depreciating 0.3%, while the Malaysian and Singaporean currencies fell marginally.Bucking the trend, the Thai baht appreciated 0.4%, posting its best day since July 27, even as growth moderated in the second quarter.“No cut on 5-year LPR (loan prime rate) is a big surprise and this may further lead to lower expectations on the cut of existing mortgage rate, given no rate cut on 5-year LPR already indicated the big NIM (net interest margin) pressure the banks are facing,” said Willer Chen, research ana...

August 21, 2023 at 6:27 pm | Economic Affairs

The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. By Qamar Bashir In a landmark moment for Pakistan, the newly-appointed Caretaker Prime Minister conducted his first Cabinet meeting on August 18, 2023, a telecast that left an indelible mark on the nation. His eloquent speech, clarity of thought, and unwavering commitment to a clear vision left an impression that resonated with citizens across the spectrum. The Prime Minister's introductory address underscored his intention to lead with a focus on development, a commitment that stood regardless of the duration of his tenure. His priorities were firmly set on orga...

August 19, 2023 at 11:34 am | Economic Affairs

By Qamar Bashir In a significant development for Pakistan, a caretaker Cabinet has been sworn in by the President. This diverse assembly, composed of 16 ministers and three advisors, marks a departure from conventional political structures, instead favoring a blend of technocrats, retired bureaucrats, IT experts, business figures, a select few politicians, and eminent individuals. With a prominent mandate to uplift the nation's economic and financial landscape, enhance business appeal, attract trade and investment, and pave the way for forthcoming free and fair elections, this Cabinet's formation heralds a pivotal chapter in Pakistan's journey toward stability and progress. With a prominent mandate to uplift the nation's economic ...

August 19, 2023 at 11:27 am | Economic Affairs

Announcing a Cabinet fit for purpose will send the clearest signal that the caretakers mean business. Dr Pervez Tahir A “small” Cabinet has taken oath, with more to come later. The makers of caretakers, the tacit approvers and the dispersed opposition, agree that elections are the business of the Elections Commission of Pakistan, the single purpose of the caretakers is to fix the plummeting economy of the country. In the polarised state of affairs, this is a rare consensus. Political class has shown little appetite for the purpose. Rather, it has empowered the caretakers to achieve the purpose. The establishment has put its weight behind it by driving the SIFC. Economy is a vast area, with plague all around. With a limited ...

August 17, 2023 at 2:37 pm | Economic Affairs

By Qamar Bashir Former Press Secretary to the President Former Press Minister to the Embassy of Pakistan to France Former MD, SRBC In a significant step forward, Finance Minister Ishaq Dar introduced a bill in the upper house today (6th August, 2023) on restructuring  and privatisation  of Pakistan International Airlines (PIA), allowing the government to sell a 26% stake in PIA to a strategic partner and allow the airline to enter into joint ventures with other airlines. Considering the PIA's dilapidated state and the massive losses it has incurred and will continue to incur if a complete reengineering is not undertaken backed by unwavering political will, it would be an outright injustice to the taxpayers, who ...

August 7, 2023 at 3:05 pm | Economic Affairs

PSWF is being established to provide a long-term investment vehicle for the nation's excess oil and gas revenues, investment infrastructure and energy initiatives, and provide financial assistance to the government. By Qamar BashirThe Pakistan Sovereign Wealth Fund (PSWF) Bill was passed by the Senate on August 2, just eight days prior to the dissolution of the National Assembly leading to the end of the current government's mandate.The bill, once signed by the President of Pakistan, will enable the government to establish a PSWF where the country's solvent assets worth Rs. 2.3 trillion will be parked. The government has identified at least seven solvent and profit-making companies with net worth of Rs. 2.3 trillion including OGDCL, ...

August 4, 2023 at 12:45 pm | Economic Affairs

August 2,2023Rawalpindi: (PR)Lieutenant General Alfonas Mais, Chief of German Army called on General Syed Asim Munir, COAS at GHQ.During the meeting matters of mutual interest, regional security situation and defence cooperation were discussed.Both reiterated the desire to further enhance bilateral relations in all fields.The visiting dignitary acknowledged and appreciated Pakistan Army’s successes in fight against terrorism and Pakistan’s continued efforts for bringing peace and stability in the region.

August 2, 2023 at 1:02 pm | Economic Affairs