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Foreign Direct Investment in Pakistan plunges 24% to $223 million in October

Pakistan has reported fall in the net foreign direct investment (FDI) in different sectors like power, communications and oil and gas exploration.

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Foreign Direct Investment in Pakistan plunges 24% to $223 million in October
GNN Media: Representational Photo

The FDI dropped 24% to $223 million in October 2021 and stood at $293 million in the same period of the previous fiscal year, the State Bank of Pakistan (SBP) reported on Wednesday.

Cumulatively, in the first four months (July-October) of the current fiscal year 2021-22, FDI inflows dropped 12% to $662.1 million compared to $750.6 million in the same period last year.

The drop in foreign direct investment has placed a big question mark over the investment climate in the country.

According to economic experts, a decline in foreign investment can be attributed to volatile currency during the period.

According to Bloomberg, Pak rupee has become Asia’s worst performer in the past six months.

The government earlier predicted that Pakistan’s economy will slowly and gradually gain growth momentum, which should encourage foreign investors to invest in new projects, however, the figures do not support the claim.

The overall weak global trends were also responsible for the tepid FDI inflows into Pakistan.

Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Pakistan

Nasla Tower demolition: Police baton-charge protesters

The protestors tried to enter the building to halt the demolition process

Published by Siddra Sumreen

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Nasla Tower demolition: Police baton-charge protesters

Karachi: Police have fired tear gas shells and baton-charged at protesters near the Nasla Tower shortly after authorities deployed a heavy contingent of anti-riot and anti-encroachment personnel at the building.

According to details, residents of the area stage protest against the demolition of the residential building located in Sindhi Muslim Society, recently declared illegal by the Supreme Court. 

The protestors tried to enter the building to halt the demolition process of the building. The police tried to stop the protestors and later restored to baton-charge and fired gas shells as the protestors kept on coming.

The deputy chairman ABAD and several other people got injured in the shelling.

The tear gas also affected houses in the locality and hampered road traffic on the Sharae Faisal.

The protest came after the Supreme Court (SC) gave a one-week deadline to demolish the Nasla Tower. Chief Justice of Pakistan (CJP) Justice Gulzar Ahmed took up the case at the SC Karachi registry. During the hearing, the court was informed by the Karachi commissioner that 200 people are working on demolishing the tower.

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Pakistan

Pakistan reports 411 new coronavirus infections, 7 deaths in 24 hours

As per National Command and Operation Center (NCOC) stats, the country logged seven fatalities from coronavirus in a single day

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Pakistan reports 411 new coronavirus infections, 7 deaths in 24 hours

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 0.92% with 350 new cases. 

Around 350 fresh coronavirus cases emerged while 7 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,704.

According to the latest figures issued by the National Command and Operation Center (NCOC), 350 persons were tested positive for COVID-19 in the past 24 hours.

The total number of cases has reached 1,283,886.

As many as 1,241,589 patients have recovered from the disease.

 

Punjab

The number of patients swelled to 442,876 in the province with 13,015 causalities.

 

Sindh

The number of infections has surged to 475,097 in the province, while the death toll has reached 7,620.

 

Khyber Pakhtunkhwa

The confirmed cases have surged to 179,888 in the province with 5,830 casualties.

 

Balochistan

There are 33,471 confirmed cases while 359 patients have died from the infection so far.

 

AJK and Gilgit-Baltistan

There are 34,542 coronavirus cases in the AJK while the death toll has reached 742. On the other hand, there are 10,411 cases in GB with 186 coronavirus deaths.

 

Islamabad

There are 107,601 cases in the capital city while 952 people have lost their lives.

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Health

New Covid variant triggers global alarm, stock markets tumble

Authorities around the world reacted with alarm on Friday to a new coronavirus variant found in South Africa, with the EU and Britain among those tightening border controls as researchers sought to establish out if the mutation was vaccine-resistant.

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New Covid variant triggers global alarm, stock markets tumble

Hours after Britain banned flights from South Africa and neighbouring countries and asked travellers returning from there to quarantine, the World Health Organization (WHO) cautioned against hasty travel bans.

"It's really important that there are no knee-jerk responses here," said the WHO's emergencies director Mike Ryan, praising South Africa's public health institutions for picking up the new variant of the virus that causes COVID-19.

"Because we've seen in the past, the minute that there is any mention of any kind of variation, then everyone is closing borders and restricting travel."

 The WHO said it would take weeks to determine how effective vaccines were against the variant. read more

South Africa's Health Minister Joe Phaahla called the travel restrictions "unjustified", though he also said preliminary studies suggested the new variant may be more transmissible.

European Commission chief Ursula von der Leyen said the EU also aimed to halt air travel from the region. Several other countries including India, Japan and Israel toughened curbs. read more

"It is now important that all of us in Europe act very swiftly, decisively and united," von der Leyen said. "All air travel to these countries should be suspended until we have a clearer understanding about the danger posed by this new variant."

In Washington, top U.S. infectious disease official Anthony Fauci said no decision had been made on a possible U.S. travel ban. There was no indication that the variant was in the United States, and it was unclear whether it was resistant to current vaccines, he told CNN. read more

The news nonetheless pummelled global stocks and oil, which plunged 10%, on fears that new restrictions would hit the travel industry and already shaky economies across southern Africa. read more

'MOST SIGNIFICANT VARIANT'

The variant has a spike protein that is dramatically different to the one in the original coronavirus that vaccines are based on, the UK Health Security Agency said, raising fears about how current vaccines will fare.

"As scientists have described, (this is) the most significant variant they've encountered to date," British Transport Secretary Grant Shapps told Sky News.

In Geneva the WHO - whose experts on Friday discussed the risks that the variant, called B.1.1.529, presents - warned against travel curbs for now. read more

It would take several weeks to determine the variant's transmissibility and the effectiveness of vaccines, WHO spokesperson Christian Lindmeier said, noting that 100 sequences of it had been reported so far.

British health minister Sajid Javid said the sequence of the variant was first uploaded by Hong Kong from someone travelling from South Africa.

"It is highly likely that it has now spread to other countries," Javid told lawmakers.

SOURCE: REUTERS

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