Author: Celal Shahwani

Russia will swap chickpeas for Pakistani mandarin oranges under a new barter system launched in response to payment woes caused by international sanctions in place over Moscow’s invasion of Ukraine. The Biden administration’s secondary sanctions targeting finance and trade flows that could aid Russia’s war efforts have spooked foreign lenders. The threat of sanctions has been notably effective in China, with Russian media reporting that by August, up to 98 percent of the country’s banks were rejecting Russian cross-border settlements in yuan. One potential workaround emerged in the form of a Memorandum of Understanding from the inaugural Pakistan-Russia Trade and Investment Forum, held Tuesday…

Prime Minister Shehbaz Sharif has invited American banks to invest in Pakistan in key sectors of infrastructure, energy, technology and agriculture. He was talking to a delegation of prominent Pakistani American bankers on the sidelines of the 79th session of UN General Assembly in New York. The Prime Minister assured the delegation of government’s commitment to maintaining a stable macro-economic environment to facilitate foreign investors. The Prime Minister informed the delegation about the key initiatives taken by the Government to stabilize the economy and attract foreign investment to Pakistan, including broadening the tax base, enhancing the ease of doing business,…

The Tajikistani authorities are perpetuating systemic discrimination and severe human rights violations against the Pamiri minority, according to new research by Amnesty International. The Gorno-Badakhshan Autonomous Oblast (GBAO) in East Tajikistan is home to several ethnic groups forming the Pamiri minority, mostly practicing the Shia Ismaili branch of Islam. Denied official recognition as a minority and regarded as ethnic Tajiks by the central authorities, Pamiris face systemic discrimination, suppression of cultural and religious institutions, political oppression, and brutal reprisals for defending their rights. “The ongoing persecution and human rights violations against the Pamiri minority in Tajikistan reached an alarming scale…

According to recent reports, Pakistan has increased tariff taxes on Afghan fruits from 15,000 to 60,000 PKR per ton, an increase sixfold this time. Meanwhile, in another move, Pakistan has not allowed Afghanistan’s 300 trucks loaded with Afghan fruits and vegetables between Afghanistan-Pakistan ports due to the absence of a temporary permit to enter Pakistan, a document to be issued to Afghan drivers on time by Pakistani consulates based in Afghanistan. The decision of the Pakistan government comes amid the export season, while watermelon, melon, grapes, pomegranates, and others got ripped in Afghanistan. This move has led to a halt in fresh fruit exports to Pakistani…

Sri Lanka’s president said Wednesday he was seeking a moratorium on foreign debt repayments until 2028, following a government default during the island nation’s unprecedented economic crisis two years ago. A collapse in foreign exchange reserves saw months of food and fuel shortages along with street protests that forced the ouster of President Ranil Wickremesinghe’s predecessor in 2022. Sri Lanka has since signed up to an International Monetary Fund rescue package and is working to repair public finances since the government default in April of that year. Wickremesinghe said talks were still ongoing with both bilateral and private creditors to…

ISLAMABAD – A Pakistan court overturned the conviction of former Prime Minister Nawaz Sharif in a corruption case on Wednesday, his lawyer said. Sharif was found guilty in 2018 on charges of corrupt practices in a case linked to his family’s purchase of upscale London flats, and was sentenced to 10 years in jail. The Islamabad High Court announced its decision after the national anti-graft body did not contest Sharif’s appeal for his acquittal, lawyer Azam Nazeer Tarar said. “I had left it to the mercy of God,” the former premier said in comments broadcast live on local TV after…

A Pakistani diplomat said Wednesday that nearly 450,000 Afghan nationals returned to their home country since his government announced two months ago that it would deport all undocumented foreigners. Asif Durrani, Pakistan’s special envoy to Afghanistan, shared the latest data while addressing a seminar in the Pakistani capital, Islamabad. He spoke on a day the United Nations renewed its warning that Afghans returning from Pakistan “face a precarious, uncertain future” in their crisis-hit and impoverished nation. The Pakistani government says its crackdown is primarily targeting an estimated 1.7 million Afghans who have overstayed their visas or do not possess any…

Prime Minister Sheikh Hasina yesterday urged Swiss entrepreneurs to invest in Bangladesh to create a mini Switzerland in the South Asian country. Swiss businesses can invest in Bangladesh in the special economic zones (SEZs), she said, adding, “We will provide lands, and they can make a mini Switzerland here.” The premier made the call when Swiss Ambassador to Bangladesh Reto Siegfried Renggli paid a courtesy call on her at the Prime Minister’s Office. PM’s Press Secretary Ihsanul Karim briefed the reporters later. In response, the ambassador said Swiss companies are interested in investing in Bangladesh, said the press secretary. The…

Larry Ramer, an expert NASDAQ columnist. has selected four of the most promising specialized companies for targeted mergers and acquisitions (SPACs for short), which investors should look at in the near future. ​NASDAQ experts called the project with the investments of Kenges Rakishev and Sergey Ivashkovsky one of the most promising SPAC. At the moment, they are not operating, and their main goal and characteristic is to bring selected private companies to the stock exchange through a merger, rather than a traditional IPO. Stock analysts are holding their breath, waiting for the upcoming deals to be announced, as they predict…

The embassy of Afghanistan in India, which owed its allegiance to the former West-backed government, has announced its closure, saying it would cease operations starting from October 1. The Afghan embassy’s statement on Saturday said it wanted to reach an agreement with the Indian government to ensure that the interests of Afghans living, working, studying and doing business in India are safeguarded. Afghans account for around one-third of the nearly 40,000 refugees registered in India, according to the United Nations’ refugee agency. But that figure excludes those who are not registered with the UN. “There has been a significant reduction…