S&P drops debt downgrade warning for Catalonia

WASHINGTON (AFP): S&P has dropped the downgrade warning for the debt of the Catalan region of Spain, saying the provincial govt's financial situation was stable even while the political confrontation persists. S&P also affirmed Catalonia's B+/B rating and maintained the negative outlook given the "deterioration of the relationship" between Madrid and the new provincial govt, elected last week. While political tensions remain a "major hurdle" to debt payments, S&P removed the region's debt from the CreditWatch negative, which was imposed in early Oct, meaning a downgrade was now no longer seen as a threat. The ratings agency Fitch had also put a warning on Catalan govt debt in Oct as tensions with Madrid escalated amid the region's push for independence. "Despite continued political tension, Catalonia's budgetary execution continues to improve and the region continues to receive liquidity support from the central govt to service long-term debt, while rolling over its short-term debt as it comes due," S&P said in a statement.

But the agency cautioned that the outlook remained negative, reflecting "the possible adverse impact on Catalonia's ability to fully and timely service its debt because of ongoing political tension."

S&P said it saw no indication of how the impasse could be resolved and that the situation was likely to "drag on in the medium to long term."

Catalonia's new separatist leader, Quim Torra, was sworn in last week ending nearly seven months of political limbo in the northeastern Spanish region.

The region had been under direct rule from Madrid since the central government deposed Catalan president Carles Puigdemont following a failed declaration of independence on October 27.

Catalonia is a major engine for growth, accounting for around 19 percent of the country's GDP, and the confrontation was Spain's worst political crisis in decades.

Businessmen eager to cement economic ties with Russia: FPCCI

ISLAMABAD (INP): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said the business community of Pakistan is eager to improve trade and economic relations with Russia. Pakistan and Russia are in various business deals worth over $10 billion which will take bilateral relations to new heights, said Mazhar Ali Nasir, SVP FPCCI, while talking to Russian trade officials at the sidelines of the 22nd St. Petersburg International Economic Forum (SPIEF). Vice President FPCCI Atif Ikram Sheikh, Chairman Coordination Malik Sohail, and Director General South Asian Strategic Stability Institute Dr Maria Sultan were also part of the delegation attending SPIEF. Pakistan and Russia have been trying to open a new chapter in their bilateral relations and the visit of FPCCI’s delegation is part of the efforts to increase bilateral trade, Nasir told the leaders of different Russian Chambers of Commerce.

He said that fifteen thousand delegates from seventy-two countries are attending the forum while business deals worth 100 billion dollars have been finalised.

Mazhar Ali Nasir said that Pakistan and Russia have taken a pro-active approach to take the relationship forward and look for realizing the potential in economic cooperation.

Malik Sohail said that SPIEF is an important event, therefore, France's President Emmanuel Macron, Russia's President Vladimir Putin, Japan's Prime Minister Shinzo Abe, China's Vice President Wang Qishan, and International Monetary Fund Managing Director Christine Lagarde are among the noted participants.

India has a good presence at the forum while African countries have also established their pavilions but Pakistan’s government has ignored the forum which is amazing, he added.

Railways minister inaugurates Sahiwal, Yusufwala stations today

LAHORE (APP): Pakistan Railways Minister Khawaja Saad Rafique will inaugurate newly constructed state of the art railway stations of Sahiwal and Yusufwala on Sunday (today). During his visit to the section, he will also inspect construction work at Raiwind railway station where about 85 per cent work has been completed. The minister will be given briefing by the sister department REDEMCo at Okara railway station. Pakistan Railways Chairman Javaid Anwar, CEO Aftab Akbar and other senior officers will accompany him during his visit. The PR minister along with Federal Minister Ahsan Iqbal will also inaugurate railway station of Narowal on Monday. Minister declared modernstations as gift for the citizens of the area, adding that day and night work was ongoing for the progress of the railways infrastructure. He informed that an amount of Rs 210.8m had been spent on the construction of Sahiwal railway station, Rs 104m on Yusufwala and Rs 359.8m had been spent on the construction of Narowal railway station.

It is pertinent to mention here that an amount of Rs 5.12 billion has been spent over all on the construction of infrastructure for coal supply to Sahiwal coal power plant at Yusufwala where a state of the art railway station with modern facilities for the staff has been constructed.

Raiwind railway station is being constructed by the National Logistic Cell (NLC) which started the work on November 15, 2016. As many as two water filtration plants at each railway station have also been installed to provide filtered drinking water to passengers.

WEFC a positive step for empowering women, says FWCCI president

FAISALABAD (APP): Women Employment Facility Center (WEFC) is a positive step for empowerment of women and such centers should also be opened immediately in other major cities of Punjab including Faisalabad. Appreciating the decision to establish 'Job Asaan' WEFC, Rubina Amjad, president Faisalabad Women Chamber of Commerce & Industry (FWCCI), said that the women are 48 percent of our total population and therefore they could not be kept away from the process of development. She said that due to various social reasons, they are not allowed to work and their isolation is a major setback in the growth of the national economy. She said that the educated female entrepreneurs must play their role in breaking the spell that women should remain restri cted to their houses. She said that the women who are performing their duties as employees or doing their own business are actually performing Jihad.

"Their proactive participation in all walks of life including trade and economic activities will expedite the process of growth and development at the grass root level", she said.

She expressed satisfaction that society has also realized the importance of women being an equal partner of our society and they should also contribute their role in the economic development of Pakistan.

She said that FWCCI is taking various steps to convince women to start their own business instead of running after jobs. For this purpose a favorable climate must be provided and hence our society should also contribute its positive role to pay due respect to the working ladies.

Rubina Amjad lauded the steps taken by the Punjab government to involve women in the economic activities. She welcomed the establishment of first WEFC in Lahore and demanded that the second center should be opened in Faisalabad so that the educated girl students of this city could also use it to get appropriate jobs.