Iran Considers Currency Swaps With Turkey to Ease Trade, Banking Transactions

** Iran’s exports to Turkey during first nine months of 2017 amounted to around $5.84 billion, 75.7% more year over year. In return, Turkey exported $2.31 billion worth of goods, compared to $3.81 billion in the corresponding period of previous year, indicating about 65% decline. ** Iran and Turkey are said to have recognized the […]

Why Aramco IPO Won’t Happen Until 2019–at the Earliest

A $1.5 Trillion Aramco IPO Could Transform Global Stocks April 22, 2018 (Irshad Salim): The debate over which international stock exchange should be the venue for listing Saudi Aramco–the world’s most valuable company, has yet to be resolved while the timing of the initial public offering (IPO) appears to have been somewhat narrowed down. The […]

President Xi Jinping Says Internet Control Key to China Stability

April 21, 2018: China must strengthen its grip on the internet to ensure broader social and economic goals are met, state news agency Xinhua reported on Saturday citing comments from President Xi Jinping, underlining a hardening attitude towards online content. Under Xi’s rule China has increasingly tightened its grip on the internet, concerned about losing […]

Russia Awaits Formal Invitation to Join CPEC; Libya Wants Included in Belt and Road Initiative

(BE2C2) — Acting ambassador of Russian Federation on Monday said Russia was eagerly waiting for a formal invitation from China and Pakistan to invest in CPEC related projects. Vladirmir Berezyuk also said that a delegation of Russian businessmen will visit Pakistan very soon to explore new opportunities for investment. Addressing members of the Faisalabad Chamber […]

Iran to Replace US Dollar With Euro in Financial Reports

The Iranian rial has lost nearly two-thirds of its value to the US dollar over the last year; Amid currency crisis, the switch is aimed at circumventing restrictions on accessing US dollar and prevent market instability. April 20, 2018 — The government of Iran has announced plans to replace the US dollar with the euro […]

In Pakistan, Social Media Usage is Male Dominated, Females Lag Behind (Infographics)

Socializing isn’t all that Pakistanis do online. They are using digital technologies to make money and contribute to the country’s foreign reserves. An April 2017 report noted that online freelancing in Pakistan has grown to $1 billion. (BE2C2) — The latest digital ecosystem report by ‘We Are Social and ‘Hootsuite’ reveals some fascinating insights about […]

China Encourages Mediation in Business Disputes –in Non-Public Sector

(BE2C2) — Chinese chambers of commerce are being encouraged to set up mediation committees and hire mediators to settle business disputes in non-public sectors. The All-China Federation of Industry and Commerce (ACFIC) and Ministry of Justice have jointly issued a document to promote mediation of disputes by chambers of commerce, said an ACFIC press release […]

Pakistani-Australian Engineer Crowned ‘Commonwealth Young Person Of The Year’ By Prince Harry

Catalysr is the first startup incubator for refugees and migrants in Australia, enabling them to start their own business, create jobs for themselves and others and be in control of their own destiny. (DESPARDES/PKONWEB) — A Pakistani Australian engineer who helps refugees start their own business in Australia also has been awarded Commonwealth Person of […]

Renowned Turkish Company Caykur Opens Tea Factory in Khyber Pakhtunkhwa

“Although Pakistanis consume a lot of tea, they are importing tea; the idea of opening a factory came from Pakistan itself..” (BE2C2) — Turkey’s state-run tea company opened a factory in northern Pakistan on Monday with the aim to create niche for itself in the country’s very high growth-oriented tea consuming market. According to official […]

CPEC Connectivity: Pakistan To Be Linked With World’s Fastest Internet Service

(BE2C2) — China is linking Pakistan with a new submarine cable system in order to provide one of the fastest internet services in the world. The latest initiative dovetails the $44m fiber optic cable being laid between Pakistan and China as part of the China Pakistan Economic Corridor net connectivity infrastructure. Named PEACE (Pakistan East […]

Islamabad Seeks to Raise Up to $1 Billion From Expats as Reserves Dwindle

Pakistan’s foreign exchange reserves falling fastest in Asia Irshad Salim — Pakistan’s economic managers have flagged off  a long-awaited plan to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years. The government now plans to launch an […]

Arif Naqvi’s Abraaj Group Hires Deloitte for Review of Business, $1Bln Troubled Fund

Abraaj’s founder Arif Naqvi handed day-to-day running of the investment management business to two co-chief executives and the group was split into Abraaj Investment Management Ltd (AIML) and Abraaj Holdings in late February. (BE2C2) — Dubai-based Abraaj Group has hired Deloitte to examine its business, including its troubled $1 billion healthcare fund, after investors questioned […]

UN Tells Private Enterprise Leaders “Business As Usual Won’t Work”.

WILL HIGGINBOTHAM—As global citizens face an array of issues from unemployment to discrimination, affecting their livelihoods and potential, a UN agency called upon businesses to employ a new, sustainable, and inclusive model that benefits all. Business leaders from around the world convened at the United Nation’s 2018 Economic and Social Council (ECOSOC) partnership forum to […]

Huge Cost Overruns On Mega Projects, As Though Being Built On Cost Plus

All Project Cost Overruns Discussed Below Are Public Entities: While Islamabad Airport and Neelum-Jhelum Projects Are Federal, Nandipur is Punjab Govt After 18th Amendment Was Passed in April 2010. (PKonweb Note) DR. FARRUKH SALEEM: Nandipur Power Project: In 2008, the Pakistan Electric Power Company (PEPCO) signed a Rs23 billion contract with Dong Fang Electric Corporation […]

World Bank Estimates Pakistan’s Financial Capital Karachi Needs $10 Billion to be Livable, Competitive

The World Bank estimates that Pakistan’s largest metropolitan city Karachi– also its economic hub, needs $9 to $10 billion financing over 10-year period to meet its infrastructure and service delivery requirements.