JPMorgan Chase Urges Biden Team to Enact More Stimulus

New York, Dec 7 (AFP/APP): JPMorgan Chase is urging the incoming Biden administration to support additional aid to people left jobless by the Covid-19 pandemic as a way to address income inequality, a banking source said Monday. In a list of recommendations to the President-elect's team, the giant US bank said the coronavirus pandemic was "straining... families' economic mobility and restricting the US economy,".

Falling US Jobless Claims Bright Spot in Troubled Labour Market

Washington, Dec 3 (AFP/APP): A drop in new applications for US unemployment benefits offered small comfort to millions of Americans who will see pandemic aid expire without an agreement on a new relief program. With weeks before Joe Biden takes office, Republicans and Democrats remain at odds over what should be included in a new spending package to help businesses and families struggling from the pandemic.

ADB to Provide $300 million for Macroeconomic Stability in Pakistan

ISLAMABAD, Nov 27 (APP): The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification. “While COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ensure stability have started showing encouraging results this fiscal year,” said ADB Principal Public Management Specialist Hiranya Mukhopadhyay.

Yellen’s Appointment ‘Good News for World Economy’: ECB Vice-President

Frankfurt am Main, Nov 25 (AFP/APP): The prospect of former Federal Reserve boss Janet Yellen becoming the next US Treasury Secretary is "good news for the US and the world economy", ECB vice president Luis de Guindos said Wednesday. Yellen, who would be the first woman in the job, would face the daunting task of steering the world's largest economy through the COVID19 crisis

Pakistan’s Improvement in Trade Facilitation List by 31 points Hailed

LAHORE, Nov 23 (APP): Pakistan’s improvement by 31 points in the list regarding trade facilitation agreement of World Trade Organization (WTO) is a very welcoming development for its overall economic uplift. A better position in the list than that of India and Bangladesh will definitely help boost Pakistan’s industrial sector as well. According to international trade facilitation report 2020, Pakistan is now positioned at 106 from the previous 136.

Global Economic Recovery from COVID19 ‘Remains Difficult’: IMF

Washington, Nov 19 (AFP/APP): The global economy faces a hard road back from the Covid-19 downturn, and nations should remove trade barriers on medical technologies to aid the recovery, the IMF chief said on Thursday. "While a medical solution to the crisis is now in sight, the economic path ahead remains difficult and prone to setbacks," IMF Managing Director Kristalina Georgieva said.

No-Deal Brexit Would Halve UK Economic Recovery: KPMG

London, Nov 18 (AFP/APP): Failure to strike a post-Brexit trade deal with the European Union would more than halve the pace of Britain's economic recovery from the coronavirus pandemic, KPMG forecast Wednesday. Gross domestic product (GDP) growth will reach 4.4 percent in 2021 without a deal, the accountancy group estimated. That compared with a 10.1-percent expansion if current trade links were maintained, KPMG predicted.

PM Khan to Revive Industries

Faisalabad, 18th November, Baaghi TV: According to reports, PM Imran Khan while addressing industrialists, academics, lawyers and people from other walks of life in Faisalabad said that he loves them very much and today an important announcement is proof of this. The PM has said that our exports have started to increase and the job of the government is to provide facilities for the industrialists.

Web Seminar organized by UMT and GREF in Lahore

According to a Baaghi TV report, a web seminar is being organized by the Golden Ring Economic Forum and the University of Management and Technology (UMT). In this web seminar on “Possible Opportunities for Strategic and Economic Security for Pakistan”, media experts and scholars of their respective arts will express their views.

UK Logs Record Rebound From Virus-Driven Recession

London, Nov 12 (AFP/APP): Britain's economy enjoyed a record rebound in the third quarter from a virus-driven record recession, official data showed Thursday, but experts predict another slump after fresh restrictions were introduced to curb the pandemic. GDP expanded by 15.5 percent in the July-September period, as an initial coronavirus lockdown was eased, the Office for National Statistics said in a statement.

Turkish Lira Rallies After Finance Minister Resigns

Istanbul, Nov 9 (AFP/APP): The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after Berat Albayrak stepped down as finance minister. The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40. In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns.

Economy on Right Track & Exports Growth on Rise: CEO Lucky Group

ISLAMABAD, Nov 7 (APP): CEO of Lucky Cement Limited Mr. Muhammad Ali Tabba said on Saturday that the economy is on the right track and export growth rate is rising. Talking to a private news channel, he said local consumption of the Vehicles, Cements and Fertilizers has increased. He added that the country has benefited greatly from the PTI government’s handling of COVID19.

EU Slashes Economic Recovery Forecast on Virus Second Wave

Brussels, Nov 5 (AFP/APP): A second wave of the coronavirus pandemic has stalled a nascent recovery in Europe, the EU said on Thursday, warning that the economy would not return to pre-virus normality before 2023. In its latest forecast, the European Commission said the eurozone economy would expand by just 4.2 percent next year, much lower than the 6.1 percent it predicted in July.

ADB to Provide $10 billion to Pakistan

ISLAMABAD, Nov 4 (APP): The Asian Development Bank (ADB) has planned to provide Pakistan about $10 billion in fresh assistance for various development projects and policy-based programs over the next five years under its new Country Partnership Strategy. Vice President of the ADB, Shixin Chen reiterated ADB’s commitment to support the government’s reform agenda and to speed up the economic recovery process, said a press release here.

Traders & Industrialists Laud Massive Package for Industrial Sector

HYDERABAD, Nov 04 (APP): The representatives of traders and industrial organizations have lauded the announcement of the Prime Minister Imran Khan for granting a massive package to the industrial sector and termed it a major achievement for the revival of this key sector in order to strengthen the economy of the country.  

Travelling to Holy Destinations Economical Due to Ferry Service

ISLAMABAD, Nov 2 (APP): The traveling to the holy destinations for performing Hajj and Umrah would become economical with the launching of a ferry service or passenger ships at all possible destinations across the world. The potential for starting a ferry service in Pakistan has been felt for quite some time, an official of Ministry of Maritime Affairs told APP on Monday.

Early Easing of COVID19 Lockdown Boosted Pakistan’s Exports: Bloomberg

ISLAMABAD, Oct 31 (APP): PM Imran Khan’s prudent policy of maintaining balance between lives and livelihood during the pandemic continues to pay dividends with economists and businessmen believing that the decision for early easing of lockdown boosted Pakistan’s exports. The US-based news agency Bloomberg said in a report that the decision to loose restrictions had helped the nation’s exports “emerge stronger than its South Asian peers.”

Pakistani Researcher Dreams Big on Pak-China Cooperation in Cotton Research

BEIJING, Oct 30 (APP): The flow of knowledge is an important part of scientific research and will be really instructive to see how Pakistan and China cope with climate change and associated risks in cotton. This was stated by Mian Faisal Nazir, who currently works as a postdoctoral research fellow at Institute of Cotton Research (ICR) of Chinese Academy of Agricultural Sciences (CAAS).

US Economy Surges 33.1% in Q3; Biggest Gain on Record: Government

Washington, Oct 29 (AFP/APP): After the worst downturn on record, the US economy posted the strongest recovery on record as it expanded at a 33.1 percent annual rate in the third quarter, the Commerce Department reported Thursday. That came after a 31.4 percent drop in the April-June period during the worst of the Covid-19 pandemic, and a five percent drop in the first quarter.

Rupee Gains 29 Paisas Against US Dollar

ISLAMABAD, Oct 28 (APP): The exchange rate of Pakistani rupee strengthened by 29 paisas against US dollar in the interbank trading on Wednesday and closed at Rs160.62 against the previous day's closing of Rs 160.91. Meanwhile, according to Forex Association of Pakistan, the buying and selling rates of the dollar in the open market were recorded at Rs 160.4 and Rs 161.2 respectively.

Wait a Bit More! Pakistan to Emerge as Strong State in the World: PM

ISAKHEL, Oct 24 (APP): Prime Minister Imran Khan Saturday said the time is not far off when the people would witness Pakistan emerging as one of the strongest states in the world. He was addressing the students of Cadet College of Isakhel Tehsil in Mianwali district after inaugurating a hostel building there and breaking ground for a mega water supply scheme for Isakhel and adjacent areas.

Asian Markets Lifted by Stimulus Optimism & Vaccine Hopes

Hong Kong, Oct 21 (AFP/APP): Asian markets rose Wednesday on signs US lawmakers are edging towards agreeing a new stimulus package for the struggling economy, while hopes for a vaccine helped temper worries about surging virus infections around the world. After months of stuttering talks -- and with a deadline approaching -- Democrats and the White House said they were closing the gap on their proposals.

German Economy to Shrink 5.4% in 2020: Think-Tanks

Frankfurt am Main, Oct 14 (AFP/APP): Germany's economy will shrink more than expected in 2020 and not regain strength until end-2021, leading research institutes said Wednesday, as a coronavirus resurgence weighs on the recovery. German gross domestic product will contract by 5.4 percent, deeper than a previous prediction made in April of 4.2 percent, according to five think-tanks.