Ahsan Iqbal visits Pakistan Stock Exchange

Pakistan Stock Exchange (PSX) held a Gong Ceremony to formally welcome Ahsan Iqbal, Federal Minister for Planning, Development, and Special Initiatives. The gong was struck by the Minister to open the trading day.

Present on the occasion were PSX Chairperson Dr. Shamshad Akhtar, MD & CEO of the Exchange Farrukh Sabzwari, PSX Board Members, PSX Management, senior bankers, members of the capital market fraternity, key stakeholders, and distinguished guests.

Dr. Shamshad Akhtar welcomed the distinguished guests, stating, “Ahsan Iqbal has been a voice for developing countries at the United Nations,” and praised his contributions to global and national economic progress. She highlighted PSX’s remarkable performance, noting the crossing of the 100,000-point mark last week as a testament to Pakistan’s potential.

Ahsan Iqbal congratulated the PSX Board and Management. “Crossing the 100,000 mark in the KSE-100 Index showcases Pakistan's potential to the world. It is a moment of pride that highlights Pakistan’s economic resilience,” he said.

He emphasized that the government's economic policies have steered the country towards stability. "Inflation has dropped from 38% to below 5% in two years, and the stock market has soared from 30,000 to 100,000 points," he stated.

Prominent representatives from brokerage houses, asset management companies, and senior bankers attended the ceremony, which also served to recognize the collective efforts of all stakeholders in achieving this significant milestone.

Saudi-French Investment Forum begins in Riyadh today

“Invest in Saudi Arabia" will host the Saudi-French Investment Forum in Riyadh on Tuesday. The forum, under the slogan "Saudi Vision 2030 - France's Plan 2030: Mutual Investment across Visions", is being held on the occasion of the state visit of French President Emmanuel Macron to Saudi Arabia, the Saudi Press Agency reports.

The forum will include dialogue sessions bringing together Saudi and French ministers; senior executives, and prominent business leaders from both countries. They will discuss partnership opportunities between the two countries, long-term cooperation, innovation, and mutual growth in vital sectors.

The speakers will also address topics of critical importance to the future of both countries, including leveraging digital transformation, advancing green energy initiatives, and enhancing cultural exchange.

The forum is an extension of the remarkable achievements made in investment relations between the Kingdom and France, as France is the largest source of foreign direct investment (FDI) flows to the Kingdom among the G20 countries. The FDI flows from France to Saudi Arabia amounted to more than SR11.2 billion in 2023.

The French companies obtained 503 investment licenses in the Kingdom and these included 117 licenses issued during the year 2024, of which 33 companies have regional headquarters in the Kingdom

Trump tariffs could impact US tanker trades

US President-elect, Donald Trump, has threatened to slap 25% tariffs on neighbours, Canada and Mexico, until such time as the flow of drugs and migrants stops. Since Canada to the north and Mexico to the south both supply large volumes of crude oil to US markets, there are far-reaching implications for the North American energy market.

Analysis by London shipbroker, Gibson, notes that Canada’s exports to the US of more than four million barrels of heavy crude a day move mostly through pipelines and would therefore be difficult to redirect.

About three quarters of the Canadian crude goes to the midcontinent region of the US, Gibson said, where refineries are geared up for these heavy grades. There is no ready alternative source of crude oil and refiners would have few options but to pay the tariff and pass the cost on to consumers, or cut refinery runs.

If Trump were to proceed with the tariffs, Canadian oil producers would have few options for other markets, Gibson said.

The Trans Mountain Expansion (TMX) pipeline, opened in May, has doubled Canadian seaborne exports but spare capacity is limited.

About 175,000 barrels a day of TMX crude that currently goes to the US west coast could be redirected to Asia but these barrels would have to be replaced with supplies from Latin America or the Middle East, driving up ton-mile demand.

For Mexico, the situation is less complex, Gibson said. All of that country’s exports move by sea and European and Asian refiners could take up more Mexican oil if US demand fell.

This would boost ton-mile demand and could generate more business for larger tankers on long hauls. However, Gibson warned that vessels currently ballasting from east of Suez Canal to the US Gulf might well ship these cargoes, lessening the impact.

The shipbroker concludes that it is difficult to see the tariffs being enacted in their present form because they would raise costs for US consumers.

The broker notes that the President-elect has used tariffs as a negotiating ploy in the past.

Canadian Prime Minister Justin Trudeau dined with Trump at his Mar a Lago estate on Friday evening. The two men were said to have had a productive meeting and an ‘excellent conversation’.

Courtesy: Seatrade Maritimes News

Pezeshkian slams intervention in West Asia

Iranian President Masoud Pezeshkian underscored the vital need for regional cooperation to establish security in West Asia, asserting that foreign interference is unwarranted.

During a joint session of the government and parliament on Sunday, President Pezeshkian conveyed Iran's peaceful intentions, emphasizing that the nation is not looking for conflict or violence. 

He chastised the Western countries for their double standards, which hypocritically claim to champion human rights and peace, pointing out that they are the true instigators of war and violence.

Addressing the ongoing conflict in Gaza, Pezeshkian expressed his horror at the actions of the Israeli regime. 

"For me, as a human being, regardless of my position, it is unimaginable that a regime would allow itself to drop multi-ton bombs on women, children, and defenseless civilians in hospitals and schools," the Iranian president stated.

He expressed sorrow over the deaths of more than ten thousand children in the conflicts in Gaza and Lebanon, condemning the passive response of those claiming to defend human rights. 

Pezeshkian denounced the role of the United States and European nations in the tragic events in Gaza and Lebanon, calling it shameful that these powers provide support and arms for such actions. 

Iranian President clarified that Iran harbors no intentions of territorial expansion against its neighbors. 

He noted Iran's efforts to resolve misunderstandings in bilateral relations, asserting that the situation in the region has improved. 

He emphasized regional unity against Israeli aggression, stating, "This is the first time all countries in the region have come together to condemn Israel's actions against Iran, and I commend our neighbors for this rightful stance," referring to the Israeli airstrikes on Iranian territory on October 26, 2024.

 

Trump: The New Pharaoh

On Sunday morning when I logged in to my LinkedIn account, it was filled with a post on US president-elect Donald Trump. The gist of this post was, “Any country that joins or trade in BRICS currency will have to face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy”.

I was not surprised to read Trump’s post because he has been elected with the votes and financial support of military complexes, oil companies and Wall Street mafia. He has been given mandate to bring the entire world under the US hegemony.

Americans have attained this mindset because rest of countries, including some of the global and regional powers have proved spineless. The biggest evidence of this feebleness in the ongoing genocide by Israel in Gaza, to date nearly 45,000 people mostly women and children have been killed. Remember the munitions is being supplied by the United States, which has been also vetoing UN resolutions.

The time has come all the nations join hands to end the US hegemony. If Japan, Germany, China, Singapore and Malaysia can become economic might and Iran can survive and prosper with more than four and half decades of economic sanctions, there is no need to be afraid of US onslaught. Defeat is the ultimate destination of the United States.