SINGAPORE, 23 Sep.— Oil prices stretch out on Thursday, riding higher on a bigger-than-expected draw US crude inventories besides growing fuel demand.In addition, production remains hampered in Gulf of Mexico after two hurricanes.A broad plunge back into risk assets also supported market as concerns eased over a potential default by huge property developer China Evergrande and its possible fallout on the world's second-largest economy.Brent crude rose 26 cents, or 0.3%, to $76.45 a barrel while US West Texas Intermediate (WTI) crude rose 25 cents, or 0.4%, to $72.48 a barrel by 0552 GMT, while.Both contracts jumped 2.5% on Wednesday after data from the US Energy Information Administration showed US crude stocks fell by 3.5 million barrel...

September 23, 2021 at 3:25 pm | Economic Affairs

ISLAMABAD, 23 Sep.— Ministry of Commerce has released Rs6 billion refunds of duty drawback on local taxes and levies (DLTL) scheme, informed Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood.“Pleased to announce that MOC has released the new refunds worth Rs. 6,000 million under the DLTL schemes,” said Dawood in a tweet post. He added that the refunds include Rs5,400 million for the textile sector and Rs600 million for the non-textile sectors.“I hope this will resolve the liquidity issues of our exporters amid the COVID-19 pandemic and enable them to enhance exports,” he said.Increasing exports is vital for Pakistan’s economy to ensure its trade deficit remains manageable, which has become a major concern for...

September 23, 2021 at 3:23 pm | Economic Affairs

HONG KONG: 23 Sept.— Asian markets stemmed Thursday as concerns of troubled property giant, Evergrande, receded for now, while Federal Reserve plan to begin scaling back its ultra-loose monetary policy also cheered investors.Positive start to day followed a rally of around one percent for all three main Wall Street indexes, where investors also welcomed a Fed statement on tapering its vast bond-buying programme.Hong Kong led advances as it reopened after a midweek break to catch up with news that Evergrande had agreed a plan to repay interest to its domestic bondholders, soothing worries of a default that have raised talk of a hammer blow to the Chinese economy.And while Wednesday's statement was vaguely worded -- not detailing how much ...

September 23, 2021 at 12:29 pm | Economic Affairs

SHANGHAI/SINGAPORE: 23 Sept.— China Evergrande agreed to settle interest payments on a domestic bond Wednesday, soothing fears of imminent contagion from the debt-laden property developer while Chinese Central Bank injected cash into the banking system.Evergrande, Asia’s biggest junk bond issuer, is so entangled with China’s broader economy that its fate has kept global stock and bond markets on tenterhooks as late debt payments could trigger so-called cross-defaults.Many financial institutions have exposure to Evergrande through direct loans and indirect holdings, while any defaults will also trigger sell-offs in the high-yield credit market.In an effort to reassure investors, the People’s Bank of China’s injected 90 billion yua...

September 23, 2021 at 11:07 am | Economic Affairs

SHANGHAI/SINGAPORE: 23 Sept.— China Evergrande agreed to settle interest payments on a domestic bond Wednesday, soothing fears of imminent contagion from the debt-laden property developer while Chinese Central Bank injected cash into the banking system.Evergrande, Asia’s biggest junk bond issuer, is so entangled with China’s broader economy that its fate has kept global stock and bond markets on tenterhooks as late debt payments could trigger so-called cross-defaults.Many financial institutions have exposure to Evergrande through direct loans and indirect holdings, while any defaults will also trigger sell-offs in the high-yield credit market.In an effort to reassure investors, the People’s Bank of China’s injected 90 billion yua...

September 23, 2021 at 11:05 am | Economic Affairs

Lahore, 22 Sept.—Trading Corporation of Pakistan (TCP) has floated an international bid Wednesday to purchase and import 640,000 tonnes of wheat, officials confirmed.Deadline for submission of price offers in the tender from has been set as September 29.Pakistan has regularly bought wheat in the global market in past months in a bid to improve tight local supplies and cool prices.On Monday, price offers were submitted in a previous tender for up to 500,000 tonnes from the TCP with no purchase yet reported.Shipment in the new tender is sought between January and February 2022.Offers are sought for consignments of a minimum 100,000 tonnes from worldwide sources. The TCP reserves the right to buy more or less than the tender volume.Fluctuat...

September 22, 2021 at 9:29 pm | Economic Affairs

Lahore Sept 22– Pakistan Stock Exchange's (PSX) KSE-100 index shed 1,243 points during intraday trading on Wednesday before bouncing back later and more than halving its losses, continued foreign institutional selling said to be responsibleBenchmark index opened at 46,008.85 points and gained slightly within the opening minute of the session to reach day's high of 46,031.89 points. Bourse then witness sharp selling and by 1:12pm had plunged to day's low of 44,788.17 points.It did stage a substantial recovery and cut its losses to 411.61 points (0.89%) by the end of the session, closing at 45,597.24.“Continued foreign selling combined with local institutional selling dragged the stock market lower sharply", said Intermarket Securities' ...

September 22, 2021 at 9:25 pm | Economic Affairs

LONDON: Oil prices climbed more than a dollar on Wednesday, extending overnight gains, highlighting tight supply as demand improves.Prices were also supported as some OPEC members struggle to raise output and by a general sense of energy market shortages amid a power and gas crisis in Europe.US West Texas Intermediate (WTI) crude futures rose $1.16, or 1.6%, to $71.65 a barrel by 1055 GMT, adding to a 35- cent gain from Tuesday.Brent crude futures climbed $1.08, or 1.4%, to $75.44 a barrel, after gaining 44 cents on Tuesday.The oil market's focus turned to concerns of tight supply, after Monday's pressure from broad market jitters over the possible default of Chinese property developer China Evergrande Group."Crude is supported by the API ...

September 22, 2021 at 9:24 pm | Economic Affairs

Lahore, 22 Sept.— Asian Development Bank (ADB) projected Pakistan's risk of inflation being higher than forecastIn Asian Development Outlook 2021, it points out, "Inflationary pressures will persist and likely come from ongoing economic recovery and rising global oil prices but should be tempered by expenditure reform and the government's commitment not to borrow directly from the central bank."The ADB report said the risk of inflation being higher than forecast derived from any unusual increase in oil prices or from potential currency depreciation in the wake of any early winding down of the ongoing IMF programme.Report projected that expenditure is also to rise in FY22 as the government has budgeted substantial increases in subsidies a...

September 22, 2021 at 9:17 pm | Economic Affairs

October 22,2021Islamabad (ISPR) Opening ceremony of the exercise Peace Mission under the ambit of SCO platform held at Donguz training area, Orenburg Region,Russia. Colonel General Alexander Pavlovich Lapin Commander of Central Military District Russian Armed Forces was the chief guest at the opening ceremony. Troops from all Shanghai Cooperation Organization (SCO) member states are participating in the exercise under extremely challenging field environment. Belarus is taking part in the exercise as an observer.Tri Services contingent of Pakistan Army is participating in the exercise.The exercise is focused on Anti Terrorist operations and best practices in Counter terrorism domain.

September 22, 2021 at 5:46 pm | Economic Affairs

September 22,2021Islamabad (ISPR)Trilateral Exercise Three Brothers - 2021 culminated at Baku, Azerbaijan. Special forces of Pakistan, Turkey and Azerbaijan participated in the exercise.The two weeks long exercise was focused on the capability to counter regional terrorism threats in a hybrid scenario, fostering combined force interoperability, joint force integration and enhance capabilities in amphibious operations.The chief guest of final exercise was Azerbaijan Minister of Defence Zakir Hasanov. Also in attendance were Services Chief of Azerbaijan, Commander of Special Forces Azerbaijan, GeneralHikmat Mirzayev along with observers from Kazakhstan and Major General Mumtaz Hussain From Pakistan. The august gathering witnessed final phase...

September 22, 2021 at 5:43 pm | Economic Affairs

October 22,2021Islamabad (Press Release) Chairman Pakistan Atomic Energy Commission Mr. Muhammad Naeem, who is leading Pakistan’s delegation to the 65th General Conference of the International Atomic Energy Agency (IAEA), met Director General IAEA Rafael Mariano Grossi, today. Pakistan’s Permanent Representative to International Organizations in Vienna,Ambassador Aftab Ahmad Khokher, also participated in the meeting. Chairman PAEC and Director General Grossi reviewed the ongoing collaboration between Pakistan and the IAEA. Director General Grossi said that “impeccable collaboration between Pakistan and the Agency will continue to grow”. Chairman PAEC apprised the Director General about Pakistan’s recent accomplishments i...

September 22, 2021 at 5:40 pm | Economic Affairs

22 September 2021: Islamabad (Press Release) The Advisor to PM on Commerce and Investment, Abdul Razak Dawood, met the Ambassador of Japan to Pakistan, H.E. Mr Kuninori Matsuda. In the meeting, matters relating to bilateral cooperation and the organisation of economic forums were discussed. The possibilities of assistance by Japan for up-gradation of the focus areas of infrastructure and facilities for various sectors like fisheries, salt and food processing also came under discussion.During the meeting, the Ambassador informed that Toyota Corporation of Japan would invest about USD 100 million in producing and exporting hybrid vehicles from Pakistan. He also invited the Advisor to visit Japan which he accepted.Mr. Dawood said, ‘’Pakis...

September 22, 2021 at 5:38 pm | Economic Affairs

Gold prices inches up ahead of US Federal Reserve's policy signals later Wednesday on reducing stimulus.Spot gold climb to $1,777.68 per ounce by 0356 GMT, while US gold futures recotded flat at $1,778.00.Gold could get some relief for the near term however the downtrend for the month would hold In the absence of an official taper signal, DailyFX currency strategist Ilya Spivak said.Spot gold may retest support at $1,744. Fed's two-day meet is due to conclude on Wednesday as investors focus on any new signals on when a taper may begin.US central bank is also likely to provide an outlook on interest rate hikes from the current near zero level.Wednesday's statement will also offer Fed's rate projections for 2024 for the first time. "If it lo...

September 22, 2021 at 2:46 pm | Economic Affairs

TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk...

September 22, 2021 at 2:44 pm | Economic Affairs

TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk-...

September 22, 2021 at 2:42 pm | Economic Affairs

TOKYO: The dollar held below a near one-month high Wednesday following investors focus default by Chinese property developer Evergrande and the expected pace of US monetary policy tightening.Dollar index stood at 93.226 in early Asian trade, staying not far off Monday's one-month high of 93.455.The euro changed hands at $1.1725, having stabilised at a one-month low of $1.1700 on Monday.The common currency dropped to a seven-month low of 127.93 yen, as the safe-haven Japanese currency was supported by the cautious mood.The dollar traded at 109.165 yen, near the low end of its trading range since mid-August.The Bank of Japan is expected to keep its policy on hold later in the day."Due to worries about Evergrande, the market is still in risk-...

September 22, 2021 at 2:41 pm | Economic Affairs

September 22,2021Islamabad (Press Release) Samsung Electronics is in the process of establishing their TV line-up plant in collaboration with the R&R Industries at Karachi, learnt from the Commerce Ministry. It will become functional in Q4 of 2021 and is expected to produce 50,000 units annually. This is a vindication of MOC’s "Make-in-Pakistan" policy for industrialisation via rationalisation of input costs and other incentives

September 22, 2021 at 2:28 pm | Economic Affairs

HONG KONG: 22 Sept—Asian investors trod carefully on Wednesday but nerves appeared to be settled by news that troubled Chinese property giant Evergrande had agreed a plan to repay interest on one of its key bonds, for now avoiding a default that many fear could hammer the domestic and global economy.However, confidence remains at a premium as traders await a crucial meeting of the Federal Reserve, where it could announce a timetable to start tapering its vast monetary easing programme.That comes against the ever-present backdrop of spiking coronavirus infections and slowing global growth, as well as a brewing battle over the US debt ceiling that, if not resolved, could see a default in the world's top economy, potentially sparking anothe...

September 22, 2021 at 2:25 pm | Economic Affairs

September 22,2021Ottawa (Press Release) Speakers at a webinar in Canada have advised the international community to remain engaged with the Taliban to avert a humanitarian crisis and preserve investments of international community for the rights of women, children, education, and healthcare in Afghanistan.Instead of abandoning Afghanistan as it did two decades ago, the international community would do well to remain engaged with the Taliban to use its leverage for effecting change in the behaviour of Taliban and ensuring continuation of process for an inclusive government for durable peace and stability in Afghanistan.This was the crux of thoughts and concerns shared by speakers at the webinar arranged by Pakistan High Commission Canada on...

September 22, 2021 at 2:21 pm | Economic Affairs