ICCI organises ceremony to celebrate

Independence Day

ISLAMABAD (NNI): The Islamabad Chamber of Commerce and Industry (ICCI) on Monday organised a ceremony to celebrate the Independence Day. ICCI President Khalid Iqbal Malik, hoisted the Pakistani flag at the occasion. ICCI Senior Vice President Khalid Malik, ICCI Vice President Tahir Ayub, Founder Group Chairman Khalid Javed, ICCI former presidents Muhammad Akram, Mian Shaukat, Muhammad Ejaz, Zafar Bakhtawari as well as a large number of business community including Khalid Chaudhry, Naeem Siddiqui, Mian Ramzan, Nasira Ali and others were present on the occasion. A cake cutting ceremony was also held to celebrate the Independence Day. Speaking at the occasion, the ICCI president said that Pakistan was achieved as an independent country after great sacrifices and every person of the nation has to play effective role for its development. He said, “Pakistan was endowed with lot of natural resources and we as a nation have to work hard to make it a progressive and prosperous country.”

“Business community is playing key role in the economic development of Pakistan and we should redouble our efforts to make Pakistan a dignified nation in the world,” he added.

The ICCI senior vice president said that Pakistan was achieved as an independent country for a great cause. “But we have to still go a long way to fulfil that cause,” he added. The ICCI vice president said that “We as a nation should make strenuous efforts to strengthen the economy of Pakistan and to make it a great country in the world.”

Khalid Javed, Muhammad Akram Farid, Mian Shaukat Masud, Ejaz Abbasi, Zafar Bakhtawari and others also spoke at on the occasion and resolved to play role for making Pakistan a strong economy of the world. Irish consumer sentiment climbs to fresh post-Brexit high in July

DUBLIN (Reuters): Irish consumer sentiment inched up in July to its highest level in 17 months, a survey showed on Monday, on strong economic growth and signs consumers may be a little less worried about the economic impact of Brexit. The KBC Bank Ireland/ESRI Consumer Sentiment Index climbed to 105.1 in July from 105.0 in June, its highest level since February last year, though well below the 15-year high of 108.6 posted in January 2016. Ireland's economy has been the best performing in Europe for the past three years, with unemployment falling sharply and house prices rising. Concerns about neighbouring Britain's vote to leave the European Union last June have weighed on sentiment, but the authors said there were signs concerns were easing. Fears that U.S. President Donald Trump planned tax reform might damage Ireland's foreign-investment dependent economy also appear to be abating, amid a legislative logjam in Washington, said Austin Hughes, KBC Bank Ireland Chief Economist.

"Our sense is that Irish consumers had braced themselves for some fallout from Brexit and/or changed U.S. economic policies but the first half of 2017 has proven notably less traumatic for the Irish economy than may have been feared," he said.

While consumers view of the overall economy was strong, there was a slight fall in consumers' views of their personal financial position in July compared with the previous month.

"Our sense is that this reflects limited income growth and the perception that they are not sharing adequately in the widely heralded economic recovery," Hughes said.


 Euro zone June industry output drops by more than expected

BRUSSELS (Reuters): Industrial output in the 19 countries sharing the euro currency fell by more than expected in June, as the production of capital and durable goods fell following sharp increases in the previous month, European statistics office Eurostat said on Monday. Factory output fell most in Ireland and Malta, while the euro zone's two largest economies, Germany and France also showed a decline. Italy and the Netherlands showed an increase in monthly output, however. Overall, industrial production in the euro area fell by 0.6 percent in June but still increased by 2.6 percent on an annual basis, staying below the 0.5 percent drop forecast in a Reuters poll of 32 economists. After a 2.2 percent monthly rise in May, the production of capital goods, such as machinery, fell by 1.9 percent. The output of durable consumer goods declined 1.2 percent in June following a 1.4 percent rise in May. For May, Eurostat revised its overall estimates downwards by 10 basis points, to 1.2 percent for the monthly and 3.9 percent for the annual reading.



Sudan's inflation tops 34pc in July after US defers sanctions ruling

KHARTOUM (Reuters): Sudan's annual inflation rate rose to 34.23 percent in July from 32.63 in June, the central statistics office said on Monday, partly reflecting the postponement of a U.S. decision on whether to lift economic sanctions permanently. The Sudanese pound has weakened and prices have climbed since the United States said on July 11 it was deferring the sanctions decision for three months. "The prices are increasing on a daily basis, and we can't live like this. Our income is the same ... and the government doesn't care about the people, and we don't know what will happen or what we should do to be able to live," said Rabab Ahmed, a 38-year-old day labourer. Sudan says it has complied with all U.S. demands for lifting sanctions over human rights and other issues, which have been in place for 20 years and have hobbled the economy. Former US President Barack Obama temporarily lifted the sanctions for six months in January, suspending a trade embargo, unfreezing assets and removing financial sanctions.

 But the United States said in June it was still "very concerned" about human rights.

    Sudan's economy has struggled since the south seceded in 2011, taking with it three-quarters of the country's oil output, its main source of foreign currency and government income.

    The government cut fuel and electricity subsidies in November in a bid to tighten its finances. Petrol prices rose by about 30 percent, leading to broader inflation.