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Businessmen concerned over delay in SME Policy

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SME

KARACHI: The Businessmen Panel of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concern over the delay in the approval of “Small and Medium Enterprises Policy 2021” and stressed the need for speeding up the process of approving the new SME Policy after removing its flaws with a view to address … Read more

Moroccan economy rebounds with strong growth: IMF

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IMF

RABAT: Morocco’s economy has rebounded with GDP in 2021 projected to grow 6.3 per cent on the back of a rapid response to the coronavirus pandemic, the International Monetary Fund (IMF) said on Friday. “Thanks to a very successful vaccination campaign and the prompt response of the authorities, the health crisis has been placed under control … Read more

UK economic recovery already slowed pre-Omicron: data

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UK economic

LONDON: Britain’s economic growth recovery slowed in October, official data showed on Friday, even before the appearance of the Omicron coronavirus variant that has pushed the UK government to restore restrictions. Gross domestic product increased 0.1 per cent in October compared with output of 0.6 per cent the previous month, the Office for National Statistics said … Read more

LCCI demands reduction in key policy rate

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LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the State Bank of Pakistan (SBP) to avoid any further hike in the policy rate, as it would hinder economic growth, a statement said. LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that the … Read more

World council sees global spending on travel rising in 2022

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World council

RIYADH: Spending on international travel is set to rise by 9.3 per cent in 2021 and by a massive 93.8 per cent in 2022, Arab News quoted a new report forecast. The positive projections follow the slump the sector experienced last year – a 69.4 per cent decline in 2020, according to the World Travel and Tourism … Read more

Pakistan’s external debt, liabilities rise $13 billion in a year

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Pakistan’s external

KARACHI: Pakistan’s external debt and liabilities have increased $13 billion, or 11.4 per cent, during the last one year, according to the statistics released by the State Bank of Pakistan (SBP) on Thursday. The outstanding debt and liabilities of the country stood at $127 billion by September 2021, compared with $114 billion over the same … Read more

Spanish govt feels heat as economic recovery lags

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MADRID: Spain’s leftist Prime Minister Pedro Sanchez started the year with a bullish economic outlook. Months later, he faces protests, strikes and an emboldened opposition as the recovery from the pandemic slump trails other European nations. Gone is the optimism shown earlier this year when Sanchez forecast a strong comeback in 2021 for the Eurozone’s fourth-largest … Read more

India, China, Russia key to quicker global energy transition: US envoy

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global energy transition

DUBAI: India, China, and Russia need to fully commit to reducing emissions for a global energy transition to happen quickly, US special envoy for Climate Change John Kerry said at a conference in Dubai, Arab News reported. Speaking at the Global Manufacturing and Industrial Summit, Kerry said there is “incredible movement” from global players, as well as … Read more

Need stressed to increase allocation for agricultural research

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research

LAHORE: Speakers at a workshop have stressed the need for increasing allocation for research, adopting modern technology and innovations and following international standards and certifications for boosting the agriculture sector in Pakistan. “Commercial attaché should promote our products in their respective markets to boost the agricultural exports and ensure prosperity of the country and the … Read more

China’s slowdown raises questions for global economy

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economy

WASHINGTON: The Chinese economy, weighed down by electricity shortages and a vast real estate crisis, has lost its lustre recently, to the point where economists are starting to question its impact on the global growth it has helped drive for more than 20 years. The difficulties of the real estate sector in China triggered by … Read more

Climate on track to devastate world’s poorest economies: study

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climate

GLASGOW: The 65 most vulnerable nations will see GDP drop 20 percent on average by 2050 and 64 percent by 2100 if the world heats up 2.9 degrees Celsius, according to a report released Monday at the COP26 climate talks in Glasgow. Even if global temperature rises are capped at 1.5C, in keeping with the most ambitious … Read more

IMF forecasts Pakistan’s real GDP to grow at 4% in FY22

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IMF

ISLAMABAD: The International Monetary Fund (IMF) has projected Pakistan’s real Gross Domestic Product (GDP) to grow 4 per cent in the current fiscal year (2021/22). In its recent report “World Economic Outlook October 2021” released on Tuesday, the IMF also endorsed the Pakistan’s provisional figures of GDP growth rate of 3.9 per cent during the previous … Read more

Malaysia targets 5.5% GDP growth in next 5 years

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Economy KUALA LUMPUR: Malaysia is targeting a gross domestic product (GDP) growth between 4.5 per cent to 5.5 per cent/annum in 2021 to 2025, under its 12th five-year economic plan, unveiled by the government on Monday. The growth will be supported by strong domestic demand and a higher contribution from the external sector, it said. … Read more

Saudi Arabia revises up GDP figures

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Saudi Princess

RIYADH: Saudi Arabia revised its GDP figures for the second quarter of this year on the back of strong growth in the private sector and non-oil activities, despite a slowdown in its oil sector, Arab News quote official data, as showing. The kingdom’s private sector grew 11 per cent in the second quarter, compared with the same … Read more

Cash starved auto parts manufacturers slash production

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KARACHI: Amid long delays in the sales tax refunds, the tractor industry has reduced its production substantially, which is likely to be halted totally next week, Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) said in a statement. “Moreover, the tractor makers have also stopped orders for parts supply from the vendors, leaving them … Read more

Turkey’s economy up by 21.7% in Q2

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istanbul

ISTANBUL: Turkey’s economy witnessed a 21.7 per cent growth in April-June this year as the country is recovering from the Covid-19 pandemic, but double-digit inflation remains a concern, official data showed on Wednesday. The gross domestic product (GDP) rebounded sharply in the second quarter, compared with the previous steep fall caused by the global health … Read more

MMBL, FBTL sign MoU to provide agri machinery

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Mobilink

ISLAMABAD: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has signed a memorandum of understanding (MoU) with Fecto Belarus Tractors Private Limited (FBTL), a pioneer in introducing Russian-based technology tractors in Pakistan since 1962, a statement said on Wednesday. Under this collaboration, the customers will be able to finance FBTL Tractors through MMBL’s range … Read more

Unilever Pakistan Foods profit up 7.48 per cent

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KARACHI: Unilever Pakistan Foods has announced a net profit of Rs966.64 million for the quarter ended June 30, 2021, which is 7.48 per cent higher than Rs899.32 million recorded in the corresponding quarter last year, a bourse filing said on Wednesday. The earnings per share (EPS) for the quarter clocked-in at Rs151.75 as against Rs141.18 … Read more

Cryptocurrency adoption globally increased

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Cryptocurrency

Globally the adoption of cryptocurrency is increased by 880% in the last year as Vietnam, India, and Pakistan have become the quickest crypto adopters.

“Geography of Cryptocurrency,” the company’s 2021 Global Crypto Adoption Index, differentiated the countries’ cryptocurrency adoption based on three main parameters, on-chain retail value transferred, the on-chain crypto value received, and peer-to-peer(P2P).

The number one country on the overall index is Vietnam in the adoption of cryptocurrencies, And India(0.37), Pakistan (0.36), Ukraine (0.29), and Kenya (0.28) followed it.

Pakistan and India come in the top ten on the list.

Economies play a great role in the increase in the adoption of crypto.

The report wrote “Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela rank high on our index in large part because they have huge transaction volumes on peer-to-peer (P2P) platforms when adjusted for PPP per capita and internet-using population,”

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Fitch Solutions cuts Malaysia’s 2021 growth forecast to zero 

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Budget 2021-22

KUALA LUMPUR: Fitch Solutions Country Risk and Industry Research on Monday lowered Malaysia’s real GDP growth forecast this year to zero per cent from 4.9 per cent previously, to reflect higher risk for the third wave of Covid-19 infections. The Fitch unit said Malaysia’s second quarter economic growth fell far below its previous expectations. With … Read more

IMF assistance a ray of hope for rupee

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IMF rupee

KARACHI: Inflows from the International Monetary Fund (IMF) is a ray of hope for the rupee, after it witnessed a significant decline against the dollar. Despite strong receipts of exports and workers’ remittances, the local currency failed to recover against the greenback. The IMF has announced a $650 billion financial package to boost the global … Read more

Prime Minister calls for fast-track reforms process to attract investment

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Prime Minister

ISLAMABAD: Prime Minister Imran Khan on Saturday directed the relevant authorities to expedite the reforms process to attract the investors and improve the functioning of the state-owned enterprises. Chairing a meeting of the Economic Advisory Council (EAC) to review the government’s introduced reforms in the mega sectors of the country, he also directed for extension … Read more

UKPBC playing key role in attracting foreign investment

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ISLAMABAD: The UK-Pakistan Business Council (UKPBC) is playing an effective role in attracting foreign investment to Pakistan and establishing collaboration between the investors for setting up joint ventures in various sectors of the economy. UK-Pakistan Business Council Pakistan Chapter chairman Mian Kashif Ashfaq, while talking to a delegation of importers and exporters led by Rehmat … Read more

Pakistan’s economy keeps recovering in FY22: SBP governor

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raza baqir

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said that the national economy is poised to witness a continued recovery in FY22 given the resilience in the economy and the measures taken during Covid-19 pandemic situation to support the businesses and people. The recovery could already be seen in the more than expected … Read more

Who is to Blame for Lionel Messi Leaving Barcelona?

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Who is to Blame for Lionel Messi Leaving Barcelona?

Lionel Messi has to leave Barcelona after 21 years. Neither he wanted to leave nor Barcelona wanted him to leave. However, there was another factor that broke them apart. Messi, who is loved by many fans, cried at a press conference on August 8, telling the media that he had no other choice, “The club … Read more

India intends to make its central bank’s digital currency model public

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India

By the end of this year, the bank would be capable to come up with a central bank digital currency (CBDC) model, said the deputy governor of the central bank of India, the Reserve Bank of India (RBI).

At the press conference that was held at the post-Monetary Policy Committee (MPC), Deputy Governor T. Rabi Sankar told that by the end of this year the RBI may reveal a model of a central bank digital currency (CBDC).

He described, without providing additional facts:

It is necessary to make business decisions based on rapidly evolving technologies, and therefore it’s difficult to put a date, in the near future we would be able to come up with a model, maybe by the end of this year.

The deputy governor continued: “We are evaluating the issue of scope, technology, distribution and validation mechanism, etc.”

Last month, he publicized that the central bank was working on a “phased implementation strategy” for CBDC of India and also “examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.”

Over 90% of global GDP is represented by 81 countries that are considering introducing their own central bank digital currencies.

Bank of International Settlements (BIS), the World Bank, and the International Monetary Fund (IMF) said CBDCs “have the potential to enhance the efficiency of cross-border payments, as long as countries work together.”

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Saudi Arabia’s economy grows 1.5% in Q2, first expansion since pandemic

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gas deposits

RIYADH: Saudi Arabia’s economy grew 1.5 per cent in the second quarter, year-on-year, first expansion since the pandemic, fuelled by a 10.1 per cent growth in the non-oil sector, Khaleej Times quoted the flash government estimates on Monday. Seasonally-adjusted real gross domestic product (GDP) grew 1.1 per cent in the second quarter, compared with the first quarter, … Read more

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