KARACHI: United Business Group (UBG) patron-in-chief S M Munir has said that Pakistan’s culture should be highlighted in various events held abroad and in international trade fairs, a statement said. S M Munir, also a former president of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) said, “We will also give suggestions to … Read more
SEOUL – North Korea fired a suspected ballistic missile into the sea on January 11, with South Korea’s military warning the second such weapons test in less than a week showed clear signs of progress. The early-morning launch came as the UN Security Council met in New York to discuss last week’s test of what … Read more
Federal Energy Minister Hammad Azhar said that Pakistan Tehreek-e-Insaf (PTI) saved Pakistan’s economy from bankruptcy as it was left by Pakistan Muslim League–Nawaz (PML-N). While addressing in the National Assembly (NA) session on Wednesday, the minister said that the entire world was declaring that Pakistan’s economy was steering towards bankruptcy. However, he added, the incumbent … Read more
BUCHAREST: Pakistan and Romania signed memoranda of understanding (MoUs) to enhance bilateral cooperation between the trade bodies as well as for the provision of educational scholarships to Pakistani students. The MoUs were signed during the visit of Foreign Minister Shah Mahmood Qureshi to Romania. A MoU was signed between the Federation of Pakistan Chambers of … Read more
BEIJING: Overseas holdings of bonds traded in China’s interbank market reached a new high at the end of December, as global investors were lured by relatively high yields and stability, certainty and growth of the world’s second-largest economy in the pandemic era. Outstanding overseas institutional holdings of interbank bonds rose to a total of 4 … Read more
SINGAPORE: Singapore’s economy grew 7.2 per cent last year, rebounding from its worst recession since independence sparked by the coronavirus pandemic, government data showed on Monday. The city-state plunged into its worst economic performance in 2020 as businesses and international borders shut down, choking its trade and tourism economic lifeline. Authorities initially imposed tough measures to … Read more
RIYADH: The Saudi economy recovered in 2021 after a tough year of pandemic restrictions as vaccination campaigns rolled out in the kingdom and across the world driving its key oil exports, Arab News reported. MENA’s largest economy bounced back from last year, when the kingdom’s gross domestic product contracted by 4.1 per cent, according to the International … Read more
SEOUL: North Korean leader Kim Jong Un put the economy front and centre of an agenda-setting speech at the end of a key ruling party meeting, state media reported on Saturday, with no mention of the United States. Instead of the policy positions on diplomacy for which Kim’s New Year statements have been closely watched in … Read more
BEIJING: Manufacturing activity in China edged up in December, official data showed Friday, beating expectations as the price of commodities eased and despite sporadic closures due to Covid outbreaks. The Purchasing Managers’ Index (PMI), a key gauge of manufacturing activity, in the world’s second biggest economy rose to 50.3, remaining above the 50-point mark separating growth … Read more
MANILA: The Philippines has lifted a four-year ban on new open-pit mines, an official said on Wednesday, in a bid to revitalise the country’s coronavirus-battered economy slammed by activists as “short-sighted”. The move sees the Philippine government reverse a ban imposed in 2017, when the then-environment minister blamed the sector for widespread ecological damage. Manila has … Read more
The number of equity investors in Pakistan declined in the last few years As the stock market is not the reliable indicator of the strength of the economy, oversubscribed initial public offerings (IPOs) also do not reflect the growth and depth of the equity market. Surprisingly, the total number of investors participating in the IPOs … Read more
KARACHI: Saqib Naseem, central chairman of Pakistan Yarn Merchants Association (PYMA), has urged Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin not to succumb to the pressure of the local manufacturers, and to reject any proposal for the imposition of regulatory duty on imports of polyester filament yarns, especially HS Code 5402.3300 … Read more
MOSCOW: Walking through a freezing market in Moscow earlier this month, 60-year-old Sergei Borisovich recalled that he rang in the last New Year at a table laden with festive delicacies. This year, the factory worker, who declined to give his last name, said a spike in prices meant he would have to forego caviar and other … Read more
FRANKFURT: German consumer sentiment worsened for the second month running, a key survey said on Tuesday, as Europe’s largest economy braces itself for rising inflation and the spread of the Omicron coronavirus variant. Pollster GfK’s forward-looking barometer fell to -6.8 from a revised figure of -1.8 for December. “The high incidence of the virus due to … Read more
RIYADH: The jobless rate among Saudis remains unchanged at 11.3 per cent in the third quarter, Arab News quoted official data from Gastat. While unemployment was unchanged in total, the data showed that both male and female jobless rates among Saudi experienced a slight drop. Unemployment in men fell 0.2 per cent to 5.9 per … Read more
DUBAI: Dubai airport, one of the world’s busiest travel hubs, is fully operational for the first time since the coronavirus pandemic erupted in March 2020, officials said on Monday. The opening of sections closed as the Covid-19 crisis took hold comes as the United Arab Emirates records a rise in infections, amid fears of the new … Read more
PARIS: The French central bank has said that the EU’s second-largest economy remained resilient even faced with the Omicron variant of Covid-19, predicting steady growth over the coming years even if new restrictions are imposed. The coronavirus crisis “has not left scars in terms of production levels and potential production,” Bank of France director general Olivier … Read more
DUBAI: The UAE’s central bank has extended several measures of its Targeted Economic Support Scheme until June 30 to support the continued recovery of the country’s economy, Arab News quoted the bank, as saying. It said in a statement it was extending the TESS programme to support new lending and financing, as well as prudential relief measures … Read more
WASHINGTON: With inflation expected to remain high for some time, the US central bank is likely to raise interest rates soon after it ends its bond-buying programme in March, a Federal Reserve board member said on Friday. The Fed earlier this week announced it will accelerate the end to its stimulus programme after inflation last month … Read more
BRASÍLIA: The International Monetary Fund (IMF) said on Thursday it will close its Brazilian office, a day after receiving harsh criticism from Economy Minister Paulo Guedes over its forecasts for Latin America’s biggest economy. The IMF said it would close its office in Brasilia when the current country representative’s mandate expires on June 30, 2022. The … Read more
COLOMBO: Sri Lanka’s economy shrank in the third quarter as a foreign exchange crisis wrecked its recovery from the coronavirus pandemic, official data showed on Thursday. The GDP contracted 1.5 per cent on-year in the three months to September, the department of census and statistics said, ending four consecutive quarters of growth. The island’s tourism-dependent economy … Read more
CAIRO: The Saudi economy expanded by an annual rate of 7 per cent in the third quarter of this year driven by higher oil production, Arab News quoted the data released by Gastat. This is the highest yearly growth rate since 2012. Growth was also upwardly tweaked to 7 per cent compared to an initial estimate of … Read more
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has chaired a meeting to review the proposed Small and Medium Enterprise (SME) Policy, a statement issued by the Finance Ministry said. The Industries and Production secretary briefed the meeting on the proposed SME Policy and the concerns of stakeholders. The concerns were … Read more
RIYADH: More than SR12 trillion ($3.2 trillion) is set to be ploughed into Saudi Arabia by 2030, as the kingdom seeks to diversify its economy away from the oil sector, Arab News quoted the minister of investment, as saying. Speaking at a forum in Riyadh in the wake of the 2022 budget announcement, Khalid Al-Falih … Read more
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Nasser Hyatt Maggo has expressed astonishment at the purchase of liquefied natural gas (LNG) at the rate of $30.6/MMBTU and said that this rate will destroy the fuel supply safety and foreign exchange reserves of the country, a statement said. Welcoming the visit … Read more
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
RIYADH: Stagnation is more of a risk to the global economy in 2022 than stagflation, Arab News quoted a report from Japanese company Nomura Holdings, as showing. In a 2022 outlook report released on Friday, December 10, economists at the firm warned that many countries will see a “dominance of cost-push inflation, the bad type of inflation … Read more
RIYADH: Saudi Arabia’s Ministry of Energy has signed an agreement with the Singaporean Ministry of Trade and Industry to enhance cooperation in the energy sector, Arab News reported. The memorandum of understanding will promote digital transformation and innovation, renewable energy and hydrogen technologies, and the development of a circular carbon economy, according to the Ministry of Energy’s … Read more
