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Print - 2019-11-07
Issuance of LoS for 11 wind power projects approved

Issuance of LoS for 11 wind power projects approved

The Alternative Energy Development Board (AEDB) Wednesday accorded approval to the issuance of LoS for 11 wind power projects falling under the category-II under the Cabinet Committee on Energy.
Published 07 Nov, 2019 12:00am
Pakistan Raises: Revenue Project; WB updates Hafeez on its assistance

Pakistan Raises: Revenue Project; WB updates Hafeez on its assistance

The World Bank Wednesday updated Adviser on Finance Dr Abdul Hafeez Shaikh on its assistance under Pakistan Raises Revenue Project being provided to harmonize the sales tax across Pakistan, raise tax-to-GDP ratio to 17 percent by 2023-2024 and widen tax n
Published 07 Nov, 2019 12:00am
Parliamentarians urge IMF to soften conditionalities

Parliamentarians urge IMF to soften conditionalities

The parliamentarians want the International Monetary Fund (IMF) to soften its conditionalies of the ongoing programme because tough terms and conditions have triggered inflation and reduced investment and employment opportunities with grave consequences o
Published 07 Nov, 2019 12:00am
October CPI inflation up 11.04 percent YoY

October CPI inflation up 11.04 percent YoY

The Consumer Price Index (CPI) based general inflation from October 2018 to October 2019 rose by 11.04 percent on year-on-year (YoY) basis, while on month-on-month (MoM) basis, the CPI in October 2019 against September 2019 increased by 1.8 percent.
Published 07 Nov, 2019 12:00am
Import of used vehicles: Procedure revised by ECC

Import of used vehicles: Procedure revised by ECC

The Economic Coordination Committee (ECC) of the Cabinet has revised procedure for the import of used vehicles under personal baggage, transfer of residence and gift schemes to clear a total of 1,017 vehicles stuck at Karachi port.
Published 07 Nov, 2019 12:00am
EU, China agree to protect 100 of each other's regional foods

EU, China agree to protect 100 of each other's regional foods

The European Union and China have agreed to protect 100 European regional food designations, known as geographical indications (GI), in China and 100 Chinese geographical indications in the EU, the EU Commission said on Wednesday.
Published 07 Nov, 2019 12:00am
Government-opposition deadlock persists

Government-opposition deadlock persists

The deadlock between the government and the opposition continues to persist on Wednesday despite hectic efforts by the Chaudhry brothers, as JUI-F chief Maulana Fazlur Rehman sticks to his stance on resignation of Prime Minister Imran Khan and fresh elect
Published 07 Nov, 2019 12:00am
Nawaz shifted to Jati Umra

Nawaz shifted to Jati Umra

Former prime minister Nawaz Sharif, who remained under treatment here at Services Hospital for 16 days, on Wednesday shifted to his Jati Umra residence where an Intensive Care Unit (ICU) has been established under the supervision of a team of doctors.
Published 07 Nov, 2019 12:00am
SECP proposes new brokers regime

SECP proposes new brokers regime

The Securities and Exchange Commission of Pakistan (SECP) has proposed new brokers regime for stock market brokers with financial resource requirements, and divided them into three categories i.e. small-sized brokers (trading only brokers), trading & clea
Published 07 Nov, 2019 12:00am
Militants attack Tajik border post; 17 killed

Militants attack Tajik border post; 17 killed

Masked Islamic State militants attacked a border post on the Tajik-Uzbek border overnight, triggering a gun battle that killed 15 of the militants, a guard and a policeman, Tajik authorities said on Wednesday.
Published 07 Nov, 2019 12:00am
Army non-political institution: DG ISPR

Army non-political institution: DG ISPR

Pakistan Army is a non-political institution and security engagements it's involved in do not allow it to become part of any political activity, the chief military spokesperson said on Wednesday.
Published 07 Nov, 2019 12:00am
Rebuke for Trump in races seen as barometers for 2020 election

Rebuke for Trump in races seen as barometers for 2020 election

Democrats celebrated big election wins in two US states seen as a test of President Donald Trump's strength ahead of the 2020 elections, while Republicans held fast to a governorship in traditionally conservative Mississippi, results showed Wednesday.
Published 07 Nov, 2019 12:00am
Documentation drive: FBR field staff raises certain issues

Documentation drive: FBR field staff raises certain issues

Prime Minister Imran Khan has approved an ambitious tax reforms plan that includes launching of nationwide tax assessment and documentation drive along with survey of immoveable properties across the country.
Published 07 Nov, 2019 12:00am
Ikram Sehgal quits KE

Ikram Sehgal quits KE

Ikram Sehgal has resigned as Director and Chairman from the K-Electric Board, citing personal reasons, with an immediate effect.
Published 07 Nov, 2019 12:00am
Kartarpur corridor
Letters

Kartarpur corridor

This is apropos a Business Recorder editorial "The corridor" carried by the newspaper the other day. All is set to welcome the Sikh pilgrims from across the world, including India, on the occasion of 550th birth anniversary of Baba Guru Nanak Dev.
Published 07 Nov, 2019 12:00am
Dismal saving and investment rates
Articles

Dismal saving and investment rates

Much of Pakistan's current economic crisis revolves around the low savings and investment rates. This is the primary reason why Pakistan has been unable to compete with rest of the dynamic Asian region which has recorded phenomenal economic progress in th
Published 07 Nov, 2019 12:00am
Electric vehicles

Electric vehicles

In developed countries, the ratio of emissions of greenhouse gases from vehicles in total volume of environmental pollution is 20 percent but here in Pakistan it is 40 percent. And if not controlled the country's major cities are expected to be as paralyz
Updated 07 Nov, 2019 06:38am
Azhar's flawed narrative continues

Azhar's flawed narrative continues

The Minister for Economic Affairs Hammad Azhar no doubt tasked to present a defense of the state of the economy amidst rising public clamour against accepting the upfront International Monetary Fund (IMF) conditions, instead of an appropriate phasing that
Updated 07 Nov, 2019 06:24am
PM terms 'Green Pakistan, wildlife preservation' main target

PM terms 'Green Pakistan, wildlife preservation' main target

Terming environmental degradation a serious challenge for Pakistan, Prime Minister Imran Khan Wednesday said the government was carrying out a massive programme to protect the country having diversity of 12 natural ecological zones.
Published 07 Nov, 2019 12:00am
PPP submits application: Zardari seeks access to doctors of his choice

PPP submits application: Zardari seeks access to doctors of his choice

Pakistan Peoples Party (PPP) on Wednesday submitted an application to the superintendent Adiala Jail to allow former president Asif Ali Zardari to get examined by his personal private doctors and medical experts of his own choice for treatment of his vari
Published 07 Nov, 2019 12:00am
'Azadi March' turns into 'hostage march,' says Firdous

'Azadi March' turns into 'hostage march,' says Firdous

Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan Wednesday said the so-called Azadi March of Jamait Ulema-e-Islam-Fazl (JUI-F) had become a 'hostage march' as its participants were being treated like hostages who w
Published 07 Nov, 2019 12:00am
Bilawal asks courts to deliver justice to Benazir

Bilawal asks courts to deliver justice to Benazir

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari on Wednesday questioned that when would his mother and former Prime Minister Benazir Bhutto get justice. The PPP chairperson addressed the Multan Bar Court Association where he said he and his f
Published 07 Nov, 2019 12:00am
IHC defers petition seeking disqualification of PML-N MNA

IHC defers petition seeking disqualification of PML-N MNA

The Islamabad High Court (IHC) Wednesday deferred hearing in a petition seeking disqualification of Member of National Assembly (MNA) Noorul Hassan Tanveer belonging to Pakistan Muslim League-Nawaz (PML-N) for allegedly holding Iqama (work permit).
Published 07 Nov, 2019 12:00am
Dar owned a house in Gulberg Lahore before joining politics, AC informed

Dar owned a house in Gulberg Lahore before joining politics, AC informed

The Accountability Court hearing a corruption reference against former finance minister Ishaq Dar was informed by National Accountability Bureau (NAB) investigation officer (IO) on Wednesday that the main suspect had owned a house in Guberg Lahore before
Published 07 Nov, 2019 12:00am
No consensus yet: CEC's retirement only a month away from now

No consensus yet: CEC's retirement only a month away from now

The Election Commission of Pakistan (ECP) would become dysfunctional from 8 December as the Chief Election Commissioner (CEC) is retiring on 7 December unless there is a consensus on his replacement between Prime Minister Imran Khan and Leader of the Oppo
Published 07 Nov, 2019 12:00am
RTO Benami zone seeks defaulters' details
Taxes

RTO Benami zone seeks defaulters' details

The Benami zone of the Regional Tax Office (RTO) has sought details of bank defaulters involved in purchase of Benami properties from loans. Sources said there is sufficient evidence of Benami owners involved in bank defaults. Accordingly, the zone has de
Updated 07 Nov, 2019 06:42am
PTI tables resolution against SSWMB in Sindh PA

PTI tables resolution against SSWMB in Sindh PA

Pakistan Tehreek-e-Insaf's Member of Sindh Assembly Bilal Ghafar on Wednesday submitted a resolution in provincial assembly on failure of Sindh Solid Waste Management Board (SSWMB).
Published 07 Nov, 2019 12:00am
IBA, Saaya Health conduct session on mental health

IBA, Saaya Health conduct session on mental health

IBA Karachi's Human Resources (HR) department in collaboration with Saaya Health conducted a session to focus on the mental wellbeing of the Institute's students, staff and faculty.
Published 07 Nov, 2019 12:00am
UNDP partners with Byco Petroleum to conserve water

UNDP partners with Byco Petroleum to conserve water

United Nations Development Programme (UNDP) & Byco Petroleum Pakistan Limited (BPPL) have signed an MOU to undertake Water Conservation initiatives by saving the water that is wasted, at Car Wash Stations, by re-using it. UNDP has developed an indigenous
Published 07 Nov, 2019 12:00am
Thar Foundation focuses on conservation of vulture
Energy

Thar Foundation focuses on conservation of vulture

Thar Foundation - the CSR arm of Sindh Engro Coal Mining Company (SECMC) - and International Union for Conservation of Nature (IUCN) along with Baahn Beli showcased their conservation efforts in Tharparkar at the Asian Regional Forum on Conservation here
Updated 07 Nov, 2019 06:48am
Cotton yield target likely to be revised down
Cotton & Textile

Cotton yield target likely to be revised down

The government is likely to revise down country's cotton production target of 10.2 million bales for the current season 2019-20 owing to increased moisture level in the produce following recent rains which will further deteriorate cotton lint quality.
Published 07 Nov, 2019 12:00am
Over 200 awarded degrees at NUST combined convocation

Over 200 awarded degrees at NUST combined convocation

More than 200 graduates were awarded Bachelor's, Master's and PhD degrees in the disciplines of Chemical Engineering, Materials Engineering, Architecture and Industrial Design at the combined convocation of NUST School of Chemical & Materials Engineering
Published 07 Nov, 2019 12:00am
BankIslami and CDC sign MoU for EPM services
Money & Banking

BankIslami and CDC sign MoU for EPM services

The MoU signing ceremony was held on 04-11-19 at CDC House between BankIslami Pakistan Limited & Central Depository Company - CDC whereby both institutions have entered into an arrangement for implementation of CDC's Efficient Payment Mechanism (EPM) via
Updated 07 Nov, 2019 06:48am
Knowledge a power for socio-economic development: Dr Atta

Knowledge a power for socio-economic development: Dr Atta

Former Higher Education Commission ( HEC) chairman and Vice Chairman of Prime Minister Task Force on Technology Driven Knowledge Economy Prof Dr Atta ur Rehman has said that knowledge is key driver for socio-economic development of any country and our uni
Published 07 Nov, 2019 12:00am
ADB officials calls on Dr Salman
Money & Banking

ADB officials calls on Dr Salman

Asian Development Bank Country Director Ms Xiaohong Yang called on Advisor to Chief Minister on Economic Affairs, Planning & Development Dr Salman Shah and appreciated the efforts of Punjab government for facilitating public-private partnerships in the pr
Published 07 Nov, 2019 12:00am
Nawaz Sharif is out of danger: Dr Yasmin

Nawaz Sharif is out of danger: Dr Yasmin

Diabetes, blood pressure level and heartbeat of Nawaz Sharif have improved and overall health condition of Nawaz Sharif is out of danger, provincial Health Minister Dr Yasmin Rashid, said.
Published 07 Nov, 2019 12:00am
Rise in power tariff termed 'injustice'

Rise in power tariff termed 'injustice'

Kissan Board Pakistan (KBP) Central President Chaudhry Nisar Ahmad reacting to a fresh increase in the electricity tariff has termed it as an injustice to the consumers.
Published 07 Nov, 2019 12:00am
Sindh government accuses Irsa of discrimination

Sindh government accuses Irsa of discrimination

Sindh government on Wednesday hurled serious charges of discrimination against Indus River System Authority (Irsa) in water distribution and urged withdrawal of No Objection Certificate (NOC) of the proposed 25MW Hydropower Project on Chashma Jehlum Link
Published 07 Nov, 2019 12:00am
Gharibwal Cement
Brief Recordings

Gharibwal Cement

Gharibwal Cement (PSX: GWCL) was incorporated in 1961 and has since been operating in the district of Chakwal in the province of Punjab. It is a fairly small cement manufacturer with the current capacity of 2 million tons mainly supplying to northern dome
Updated 07 Nov, 2019 06:13am
Four tourists among 8 wounded in Jordan stabbing

Four tourists among 8 wounded in Jordan stabbing

Eight people, including four tourists, were wounded in a knife attack on Wednesday at the famed archeological site of Jerash in northern Jordan, a security spokesman told AFP.
Updated 07 Nov, 2019 07:18am
Head of UN Palestinian agency resigns

Head of UN Palestinian agency resigns

The head of the UN agency for Palestinian refugees has resigned amid an internal probe into alleged mismanagement and ethical abuses at the organization, the United Nations said Wednesday.
Updated 07 Nov, 2019 07:18am
Nepal cries foul over new India map

Nepal cries foul over new India map

Nepal on Wednesday objected to a new map released by India that places the disputed area of Kalapanio Kathmandu.
Published 07 Nov, 2019 12:00am
Russia strikes kill six civilians in Syria

Russia strikes kill six civilians in Syria

Air strikes by regime ally Russia killed six civilians in an embattled anti-government bastion in northwestern Syria Wednesday, a Britain-based war monitor said.
Updated 07 Nov, 2019 07:59am
China launches Sudan's first ever satellite

China launches Sudan's first ever satellite

Sudan's first ever satellite for conducting research in military, economic and space technology has been launched by China, the northeast African country's ruling body said Tuesday. General Abdel Fattah al-Burhan, who heads Sudan's sovereign council, anno
Updated 07 Nov, 2019 07:53am
Lufthansa cancels 1,300 flights over strike

Lufthansa cancels 1,300 flights over strike

Lufthansa said Wednesday it was scrapping 1,300 flights as German cabin crew pressed ahead with a two-day strike, plunging passengers into travel chaos amid an escalating row over pay and conditions.
Published 07 Nov, 2019 12:00am
Xi, Macron unite on climate

Xi, Macron unite on climate

Chinese leader Xi Jinping and French President Emmanuel Macron declared on Wednesday that the Paris climate pact was "irreversible", showing a united front after Washington formally withdrew from the accord this week.
Updated 07 Nov, 2019 07:57am
PMEX daily trading report

PMEX daily trading report

On Tuesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,340. The traded value of Metals, Energy and COTS/FX was recorded at PKR 5.517 billion and the numbers of lots traded 7,309.
Published 07 Nov, 2019 12:00am
China's coking coal rises on fresh import curbs
Energy

China's coking coal rises on fresh import curbs

Coking coal futures in China gained the most in four weeks on Tuesday amid market talks about fresh import curbs on the steelmaking raw material, following brisk purchases in recent months by the world's biggest coal buyer and consumer.
Published 07 Nov, 2019 12:00am
Activities at Karachi and Qasim Ports
Business & Economy

Activities at Karachi and Qasim Ports

The Karachi Port handled 172,060 tonnes of cargo comprising 99,448 tonnes of import cargo and 72,612 tonnes of export cargo including 7,567 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday.
Published 07 Nov, 2019 12:00am
Paris wheat futures rise from four-week low
Commodities

Paris wheat futures rise from four-week low

European wheat futures in Paris rose on Tuesday from a four-week low a day earlier as the sale of French wheat in Egypt's latest tender confirmed the country's favourable export prospects.
Published 07 Nov, 2019 12:00am
Dollar down against majors in Europe
Money & Banking

Dollar down against majors in Europe

The dollar drifted lower against other major currencies on Wednesday as investors awaited fresh developments in the US-China trade talks. As the United States and China work to narrow their differences enough to sign a "phase one" trade deal as early as t
Published 07 Nov, 2019 12:00am
Safe-haven yen, Swiss franc slide in New York
Money & Banking

Safe-haven yen, Swiss franc slide in New York

The safe-haven yen and Swiss franc slid against the dollar on Tuesday as growing signs the United States and China are inching closer to a trade deal boosted risk appetite and spurred investors to seek higher-yielding currencies.
Published 07 Nov, 2019 12:00am
Aussie, kiwi ease
Money & Banking

Aussie, kiwi ease

The Australian and New Zealand dollars eased on Wednesday as their US counterpart got a lift from rising Treasury yields, while the kiwi took an extra knock from a mixed set of jobs data.
Updated 07 Nov, 2019 07:01am
Asian forex: Thai baht dips, others lower
Money & Banking

Asian forex: Thai baht dips, others lower

The Thai baht extended losses on Wednesday after an interest rate cut by the Thai central bank, while most other Asian currencies dipped as markets awaited concrete details on China-US tariff concessions.
Updated 07 Nov, 2019 06:59am
Sterling flat against dollar, euro
Money & Banking

Sterling flat against dollar, euro

The pound was neutral on Wednesday as investors calculated the risks the upcoming general election poses to Britain's ability to complete its exit from the European Union before Jan. 31, its latest departure deadline.
Published 07 Nov, 2019 12:00am
Chelsea, Ajax and Liverpool win, Barca stumble
Football

Chelsea, Ajax and Liverpool win, Barca stumble

Jorginho scored two penalties as Chelsea came roaring back from 4-1 down to draw 4-4 with nine-man Ajax in a Champions League classic on Tuesday, while holders Liverpool claimed a narrow victory and a stuttering Barcelona were held.
Published 07 Nov, 2019 12:00am
Women's boxing icon Adams retires
Other

Women's boxing icon Adams retires

Two-time Olympic champion Nicola Adams, regarded as the pathfinder for women's boxing, is to retire because of fears about her sight, the Briton announced on Wednesday.
Published 07 Nov, 2019 12:00am
South Africa investment summit draws few foreign pledges
Global Business Economy

South Africa investment summit draws few foreign pledges

South African President Cyril Ramaphosa secured about 200 billion rand ($13.5 billion) of new investment pledges on Wednesday, saying these would spur economic growth and reduce unemployment, but foreign firms made few commitments.
Updated 07 Nov, 2019 07:57am
BMW boosts Q3 profits
Global Business Economy

BMW boosts Q3 profits

German carmaker BMW said Wednesday it was on track to hit performance targets for 2019 despite "difficult conditions", after the third quarter brought rising sales and profits.
Updated 07 Nov, 2019 07:57am