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Business Owners Blame the Government’s Economic Incompetence for Rising Inflation.

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(VOR News) – Business owners in Pakistan have expressed heightened concerns regarding the mishandling of the economy in the face of rising inflation and tax burdens, according to the findings of a recent poll that was carried out by Gallup Pakistan.

The poll was conducted in Pakistan. Additionally, they have stated that the government of Prime Minister Shehbaz Sharif is incompetent in its management of Pakistan’s economy. The statement has been made by them.

A survey was conducted in the second quarter of 2024 with the participation of more than thirty districts. Participants in the survey represented a range of organizations, including small, medium, and large companies.

A significant drop in confidence was observed across all aspects of the Business Confidence Index, according to the results of the study. The researchers came to this conclusion.

The scores for the current situation in the business world, the outlook for the future of the business world, and the overall direction of the country all showed a decline of between four and ten percent.

This was noticed in relation to the business world.

In the course of the fiscal year 25 (FY25), a sizeable majority of respondents voiced their dissatisfaction with the fiscal policies that were put into effect by the government.

They pointed out that these policies were damaging to the interests of businesses. The rate of inflation that occurred in the month of June was 12.6%, and as a direct result of this, nearly forty percent of firms have listed inflation as their primary issue.

Consequently, as a consequence of this influence, the capacity of customers to make purchases has been considerably impacted.

In comparison to the administrations that came before it, the majority of Pakistan’s businesses, namely 54%, are of the opinion that the present government is less effective at managing the economy than the governments that came before it. This is the case when comparing the current government to the governments that came before it.

Gallup Pakistan’s executive director, Bilal Ijaz Gilani, emphasised that the ongoing political instability and the recent implementation of heavy taxation in both the federal and provincial budgets have had a significant impact on the sentiment of business owners all over the country. He said that this has had a significant impact on the sentiment of business owners.

Gilani says this affects business owners’ sentiment.

It has been brought to his attention that the difficulties that businesses are currently experiencing have been made even more difficult by regulatory measures and an increase in taxes.

The findings of the study also revealed that there has been a rise in the number of companies that have approached the government for assistance in addressing their problems regarding taxes. A significant number of people are dissatisfied with the economic measures that were implemented in the most recent budget, which is the reason for this.

Furthermore, there was a clear indication of concerns regarding the flaws of the infrastructure, as 61% of firms reported having regular power outages.

This was a clear indication of the problems that were being expressed. This was a glaring example of the magnitude of the issues that were being raised. The fact that there was a higher demand for electricity during the summer months made this scenario significantly more challenging than it would have been otherwise.

According to the findings of the study, business owners have a negative attitude on the future. The majority of respondents expressed pessimistic views towards the future, which is consistent with the findings of the study.

As a result of the fact that the net future business confidence score experienced a considerable decrease of 36% compared to the previous quarter, it is apparent that the business community is becoming increasingly sceptical. This is demonstrated by the fact that the score has experienced a major decline in recent times.

“Given the challenging economic environment, there is an urgent need for the government to pay attention to the concerns of businesses and take proactive steps to address their grievances,” Gilani stated during an interview with reporters. “This is a pressing need.”

SOURCE: PPN

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Canadian Man Arrested for TikTok Video That Threatened Trudeau

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Andrew Marshall TikTok video
Marshall is facing two counts of uttering threats - CBC Image

A TikTok video that went live earlier this week has led to a Toronto man facing charges of threatening Prime Minister Justin Trudeau and Deputy Prime Minister Chrystia Freeland. Andrew Marshall, 61, is facing two counts of uttering threats.

On Friday afternoon, the Ontario Court of Justice granted him bail with a surety and restrictions after the RCMP charged him on Wednesday.

Following Monday’s upload to TikTok, CBC Toronto conducted its own independent investigation of the video. Marshall vehemently opposes what he perceives as restrictions on free expression in Canada in it.

“I get them taken down all the time— I make videos — or all my comments, that are just simple comments,” Marsh says in the TikTok. “It’s just getting ridiculous, Marshall said.”

According to the CBC more and more people are threatening politicians. The commissioner of the RCMP has hinted that further measures may be necessary to ensure their safety.

In the TikTok video, Marshall explains in great detail how he would brutally assassinate Trudeau and Freeland “if it was up to him.”

Marshall attacks multiple groups throughout the roughly 11-minute TikTok video, including the media, Muslims, migrants, and the police who defend the government.

Among Marshall’s bail terms are the following: he must not communicate with Trudeau or Freeland; he must not use the internet to make social media posts or comments; he must not own any weapons; and he must not apply for a firearms permit.

During the bail hearing, the prosecution provided all of the evidence that is often not published.

Nate Jackson, Marshall’s attorney, stressed his client’s liberties and privileges as a Canadian in an email message.

“He has the right to freedom of speech, the right to reasonable bail and the right to a fair trial,” he said. “Having secured his release from custody, we will continue to defend Mr. Marshall’s Charter rights as his case proceeds.”

Neither Freeland’s nor the prime minister’s office would comment on the allegations, according to the CBC.

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Canada’s Unemployment Rate Hits its Highest Point Since 2017

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Canada's Unemployment Rate
Canada's unemployment rate rose to 6.6 per cent in August - FIle Image

As the job market remains dismal, the national unemployment rate in Canada has risen to its highest point since 2017. This has led some analysts to question whether the Bank of Canada should be reducing interest rates more quickly.

In spite of a net gain of 22,000 jobs, Statistics Canada reported on Friday that the unemployment rate increased to 6.6% from 6.4% the previous month. The rise was due to an uptick in part-time employment and a fall in full-time employment.

Outside of the pandemic years, the national unemployment rate has reached its highest position since May 2017, according to StatCan.

Rapid population expansion in Canada has increased the overall labour pool, but the country’s unemployment rate has persisted in rising.

The summer job market was especially tough for students, according to StatCan. Not including the pandemic, the unemployment rate among students going back to school in the autumn was 16.7 percent, which is the highest level since 2012.

Canada Unemployment August 2024

Two days after the Bank of Canada dropped interest rates for the third time in a row, reducing borrowing costs to alleviate economic pressure, the most recent reading of the Canadian job market follows suit.

According to TD Bank economist Leslie Preston, who wrote a note on Friday, the central bank is “giving the OK” to keep dropping rates due to the bad August jobs report. Preston predicts two more quarter-point decreases at the remaining decisions this year.

According to CIBC senior economist Andrew Grantham, there are indications that the labour market is quickly contracting more than initially thought, since the unemployment rate is nearly two percentage points greater than the record low of 4.9% in June 2022.

“Due to this, we believe the Bank should be contemplating a quicker rate of reductions in order to bring interest rates to less restrictive levels,” he informed clients in a letter on Friday morning.

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US Job Growth Falls Short of Expectations: Economy Struggles Under High Interest Rates

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US Job Growth Falls Short of Expectations: Economy Struggles Under High Interest Rates

Last month, job growth in the United States was weaker than predicted, prompting concerns that the world’s largest economy is beginning to struggle under the weight of increased interest rates.

The Labour Department said that employers added 142,000 jobs in August, which was less than the nearly 160,000 economists predicted. It also stated that job gains over the preceding two months were weaker than expected.

However, the jobless rate went down to 4.2%, down from 4.3% in July.

The report is one of the most important indicators of the US economy and arrives at a vital time, as voters consider presidential candidates for the November election and the US central bank contemplates its first interest rate decrease in four years.

Analysts said the latest statistics kept the Federal Reserve on pace for a rate drop at its meeting this month, but did little to answer worries about the trajectory of the US economy or how much of a cut it should make.

“There has rarely been such a make-or-break number; unfortunately, today’s jobs report does not completely resolve the recession debate,” said Seema Shah, chief global strategist at Principal Asset Management.

Soaring prices in 2022 caused the Federal Reserve to hike its key lending rate to 5.3%, a nearly 20-year high.

Faced with increased borrowing costs for homes, vehicles, and other debt, the economy has slowed, helping to alleviate pressures that were boosting inflation but exacerbating market concerns.

As inflation has fallen to 2.9% in July, the Fed is under pressure to decrease interest rates to prevent additional economic deceleration.

Although job increases in August fell short of expectations, they were greater than in July, when a slowdown aroused anxieties and triggered several days of stock market volatility.

Last month, construction and health-care firms hired the most, while manufacturing and retailers laid off employees.

Ms Shah stated that the data in Friday’s report was mixed, but provided enough concerning indicators that the Fed should make a larger cut.

“On balance, with inflation pressures subdued, there is no reason for the Fed not to err on the side of caution and frontload rate cuts,” she told reporters.

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Others, however, felt the advances were just steady enough to warrant a 0.25 percentage point decrease, as markets had long projected – though this could signal more cuts than expected in the coming months.

Paul Ashworth, Capital Economics’ senior North America economist, predicted that the Fed’s decision will be “close run.”

“The labour market is clearly experiencing a marked slowdown,” he said, adding that the new statistics were “overall still consistent with an economy experiencing a soft landing rather than plummeting into recession”.

Concerns about the economy are a major issue in the US election.

According to polls, a majority of Americans feel the US is in a recession, despite healthy 2.5% growth last year.

Donald Trump has declared that the economy is headed for a “crash,” and his team instantly latched on the latest data to criticise Vice President Kamala Harris, publishing a press release titled “warning lights flash as Kamala’s economy continues to weaken.”

Democrats have defended their performance, claiming that the United States survived the pandemic and inflation better than many other countries.

They believe the slowdown is a sign that the economy is returning to a more sustainable rate of growth following the post-pandemic boom.

“Although hiring has slowed, the US job market continues to generate solid job gains and wage growth that is consistently beating inflation,” the White House Council of Economic Advisors stated in a blog.

 

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