AgenciesHONG KONG. Oct.19 — Asian markets advanced further on Wednesday, joining a global rally fuelled by strong earnings, while investors were keeping tabs on comments from the Federal Reserve as it prepares to bring an end to its vast financial support programme.Tokyo, Hong Kong, Sydney, Singapore, Wellington, Taipei and Manila all rose, though there were slight losses in Shanghai and Seoul.Signs of progress on Joe Biden's massive spending bill provided an extra lift to sentiment, while bitcoin came within touching distance of a new record after a new financial instrument to invest in the cryptocurrency started trading in New York.Strong profit reports from big-name firms over the past week have reinforced optimism that the corporate ...
October 20, 2021 at 11:05 am | Economic Affairs
AgenciesOct.29 — Oil futures rose and were near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic heating needs.The Brent crude benchmark rose 75 cents to settle at $85.08 a barrel. U.S. West Texas Intermediate (WTI) futures rose 52 cents to settle at $82.96 a barrel.Prices have been climbing the last two months. Since the start of September, Brent has risen by about 19%, while WTI has gained around 21%.“Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,” said Louise Dickson, senior oil markets analy...
October 20, 2021 at 11:04 am | Economic Affairs
AgenciesNew York, Oct. 19 —— Oil prices pulled back after touching multi-year highs on Monday, trading mixed as U.S. industrial output for September trembled , tempering early enthusiasm about demand.Production at U.S. factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering economic growth.“The oil market started off with a lot of exuberance, but weak data on U.S. industrial production caused people to lose confidence in demand, and China released data that intensified those worries,” said Phil Flynn, senior analyst at Price Futures Group in New York.Brent crude oil futures settled down 53 cents or...
October 19, 2021 at 10:46 am | Economic Affairs
AgenciesOct. 19 — China's power shortages hit growth, threatening more pain for global supply chains, while Europe's gas squeeze looked set to continue as Russia's Gazprom showed no sign of hiking exports to the region in October.Coal, oil and gas prices have all rocketed higher in recent weeks hammering utilities and consumers from Beijing to Brussels, raising inflationary pressures and putting at risk a global recovery from the COVID-19 pandemic.Europe, which relies on Russia for 35% of its gas supplies, has seen its benchmark gas price rise more than 350% this year. As a result, a slew of European firms that supply gas or power to households and companies have folded.A dozen or so suppliers have already gone bust in Britain.In Asia, p...
October 19, 2021 at 10:44 am | Economic Affairs
October 18, 2021Rawalpindi (ISPR) Change of Command Ceremony held at Gujranwala cantt. Lieutenant General Syed Asim Munir handed over command of Gujranwala Corps to Lieutenant General Muhammad Aamer, Corps Commander Gujranwala Corps.
October 18, 2021 at 6:45 pm | Economic Affairs
Rawalpindi (Press Release) Ms Angela Aggeler, US Charge d' Affairs to Pakistan called on General Qamar Javed Bajwa, Chief of Army Staff (COAS) today.During the meeting, matters of mutual interest, current security situation in Afghanistan and bilateral cooperation in various fields were discussed. COAS said that Pakistan desires to maintain the tradition of bilateral engagement and wishes for an enduring relationship with United States. COAS also reiterated the need for global convergence on Afghanistan for avoiding humanitarian crisis and coordinated efforts for economic uplift of the Afghan people.The visiting dignitary appreciated Pakistan's role in Afghan situation, efforts for regional stability and pledged to play their role for furt...
October 18, 2021 at 5:55 pm | Economic Affairs
AgenciesNew York, Oct 18 — U.S. dollar headed towards its one-year high hit last week on Monday following rising inflation expectations and higher bond yields boosted its appeal against its rivals.Dollar index rose 0.1% to 94.02, edging it back toward last week’s one-year high of 94.563 which was the highest level since September 2020.Sterling also managed to hold on close to steady after hawkish weekend remarks from Bank of England Governor Andrew Bailey who said policymakers "will have to act" as energy prices drive consumer prices higher.U.S. Treasury yields firmed on Monday, extending a trend in recent weeks with five-year bond yields rising to their highest levels since February 2020 as investors ramped up bets that the U.S. Feder...
October 18, 2021 at 3:25 pm | Economic Affairs
AgenciesOct.18— Oil prices hit their highest level of years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.Brent crude oil futures rose 63 cents, or 0.7%, to $85.49 a barrel by 0645 GMT, after hitting a session-high of $86.04, the highest price since October 2018.U.S. West Texas Intermediate (WTI) crude futures climbed 95 cents, or 1.2%, to $83.23 a barrel, after hitting a session-high of $83.73, highest since October 2014.Both contracts rose by at least 3% last week.“Easing restrictions around the world are likely to help the recovery in fuel consumption,” analysts from ANZ bank said in a note on Monday, adding that...
October 18, 2021 at 3:22 pm | Economic Affairs
AgenciesOct. 18— Gold prices edged up on Monday after a steep sell-off in previous session as US bond yields and dollar softened.FUNDAMENTALSSpot gold rose 0.2% to $1,770.26 per ounce by 202 GMT, after slipping 1.6% on Friday.US gold futures were up 0.1% at $1,770.50.Asia Gold: India returns to premiumBenchmark US 10-year Treasury yields eased after rising to a high of 1.5904% on Monday, reducing non-yielding gold's opportunity cost.Treasury yields rose sharply on Friday after data showed US retail sales unexpectedly rose in September which bolstered expectations for sooner-than-anticipated interest rate hikes from the Federal Reserve.Also supporting bullion, the dollar index slipped 0.6% from last week's 2021 highs, as investors figure ...
October 18, 2021 at 3:21 pm | Economic Affairs
New York, Oct 10. — Newly-appointed Advisor to Prime Minister on Finance and Revenue, Shaukat Tarin insisted that Pakistan's talks with the International Monetary Fund (IMF) have not failed, while accepting that rising inflation is an issue in the country.Addressing a ceremony arranged by Pakistan government on Roshan Digital Accounts (RDA) for Overseas Pakistanis in New York, the ex-banker said that inflation could not be controlled without increasing exports.Tarin, currently on a visit to the United States to attend the IMF/World Bank annual meetings and hold policy-level talks on the pending review of the Extended Fund Facility (EFF), termed the impression of failure of talks with IMF as wrong and said that talks are going on in Washi...
October 18, 2021 at 2:02 pm | Economic Affairs
Pakistan Rupee Exchange Rate