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AgenciesSingapore,Oct. 8— Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key U.S. jobs data for any fresh insight into the timing of Federal Reserve tapering.MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)rose0.5%, after rallying 2.1% the day before, its biggest daily gain since August. Japan's Nikkei index (.N225) advanced 1.8%.Chinese blue chips (.CSI300) gained 0.56% as they resumed trading after being closed for the National Day holiday, while Hong Kong (.HSI), which has been open all week, gained 1%.Elsewhere, Australian shares (.AXJO) rose 0.84%, helped by mining stocks amid surging commodities prices.Over the past ...

October 8, 2021 at 10:10 am | Economic Affairs

October 7, 202Vienna (Press Release) Ambasador Aftab Ahmad Khokher said that Pakistan was committed to promoting meaningful international cooperation against corruption, which remained a common and persistent challenge for the international community. He was speaking at the 10th Assembly of Parties of the International Anti-Corruption Academy (IACA) which was being held here on Thursday. Referring to Prime Minister Imran Khan’s address to the 76th Session of the UN General Assembly, he said that the scourge of corruption and illegal transfer of assets to offshore havens led to the impoverishment of developing nations, depleted their resources and further accentuated the rich-poor gap within and among countries. He stressed the urge...

October 7, 2021 at 7:51 pm | Economic Affairs

EA Special ReportIslamabad, Oct. 7 — Crown Prince of Abu Dhabi, His Highness Sheikh Mohammed bin Zayed Al Nahyan, and Deputy Supreme Commander of the UAE Armed Forces are visiting Pakistan in thee October this year, sources revealed.According to agenda for this high level visit include talks on Afghanistan situation in addition of bilateral issues of common interests of trade, business, tourism and the evolving situation of the region.Sources pointing timing of this high profile visit is also mentioned great significance. Pakistan is very Keen to receive the most VVIP guest!The Crown Prince will meet President Arif Alvi, Prime Minister Imran Khan and other top personalities including some important Federal Ministers and other dignitaries...

October 7, 2021 at 7:44 pm | Economic Affairs

AgenciesLONDON, Oct. 7 — Soaring gas prices are likely to drive a switch to oil that boosts global crude demand by several hundred thousand barrels per day (bpd) squeezing already tight supply, analysts forecast.Natural gas prices, particularly in Europe, have spiked this year buoyed by a combination of low inventories, low supplies and higher Asian demand.The jump in energy costs has led manufacturers to curtail activity from Spain to Britain and helped sparked power crises in China.And the leap in gas prices is set to send the substitution of oil for gas to generate power to unprecedented levels, Swedish bank SEB has forecast.“This has never happened before at such a global scale. The market has always tried to substitute from costly...

October 7, 2021 at 7:39 pm | Economic Affairs

AgenciesSINGAPORE, Oct. 7 — US wheat futures stand higher for a second straight session following strong buying .Most-active wheat contract on the Chicago Board Of Trade (CBOT) rose 0.2% at $7.47-1/4 a bushel by 0153 GMT, after closing up by a similar amount in the previous session.Egypt's state grains buyer, the General Authority for Supply Commodities, said it bought 180,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat in an international tender. No US supplies were offered in the tender.Soft wheat exports from the European Union in the 2021/22 season that started in July had reached 8.07 million tonnes by Oct. 3, up from 5.56 million tonnes by the same week in 2020/21.In Ukraine, the agriculture ministry lowered its fo...

October 7, 2021 at 4:28 pm | Economic Affairs

AgenciesOct. 7— Gold was flat on Thursday as investors waited for US payrolls data, a move that analysts say could push bullion prices as low as $1,725.Spot gold was little changed at $1,763.00 per ounce by 0651 GMT, while US gold futures were up 0.1% at $1,764.10 per ounce.The US dollar holding close to a one-year high, buoyed by inflation concerns and expectations that the Fed would have to act sooner to normalise policy, also limited any uptick in gold.A stronger dollar makes gold less appealing for those holding other currencies."Central banks are in a precarious situation as they watch inflation continue to pick up… Historically, it is good for gold, but it doesn't work that way in an environment where central banks are starting t...

October 7, 2021 at 4:26 pm | Economic Affairs

AgenciesQUETTA -At least 20 people were killed and more than 200 injured when an earthquake struck southern parts, Disaster Management Authority Director General Naseer Nasir said on Thursday.The earthquake with a magnitude of 5.7 struck in the early hours of Thursday while people were sleeping. Rescue workers said the dead were mostly women and children.The quake was relatively shallow at 20 kms (12 miles) with an epicentre 102 km (62 miles) east of Quetta, said the U.S. Geological Survey (USGS).More than 100 mud houses collapsed and a large number were damaged, including government buildings. Hundreds of people were rendered homeless, Sohail Anwar, deputy commissioner in the city of Harnai, told.Social media showed houses shaking and lig...

October 7, 2021 at 12:02 pm | Economic Affairs

AgenciesLONDON, Oct. 7— European and UK gas prices surged Wednesday to record peaks, energised by fears of runaway demand in the upcoming northern hemisphere winter.Europe’s reference Dutch TTF gas price hit 162.12 euros per megawatt hour and UK prices leapt to 407.82 pence per therm in morning deals.However, prices later erased gains to flatline in early afternoon trade.“It’s panic and fear with winter just around the corner,” Commerzbank analyst Carsten Fritsch told AFP.UK vows to manage implications of soaring gas prices Soaring gas prices — coupled with oil which has struck multi-year highs — have fuelled fears over spiking inflation and rocketing domestic energy bills.Gas demand is also heightened in Asia, particularl...

October 7, 2021 at 11:59 am | Economic Affairs

AgenciesHONG KONG Asian equities rallied Thursday, taking heart from a late recovery on Wall Street after U.S. politicans appeared near to a temporary deal to avert a federal debt default and as Russia reassured Europe on gas supplies, calming volatile markets.Oil prices also dropped back from multi-year highs hit a day earlier, having been a major contributor to this week’s equities sell off, while U.S. benchmark Treasury yields and major currencies steadied amid the calmer mood.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.25% in early trade, regaining ground lost in recent days to be little changed on the week.“Sharp increases in energy prices have clearly contributed to the latest leg up in bond yields, which ...

October 7, 2021 at 11:53 am | Economic Affairs

AgenciesNew York, Oct 7– Wall Street ended higher Wednesday as investors grew more optimistic on congressional Democrats and Republicans could reach a deal to avert a government debt default.Top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December. This would head off a historic default that would exact a heavy economic toll.“McConnell made some dovish comments about temporarily extending the debt ceiling,” said Jay Hatfield, founder and portfolio manager at Infrastructure Capital Advisors. “That’s going to be interpreted in the short-run as positive.”McConnell’s offer could provide an off-ramp to a months-long standoff between President Joe Biden’s Democ...

October 7, 2021 at 11:52 am | Economic Affairs