Rupee Improves Against US Dollar, Stocks Jump to Almost 1600 Points

ISLAMABAD; Oct 23, 2018 (Updated): The US dollar showed downward trend by Rs1.92 against Pakistani rupee in interbank market on Wednesday. Due to decline in US dollar rate, it is being traded at Rs132 — the buying price is Rs131, whereas it is being sold at Rs133. The turn down in US dollar rate has […]

French Companies Keen to Participate in Subsequent Phases of CPEC

ISLAMABAD, Oct 20, 2018: France is prepared to invest in subsequent phases of the China Pakistan Economic Corridor (CPEC), provided balance and transparency is assured, says its ambassador to Pakistan. Chairman, Senate standing committee on defense production, Sen. Lt Gen Abdul Qayyum, said on Friday, Pakistan appreciates and welcomes France’s desire and endeavors to increase […]

Is Abraaj’s Arif Naqvi The Fall Guy For Sino-Pakistan Relations?

NICHOLAS WALLER: Abraaj was once a trailblazing private equity fund, the largest in the world operating in emerging markets. Its staggering trajectory was unprecedented in a sector that, until then, was dominated by large incumbent players such as Blackstone, Carlyle and KKR. In its early days, the firm’s funds under management growth occurred at rates […]

Saudi Aramco to Acquire Stake in Chinese Petrochemical Refinery

OCT 18, 2018: Saudi Aramco signed on Thursday an agreement to invest in a 400,000-bpd refinery and associated petrochemical plants in eastern China as part of Saudi Arabia’s push to expand its downstream business and secure additional markets for its oil. The Saudi state oil giant signed a memorandum of understanding with the Zhejiang province […]

Pakistan Economy: Debt, Chaos Order and Bailout

PKonweb Report (Oct 13, 2018): On Thursday, the PTI-led government formally began the process of seeking an I.M.F. bailout worth up to $12 billion amid reports that the country’s financing gap may be as high as $20 billion which could be met by loans from China, Saudi Arabia and the UAE. Talking to reporters in […]

Sale Of Toxic, Contaminated Milk In Islamabad and Beyond: Major Challenge For ‘Naya Pakistan’

“Also the quality of water that is mixed in the milk is dubious. They obviously don’t add filtered water in the milk. This is a recipe for death” IRSHAD SALIM (Oct 12, 2018): Consider this: Despite the country being third largest milk producer in the world, Pakistanis pay less for petrol (our largest import) than […]

Nature-Based Solutions In Tandem With Grey Concrete Dams

Grey infrastructure may no longer provide their envisioned benefits because hydrological parameters and patterns are changing VLADIMIR SMAKHTIN: Almost every day we hear news about catastrophic flooding or drought somewhere in the world. And many nations and regions are on track for even more extreme water problems within a generation, the latest IPCC report warns. […]

PEC Offers Construction of Diamer Basha Dam for Rs500 Billion

OCT 11, 2018 (BE2C2 Report): Pakistan Engineering Council (PEC) Chairman Javed Saleem Qureshi on Thursday offered his institution’s services for the construction of Diamer Basha Dam with an approximate cost of Rs500 billion. The offer was made by PEC chairman while talking to media in Islamabad amid reports that the Water and Power Development Authority […]

Gwadar Free Zone Receives $474m Investment

OCT 11, 2018: At least 30 companies in different businesses such as hotel, bank, logistics and fish processing have entered the free economic zone of Gwadar port city with direct investment of about $474 million with expectations of generating $790 million after full operation, said Gwadar Port Authority chairman Dostain Khan Jamaldini. “The first phase […]

Supreme Court Orders Probe Into Failure of Samar Mubarakmand’s Thar Coal Project

OCT 11, 2018: The Supreme Court on Thursday ordered a probe into the failure of Thar coal power project initiated by Dr Samar Mubarakmand. Defending his position, Mubarakmand said the underground gasification and power project was under the provincial government and began receiving funding from the federal government in 2012. By 2015, despite spending more […]

ADB Set to Provide Pakistan $7.1Bn for Inclusive Growth

OCT 7, 2018: The Asian Development Bank (ADB) will provide Pakistan $7.1bn in financing to help the country achieve inclusive and sustainable growth over the next three years, its senior official said. “ADB plans to significantly increase the country’s sovereign operations to $7.1bn over 3 years,” Wencai Zhang, vice president of the Manila-based lender said […]

Trump, Oil Barometers Rising As Iran Sanction Nears

The Saudi government is said to be taking this seriously — they recently hired a lobbyist in Washington D.C. to fight the bill; and Kuwait has not exported crude oil to the United States in four weeks. OCT 3, 2018 (BE2C2 Report): Crude oil prices reached levels not seen in four years Wednesday, with Brent prices […]

Money Whitening Scheme on Property Purchases Documents Black Money Worth $1.9 Billion

SEP 25, 2018: A money whitening scheme allowed on property purchase has documented black money worth Rs230 billion (US$1.9 billion) till end of the last fiscal year ending June 30, 2018. The money has been whitened during December 2016 through June 2018. The government on December 02, 2016 through amendment by inserting a new section […]

Saudi Arabia to Become Partner in CPEC, PM Imran Offers Same to UAE

SEP 20, 2018 (BE2C2): Minister for Information and Broadcasting Chaudhry Fawad Hussain on Thursday said Saudi Arabia would be the third partner in China Pakistan Economic Corridor (CPEC) and invest in projects in Pakistan. Addressing a press conference in capital Islamabad, he said Pakistan had invited Saudi Arabia to join CPEC and both the countries […]

How Important Provinces Role Is In Seeking IMF Bailout Package

IRSHAD SALIM (Sep 16, 2018): Whether Pakistan borrows from the International Monetary Fund (IMF) or from Beijing and Riyadh, revenue generation and belt-tightening on federal as well as provincial level have become inevitable. Narrowing the mounting gap between external liabilities and available foreign exchange by the federation by seeking bailouts while provinces continue to spend […]

How Realistic and Practical is Imran Khan’s 5m Houses, 10m Jobs Initiative

The housing with jobs plan could become a stronger one than the CPEC in short run and definitely as strong in the long run if run concurrently IRSHAD SALIM (Sep 4, 2018): The PTI-led government under Prime Minister Imran Khan has jump started efforts to construct 5 million low cost and affordable houses which could […]

US to Counter China’s Growing Influence With Huge Investments Abroad

SEP 3, 2018 (BE2C2 Report): The United States is working to create a new agency with broad-based authority to compete with China in offering countries financing options for major infrastructure and development projects, according to a major American newspaper. In a report, The Wall Street Journal said the Congress was working to resolve the last […]

State Speeds Up Recovery Efforts to Uncover Pakistanis’ Hidden Assets Abroad

SEP 2, 2018 (BE2C2): The State has proposed a Joint Task Force (JTF) comprising representatives of the FIA, NAB, FBR and other agencies to bring back alleged ill-gotten money of Pakistani citizens stashed abroad estimated to be in the range of US$350 billion to US$500 billion. The country’s central bank –State Bank of Pakistan (SBP), […]

Property Tycoon Imports Gold Foil Wrapped Supercar Lamborghini in Pakistan

“Brutally powerful and obscenely flamboyant, the Aventador is unburdened by reality. Crazy expensive and crazy fast, it’s capable of amazing performance without feeling like it’s going to spin out into a ditch” – Car and Driver Review SEP 2, 2018 (BE2C2): A super rich property tycoon has purchased and imported the first 18K gold foil […]

Indian Rupee Hits Record Low Vs. Dollar On Rising Oil Prices

A cheaper rupee could increase India’s crude oil bill by as much as US$26 billion in the financial year 2018/19, ending March 2019 AUG 31, 2018: India’s currency, the rupee, hit a new record low against the U.S. dollar on Thursday on the back of rising oil prices, end-month demand for dollars, and concerns about […]