Global News

[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

[ad_1] KARACHI: Pakistan has won back confidence of global investors as the country risk premium fell significantly from the peak of over 14% in June while its dollar-denominated Eurobond prices rose notably. Topline Securities CEO Mohammed Sohail said on social media platform X “Pakistan’s country risk premium has fallen significantly from its peak of 14.13% on June 27, 2023 to the current level of 3.35%. This shows building investor confidence in Pakistan post-IMF standby arrangement (SBA).” The reduction in risk premium signals the revival of global investors’ trust in Pakistan’s equity and debt instruments from the earlier negative stance. On the other hand, prices of Pakistan’s Eurobonds worth $1 billion maturing in April 2024 surged to 94.08 cents from near 50 cents in June. Prices of other Eurobonds and Sukuk also maintained their uptrend since the IMF awarded a $3 billion loan programme at the end of June 2023. Talking to The Express Tribune, Pak-Kuwait Investment

[ad_1] Hyperventilating at the dreaded prospect of the summer holidays looming ahead? Have visions of yourself screeching at your teen to get off Fornite before he turns into a zombie? Haunted by memories of being cooped up with your beloved offspring during pandemic-induced online learning?  Well, take a breath. Summer holidays can be a tolerable experience for both you and your child alike. Here are four easy ways to make sure how that happens. YouTube art tutorials YouTube is a goldmine when used with supervision. Watch your child morph into Rembrandt with the help of countless free art tutorials online. There is zero need for buying expensive equipment or booking art classes. All you need is a decent sketchbook (look for one with thick paper), a set of pencils, and if you are particularly ambitious, some watercolour paints. If you are feeling even more adventurous, there are some brilliant guitar and keyboard tutorials available online. If your child is dedicated enough,

[ad_1] SHANGHAI: Chinese search engine giant Baidu, has filed lawsuits against “relevant” app developers and Apple Inc over fake copies of its Ernie bot app available on Apple’s app store. The company’s artificial intelligence powered Ernie bot, launched last month, has been touted as China’s closest answer to the US-developed chatbot ChatGPT. Baidu said it had lodged lawsuits in Beijing Haidian People’s Court against the developers behind the counterfeit applications of its Ernie bot and the Apple company. “At present, Ernie does not have any official app,” Baidu said in a statement late on Friday posted on its official “Baidu AI” WeChat account. It also posted a photograph of its court filing. “Until our company’s official announcement, any Ernie app you see from App Store or other stores are fake,” it said. Apple did not immediately respond to a request for comment. A Reuters search on Saturday found there were still at least four apps bearing the Chinese-language nam

[ad_1] ISLAMABAD: The coalition government has added a net Rs419 billion to the power sector circular debt during the first eight months of this fiscal year, pushing the total circular debt to Rs2.67 trillion despite significantly increasing electricity prices last year. The average per month increase in circular debt during the July-February period, of FY2022-23, was a colossal Rs52.4 billion, according to sources in the Ministry of Finance and Ministry of Energy. The stock of circular debt at the beginning of the fiscal year was Rs2.253 trillion, which mushroomed to Rs2.67 trillion, they added. As part of the condition set by the International Monetary Fund (IMF) and World Bank, the coalition government increased electricity prices by Rs7.91 per unit in July last year. The move, however, failed to stem the growth of circular debt. Sources said that the payables to power producers have jumped from Rs1.35 trillion in June last year to Rs1.8 trillion at the end of February –a

[ad_1] KARACHI: The price of gold hit a three-month high at Rs221,000 per tola (11.66 grams) in Pakistan, following a global trend, as the domestic currency remains largely stable at around Rs285 against the US dollar in the interbank market on Wednesday. With the latest increase of Rs2,600 per tola in the day, the precious metal has cumulatively increased by 2.45% or Rs5,300 in the past four consecutive working days to date, according to the All Pakistan Sarafa Gems and Jewellers Association. According to State Bank of Pakistan’s (SBP) data, the domestic currency ticked up for the second successive working day by 0.05%, or Rs0.13, to close at Rs285.39 against the greenback. The currency has been fluctuating near and around the currency level for the past around 10 days. While talking to The Express Tribune, AA Gold Commodities, Director Adnan Agar said gold has hit a seven-month high at $2,047 per ounce (31.10 grams) in the international market. This provided the basis for

[ad_1] KARACHI: The State Bank of Pakistan (SBP) is mulling over monetary policy decision this week. The economic contraction is so severe that this entire fiscal year will be marred with economic, social and political chaos. Entire population – educated or not – is either discussing dollar rate or inflationary trends in fuel and food prices. Granted that central bank’s primary job constitutes reining in inflation, but will the expected interest rate hike solve the problems or add to them? Firstly, inflation in Pakistan is not led by excessive demand (demand-pull). Purchasing power is negligible and neither is economy overheating to create shortages or abnormal profits. Domestic inflationary wave is driven by currency depreciation, utility price hikes, global food prices and administrative failures (cost-push). Secondly, inflation is not an outcome of excessive money supply in the country. Surely, exorbitant cash in circulation is not returning back to formal channels with a

[ad_1] KARACHI: The Pakistan Stock Exchange (PSX) jumped up by 1,000 points to around 48,900 in the early trading hours on Friday. The market invited the outstanding renewed buying from investors after the global stock market index provider Morgan Stanley Capital International (MSCI) announced to add record 15 Pakistani listed companies into its MSCI Frontier Market Index. The development is expected to create foreign investors' interest in the domestic stock market. Later on in the day, PSX benchmark KSE 100 Index dropped to 48,410 points at around 10:50 am, reducing the substantial early morning gains to around 600 points on profit booking. Read PSX braces for downturn after budget reveal Topline Securities CEO Muhammad Sohail said in a comment "Pakistan market rallied 1,000 points in early morning trade after MSCI added record Pakistan listed companies in its indices." He wrote on social media platform X, ”record 15 listed companies being added to the mai

[ad_1] KARACHI: The currency dealers have unanimously decided to stop artificially keeping rupee overvalued against US dollar in open market and let the rupee-dollar exchange rate depreciate to its actual value. Speculations suggest rupee could gradually devalue to the level of black currency market in a couple of days. The domestic currency was available at Rs250-260 per US dollar in black market these days while the dealers had artificially maintained rupee-dollar exchange at Rs238 till Tuesday. "The association has decided to remove cap on rupee-dollar exchange rate," Exchange Companies Association of Pakistan (ECAP) President Malik Bostan said in audio and video messages after chairing a zoom meeting on Tuesday. Also read: Bleak news for the rupee in 2023 "The move would help eliminate black currency markets, increase flow of foreign currencies to the dealers and available to public (for international travelling, education and hospital fees and etc."

[ad_1] LAHORE: Retail store chains in the country, while opposing the government’s decision of early market closure, have proposed alternative measures to ensure balanced energy conservation. They caution that any reduction in retail peak hours will slash their revenue by 30% and cause sales losses of Rs3.5 trillion. Besides, about Rs300 billion may be lost in general sales tax and income tax collection compared to electricity savings of less than Rs62 billion annually under the new energy conservation steps. Chainstore Association of Pakistan (CAP) Chairman Tariq Mehboob Rana, in a letter written to Federal Minister of Energy and Power Muhammad Ali, Federal Minister of Commerce Gohar Ijaz and provincial Industries Minister SM Tanveer, denounced the government’s recent decision, saying it was based on unfounded claims of Rs62 billion in annual savings. Read Marketplaces deserted as inflation bites hard Rather, he said, the measure would prove counterproductive and cause a s

[ad_1] ISLAMABAD: The National Assembly on Monday passed the Finance (Supplementary) Bill, 2023 dubbed as 'mini-budget' to impose new taxes worth Rs170 billion in a bid to revive the stalled International Monetary Fund (IMF) bailout programme. Minister for Finance Ishaq Dar introduced the bill in the House last week followed by formal debate that started after Commerce Minister Syed Naveed Qamar moved a motion on February 17. In his concluding speech, the finance minister said that this bill proposes imposing new taxes of Rs170 billion to minimise the fiscal deficit. He said that his economic team had a hectic routine during the last ten days holding talks with the IMF to revive the programme, during which it agreed to take some tough decisions for streamlining the deteriorating condition of the economy. Also read: Rs170b mini-budget to spur inflation He said the new revenue measures would not affect the poor segments of society. In order to help the poor cope with

[ad_1] KARACHI: The Pakistani currency marked a remarkable surge, hitting an almost one-month high at Rs297.96 against the US dollar in the interbank market on Thursday. This upswing represents the currency’s seventh consecutive working day of gains, attributed to the ongoing crackdown against currency smugglers. According to data from the State Bank of Pakistan (SBP), the rupee recorded a fresh gain of 0.29%, equivalent to Rs0.86, closing at Rs297.96 against the greenback. This remarkable performance translates to an overall gain of almost 3%, or Rs9.14, in the past seven days. The currency’s rally also received indirect support due to speculation regarding an upward revision in the interest rate by the central bank. However, the SBP surprised the market by leaving its key policy rate unchanged at the present 22%. Also read   C/A deficit shrinks 79% over stagnant imports Another unexpected development emerged from Pakistan’s gold market. For the second consecutive working

[ad_1] KARACHI: E-commerce is already growing rapidly in Pakistan, and it is expected to continue to grow in the coming years. This will create new opportunities for businesses to sell their products and services online. Artificial intelligence (AI) is a rapidly developing technology that has the potential to revolutionise many industries. In Pakistan, AI is expected to be used to improve customer service, automate tasks, and streamline business processes. Cloud computing is a growing trend in the country, as it offers businesses a number of advantages, such as scalability, flexibility, and cost savings. The digital economy is growing rapidly, and it is expected to contribute significantly to the country’s economic growth in the coming years. Pakistan is a developing country with a population of 240 million, 65% of whom are between 15 and 40 years old. It has a growing internet penetration rate of 23% year-on-year, and a vibrant mobile market with more than 170 million subscr

[ad_1] ISLAMABAD: Pakistan’s decades-old policies that give preferential access to state resources to a select few sectors and ensure strong government footprints have placed it among nations that have the lowest inclusive growth and low access to education and healthcare, endangering the unparalleled demographic dividends. A book of the International Monetary Fund (IMF), “Promoting Inclusive Growth in the Middle East and North Africa: Challenges and Opportunities in a Post-Pandemic World”, outlines the prevailing poor economic conditions in a part of the world to which Pakistan also belongs. The countries that have the lowest inclusive growth scores are Yemen, Mauritania and Pakistan. They lag behind other countries in the private sector and financial inclusion the most. In terms of access to education, Iran, Jordan, Egypt, Morocco, Lebanon, and Pakistan rank below average for the rest of the world. Within the region, Mauritania, Pakistan and Yemen are the ones that most se

[ad_1] KARACHI: Pakistan's economy has partially shut down and millions of people have lost jobs due to continuous political instability. The nation is destined to encounter hyperinflation with the domestic currency likely plunging to Rs500 against the US dollar if the situation persists. Former prime minister Nawaz Sharif also anticipated late last week that the local currency could slump to Rs500 against the greenback, if the political situation worsens. Against this backdrop, business leaders demand that all stakeholders end the political deadlock, mend bridges and work towards political unity and stability in a bid to rescue, rehabilitate and revive the economy. They said the coalition government should choose the path of reconciliation instead of a collision course and the Pakistan Tehreek-e-Insaf (PTI) should also soften its tone in the greater national interest. Ehsan Malik, the CEO of the Pakistan Business Council (PBC), a business advocacy forum of leading corp

[ad_1] KARACHI: Weekly inflation, as measured by the Sensitive Price Indicator (SPI), saw a slight uptick of 0.11% for the week ending October 5, 2023, compared to the previous week. The increase was primarily attributed to rising food and fuel prices, according to data released by the Pakistan Bureau of Statistics (PBS). The most significant price increases were observed in food items, with tomatoes surging by 12.45%, onions by 11.96%, garlic by 2.59%, potatoes by 1.81%, cooked daal by 1.27%, eggs by 0.84%, beef by 0.53%, and the price of bread increasing by 0.52% on a week-on-week basis. Among non-food items, liquefied petroleum gas (LPG) prices increased by 3.11%, firewood by 0.76%, and the price of long cloth rose by 0.51% during the same week. Out of 51 items monitored, prices of 19 (37.26%) items increased, 16 (31.37%) items decreased, and 16 (31.37%) items remained unchanged during the week. The year-on-year trend reveals a substantial increase in several essential i

[ad_1] ISLAMABAD: Pakistan is likely to seek a waiver from the International Monetary Fund (IMF) for violating the condition of restricting the difference between inter-bank and open market currency rates as the lender improves its assumption for the average dollar price to Rs300. Highly placed sources said that compared to July’s underlying assumption of Rs305.2 to a dollar, the IMF “is now assuming the average price of US currency at a little below Rs300 by June next year”. They said that due to the breach of the condition of keeping the gap between currency rates at banks and foreign exchange companies at 1.25%, Pakistan would have to secure a waiver from the IMF board for qualifying for the next loan tranche. It is expected that Pakistani authorities will win the wavier as the global lender seems positive about gradual improvements in the currency exchange market. Pakistan and the IMF have already concluded a staff-level agreement that will be followed by the board’s app

[ad_1] KARACHI: Pakistan Stock Exchange (PSX) maintained its upward march and broke records in the outgoing week when it climbed over 2,000 points as investors cheered reports of encouraging economic and earnings outlook and expected release of the second loan tranche of $700 million by the International Monetary Fund (IMF). A key event was the easing of weekly inflation, measured by the Sensitive Price Indicator (SPI), by 0.06%, which boosted investors’ confidence. During the week, the KSE-100 index crossed the 59,000-point barrier for the first time in history and touched record highs. Among worrying factors for investors was the rupee’s continuous topsy-turvy movement, shrinking foreign exchange reserves and gas tariff hike. At the beginning of the week, the bourse closed with marginal gains amid a range-bound session as uncertainties surrounding the potential hike in industrial gas and power tariffs weighed on investors’ mind, though weaker global crude oil prices prov