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., 28(E.A Report) —Indus Motor Company (IMC) registered a drop of profit nearly 39% as compared with earnings of Rs15.8 billion in the same period last year, amid lower sales as profit-after-tax (PAT) of Rs9.66 billion in fiscal 2023.Earnings per share (EPS) stood at Rs123 in FY23 compared with Rs201 in FY22. The board of directors of the assembler of Toyota vehicles in Pakistan met on August 25 to review the company’s financial and operational performance in the year ended June 30, 2023.Along with the result, the company declared a final cash dividend of Rs29 per share. This is in addition to the already paid combined interim cash dividend of Rs42.8 per share, taking the full year divided to Rs71.8 per share.On a quarterly basis, I...

August 28, 2023 at 6:49 pm | Economic Affairs

Aug, 28(Agencies) — Oil prices moved up on Monday as China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%.Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost stru...

August 28, 2023 at 6:45 pm | Economic Affairs

Aug, 28(Agencies) — Dollar eased from a 12-week peak on Monday as traders weighed US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy. “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell said in a keynote address. “It is the Fed’s job to brin...

August 28, 2023 at 6:41 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

Aug., 25(E.A Report) — Pakistani rupee hit a new record low against US dollar by settling at 301 in the inter-bank market on Friday.At close, Rupee settled at 301 after a decrease of Re0.78 or 0.26%, as per the State Bank of Pakistan (SBP)On Thursday, the rupee had closed at the then-record low against the US dollar at 300.22.In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports.Enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.Central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of A...

August 25, 2023 at 8:35 pm | Economic Affairs

President vs Election Commission. The country is the victim By Qamar Bashir Former Press Secretary to the President Former Press Minister to the Embassy of Pakistan to France Former MD, SRBC In the aftermath of the president's tweet regarding the Army Amendment Act 2023 and the Official Secrets Amendment Act 2023, there was a profound upheaval in the nation's legal and political realms, sparking extensive discussions, debates, and passionate reactions. Some individuals praised the president as a heroic figure for speaking out against the suspected tampering of the controversial bills, recognizing the broad implications these actions held for the current and future well-being of the Pakistani populace. On the other hand, t...

August 25, 2023 at 3:19 pm | Economic Affairs

Aug., 24(E.A Report) — Indus Motor Company has again decided to shut production from August 25, 2023 to September 06, 2023, citing drop in demand amid lower purchasing power.Company announced the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “In fiscal year 2022-2023, due to challenging economic environment, low consumer purchasing power and increase in duties and taxes by the Federal Government, the demand for auto sector has continuously declined,” read a statement.“While considering the low demand and inventory levels, the company has decided to close its production plant from Friday, 25 August, 2023 to Wednesday, 6 September, 2023 (both days inclusive),” it added.Despite securing a last-minute deal...

August 24, 2023 at 5:07 pm | Economic Affairs

Aug, 24(Agencies) — US dollar nursed a sharp pullback against Asian currencies on Thursday after softer-than-expected global economic data muddied the interest rate outlook and pushed down US yields ahead of the Federal Reserve’s Jackson Hole symposium.Australian dollar, which has been taking a battering for a few months on signs of China’s slowdown and resilience in the US, jumped 0.9% overnight after US manufacturing and services PMIs missed expectations.“Weaker than expected … data led markets to scale back their expectations for US policy,” said Commonwealth Bank of Australia currency strategist Carol Kong, with jobless claims the next focus ahead of Fed Chair Jerome Powell’s Friday speech.The New Zealand dollar also leap...

August 24, 2023 at 5:05 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(E.A Report) — Small and Medium Enterprises Development Authority (SMEDA) has launched an initiative to develop a separate credit risk assessment system for easy disbursement of loans to the manufacturing SMEs in Pakistan.CEO SMEDA, Farhan Aziz Khawaja informed that the initiative had been started through a PSDP funded project of SMEDA; “the Research, Regulatory Insight & Advocacy Assistance for SMEs” (RRI&A) under the federal Ministry of Industries & Production (MoIP).In a press statement issued here today. CEO SMEDA said, SMEs in Pakistan face significant hurdles in obtaining finance. Challenges encompass limited data transparency, complex paperwork, cumbersome bank protocols, SMEs' creditability and readiness, ...

August 21, 2023 at 6:28 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