AgenciesSINGAPORE, Oct 7— Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.U.S. crude slid 0.43%, or 33 cents, to $77.10 a barrel after the market climbed on Wednesday to $79.78, the highest since November 2014. Brent crude 2 cents, to $81.06 a barrel.“Commercial stockpiles of crude rose … last week, according to EIA data,” ANZ said in a note. “Stockpiles of gasoline also surged raising concerns of weaker demand.”U.S. crude inventories rose by 2.3 million barrels last week, the U.S. Energy Information Administraion (EIA) said, against expectations for a modest dip of 418,000 barrels. Gasoline in...
October 7, 2021 at 11:52 am | Economic Affairs
AgenciesTOKYO, Oct. 7 — USD held close to a 14-month high against the euro on Thursday following surge in energy prices fuelled worries of inflationExperts says inflation worries could crimp economic growth while also prodding the Federal Reserve to act sooner to normalise policy.U.S. currency was steady at $1.1558 per euro after strengthening to $1.1529 on Wednesday for the first time since July of last year.The dollar index that measures the greenback against a basket of six rivals, was little changed at 94.188 from Wednesday, following a nearly 0.5% climb over the past two sessions. The index hit a one-year high of 94.504 last week.The Japanese yen, another safe haven, was mostly flat at 111.375 per dollar, near the middle of its rang...
October 7, 2021 at 11:48 am | Economic Affairs
Islamabad( Press Release) Lt General Nadeem Anjum was appointed as Director General ISI in a major shuffle, taken place in the Pakistan Army on Tuesday.Lt General Nadeem Anjum commissioned in the Light Anti Tank Battalion of Punjab Regiment. General officer has diversified experience of command, staff and instructional assignments. He’s graduate of Combined Arms Centre UK, Staff College Quetta, Advance Staff Course UK, NDU Islamabad, APCSS USA and Royal College of Defense Studies UK. He holds a Master degree from King’s College London and NDU Islamabad. General has vast experience of command in conventional as well as sub conventional threat environment. He has been on command on both western border and LOC besides long ser...
October 6, 2021 at 11:58 pm | Economic Affairs
October 5,2021Islamabad (Press Release)Commander Royal Saudi Naval Forces, Vice Admiral Fahad Bin Abdullah Al Ghofaily called on Army Chief General Qamar Javed Bajwa at GHQ today.During the meeting matters of mutual interest, regional security situation and cooperation in military and maritime domains were discussed. COAS reiterated that both countries share great history of cordial relations and deep rooted spirit of brotherhood, which has transformed into an enduring partnership. The current situation in Afghanistan and its bearing on regional peace and stability also came under discussion.The visiting dignitary appreciated Pakistan’s role in Afghan situation, specially the assistance in successful evacuation operations and pledged to ...
October 5, 2021 at 10:22 pm | Economic Affairs
05 October, 2021Islamabad (Press Release) Commander Royal Saudi Naval Forces, Vice Admiral Fahad Bin Abdullah Al Ghofaily called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today. During the meeting, both the dignitaries discussed matters of professional and mutual interest. Vice Admiral Fahad Bin Abdullah Al Ghofaily commended the professionalism of PAF and acknowledged its rising indigenous capacity in aviation industry. The Air Chief said that Pakistan and Kingdom of Saudi Arabia enjoy longstanding religious, cultural and historical bonds which are manifested through strong ties between both air forces. The Air Chief reiterated his resolve to further enhance the existing bil...
October 5, 2021 at 10:18 pm | Economic Affairs
AgenciesOct. 5— Gold fell Tuesday as dollar rose where energy prices rising concerns could dampen economic activity dented, appetite for riskier assets and kept bullion close to a more than one-week peak hit in the previous session.Spot gold fell 0.4% to $1,761.69 per ounce by 0254 GMT, after hitting $1,770.41 on Monday, its highest since Sept. 23. US gold futures were 0.3% lower at $1,762.30.The dollar index rose, making gold more expensive for those holding other currencies, while equity markets slid on concerns about rising inflation.Subdued shares are prompting some Asian investors to buy the dollar, pressuring gold, said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA, adding, gold would be in a choppy $1,750-$1,785....
October 5, 2021 at 12:05 pm | Economic Affairs
AgenciesSINGAPORE, Oct 5 — Asian shares suffered heavy losses early Tuesday as a broad sell-off on Wall Street following fretting about multi-year high oil prices impact.MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 1.3%, falling for a third consecutive session. Japan stocks were down 2.8%, South Korea gave up 2.5% and Australia shed 1%."Investors are clearly worried about inflation due to supply chain disruptions and the rally in energy prices," said Vasu Menon, executive director of investment strategy at OCBC Bank.Drop in markets took MSCI's main benchmark to 619.87, the lowest since November 2020. It has shed more than 5% this year, with Hong Kong and Japanese markets among the big losers."We have seen...
October 5, 2021 at 12:03 pm | Economic Affairs
Islamabad (Press Release) Foreign Secretary Sohail Mahmood hosted the participants of SCO member states following the closing ceremony of Joint Anti-Terrorism Exercise (JATE) – Pabbi Anti Terror 2021. The participants included the Executive Committee of SCO-RATS, led by its Director, Major General Ghiyosov Jamakhon and high-level delegations from counter-terrorism and national security authorities of all SCO member states. The participants were also given a comprehensive briefing on Pakistan’s counter-terrorism efforts and its role in promoting regional security. ?In his remarks, the Foreign Secretary highlighted that SCO-RATS was the only regional platform for dealing with the threat of terrorism and extremism. Referring to...
October 5, 2021 at 10:41 am | Economic Affairs
TOKYO —— USD stepped back toward a one-year high versus major peers Tuesday ahead of a key payrolls report at end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month. The safe-haven greenback was also supported by an equity sell-off that spread from Wall Street to Asia.Risk-sensitive Australian dollar was among the biggest decliners, with the Reserve Bank of Australia reiterating it doesn’t expect to raise interest rates until 2024 after keeping policy steady, as expected.USD index rose 0.16% to 93.987, moving back toward Thursday’s peak at 94.504, its highest since late September 2020.The index had rallied as much as 2.8% since Sept. 3 as traders rushed to price in tape...
October 5, 2021 at 10:37 am | Economic Affairs
Islamabad (Press Release) Foreign Minister Makhdoom Shah Mahmood Qureshi received the Ambassador of Japan H.E. Mr. Kuninori Matsuda for his farewell call at the Foreign Office on Sunday. The Foreign Minister expressed satisfaction on the progression of bilateral ties between the two countries and appreciated Ambassador Matsuda’s contribution in further strengthening them. The Foreign Minister also lauded Japan’s role as a development partner of Pakistan and highlighted the close cooperation between the two countries on major international and regional issues. The Foreign Minister recalled the enhanced momentum of interactions at various levels and noted progress on cooperation in trade and commerce, education, human resource deve...
October 5, 2021 at 10:36 am | Economic Affairs
Pakistan Rupee Exchange Rate