RemotePass’ Post

Pakistan's influential, affluential core strategy is our young people being forced to flee at whatever cost, while their family remain hostages here thus forcing them to send remittance even if it condemns them to a life of misery, suffering. A $ 6 figure earning engineer in USA is keeping a family of 20 in Federal B afloat including financing his sibling's 3 disabled children while his wife is forced to use coupons to scrape through groceries in America. If our diaspora found family immigration to be easier, or found easier resident permits at least as with the UAE Golden Visas and they also became more financially literate, savy such that they would think a hundred times before bringing capital to Pakistan for some DHA plot deal, then expect the rich and powerful to face a challenge to the assumptions of their strategy. No nation long term can run like this. Our PKR was stable because even a Prince Karim Aga Khan, HBL bank's major shareholder and a powerful royalty like figure with a net worth of $20 billion couldn't repatriate his dividends so instead bought more shares. Only real growth led by private sector such as Engro Dairy, wealth creation of the kind where we integrate into the oceans of opportunity in a globalized world can change our unhealthy dynamic with PKR Exchange Rate. If the average wealth, GDP per capita in Pakistan was growing many many times faster, no sensible person would be using USD to PKR as the metric to gauge nation's economic health. Indonesia, Japan, Vietnam all have weak currencies. They (Tiger Asians) are highly productive. Instead of moving up the dairy value chain to fermented products such as Kefir, a range of quality cheese, yogurts and the like, in recent budget we murdered documented packaged milk's corporate farming some more while its market share is a paltry 10%. How would we get more FX investment from existing foreign players like Dutch's largest dairy cooperative Friesland if our entire approach is keeping the artificial illusion of stable PKR with danda instead of helping private sector grow the economic pie like Park Chung Hee of South Korea's guiding hands and its influence on private enterprises like Samsung.

Today's news; Smuggled Nigerian petrol floods W’African markets, sells N1,700/litre Minimum wage: Labour insists on N250,000, awaits Tinubu’s verdict Click on the link to get full insights and more news👉🏾 rb.gy/0lp41l Subscribe to get updates like this sent directly to your mailbox 📫 🔔 #TradingTuesday #FinanceNews #NewsUpdate #Newsupdate #FinancialConsultancy #FinancialMarket

The month-on-month drop could be attributed to the peso's having strengthened to P56-P57 against the dollar compared to P58:$1 in July. This lowered the peso value of OFW remittances but slightly boosted year-on-year growth. For the coming months, single-digit/modest growth in OFW remittances could still continue as OFW families still need to cope up with relatively higher inflation locally that would require the sending of more remittances. https://lnkd.in/gAGGWvCn

Minimum wage: NLC declared strike in Oyo FCT and 13 other States from on Monday A devastating fire broke out in the Idumota Market in Lagos State, Raging fire late Friday night destroyed several buildings used as shops for sales of car spare parts at Idumota, under bridge, in the Ebute-Ero area of Lagos Island, destroying properties worth millions of naira. Vanguardngr.com reports, the fire broke out at about 11 p.m. and destroyed properties worth several millions of naira with no record of any loss of life before the intervention of rescue team. Men of the Federal and Lagos State Fire and Rescue Service, Lagos State Emergency Management Agency, LASEMA, and Nigeria Police, among others, were at the scene to put the fire under control. Permanent Secretary, LASEMA, and Director, Lagos State Fire Service, Margaret Adeseye, confirmed the incident. According to Oke-Osanyintolu, “On arrival of the LASEMA Response team at the incident scene, it was discovered that multiple buildings used as shops for sales of car spare parts were found engulfed by fire at the aforementioned location". The Lagos State Fire Service and other emergency responders were deployed to the scene to combat the fire and prevent it from spreading to other parts of the market. The cause of the fire is yet to be determined, but investigations are ongoing. The Idumota Market is one of the busiest markets in Lagos State, with thousands of traders and customers frequenting the area daily. The fire has left many traders counting their losses, with some estimating that goods worth millions of Naira were destroyed in the blaze. The Lagos State Government has been called upon to provide support to the affected traders and to take measures to prevent such incidents in the future. The government has also been urged to investigate the cause of the fire and to hold those responsible accountable. The fire outbreak in the Idumota Market has caused significant damage and disruption to the traders and customers who frequent the area. The Lagos State Government must take swift action to support the affected traders and to prevent such incidents in the future.

The recent growth of bunker trading activity witnessed in the Middle East has been highlighted in the results of a new salary survey https://lnkd.in/gqDyCEgR #bunkerfuel

#Nigeria – Forex depletion and record high food price inflation indicate more disruptive strike action looms. ⚠️ Which #economic sectors are at highest risk of #disruption if the labour strike resumes? 🏦 Is the federal government planning to rob the #centralbank of its independent mandate? 🤔 Why are Nigeria’s #forex reserves depleting so fast even while revenues are rising? Our Insight Members can download the full briefing through the link in the comments section. #BolaTinubu #Abuja #NigeriaStrike #NLC #TUC #CBN #WaleEdun #riskforecasting #PangeaRisk 

Remittances increased by 13% YoY to $ 2.2bn during Feb’24 Remittances by overseas Pakistanis increased by 13% YoY to USD 2.2bn during Feb'24 compared to USD 2.0bn during Feb’23. On MoM basis, remittances decreased by 6% (Jan’24: USD 2.4bn). During 8MFY24, remittances went down by 1% YoY to USD 18.1bn as compared to 18.3bn in 8MFY23. #remittances #SBP #Pakistan #Economy #AHL

Business News BREAKING: New minimum wage to be effected from May 1, 2024, says FG The federal government has reassured workers that despite that the Tripartite Committee on National Minimum Wage has not concluded its discussions, they will not experience any loss, as the new minimum wage is scheduled to take effect from May 1, 2024. https://lnkd.in/dtQar8kp 105 fintech accounts frozen over alleged money laundering Nine fintech companies have frozen 105 accounts allegedly involved in unauthorised foreign exchange dealings, money laundering, and terrorism financing. https://lnkd.in/dPXTBhTs Kenyan president expects fresh $1 billion IMF disbursement as economy improves Kenyan President William Ruto is confident of a positive response from the International Monetary Fund (IMF) for a $1 Billion disbursement citing an improving Kenyan economy which averted a major debt crisis earlier in the Year. https://lnkd.in/dtj4s8UU Jaiz Bank, ICD Sign $20m Agreement To Boost Capital Operation Nigeria’s first non-interest Bank, Jaiz Bank has signed a $20 million Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD)to boost its capital operation in Nigeria. https://lnkd.in/dsn4jwaS TUC gives NERC one week to reverse electricity tariff hike The President of the Trade Union Congress, Festus Osifo, on Wednesday, said it was unethical for Nigerians to pay high electricity tariffs. The TUC also urged the Nigerian Electricity Regulatory Commission to reverse the increase in electricity tariff within one week. https://lnkd.in/dapremta Lydia Amobi-Offor Ola Belgore ACIArb Damilola Hassan Michael Abiodun Thomas #business #finance #funding #financing #investment #tax #stocks #electricity #banking #capitalmarkets #economy #growth #investment #investing

April worker remittances up by 30% to 2.8 Billion USD Which makes the consolidated inflows As of April to 23.8 Billion USD ( Up by 3.5% YoY Basis). I believe still a major chunk taking the routes of grey market for the Payment settlement of Illicit goods particularly Iranian Oil & Cigarettes etc. Keeping in view Eid real inflows, these figures could have been to 2x. These grey markets (Hawala/Hundi) not only hurting Country's financial position badly but at the same time undermining expats potential in safeguarding our dwindling economy.