2023 China International Big Data Industry Expo confirmed 93 enterprises to participate in the exhibition including Huawei and Alibaba

GUIYANG, China, March 20, 2023 /Xinhua-AsiaNet/– On March 17, it is learned from the exhibition group of 2023 China International Big Data Industry Expo Executive Committee that so far 93 enterprises including China Electronics Corporation, Huawei and Alibaba have confirmed to participate in the Expo, which will be held from May 26th to 28th this […]

GUIYANG, China, March 20, 2023 /Xinhua-AsiaNet/– On March 17, it is learned from the exhibition group of 2023 China International Big Data Industry Expo Executive Committee that so far 93 enterprises including China Electronics Corporation, Huawei and Alibaba have confirmed to participate in the Expo, which will be held from May 26th to 28th this year.

China International Big Data Industry Expo 2023

The Expo exhibition group general contact Luo Geng introduced that this year the Expo will set up six offline theme exhibition halls, including international pavilion, east number west calculation pavilion, digital industry pavilion, industry digital pavilion, innovation scene pavilion and digital life pavilion. The Expo plans to attract 320 enterprises to exhibition, focusing on new technologies, new products, new plans, new applications of big data field, and the exhibition area covers 60,000 square meters. The Expo exhibition group has issued invitations to big data industry-related enterprises to participate. Now, 93 enterprises have been confirmed to participate in the exhibition, including 12 international enterprises and 81 domestic enterprises.

The Expo will roll out professional customized exhibition routes. Focusing on the needs of enterprises and the hot areas of the industry, the professional customized exhibition routes will be designed such as “east number and west calculation”, data element circulation, intelligent manufacturing, data security, smart city and cloud services and so on.

For more information, please visit: https://www.bigdata-expo.cn/

Source: 2023 China International Big Data Industry Expo Executive Committee

Image Attachments Links:

Link: http://asianetnews.net/view-attachment?attach-id=439105

 

Current Account Deficit Shrinks by 86% in February to $74 Million

Pakistan’s current account deficit (CAD) decreased by 86 percent on a year-on-year (YoY) basis to clock in at $74 million in February 2023, data released by the State Bank of Pakistan (SBP) showed on Monday.The country recorded a current deficit of $0….

Pakistan’s current account deficit (CAD) decreased by 86 percent on a year-on-year (YoY) basis to clock in at $74 million in February 2023, data released by the State Bank of Pakistan (SBP) showed on Monday.

The country recorded a current deficit of $0.52 billion during the same period of the previous fiscal year (FY22). At $74 million, this monthly deficit is the lowest in 24 months, according to Arif Habib Limited.

The current account deficit decreased by 68 percent YoY basis to clock in at $3.86 billion in July-February FY2022-23 (8MFY23), compared to the $12.07 billion recorded in the first eight months of FY22.

On a month-on-month (MoM) basis, the current account deficit decreased by $0.16 billion or 68 percent to $0.074 billion, compared to the $0.23 billion recorded in January 2023.

Import/LCs issue

The low CAD is on the back of import restrictions imposed by the government. The restrictions have been in place since June 2022 and since then, restrictions on letters of credit (LCs) have crippled a number of industries dependent on imports.

Source: Pro Pakistani

Pakistan’s IT Exports Register 3% Decline in February

The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by over 1.7 percent during the first eight months of the current fiscal year 2022-23 and remained $1.718 billion compared with $1.6…

The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by over 1.7 percent during the first eight months of the current fiscal year 2022-23 and remained $1.718 billion compared with $1.689 billion during the same period of the last fiscal year.

According to the official data, on a year-on-year (YoY) basis, the sector exports remittances decreased by around 3 percent to $195 million in February 2023 compared to $201 million in February 2022.

On a month-on-month basis, the sector exports remittances increased by 2.5 percent when compared to $190 million in January 2023.

The ICT export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.618 billion, a growth rate of 47.43 percent in the fiscal year 2021-22 (FY22) compared to $2.108 billion in the fiscal year 2020-21 (FY21).

The Ministry of Information Technology and Telecommunication officials stated that despite persistent ease of doing business challenges and increase in the cost of doing business, ICT export remittances of $1.718 billion have been realized by the IT and ITeS Industry during the period July 2022 to February 2023 of the fiscal year 2022-23 (FY23).

The IT ministry had envisaged that the IT exports target of $5 billion would be achieved by June 2023. However, the ministry has warned the government that on account of the non-implementation of agreed incentives, lack of consistency in policies, as well as, without resolving the tax and banks-related issues, the telecom sector exports remittances may suffer besides compromising its digital vision.

Source: Pro Pakistani

IMF Has Not Made Any Demand Regarding Pakistan’s Nuclear Program: Dar

Finance Minister Ishaq Dar clarified on Monday that neither the International Monetary Fund (IMF) nor any other country has attached any other conditionality or made any demand from Pakistan concerning its nuclear capability.In a press statement, the f…

Finance Minister Ishaq Dar clarified on Monday that neither the International Monetary Fund (IMF) nor any other country has attached any other conditionality or made any demand from Pakistan concerning its nuclear capability.

In a press statement, the finance minister said that the delay in the IMF staff-level agreement is purely due to technical reasons, for which the government is continuously engaged with the IMF to conclude the deal at the earliest.

The minister added that his response to a query regarding reasons for the delay in the IMF program is being quoted out of context.

Clarifying further he said that his comments about Pakistan’s nuclear program were in response to a colleague senator’s specific question, wherein, I emphasized that Pakistan has the sovereign right to develop its nuclear program, as it best suits our national interests, without any external dictation, which, by no means should in any way whatsoever be linked with the ongoing negotiations with the IMF.

It is pertinent to mention here that a day earlier, IMF dismissed the speculation that it wants Pakistan to abandon its long-range nuclear weapons program.

“Regarding recent speculation that program discussions with the authorities for the ninth review under IMF-supported program may have covered Pakistan’s nuclear weapons program, I want to be categoric that there is absolutely no truth to this or any insinuated link between the past or current IMF supported programs and decisions by any Pakistani government over its nuclear program,” the lender’s Resident Representative Esther Perez Ruiz said in a statement.

Source: Pro Pakistani

Gold Price in Pakistan Decreases by Rs. 1,000 Per Tola to Rs. 207,300

Gold prices in Pakistan decreased on Monday after international rates retreated following early-day gains to above $2,000 per ounce.According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 car…

Gold prices in Pakistan decreased on Monday after international rates retreated following early-day gains to above $2,000 per ounce.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 1,000 per tola to settle at Rs. 207,300. Similarly, the price of 10 grams of gold decreased by Rs. 858 to settle at Rs. 177,726.

Meanwhile, domestic silver prices were largely stable at Rs. 2,250 per tola and Rs. 1,929 per 10 grams.

Earlier today, international gold prices shot past $2,000 per ounce for the first time since March 10, 2022, as banking crises in the United States and Europe stirred panic across commodity markets.

Spot bullion’s early-day gains came as markets and investors around the world were uncertain about the banking industry’s future. At around 1:30 PM Pakistan time, gold returned to $1,999. However, the market situation remains extremely volatile and will continue until the US Federal Reserve announces its decision on whether or not to hike interest rates again on Wednesday.

The Bloomberg Dollar Spot Index remained stable after falling 0.6 percent the previous week. A stronger dollar is bad for commodities like gold that are priced in US dollars. This essentially means if current trends persist, the greenback is a safer bet as an investment as compared to gold.

In the current scenario, gold price volatility is expected to last only until more clarity emerges on the situation of Credit Suisse, Asia’s second-largest wealth manager, and if its merger calms down stocks and the rest of the world’s markets.

Source: Pro Pakistani

OECD’s Assessment Team Visits FBR

The Directorate General of International Taxes, Federal Board of Revenue (FBR), received Global Forum’s (OECD) Assessment Team at FBR Headquarters in Islamabad.The Assessment Team conducted the on-site visit of Pakistan under the Second Round of Peer R…

The Directorate General of International Taxes, Federal Board of Revenue (FBR), received Global Forum’s (OECD) Assessment Team at FBR Headquarters in Islamabad.

The Assessment Team conducted the on-site visit of Pakistan under the Second Round of Peer Review on the Exchange of Information scheduled from March 13th to March 16th, 2023.

During the on-site visit, the team held meetings with different stakeholders of the review including the Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), Financial Monitoring Unit, and Trust authorities under the Trust Act, 2020 among others.

The Peer Reviews of the Exchange of Information of member jurisdictions are conducted by OECD’s Global Forum on Transparency & Exchange of Information for tax purposes. As a member of Global Forum, Pakistan is also committed to undergoing these Reviews.

During the said visit, the team appreciated the efforts and hard work put in by Pakistan to streamline the legal and administrative framework of Pakistan in line with the standards of Exchange of Information set by OECD’s Global Forum under Terms of Reference (2016). The final report of the review will be issued after approval from the Peer Review Group of Global Forum.

Source: Pro Pakistani

Pakistan Borrowed $7.4 Billion in First 8 Months of FY23

The government has borrowed $7.407 billion from multiple financing sources during the first eight months (July-February) of 2022-23 (FY23) compared to $12.178 billion borrowed during the same period of last fiscal year.The Economic Affairs Division dat…

The government has borrowed $7.407 billion from multiple financing sources during the first eight months (July-February) of 2022-23 (FY23) compared to $12.178 billion borrowed during the same period of last fiscal year.

The Economic Affairs Division data shows that the government has budgeted foreign assistance of $22.817 billion for the current fiscal year including $7.5 billion from foreign commercial banks.

The government procured $1.271 billion in external loans in February 2023. The country received $538.42 million under the head of Naya Pakistan Certificate during the first eight months of the current fiscal year including $72.07 million in February 2023.

The country received $3.852 billion from multilateral, $949.66 million from bilateral, and $1.166 billion from IMF during July-February FY23. The non-project aid was $6.084 billion including $5.124 billion for budgetary support and project aid was $1.322 billion.

Asian Development Bank (ADB) disbursed $1.929 billion during the period under review compared to the budgeted $3.202 billion for the entire fiscal year. ADB disbursed $12.85 million in February 2023.

China disbursed $54.93 million during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year, however, no money was received in October, November, December, January, and February. Saudi Arabia disbursed $782.28 million against the budgeted $800 million. The US disbursed $20.83 million during the period under review against the budgeted $32.49 million for the current fiscal year. Korea disbursed $19.79 million and France $27.36 million during the first eight months of the current fiscal year.

The IDA disbursed $1.019 billion against the budgeted $1.4 billion during the first eight months including $338.63 in February, IBRD $135.02 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $16.81 million against the budgeted $3.38 million for the current financial year. IsDB (Short-term) disbursed $161 million in the current fiscal year. AIIB has disbursed $539.02 million in the current fiscal year so far.

The country borrowed $900 million from foreign commercial banks during the first eight months of FY23 including $700 million in February, shows the Economic Affairs Division data.

The country also received $1.166 billion from the International Monetary Fund (IMF) during the period under review.

Source: Pro Pakistani