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News Desk
Economic Affairs Editor

News's Articles

JS Global; Pakistan Investment Conference to boost business and Investment, Starts in Washington

Karachi (PR): JS Global Capital Limited (JSGCL), Pakistan’s leading equity brokerage and investment banking firm is organizing a business and investment conference titled ‘Pakistan Investment Conference 2019 (PIC-2019)’. This consultation is the fourth of its kind organized by JSGCL and is continuing till 6th September in Washington. These sessions showcase Pakistan’s economic growth and business potential amongst leading global investors to attract foreign direct and portfolio investment. Furthermore, by strengthening policy level engagement, the delegation strives to improve economic ties between the two nations. The high-powered delegation is be led by the Governor Sindh, Imran Ismail and includes Pakistan’s Ambassador at La...

September 5, 2019 at 2:34 pm | News Desk

Pakistan: Power generation down, cost up

BY: FAIZ PARACHA The power generation in February 2019 went down by 6 percent year-on-year to 6.4 billion units – lowest in 24 months. The power demand has slowed down considerably, evident from three consecutive months of year-on-year drop in power generation. There have only been four such instances in the last 36 months. All this while, the power generation capacity has soared to nearly 31000 MW – up 6000 MW from a year ago. Hydel generation is back to the fold, constituting the biggest share of 23 percent in the generation mix – up from just 6 percent last month. Hydel’s gain is furnace oil’s loss. These two sources have shown the strongest correlation in the recent months. The load falls on FO the moment there is a...

March 20, 2019 at 3:04 pm | News Desk

Leaders in Islamabad Business Summit Concludes

The two-day long ‘Leaders in Islamabad Business Summit’ successfully concluded at the Serena Hotel in Islamabad. Over 50 international delegates participated in the event, and through various panel discussions, shared their ideas on a wide range of subjects, including, “The geo-political backdrop”, “The future of work”, “The future of diversity and inclusion”, “Future world, through responsive leadership”. The national and international delegates, and honorable guests included Federal Minister for Foreign Affairs, Shah Mahmood Qureshi, Federal Minister for Finance & Economic Affairs, Asad Umar, Federal Minister & Adviser to Prime Minister on Commerce, Textile, Investment and Industries & Prod...

March 15, 2019 at 6:10 pm | News Desk

Will Brexit be delayed? The hows and the whys

European officials fully expect British Prime Minister Theresa May's government to ask for a delay to Brexit , and admit they will probably reluctantly agree to one. British MPs will vote Thursday on a government plan to hold a third ballot on May's deal and request a delayed departure, whatever the result. But how would such a postponement be triggered and for how long could London put off severing its four-decade-old ties with the European Union? How would it work? Under current British and EU legislation, the United Kingdom will leave the European Union at 2300 GMT on March 29, on the expiry of the so-called “Article 50” process. This two-year regime is provided for by the European Treaty to allow departing members time t...

March 15, 2019 at 12:23 pm | News Desk

FO describes talks on Kartarpur Corridor as ‘cordial’; hopeful of quick progress

Officials from Pakistan and India on Thursday agreed to expedite work to operationalise the Kartarpur Corridor, Foreign Office Spokesperson Dr Mohammad Faisal said in a press briefing soon after talks on the matter concluded on a cordial note in Attari, India. Dr Faisal, who was heading the Pakistani side during the bilateral dialogue, told reporters after the meeting that though differences persist on a few points, the meeting went well overall. Technical experts from Pakistan and India also had a discussion on key matters, he said, adding that the meeting was held in a positive and conducive environment. The experts discussed issues relating to the corridor, its construction, road, and other technicalities. Dr Faisal termed the m...

March 14, 2019 at 4:47 pm | News Desk

US Pakistan Center for Advanced Studies hold first graduation ceremony at NUST

The US-Pakistan Center of Advanced Studies in Energy (USPCAS-E) at the National University of Sciences and Technology (NUST) held its first graduation ceremony today.  Ninety-four students received Master of Science degrees in Energy Engineering. Federal Minister for Power Division Awais Ahmed Khan Laghari and American Ambassador David Hale spoke at the ceremony. Ambassador Hale commended the students for their work and encouraged them to apply their expertise.  “With the skills you’ve gained here, you are now equipped to tackle Pakistan’s most vexing energy challenges,” he said.  “Your achievement, and the building we are standing in today, is a testament to 70-year partnership between the United States and Pakistan to b...

April 18, 2018 at 3:20 pm | News Desk

Historic inter-Korean summit to take place on April 27

The 2018 inter-Korean summit is planned to take place on April 27, 2018, on the South Korean side of the Joint Security Area, between President Moon Jae-in of South Korea and Kim Jong-un of North Korea. If it goes ahead, it will be the third inter-Korean summit and the first in eleven years. It will also be the first time since the Korean War that a North Korean leader enters South Korean territory.The summit is planned to focus on the North Korean nuclear weapons program and denuclearization of the Korean Peninsula. Below are some questions and answers that explains the purpose and objectives of the summit. QUESTION 1: What is the significance of exchanges of special envoys between South and North Korea and the arrangement of an inte...

April 18, 2018 at 3:09 pm | News Desk

India likens cryptocurrencies to Ponzi scheme, cautions investors

NEW DELHI (Reuters) - India’s finance ministry on Friday cautioned investors about the risks of trading in cryptocurrencies such as bitcoin, saying digital currency investments are like “Ponzi schemes.” Cryptocurrencies are not legal tender and have no regulatory permission or protection in the country, the finance ministry said in a statement, but stopped short of announcing an outright ban or imposing any curbs. Investors and other participants dealing with such digital currencies are doing so “entirely at their risk and should best avoid participating therein,” the statement said. “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes”, with investors risking a sudden and prolon...

January 1, 2018 at 12:56 pm | News Desk

2017 in review: Dirty politics trumped development economics this year

2017 started off looking bright, but then turned into a dark year for Pakistan’s economy. Usman Hayat The year 2017 started on a positive note. Economy was growing, inflation was low, the rupee was stable, CPEC was progressing, Pakistan’s credit rating had improved, and the stock market was racing. There was hope for better times. But then, things took a turn. Political chaos hit the economy, and hit it hard. The chaos gained momentum with the formation of the Panama case JIT in April and then culminated with the Islamabad sit-in by a faction of the religious right in November. The prolonged chaos changed the once hopeful sentiment. The economic narrative shifted to fiscal deficit, trade deficit, rising debt, setbacks for...

January 1, 2018 at 12:33 pm | News Desk

Rising prevalence of ATM fraud

THE recent ATM card skimming incident is a wake-up call for banks in Pakistan to ensure their customer’s data security against all possible threats. The central bank, on its part, has reminded banks of their responsibility to implement all regulations of Payments Card Security (PCS) that it introduced back in June 2016. Habib Bank Ltd, the bank whose depositors’ ATM cards were skimmed, has started compensating the affected customers. And the Federal Investigation Agency (FIA) is now investigating the matter. Customer data security is one of the biggest challenges that banks the world over face. And all central banks continue to strengthen regulations aimed at preventing a security breach. But Pakistani banks have now become ...

December 12, 2017 at 2:36 pm | News Desk

ANALYSIS: Jerusalem and the remaining naysayers

Pakistan has been upright and principled in slamming US President Donald Trump’s recognition of Jerusalem as the capital of Israel. What happens next, however, given history’s amazing somersaults? What if the way ahead becomes less conducive to its best interests or, as they say, the political ground shifts from under its feet? Consider a quick glance at how some seemingly fundamental beliefs have mutated in South Asia and the Middle East. There was a time when the mere announcement of a US arms sale to Saudi Arabia would send Isra­eli and Indian diplomats heading to the State Department to lodge their protests. Giora Becher, Israel’s first envoy to India in 1992, wondered why the two didn’t share a cab. There was a time when...

December 8, 2017 at 4:22 pm | News Desk

Pakistan allows Indian spy Jadhav’s wife, mother to visit on Dec 25

The Foreign Office announced on Friday that the mother and wife of Kulbhushan Jadhav have been given permission to visit the Indian spy in Pakistan. During the weekly briefing at the FO, spokesperson Dr Mohammad Faisal said that India has been notified of Islamabad's decision to allow Jadhav's wife and mother to visit him. The spokesperson said that the visit will take place on December 25. He added that an official of the Indian High Commission will be allowed to be present during the visit and complete security will be provided to the visitors. Jadhav was handed a death sentence by a Pakistani Field General Court Martial (FGCM) in April after trial for involvement in espionage and sabotage activities in Karachi and Balochistan...

December 8, 2017 at 4:14 pm | News Desk

No Brexit deal worst-case scenario for Britain: Lords committee

LONDON: Britain will fail to agree on a free trade deal with the EU before it plans to leave the bloc in 2019 and should seek a transition period to avoid a worst-case scenario of crashing out without an agreement, lawmakers from parliament’s upper house said. The House of Lords EU committee’s report “Brexit: deal or no deal” said on Thursday Britain should consider extending membership of the European Union or set a later date for leaving to give the government longer to negotiate a trade deal. “The overwhelming weight of evidence suggests that ‘no deal’ would be the worst possible outcome for the UK, in terms of the economy, security, the environment and citizens’ rights,” said Michael Jay, a member of the Lords EU...

December 7, 2017 at 3:58 pm | News Desk

Pakistan’s tile industry reinvigorating after imposition of anti-dumping duty on Chinese tiles

Pakistan’s decision to place anti-dumping duties on Chinese tiles is paying dividends as one of the country’s oldest tile manufacturer in Karachi is set for return to profitability after years of incurring losses. Cheap Chinese tile imports had flooded the Pakistani market and made life miserable for Pakistan’s marble industry which was in dire straits and jeopardy. China-Pakistan Economic Corridor (CPEC) has led to a construction boom in Pakistan, with local companies unable to take advantage due to major incentives on offer for Chinese imports flooding the market with cheap goods. Not only this was a source of concern but could have hit domestic manufacturing severely. Shabbir Tiles and Ceramics Limited owned by House of Ha...

December 7, 2017 at 3:53 pm | News Desk

Moody affirms B3 rating to Pakistan

A press release issued by Moody Investor’s Service has given a B3 rating to Pakistan’s (B3 stable) US dollar-denominated notes. The credit rating agency’s B3 issuer for Pakistan indicates a credit profile which balances robust growth potential and a relatively large economy, against low income levels, infrastructure constraints and very low global competitiveness, the report from Moody’s stated. Moody’s report cited “Pakistan’s economy demonstrates relatively robust GDP growth, limited by supply-side constraints on the economy. While the scale of the economy is relatively large, Pakistan’s per capita income is very low, indicating limited capacity to absorb negative shocks.” The report added “moving forward, imp...

December 7, 2017 at 3:48 pm | News Desk

ADB Provides $330 Million to Afghanistan to Complete National Ring Road

MANILA, PHILIPPINES (6 December 2017) — The Asian Development Bank’s (ADB) Board of Directors has approved $330 million in grant financing to support the completion of Afghanistan's national Ring Road, a vital national strategic corridor and a critical part of the country’s regional integration agenda. ADB’s financing will support the construction of 151 kilometers (km) of road connecting the towns of Qaisar and Dari Bum in northwestern Afghanistan. The road is the last section of the 2,200-km Ring Road that connects Afghanistan's major cities and is also a key corridor under the Central Asia Regional Economic Cooperation (CAREC) program. The Ring Road is ranked first among the investment priorities of the road improvement master...

December 6, 2017 at 3:05 pm | News Desk

SECP notifies Shariah Standards No 17, 18 and 23 of AAOIFI

ISLAMABAD, November 29: The SECP has notified for public consultation three Shariah Standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); Shariah Standard No 17 - Investment Sukuk, Shariah Standard No 18- Possession (Qabd) and Shariah Standard No 23 - Agency and the Act of an un-commissioned agent (Fodooli) The SECP has been playing an active role in the Islamization of the economy. The SECP has endeavored to replicate the best international practices in the Islamic financial services. In order to ensure harmonization and standardization in the business practices of Islamic financial institutions, the SECP has been gradually adopting Accounting and Shariah Standards issued by Accounting and Auditi...

November 29, 2017 at 4:15 pm | News Desk

Singer, Waves & Link Well to Merge into One Company

Singer Pakistan Limited and Cool Industries Limited – the makers of Waves brand of home appliances – and Link Well Limtied have agreed to merge their operations and business through share swap ratio. The manufacturers of home appliances will be merged to form one company under the brand name of Waves Singer Pakistan Limited. In this regard, the board of directors approved the draft of the scheme. The merger scheme is subject to the approval of the stakeholders, creditors, regulator, shareholders and Sindh High Court. According to the stock filing, Cool Industries Private (Ltd) shall be merged in Singer Pakistan Limited. According to the deal, 93.975 million shares of Singer are to be issued to the shareholders of Cool Industrie...

November 28, 2017 at 4:01 pm | News Desk

Synchronized Global Upswing Underpins Higher Asian Bond Yields

MANILA, PHILIPPINES (24 November 2017) — Bond yields in emerging East Asian markets rose between 1 September and end-October as the global economy entered its most robust period of synchronized growth since the Global Financial Crisis, according to a new report from the Asian Development Bank (ADB). In the latest quarterly issue of the Asia Bond Monitor, ADB cites strong macroeconomic fundamentals and tightening liquidity as the main sources for rising yields across most emerging East Asian bond markets, but noted that further monetary tightening by advanced-economy central banks will require vigilance by the region’s financial market regulators. “Emerging East Asia currently enjoys strong growth and relative financial stabilit...

November 24, 2017 at 11:29 am | News Desk

100 Pakistanis own properties in Dubai, FIA tells NA body

ISLAMABAD: The Federal Investiga­tion Agency (FIA) on Thursday presented a list of 100 Pakistanis who own properties in Dubai to a sub-committee of the National Assembly Standing Committee on Finance, but no government agency has been able to ascertain whether they had complied with regulatory requirements or obtained the assets through illegal means. The sub-committee discussed reasons for the failure of government functionaries to gather details of purchase of properties worth $8 billion by Pakistanis over the last four years in Dubai. The sub-committee is headed by Dr Shezra Mansab Ali, and its members include Pakistan Tehreek-i-Insaf’s Asad Umar, and Pakistan Muslim League-Nawaz’s Isphanyar M. Bhandara, who does not attend meetin...

November 24, 2017 at 10:43 am | News Desk