Karachi, Oct. 1 - Public holiday has been announced in Karachi for Friday as a tropical cyclone and torrential threat still looms.The decision was shared by Karachi Administrator Murtaza Wahab late on Thursday night."Keeping in view the situation resulting from the expected tropical cyclone and the rainfall, it has been decided that Friday will be a public holiday," he said.He added that all offices, educational institutions and businesses, apart from essential services, will remain closed in the metropolitan city. An official notification was also issued by the Karachi commissioner.'System likely to strengthen during next 6 hours'In an update shared on Friday morning, the Pakistan Meteorological Department (PMD) said that the depression o...
October 1, 2021 at 12:09 pm | Economic Affairs
TOKYO, Oct. 01 - growing inflation risk sentiment pushed Asian equities Friday to follow Wall Street, sharply lower and bonds rallied.Japan’s Nikkei tumbled 2.52% to the lowest level since Sept. 3, while Australian stocks slumped 2.02%, South Korea’s Kospi lost 1.50%, and Taiwan’s benchmark dropped 2.18%.An MSCI index of Asia-Pacific stocks slid 1.33% to its lowest since Aug. 24.Chinese markets are closed for a week from Friday for the Golden Week holiday.“You can argue whether it’s really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favorable one,” said Rob Carnell, Asia-Pacific head of research at ING in Singapore.“Whether or not this is actually going to get imbedded and c...
October 1, 2021 at 11:45 am | Economic Affairs
TOKYO, Oct 01 - September marked Asia’s manufacturing activity lacklustre following slowing Chinese growth and factory shutdowns, surveys showed on Friday.China’s waning economic momentum dealt a fresh blow, with the official Purchasing Manager’s Index (PMI) on Thursday showing the country’s factory activity unexpectedly shrank in September due to wider curbs on electricity use.Factory activity in September resto in Malaysia and Vietnam, and grew in Japan at the slowest rate in seven months, as chip shortages and supply disruptions added to the woes of a region still struggling to shake off the pandemic’s hit.While the private Caixin/Markit Manufacturing PMI fared better than expected after slumping in August, growing signs of we...
October 1, 2021 at 11:32 am | Economic Affairs
China is world’s fourth largest net importer of agricultural products. Agriculture and food products exports to China accounts for 8% of the Pakistan’s total exports of Agriculture and food Products to the world. The first phase of CPEC has been completed. In this phase, Pakistani Government completed around $15.70 billion worth of infrastructure and energy projects. Chinese investment in energy and infrastructure related projects enabled us to overcome the power shortage and road connectivity challenges within Pakistan. However, productive employment opportunity for the young population is still a distant dream. First phase of CPEC also identified areas such as political commitment and confidence for better coordination an...
September 30, 2021 at 10:26 pm | Economic Affairs
China is a lucky country and blessed with sincere, loyal and capable leaders whose contribution is well recognized amongst the public and the globe. The People’s Republic of China was established on 01 October 1949. Every year, on this Day, China celebrates National Day. It is a mega festival in China. Grand ceremonies are organized on an official level as well as the public. Although it is a two-day gazette holiday, usually, they combine with weekends and people enjoy longer holidays. Many people travel to other destinations, either inside China or abroad, and enjoy the festival. At the time of the liberation of China, it was facing many problems, like poverty, social divide, and lack of unity, etc. the Visionary leadership of...
September 30, 2021 at 10:13 pm | Economic Affairs
The Long March enabled the Communist Party of China to build ‘social revolution’by winning over the hearts and minds of the population, prior to attempting to take over the destiny of the society and state. By Syed Hasan Javed At a time when the Chinese people are celebrating seventy-two years of their National Day, it is important to remember that the Chinese People’s Revolution on 1st October 1949 marked a historic milestone not only in Asian history, but in global history too. Chairman Mao Zedong declared at the Tian Anmen Square that ‘the people of China have stood up’. This was a loud and clear message to show that China is back, after being a victim of exploitation, loot and plunder at the hands of Imperial and Europe...
September 30, 2021 at 9:54 pm | Economic Affairs
In the last seven decades of its establishment, the Beijing led by the Communist Party China has left a blazing trail of remarkable achievements in all walks of human endeavours. By Naghmana A. Hashmi The 2021 is a very special year. This year Pakistan and China are celebrating 70 years of glorious cooperation and friendship between two iron brothers. The Communist Party of China celebrated 100 years of its creation and China proudly achieved the first centennial goal of the elimination of extreme poverty, perfected 5G technology, landed a rover on the Mars and the dark side of the moon, won the war against Covid 19 and emerged as the only country with a strong bounce back of economy showing impressive positive growth. As China Ce...
September 30, 2021 at 8:13 pm | Economic Affairs
Lahore, Sep. 30 — Renowned Chinese Business Leader Mr. Wang Zihai, has been elected unopposed as President Pakistan China Joint Chamber of Commerce and Industry, whereas Mr. Ehsan Choudhry and Muhammad Sarfraz Butt has been elected Senior Vice President and Vice President respectively, announced by the Election Commissioner.At 7th Annual General Meeting of PCJCCI held with the Outgoing President Mr. S.M Naveed in chair, today at PCJCCI premises. According to the election results for the year 2021-2022, the five new members have been elected on the five vacant seats of Executive Committee Members. Newly elected Executive Committee Members include Mr. Muhammad Sarfraz Butt, CEO Faraz Enterprises, Ehsan Choudhry, Cagrow, Muhammad Idress, Mu...
September 30, 2021 at 6:47 pm | Economic Affairs
Lahore, Sep 30 – New office-bearers of the Lahore Chambers of Commerce & Industry have assumed the charge of their offices and set their targets including policy advocacy, early resolution of the issues being faced by the business community, exploring new export markets for Pakistani merchandise, trade with neighboring countries and strengthening of SME sector.Newly elected LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Attiq defined their priorities at the Annual General Meeting of the Lahore Chamber of Commerce & Industry. Earlier, the Election Commission announced formal results of the LCCI elections for the year 2021-22.LCCI outgoing President Mian Tariq Misbah, Senior V...
September 30, 2021 at 5:06 pm | Economic Affairs
China’s economic development owes much to physical infrastructure which now connects the entire length and breadth of this vast country, courtesy an investment of about $600 billion in this sector between 1990 and 2015. By Masood Khalid The 70 years of Pakistan-China relations is a story of an unparalleled journey traversed together to build an enduring partnership. Clichés are used to explain this friendship, which by all accounts is unique and special, but not fully understood. History bears witness that this relationship has endured solely because both countries have strictly adhered to the principles of peaceful coexistence, mutual respect and mutual trust. Both have a convergence and an abiding interest in the peace and st...
September 30, 2021 at 5:01 pm | Economic Affairs
Pakistan Rupee Exchange Rate