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[ad_1] KARACHI: Anyone who's even vaguely familiar with Taylor Swift’s The Eras Tour knows the event doesn't kick off at 4:30PM when the doors swing open, or even at 5:30PM when the first opening act takes the stage. Nope, it starts at 7AM which is when I dragged myself out of bed, packed my regulation-sized A4 bag with energy bars, Lucozade, and friendship bracelets, and trudged to Wembley Stadium to queue up. If you've managed to score seats (lucky you—though "lucky" might be debatable), you can skip this ritual. But for me? Pitch standing is the only way to properly experience a concert, where you can dance shoulder-to-shoulder with thousands of other Swifties. ‘You’re On Your Own, Kid’ One thing that never crossed my mind in the months leading up to my August concert was that I would be one of the handful of Pakistanis in the audience. As I took my place in the queue and scanned my surroundings, I came to a jarring revelation. I was the only brown p

[ad_1] NEW YORK: Oil prices rose about 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended voluntary cuts this week. Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 1608 GMT. US West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Both crude benchmarks remained technically overbought for a sixth day in a row, with Brent on track for its highest close since November 16 and WTI since November 11. For the week, both benchmarks were up about 3% after Brent gained about 5% last week and WTI gained about 7% last week. Also read Of rising oil prices and the devaluing rupee This week, Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Saudi Arabia will probably find it difficult to end its cuts at the end of the year without triggering a price slide, Commerzbank analysts said in a not

[ad_1] KARACHI: To alleviate concerns of businessmen, National Accountability Bureau (NAB) Chairman Lt Gen (Retd) Nazir Ahmed has assured that he will review and reassess the pending cases in NAB about the business community and all those cases which are not genuine, valid and unnecessary will be dropped quickly within the next two months. He agreed in a meeting that the business community should be facilitated and there should be no harassment of the trade and industry, according to a statement released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday. Read  NAB will not harass public servants, says Chairman Nazir Ahmed He told an FPCCI delegation that they could bring any cases of harassment or bribery against the businesspeople to his knowledge so that he could protect and resolve their cases. He appreciated the business community’s role in keeping the national economy afloat, creating employment opportunities and generating revenue for t

[ad_1] KARACHI: In a significant regulatory move, Pakistan’s central bank has mandated open-market currency dealers to submit their day-end closing prices for the six major currencies to their association, aiming to establish a more accurate average buying and selling price for individual buyers and sellers at the close of each working day. The State Bank of Pakistan (SBP)‘s directives, set to be effective from Tuesday, December 26, were outlined by Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), in a conversation with The Express Tribune. The major currencies included in these directives are the US dollar, EU euro, UK pound, Saudi riyal, UAE dirham, and Japanese yen. Paracha conveyed that the SBP’s latest instructions obligate exchange companies to submit their day-end buying and selling prices to the association. Paracha said that this measure is designed to improve the overall pricing mechanism, leading to a more robust and reliab

[ad_1] KARACHI: Bangladesh Deputy High Commissioner SM Mahbubul Alam has stressed the need for enhancing trade and investment cooperation with Pakistan. Speaking to businessmen during his visit to the Karachi Chamber of Commerce and Industry (KCCI), the envoy invited the KCCI to send a business delegation to Bangladesh to explore trade and investment opportunities as the country offered all the required facilities and infrastructure along with special incentives for foreign investors. “The pending free trade agreement (FTA) with Bangladesh needs to be concluded without loss of time,” Union of Small and Medium Enterprises (UNISAME) President Zulfikar Thaver said while talking to The Express Tribune. It would benefit both countries which had vast potential of increasing import and export, he said, adding that increased collaboration, partnership and joint ventures could boost economic growth of both countries. The envoy told the gathering that around 100 Special Economic Zone

[ad_1] KARACHI: As the ominous looking clouds that signify increasing economic challenges for Pakistan continue to gather, there is a desperate need to control the burgeoning crisis. The government introduced a supplementary bill in February 2023 to increase sales tax on certain goods and services as well as income tax on certain capital investments. As economic conditions worsen and the government finds itself deeper in the abyss, the consumers and investors will likely face an increasing burden of taxes. These challenges suggest that Pakistan needs rethinking, if not resetting, in terms of adopting new trade strategies and ideas to escape the vicious trap involving the recurring balance of payments crisis. One important factor that leads to the recurring balance of payments crisis is the large trade deficit, calculated as the value of imports less the value of exports. According to the Pakistan Bureau of Statistics, imports exceeded exports by $48.4 billion in FY22. Expor

[ad_1] ISLAMABAD: The government has outlined a series of initiatives to breathe new life into Pakistan’s agriculture sector. These include the formulation of a national seed policy and the introduction of the Agriculture Development Authority Act to facilitate corporate farming in Pakistan. Sources informed The Express Tribune that the Ministry of Food has developed several initiatives and is in the process of consulting with all stakeholders, including provincial authorities. These initiatives aim to restructure the agriculture sector, addressing key challenges and fostering sustainable growth. As part of this plan, the government is considering delisting underperforming seed companies that have failed to contribute positively to the introduction of quality seeds in Pakistan. Fraudulent practices by seed and pesticide companies have led to the collapse of the agriculture sector, with farmers falling victim to poor-quality seeds. Sources in the food ministry said the minist

[ad_1] KARACHI: The State Bank of Pakistan (SBP) on Monday announced a one-time facility for import-driven businesses in crisis, as it directed commercial banks to process import documents to release the majority of goods stuck up at Karachi ports. The directives are expected to gradually ease the crisis of imported raw materials across the industries and reopen factories closed in Pakistan for the time being. The stuck imported goods at domestic ports include foods – such as wheat, pulses, and onions – as well as medicine and medical equipment. The central bank asked commercial banks to process all documents that ensure the imports were made from international suppliers on credit for a minimum of 180 days or more. It also ordered the facilitating of import on international financing arranged by traders themselves. The SBP directed banks to facilitate the import of foods, medicines, and energy as a top priority. Last week, the central bank faced criticism for halting at l

[ad_1] BEIJING: Chinese and Pakistani scientists are collaborating to develop biological control measures to enhance the quality and quantity of citrus fruit in Pakistan. A research centre was launched by the two countries in 2018 to jointly explore green and sustainable solutions to the growing prevalence of citrus diseases across the South Asian nation. Speaking to the China Economic Net, Professor Dr Qiu Baoli and Professor Dr Shaukat Ali, Director and Deputy Director of the China-Pakistan citrus pest management centre, said that while chemical measures could provide quick responses to citrus disease outbreaks, they also increased the resistance of pests against pesticides, posing grave environmental and health threats. The researchers told CEN that the centre, initiated by South China Agricultural University and Sargodha University, had undertaken four strands of research work to produce environmentally friendly solutions. The first line of research, Qiu and Ali noted,

[ad_1] KARACHI: Plenty of our deep-rooted problems are getting exposed day by day. Most pertinent (if not the only one) being our inability to earn enough dollars to pay import bills. Our very dear bright former SBP deputy governor, Murtaza Syed, continues to contribute by writing to help the masses understand and hoping policymakers pay heed. One key point he highlights “spending beyond means” needs to be further delineated. However, for a change, let’s look at how we can “earn as per means”. There indeed are various ways for the state to attract dollars even in a dire situation as worse as today’s. One, Naya Pakistan Certificate (NPC): There is inordinate delay in revising the returns offered on both PKR and USD instruments. While domestic T-bill yields are kissing the 20% mark, rupee NPCs still yield a paltry 15sh% for a year. How difficult it is to link it to your monetary policy rate to re-price immediately. Similarly, the dollar-yielding NPC rates were revised upwards

[ad_1] ISLAMABAD: Pakistan’s economic policymakers have suggested amendments to the gas supply priority order with the objective of according top priority to the industry, which will help boost industrialisation process in the country. In a recent meeting of the Economic Coordination Committee (ECC), its members argued that the merit order for gas supply had been distorted as the domestic sector (residential consumers) got first priority with no value addition. They underscored the need for amending the economic merit order by placing the industry at the top as it was making value addition and fetching revenue for the country. It was pointed out that the government had already decided the gas load management plan wherein provision of gas to domestic consumers would be ensured for eight hours a day during winter months. However, some policymakers emphasised that it would not be prudent to further reduce gas supply to residential consumers by relegating them in the priority or

[ad_1] KARACHI: A high official of the United States has emphasised that the US and Pakistan have a “very strong” relationship and they have entered a new chapter of cooperation and development. In an interview with The Express Tribune, US Principal Deputy Assistant Secretary and Deputy Assistant Secretary responsible for Pakistan, South and Central Asia, Elizabeth Horst, during her visit to Pakistan last week, said “the US-Pakistan relationship right now is very strong because it is just about...the US and Pakistan together, not through a regional lens, not through any other lens.” Responding to a question about the challenges faced by US investors in developing partnerships with Pakistan in the backdrop of China-Pakistan Economic Corridor (CPEC), she said the US had been in Pakistan just as long as China. “We have a long economic relationship with Pakistan.” She pointed out that Washington did not ask Pakistan to choose between the US and China, adding that there was room

[ad_1] ISLAMABAD: The Senate Standing Committee on Information Technology and Telecommunication on Monday was informed that 1.5 million new internet connections were being provided every month, but the non-opening of letters of credit (LCs) were creating problems. The information technology ministry further informed the Senate panel that the non-opening of letters of credit was affecting the projects of the Universal Service Fund (USF). The participants of the huddle were further informed the letters of credit would become an issue for Jhang, Lodhran, and Mianwali. The USF officials present at the meeting told the participants that the stoppage of the letters of credit had caused hurdles in the import of machinery for the telecom infrastructure. Read  PM says govt still has time to fix economy The USF managing director told the Senate panel that various projects were stalled over the lack of import of the required machinery. The Senate panel took notice of the issue of t

[ad_1] CAIRO: Liverpool forward Mohamed Salah on Wednesday called for an end to what he described as "massacres" in Gaza, saying humanitarian aid must immediately be allowed into the besieged Palestinian enclave. Salah released a video message on his social media accounts, making his first comments on the ongoing Israel-Hamas conflict after coming in for some fierce criticism in his native Egypt for staying silent on the issue for over a week. The Gaza health ministry said at least 3,478 Palestinians have been killed and 12,065 injured in Israeli air strikes on Gaza since Oct 7, the day Palestinian militant group Hamas stormed into Israeli towns, killing 1,400 people and taking hundreds of hostages. On Tuesday, Egyptian trucks carrying aid to Gaza moved closer to the Rafah border crossing but it was unclear when or whether they would be able to cross into the enclave, with Egypt looking to get security guarantees from Israel after the border area was shelled four

[ad_1] The “Make in Pakistan” mobile phones dream seems to have fallen flat, despite tax benefits of over Rs46 billion given in the last fiscal year, as the government has failed to ensure localisation of mobile handsets manufacturing in violation of a state policy. The criminal negligence on part of the Engineering Development Board (EDB) and the Ministry of Industries has also led to giving illegal tax benefits beyond June 2022 on packaging materials, in addition to creating another preferential businessmen-class after the car assemblers. Sources told The Express Tribune that the EDB and Ministry of Industries have failed to ensure the one year to two years localisation plan of the devices and the material used in the manufacturing of the mobile phones. Three years ago, the previous government had approved the mobile device manufacturing policy to promote locally manufactured mobile handsets. It also gave incentives in the shape of reducing or waiving off duties, sales tax an

[ad_1] ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that the recently-instituted Special Investment Facilitation Council (SIFC) would continue to work as before in laying the foundations for fast-track foreign investments -- particularly from Saudi Arabia. The prime minister, in a meeting with Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy who called on him, highlighted energy, infrastructure, agriculture, IT and manpower as potential sectors of cooperation. The Saudi ambassador congratulated the prime minister on assuming office and conveyed best wishes and greetings on behalf of the Custodian of Two Holy Mosques as well as Crown Prince Mohammed Bin Salman and the people of Saudi Arabia. Read   Blinken congratulates Kakar, assures support for economic prosperity The prime minister said that Pakistan and Saudi Arabia enjoyed historic and deep-rooted ties. He thanked the Saudi government for its consistent support for Pakistan’s economic stabili

[ad_1] KARACHI: Sleeves would unroll, postures would be corrected, whispers would be held back, someone leaning on to someone else would find firm footing, and fumbling sentences would take flight as soon as the word would get out that Zia Mohyeddin had entered the building. In the past decade or so, the Hindu Gymkhana premises that now houses the National Academy of Performing Arts (Napa) dared not to echo improper delivery and incomplete sentences. For the winds might conspire like the many Greek deities and inform the Dionysus in charge about the sin, the only difference was that in return the sinners would not receive a punishment or a curse but rather a lesson in how to be the best version of themselves. Such was the charm, vibe and often ‘terror’ of Mohyeddin’s presence, who was the president of the institute and the person primarily responsible for teaching voice and diction. Before Napa he was known as Pakistan’s greatest thespian, broadcaster, and actor, a master o

[ad_1] ISLAMABAD: As a tanker operators’ strike disrupts petroleum supply, the Oil Companies Advisory Council (OCAC) has called on the government to swiftly intervene and address the issue. In a letter to the Petroleum Division’s director general oil, the OCAC – a grouping of refineries and oil marketing companies (OMCs), said “on behalf of member companies, it would like to bring to your attention the ongoing strike by oil transporters, which has resulted in significant disruption to operations and the distribution of petroleum products across the country”. At a meeting on Monday, OCAC said, representatives of OMCs provided critical updates on the challenges and issues they were facing at key terminals and depots. Owing to the strike by oil tankers, the supply of oil had been affected at three key depots, it said. Read Missed opportunities of delayed oil refining policy These included the Port Qasim, Korangi and Keamari Terminal, where cargo loading on tank lorries had be