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[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] 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: 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, s...

[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...

[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 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] 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] 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] 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...