Tribune Media Company, formerly known as Tribune Company, was an American multimedia conglomerate headquartered in Chicago, Illinois. It was one of the largest television broadcasting companies in the United States, owning 39 television stations and operating additional stations through local marketing agreements. It also owned national basic cable channel WGN America, regional cable news channel Chicagoland Television (CLTV), and Chicago radio station WGN. Tribune Media had investment interests in the Food Network and was previously a major newspaper publisher with ten daily newspapers, including the Chicago Tribune and Los Angeles Times.

The Express Tribune is the first internationally affiliated newspaper in Pakistan. Partnered with The International New York Times – the global edition of The New York Times – the paper caters to the modern face of Pakistan. With its groundbreaking layouts created by an international award winning designer, the paper offers a stimulating visual experience designed to make stories come alive on paper. 

With a staff of acclaimed journalists, our mission is to defend the liberal values and egalitarian traditions we believe in, and which deserve to be upheld in writing that is both informative and insightful. The newspaper covers a variety of topics ranging from politics to the economy, foreign policy to investment and sports to culture. 

The Express Tribune joins our other flagship media brands: the Daily Express – the only newspaper that is published on a daily basis from 11 cities across Pakistan; Express News, our leading Urdu news channel.

The Express Tribune

The increase in prices of di-ammonium phosphate (DAP) fertiliser coupled with the unavailability of urea is expected to trigger a drop in wheat production in Pakistan this year.

In a statement on Saturday, Pakistan Businesses Forum (PBF) President Mian Usman Zulfiqar said that the output of wheat crop was under threat as farmers had been facing an acute shortage of urea since the start of the sowing season.

“Despite government’s claims, growers are paying inflated prices in the range of Rs2,500 to Rs2,700 for a 50kg bag of urea,” he said, adding that the official rate was set at Rs1,768.

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The State Bank of Pakistan (SBP) is scheduled to meet on Monday (January 24) to assess developments on the economic front and announce its monetary policy.

Conflicting movements in economic indicators suggest the worst is not yet over, but the market has developed a consensus that the policy rate will remain unchanged at 9.75% for the next two months.

The likely no change in the rate does not mean the current cycle of a rate hike has come to an end, but most of the experts say there is still room for another hike of 50-100 basis points (bps) in the second half (Jan-Jun) of the fiscal year 2021-22.

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Pakistan’s current account deficit - higher foreign expenditures vs income - widened to $9.1 billion in the first half (July-December) of the current fiscal year 2021-22 in the wake of a jump in crude oil prices despite a drop in import volumes.

According to the State Bank of Pakistan (SBP), the country had recorded a current account surplus of $1.25 billion in the corresponding period of the previous year.

In a tweet on Saturday, the central bank said that “the deficit was led by significant terms of trade shock amid ongoing economic recovery.”

Arif Habib Limited Head of Research Tahir Abbas told The Express Tribune that in the first half of the fiscal year 2021-22, the current account swung to deficit compared to surplus in the same period of the previous year.

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Global low-interest rates have been a new normal for years and real interest rates have trended negative since the first Covid wave.

But now it seems that despite fears of the Omicron variant impacting the world economy, the era of low-interest rates is finally over.

The US Federal Reserve has announced three planned interest rate hikes this year – starting from March 2022 – and will be slowing down its purchase of billions of dollars of bonds.

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Oil prices surged in 2021, with the international benchmark Brent crude rising from $55 a barrel at the start of the year to $80 in December, driven by the rise in demand.

Global economic recovery and tight supplies also pushed prices of other commodities higher, including LNG whose price more than doubled in Asia.

Due to robust global demand, prices may remain high in 2022. The global economy is expected to expand 4.9% this year, according to the IMF’s estimate.

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The Pakistan Stock Exchange kicked off 2022 with optimism and the bourse recorded an enthusiastic week as clarity on the macroeconomic front and stability in the value of local currency encouraged bulls to hold their positions.

As a result of upbeat economic cues, the KSE-100 index surged 750 points or 1.68% to breach the 45,000 point barrier.

“The KSE-100 index started the new year with renewed optimism, led by heavy foreign buying in technology scrips,” stated a report from Arif Habib Limited.

Trading began on a positive note and the index added over 800 points in the first three sessions as growth in exports fuelled buying activity at the bourse.

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At a time when the digital ecosystem of Pakistan is beginning to take off, the government has taken an adverse step and imposed taxes on mobile phones and laptops through the mini-budget.

Terming it detrimental for the sector, the market has widely criticised the move and urged the leadership to re-evaluate and understand the repercussions of this decision.

The government has introduced a 17% tax on mobile phones, valued at $200 to $500, besides imposing a 17% tax on imported machinery for cellphones manufacturing.

In addition, it has slapped a tax of 5% on laptops, which are in high demand especially after the Covid-19 induced lockdowns.

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Businessmen have said that the Pakistan-Turkey cargo train has kick-started operations in a smooth manner, however, commercial banks are creating bottlenecks in the way of issuing export forms on the pretext that the trade route involves a journey through a sanctioned country, ie Iran.

In a statement on Thursday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo said that hurdles were being created in the way of smooth land-based trade with Turkey under the TIR Convention.

He pointed out that banks were not issuing export forms, citing that trade with a sanctioned country was underway.

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The revival of Pakistan Steel Mills (PSM) has hit a snag as Sui Southern Gas Company (SSGC) is reluctant to give a no-objection certificate (NOC) for utility connection to the newly formed subsidiary – Steel Corp (Pvt) Ltd.

On the other hand, K-Electric gave its NOC to the Ministry of Industries, which forwarded it to the Privatisation Commission for further processing.

Earlier, the Cabinet Committee on Privatisation (CCOP) directed the Ministry of Industries and Production to ensure completion of all corporate actions and regulatory requirements for the approval of the Scheme of Arrangement (SOA) for the efficient and successful completion of this important transaction.

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The members of the Prime Minister’s Economic Strategy Group on Thursday advised Imran Khan to set up a war room to build a positive narrative of the government on the economic front. 

The members suggested bringing improvement in media management amid the prime minister’s dissatisfaction with the performance of the government’s representatives at the public platforms. 

Some of the members who publicly criticise the Pakistan Tehreek-e-Insaf’s three and a half years rule privately praised the government over its economic achievements, at least two participants of the meeting told The Express Tribune after the meeting. 

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