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Asian markets extend rally as earnings season looms

Hong Kong, July 13 :The rally in global stocks extended into Asia on Tuesday as optimism about the upcoming earnings season outweighs worries over the fast-spreading Delta virus variant that is forcing leaders to reimpose containment measures.

Hope that central banks will maintain their ultra-loose monetary policies, or taper them very gradually, is also providing support to traders as economies recover from the ravages of last year’s pandemic-induced collapse.

The release of key data and other events will also be closely tracked this week as markets try to get an idea about the state of the global rebound, with Chinese growth, US inflation and several central bank decisions in view.

Wall Street’s three main indexes chalked up more records as investors prepared for the earnings deluge with the release of top banks including JP Morgan and Goldman Sachs later in the day.

Observers are predicting the period could be the best in more than two decades, though they warn that the readings would have to be blockbuster to build on the latest markets rally, with many traders “buying the rumour and selling the news”.

Hong Kong led the gains in Asia, rising more than one percent, while Tokyo, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Jakarta also enjoyed big gains.

However, Covid-19 continues to cast a dark shadow as new case numbers rise around the world, with the United States and Britain — which are well advanced in their vaccination programmes — also seeing high numbers, though with lower deaths and hospitalisations.

Some governments are also now considering approving third jabs for those who have had their full dosage.

The sharp rise in infections has forced some governments, including in France and Greece, to impose restrictions again to quell the spread, leading to worries about the impact on the economic recovery.

That concern has also weighed on oil prices, which suffered their first fall Monday after a two-day gain. Though they edged up slightly in early Asian trade.

“The robust crude demand outlook is starting to take a hit as many countries continue to struggle with the more infectious Delta variant,” said OANDA’s Edward Moya.

“Even the US is seeing a surge as low-vaccinated states are behind the 47 percent increase in cases over the previous week. 

“This pandemic once again feels far from over, and that is dragging down optimism for a robust crude demand story going forward.”

Federal Reserve chief Jerome Powell’s comments to lawmakers on central bank policy will be keenly watched Thursday for clues about its outlook in light of the fast US recovery and the impact of the Delta variant

That comes after New York Fed boss John Williams said Monday that important parts of the economy were not rebounding enough for policymakers to wind their vast monetary easing measures.

Serena Hotels, NUST sign MoU for trainee programme

The MoA aims to bring together the expertise of Pakistan’s leading business school at NUST, and Serena Hotels as a leading hospitality brand, to offer women graduates of NBS a valuable training opportunity for hands-on experiential learning and training in the field of hospitality management in a structured and professional setting

 Staff Report

ISLAMABAD: Serena Hotels signed a Memorandum of Agreement (MoA) with National University of Science and Technology (NUST) to induct female graduates from NUST Business School (NBS) into the Serena Management Trainee Programme.

Engr. Javed Mahmood Bukhari HI (M), Rector of NUST, graced the MoA signing ceremony along with the Pro-Rectors and the Dean of NBS, and representatives of the business and hospitality sectors.

The MoA aims to bring together the expertise of Pakistan’s leading business school at NUST, and Serena Hotels as a leading hospitality brand, to offer women graduates of NBS a valuable training opportunity for hands-on experiential learning and training in the field of hospitality management in a structured and professional setting. The one-year programme will provide the Management Trainees with immersive learning to equip them with a holistic view of the business, as well as understanding the inter-relationships between different functional departments. The training is envisaged as an accelerated pathway that will help unlock their advancement to higher-level management positions in the industry.

Speaking on the occasion, Mr. Aziz Boolani, CEO Serena Hotels South and Central Asia, said that the number of female professionals in the hospitality sector is traditionally low. As a leading hotel chain, Serena Hotels makes every effort to encourage women in their professional development for assuming higher positions, including the leadership role. There is no doubt that companies can deliver greater business impact and be more competitive by fostering an equitable and inclusive workplace for women and men.

Mr. Boolani added that Serena Hotels is the recipient of the Employer of Choice for Gender Balance and Economic Dividends for Gender Equality (EDGE) Certification by International Finance Corporation (IFC), World Bank. The Company is also a member of the Male Champion of Change (MCC) coalition – a global initiative working towards achieving gender equality in the workplace.

“Our country has immense potential in tourism. High-quality education and training programmes can expose professionals, especially women, to world class training so they can lead the country to excellence in the hospitality sector,” said Engr. Javed Mahmood Bukhari HI(M) in his remarks on the occasion.

Mr. Aziz Boolani expressed his gratitude to the Rector NUST, the Dean of NUST Business School Dr. Naukhez Sarwar and the Serena team for making the collaboration possible.

Nine Amazon facilitation centers in major cities soon: DG Post

ISLAMABAD, Jul 13 :Pakistan Post with the collaboration of Ministry of commerce would inaugurate around  nine Amazon facilitation centres in major cities for collecting the sellers’ products and delivering them to airports in a timely manner.

Pakistan Post Director General (DG) Khalid Javed, in an interview with private news channel, said on Tuesday that after South Punjab’s first Amazon Fulfillment and Facilitation Center (AFFC), which would be inaugurated in Multan after Eid-ul-Azha, Pakistan Post would expand its network in nine other cities including Islamabad, Rawalpindi, Faisalabad, Karachi, Sialkot, Lahore, Peshawar, Quetta and Gujranwala.

He said that Pakistan Post on the strict directives of President of Pakistan and Prime Minister Imran Khan had made quality arrangements for collecting the products from sellers’ doorsteps and delivering them to the Amazon’s warehouses.

DG Post said that Pakistan Post was closely working with the Ministry of Commerce to create an enabling environment for e-commerce industry.

DG Post said government was fully focused on e-commerce to move forward towards ‘digital Pakistan’ and promote knowledge economy through a Digital Pakistan Policy to facilitate growth of Pakistan’s e-commerce industry.

He said PTI government was taking practical measures for the betterment of Pakistan Post and after Amazon centers in Pakistan the trust of people will further rebuild towards Pakistan Post.

PTI-led govt taking practical steps for corruption-free country: Kanwal Shauzab

. ISLAMABAD, Jul 13 :Parliamentary Secretary Planning Development & Special Initiatives Kanwal Shauzab Tuesday said

the government under the leadership of Prime Minister Imran Khan is taking practical steps to eradicate corruption from the country and would held accountable all looters of national wealth.

Talking to a private news channel, she  said the opposition has been failed to attract masses towards their narrative as nation firmly stands with PM Imran Khan to bring ‘accountability revolution’ for looters of national treasury.

  She said past regimes of PML-N and PPP did nothing for the betterment of public, and now corrupt elements are only worried about protecting their looted wealth.

Kanwal said now nation would never tolerate the politics of greedy and corrupt politicians any more.                Replying to a query she said live streaming of court proceedings is only way for the right to access justice and there is dire need to let media carry out live broadcast of high-profile cases as Information Minister Fawad Chaudhry had suggested in his statement.

She said government is strongly believed in capacity building of national institutions including NAB and courts to make accountability process more fair and transparent

Uncertainty game: worries and refound happiness of tourists in Europe

Paris, July 13 :They’re back! Foreign tourists can once again be seen and heard strolling the streets of European cities. But despite Europe throwing open its doors, tourists say travelling during the pandemic is complicated.

Since June 9, it is possible for tourists to visit Europe again, depending on the health situation in their country of origin, and vaccination record of the traveller.

Among the different measures that can apply are a proof of full vaccination more than two weeks prior to travel, a certificate of Covid recovery less than six months prior to travel, a negative RT-PCR or antigen test, health form, quarantine or self-isolation of seven to 10 days.

The differences feed into uncertainty that travellers face.

“One day you need this, another day that. When we arrived at the airport, we were asked to fill out new papers, even though we had already filled out several,” remarked Brandon McDaniel, a Texas businessman who was on a five-week trip with his family.

 His wife Crystal, a designer, added: “We know that it will be very expensive after a while to do all the tests required to enter each country, but if that’s what it takes to be able to travel again, we will do it.”

The United States is on a “green” list of countries according to a scale established in France in mid-June, which means people from there do not need a test if they have been fully vaccinated.

“Americans have wanted to come back for some time,” noted Corinne Menegaux, head of the Paris tourism office.

“In all surveys we see that Paris is still the main destination for them. And since vaccination campaigns began there earlier, many have been inoculated, which makes travelling easier,” she added.

In spite of the reopening, the number of US tourists visiting Paris is down by 85 percent from the level in June 2019, and arrivals by foreign tourists in general are down by 60 percent, the tourism office says.

“In 2019, there were 10 million people over the summer. In 2020 we welcomed two million and this year we expect between four and five million,” Menegaux said.

Denis Farias, who runs a souvenir shop near the landmark Eiffel Tower, said: “There are really no more tourists in Paris at the moment.

“Two years ago there were five of us (working) in the shop, now I am on my own.”

 Which is ok with many of the tourists.

 “Since there are fewer people, you can take the time to do more things, spend less time in line, it’s a relaxing atmosphere,” observed Mohammed Charpenel, who works in the real-estate sector in Dubai.

“It’s happiness again,” he concluded.

 The tourism numbers may be down in part to the uncertainty whether Europe would allow in tourists for the summer, which discouraged some people when making their vacation plans months ago.

“The worst part was the waiting. We had booked in March but we didn’t know when France would reopen,” Chicago teacher Martin Douglass said.

“Today, travelling is like gambling.”

        – In Madrid –

1,300 kilometres to the south in the Spanish capital, tourists told a different story.

 “My plane was full,” said Luke Johnson, a 19-year-old student from Denver, Colorado.

 “We would have liked to go to Germany and the Netherlands, but we would have had to make a quarantine.”

Elena Schupp, 56, a dual US-Spanish national who lives in South Carolina, said she made it to Madrid via Dallas with her daughter, despite numerous measures that made things a bit complicated.

“What will it be like for those who are not technically minded,” she asked.

“I know, for example, that my mother would never have been able to do it!”

From January through April, Spain welcomed 1.8 million foreign tourists, according to the national statistics institute.

That leaves the country well shy of its 2021 target of 45 million.

Euromonitor International, a market research company, has estimated that there will be 61 percent fewer Chinese visitors to Western Europe this year, despite a continent-wide digital Covid certificate designed to ease travel restrictions.

                   – In Venice –

Foreign tourists could also be found ambling along the canals of Venice, although in far fewer numbers than usual.

 “Less tourists so it’s better for me!” said 34-year-old Ann Fang from Arizona.

She said she had already been vaccinated, so that didn’t pose a problem, but that there was a bit of paperwork.

“I think it’s a little more difficult because of all the documentation to come to Europe, but I got here,” she said.

Even those from “red” countries who need to request permission to enter Europe manage to make i

Kokulo Lawuobahsuno, 33, from Liberia, acknowledged he was a bit worried at first.

“But then I just followed the requirements, it wasn’t a problem for me,” he said

 “I did my test, I’m fully vaccinated.”

Indonesian embassy launches B2B Online Portal for trade

STAFF REPORT

LAHORE: Punjab Board of Investment & Trade (PBIT), Embassy of the Republic of Indonesia in Islamabad and E-Commerce Gateway Pakistan Private Limited jointly organized the 1st Indonesia – Pakistan Business to Business (B2B) Hybrid Road Show 2021 and launched Indonesia – Pakistan B2B online portal to facilitate increased trade between both the countries.

Both the initiatives aimed at providing a platform for business communities of the two countries to get more information which may have to increase commercial transactions potential various fields such as health, pharma, food, agriculture, textile and furniture.

Provincial Minister for Industries & Trade Mian Aslam Iqbal and Ambassador of Indonesia to Pakistan Adam M. Tugio inaugurated Indonesia – Pakistan business to business online portal.

Addressing the inaugural ceremony, Provincial Minister said Pakistan and Indonesia shared deep potential, cultural, religious ties and respect for democratic values. Being the largest countries in the Islamic world, the two stand together for their progress and prosperity.

He said Indonesia-Pakistan preferential trade agreement had been beneficial for private businesses of both countries and instrumental in focusing growth in Pakistan. The level of trade and investment between the two countries had not kept pace with global trends. There was considerable untapped potential to expand trade taking advantage of the PTA, he observed.

He said the recent understanding between PBIT and Indonesian Embassy in Pakistan to form a joint working group to facilitate bilateral trade and investments clearly indicates our resolve to strengthen the economic ties between the two countries.

Provincial Minister said, “As a result of bold economic reforms of the PTI government, we have achieved significant improvement in all major economic fronts; Pakistan’s economic growth has increased despite the challenges of COVID-19.”

He said Punjab had taken regional lead in special economic zone development and colonization. “I invite the business communities of both countries to make use of the attractive incentives package available in our special economic zones and export processing zones and set up their manufacturing units there.”

Speaking on the occasion, Ambassador of Indonesia Adam M. Tugio congratulated the Punjab government and Punjab Board of Investment & Trade for holding a successful event. He said the embassy would convene a series of events to promote tourism and investment. This series of activities would be complementary to cultural diplomacy i.e. being conducted by the embassy in collaboration with E-Commerce Gateway Pakistan. He hoped that such activities would enhance people-to-people contacts and increase trade volume which amounted to $2.5 billion last year.

CEO PBIT Dr. Erfa Iqbal briefed on various sectors and availability of numerous potential opportunities for investors in Punjab. She pointed out that special economic zones were being set up in all the provinces and regions of Pakistan.

Vice President E-Commerce Gateway Pakistan Uzair Nizam underscored that such events played a vital role in increasing bilateral trade between the two countries as well as hosting economy and business activities.

Bulgarian Envoy, Shafqat Mahmood discuss cooperation in education

ISLAMABAD: Ambassador of Bulgaria to Pakistan Irena Gancheva calls on Shafqat Mahmood, Federal Minister for Education, Professional Training & National Heritage. DNA

Saifullah

ISLAMABAD: Ambassador of Bulgaria to Pakistan Irena Gancheva called on Shafqat Mahmood, Federal Minister for Education, Professional Training & National Heritage here in his office.

Federal Minister for Education, Professional Training & National Heritage, to Shafqat Mahmoodin a meeting with the newly appointed Ambassador of Bulgaria to Pakistan Irena Gancheva, stressed to further enhance the need for cooperation between the two states in the field of education and culture.

Federal Minister said that our relations have always been marked by trust, mutual understanding and close cooperation and Pakistan attaches high importance to its relations with Bulgaria and is desirous of further enhancing these relations in all fields of mutual interests.

During the meeting, Ambassador of Bulgaria to Pakistan Irena Gancheva said that there is a lot of scope of mutual cooperation in various fields including education and culture. She also expressed keen interest in enhancing and promoting people to people contact and cultural exchanges between the two countries. Mohyuddin Ahmed Wani, Additional Secretary, Ministry of Education and officials from National Heritage & Culture Division also attended the meeting.

Will not let Afghan war hurt Pakistan

Chaudhry Fawad Hussain has said Pakistan is in contact with all the Afghan Groups for an inclusive government

Special Correspondent

ISLAMABAD: Minister for Information and Broadcasting Fawad Chaudhry said on Monday that even if Afghanistan descended into a civil war, the government would not let the fallout affect Pakistan.

In a message on Twitter, Chaudhry said the government’s policy on Afghanistan was “in Pakistan’s interest”.

“[We] are monitoring the changing situation in Afghanistan. [We are] trying our best for a way forward in Afghanistan through a peaceful regime that is [formed] on the basis of suggestions from all [stakeholders],” he added.

Later in the day, Chaudhry Fawad Hussain has said Pakistan is in contact with all the Afghan Groups for an inclusive government to have peace in Afghanistan.

Addressing a joint news conference along with Minister for Energy Hammad Azhar and Prime Minister’s Advisor on Interior Mirza Shahzad Akbar in Islamabad this evening, he said the entire world is appreciating Pakistan’s efforts for peace in Afghanistan. He said the government is pursuing the vision of Prime Minister Imran Khan that Pakistan will be a partner in peace, but not in the conflict.

Talking about political situation in the country and ongoing election campaign in Azad Jammu and Kashmir, Chaudhry Fawad Hussain said position of Pakistan Tehreek-e-Insaf is very strong in AJK, which is evident with the fact that it has fielded candidates in all the constituencies. He said Pakistan People’s Party is contesting elections on just eight seats, while Pakistan Muslim League-Nawaz is also not sure about its future in Azad Kashmir.

In another tweet in continuation of the previous one, the information minister recalled that Prime Minister Imran Khan had already clarified that Pakistan could be partners with the US in peace, but not in conflict.

He further stated: “Pakistan’s land is not being used against Afghanistan and [we] hope that Afghanistan’s territory, too, will not be used against Pakistan.”

Chaudhry added that the political and parliamentary leadership in Pakistan had agreed on the “principle of non-interference [in case of Afghanistan]”. The information minister’s remarks are the latest in a string of statements by Pakistani authorities regarding growing concerns over rising violence in Afghanistan and its expected fallout in Pakistan, with the US drawdown in the war-torn country now in its final stages.

N. Korea dismisses US humanitarian aid as sinister scheme

North Korea has dismissed the U.S. humanitarian aid as sinister scheme aimed to put pressure on other countries in getting vested interests.

North Korea’s foreign ministry published the criticism of U.S. aid on an official website, quoting the researcher, Kang Hyon Chol, a clear indication that it reflects government thinking.

He wrote that the American ulterior intention of linking ‘humanitarian assistance’ with ‘human rights issue’ is to legitimise their pressure on the sovereign states and achieve their sinister political scheme.

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