News Archives for Print - 2020-03-05

Print - 2020-03-05

Business & Economy

Cirin Pharmaceuticals (Private) Limited: ICI Pakistan completes amalgamation

ICI Pakistan Limited is pleased to announce the successful amalgamation of Cirin Pharmaceuticals (Private) Limited ("Cirin") into ICI Pakistan. With effect from March 1, 2020, all assets and liabilities of Cirin stand transferred to and vest in ICI Pakist

Published 05 Mar, 2020 12:00am

Stocks

PSX undergoes further pruning; BRIndex100 turns bearish

A bearish trend continued on Pakistan Stock Exchange Wednesday due to selling by both local and foreign investors. BRIndex100 lost 34.13 points or 0.83 percent to close at 4,060.43 points. BRIndex100 touched intraday high of 4,105.89 and intraday low of 4

Published 05 Mar, 2020 12:00am

July 2016-March 2019: ECC delays decision on KE quarterly tariff adjustments

The Economic Coordination Committee (ECC) of the Cabinet has delayed its decision on the quarterly tariff adjustments for K-Electric, and has formed a committee to submit a report within a week for further review.

Published 05 Mar, 2020 12:00am

IOK logs on to woefully slow internet after seven months

Authorities in Indian-occupied Kashmir restored access to the internet and social media on Wednesday, nearly seven months after New Delhi imposed limits when it revoked the semi-autonomous status of the disputed region.

Published 05 Mar, 2020 12:00am

World Bank commits $300 million to health & social sectors

The World Bank has committed $300 million to support livelihood in Pakistan including $200 million for the Punjab Human Capital Investment Project that will strengthen health services and social protection for poor and vulnerable households in selected di

Published 05 Mar, 2020 12:00am

PSDP witnesses record utilization of 39 percent in 8 months: Umar

Federal Minister for Planning, Development, and Special Initiatives (PDSI) Asad Umar said that during the first eight months of the financial year 2019-2020, the Public Sector Development Programme (PSDP) had witnessed a record utilization of 39 percent.

Published 05 Mar, 2020 12:00am

4th quarter of FY20: Budget wing clearance required for PSDP releases

The Finance Division (FD) has revised released strategy for funds allocation for the Public Sector Development Programme (PSDP), while saying that no formal release would be made after May 15, 2020, besides no funds would be released for new service/new i

Published 05 Mar, 2020 12:00am

Foreign investors sell $174 million MTBs in just three days

Foreign investors sold some $174 million worth Market Treasury Bills in first three days of this month (March 2020). Foreign investors, mainly from the US and the UK were heavily investing in government debt instruments particularly T-bills due to some im

Published 05 Mar, 2020 12:00am

PM for expediting seemingly stalled sell-off process

Prime Minister Imran Khan on Wednesday directed the authorities concerned to expedite the privatisation process of various non-profitable institutions and unused government properties.

Published 05 Mar, 2020 12:00am

US launches airstrike against Taliban to defend Afghan forces

The US launched an airstrike against Taliban fighters to defend Afghan forces Wednesday, an American military spokesman said, as violence spirals after a string of deadly attacks by the insurgents, throwing the country's nascent peace process into grave d

Published 05 Mar, 2020 12:00am

Balance of trade improves significantly

The country's balance of trade during July-February 2019-2020 has improved by 26.52 percent from $21.46 billion in July-February 2018-2019 to $15.77 billion, the Pakistan Bureau of Statistics (PBS) said. According to the PBS' exports and imports figures o

Published 05 Mar, 2020 12:00am

WHO warns of mask shortages as virus cases rise worldwide

Countries rushed to protect their supply of masks on Wednesday as panic buying, hoarding and theft spread over fears of the deadly coronavirus epidemic, with global health officials warning that stocks of protective gear were rapidly dwindling.

Published 05 Mar, 2020 12:00am

Saudi Arabia suspends pilgrimages for Saudi citizens and residents

Saudi Arabia, which has already suspended pilgrimages to the two holy cities of Makkah and Madina for foreigners due to coronavirus concerns, extended the ban on Wednesday to Saudi citizens and residents, state news agency SPA reported.

Published 05 Mar, 2020 12:00am

Coronavirus wipes out hopes for faster growth: IMF

The faster spread of the coronavirus will wipe out any hope of stronger growth in 2020, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday, adding that a third of the Fund's 189 member countries were now affected.

Published 05 Mar, 2020 12:00am

Nawaz Sharif's health: PML-N challenges government's stance

The Pakistan Muslim League-Nawaz (PML-N) on Wednesday challenged government's stance with regard to Nawaz Sharif's health and made his medical reports public insisting that the reports had already been submitted to the courts as well as to the Punjab gove

Published 05 Mar, 2020 12:00am

Biden leads Sanders in Democratic White House race as Bloomberg exits

Joe Biden reclaimed frontrunner status in the race for the Democratic presidential nomination after notching up stunning Super Tuesday primary victories over Bernie Sanders and receiving the backing of Mike Bloomberg, who dropped out and endorsed the form

Published 05 Mar, 2020 12:00am

Brothers Sugar Mills: Punjab cane commissioner asked to proceed with auction

Punjab cane commissioner was given a go-ahead to proceed with the auction for Brothers Sugar Mills, which is said to have defaulted on billions of rupees in payments to farmers and banks. A two-member bench of the Supreme Court, headed by Justice Maqbool

Published 05 Mar, 2020 12:00am

Strategic Engagement Plan with EU to be operational in 2020: Qureshi

Foreign Minister Shah Mahmood Qureshi on Wednesday stated that the Strategic Engagement Plan (SEP) signed between Pakistan and the European Union would formally be operationalized in 2020 through multiple scheduled engagements.

Published 05 Mar, 2020 12:00am

Two KE quarterly adjustments provisionally approved by Nepra

National Electric Power Regulatory Authority (Nepra) on Wednesday provisionally approved two quarterly tariff adjustments of Karachi Electric (KE) to the tune of Rs 2.82 per unit, financial impact of which has been calculated at Rs 11 billion. This will b

Published 05 Mar, 2020 12:00am

PPP won't 'allow' privatisation of SOEs: Bilawal

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto said on Wednesday that the PPP would not allow privatization of state owned entities (SOEs) by a puppet government, saying that selected rulers have preferred to sell national assets whenever they came

Published 05 Mar, 2020 12:00am

PIBs' margins cut as inflation recedes

Following lower inflation, the cut-off yields of Pakistan Investment Bonds (PIBs) went down by 15-46 basis points (bps) in the auction held Wednesday. The State Bank of Pakistan (SBP) conducted the auction for sale of long-term investment bonds on March 3

Published 05 Mar, 2020 12:00am

Financial adviser to be hired to lease Roosevelt Hotel site out: Parliamentary panel told

The Privatisation Commission will hire services of a financial advisor to lease out Roosevelt Hotel site in Manhattan, New York, for setting up a joint venture project, a parliamentary panel was informed on Wednesday.

Updated 05 Mar, 2020 09:16am

FBR arm unearths Rs 2 billion Benami properties case

The Federal Board of Revenue (FBR) Anti-Benami Zone Islamabad has unearthed a mega case of Benami properties of over 3,000 kanals of land involving value of land to the tune of Rs 2 billion. This is for the first time that the FBR's Anti-Benami Zone Islam

Published 05 Mar, 2020 12:00am

JCP proposes name of Justice Mazahar for elevation to SC

The Judicial Commission of Pakistan (JCP) proposed the name of Lahore High Court (LHC) judge, Mazahar Ali Akbar, for elevation to the apex court. The Judicial Commission in this regard was held in the Supreme Court building here on Wednesday, which was pr

Published 05 Mar, 2020 12:00am

Letters

Impediments to export growth - II

Although refunds are started releasing in November and early December and the situation gradually improved but the damage has already been done. Exporters are always worried about if and when they will get their refunds. The FBR personnel dealing with exp

Published 05 Mar, 2020 12:00am

Articles

Follow the Fed? Why central banks won't be rushed on virus response

Will the world's big central banks leave US Federal Reserve Chair Jerome Powell hanging? They're certainly going to try. No major central bank has yet matched the Fed's emergency rate cut in response to the coronavirus outbreak and there is mounting evide

Published 05 Mar, 2020 12:00am

Articles

An open letter to PM Modi

That I address you as a friend is no formality. I own no foes. My business in life has been for the past many years to enlist the friendship of the whole humanity by befriending mankind, irrespective of race, colour or creed.

Published 05 Mar, 2020 12:00am

Articles

The good, the bad, and the mysterious

The staff-level agreement with the IMF, the seemingly unstoppable coronavirus, and Khaqan Abbasi opening his heart out, have been hogging the media space. Together, it has been a spell-binding mystery novel that you rip through, developing your theories o

Published 05 Mar, 2020 12:00am

A short-lived 'peace deal'

Before the ink had even dried on the US-Taliban peace deal struck in Doha, Qatar, the other day, the Taliban started their attacks on the Afghan security forces and civilians, ending the brief 'reduction of violence' partial truce. On March 2, 2020, a bom

Updated 05 Mar, 2020 06:40am

Power sector

According to a Business Recorder exclusive, a power sector plan has been prepared that envisages electricity price freezing based on quarterly tariff adjustments that would not be passed on to the consumers but would not bar Nepra from determining

Updated 05 Mar, 2020 06:40am

MNFS&R all set to approach ECC for getting wheat support price increased

Ministry of National Food Security and Research is all set to again approach Economic Coordination Committee (ECC) of the Cabinet for increase in wheat support price to Rs 1400 per 40kg from Rs 1365 per 40kg fearing that ambitious procurement target of

Published 05 Mar, 2020 12:00am

Business & Economy

New international terminal opens at Quetta Airport

Federal Minister for Aviation Ghulam Sarwar Khan, along with Balochistan Chief Minister Jam Kamal Khan, Wednesday inaugurated a newly built international terminal at the Quetta Airport. The minister also performed groundbreaking for construction of a mega

Published 05 Mar, 2020 12:00am

Nawaz may return home, says Firdous

Special Assistant to the Prime Minister on Information and Broadcasting, Dr Firdous Ashiq Awan Wednesday said former prime minister Nawaz Sharif might return home, fearing his deportation in the wake of a letter written to the British authorities by the g

Published 05 Mar, 2020 12:00am

Coronavirus: KU introduces online classes

Online classes have been introduced in Karachi University to complete the remaining course after Sindh government announced to extend the closure of all educational institutions across the province till March 13. According to details, different department

Published 05 Mar, 2020 12:00am

1,000 cases of exam paper leak reported: FIA informs NA body

The Federal Investigation Agency (FIA) on Wednesday told the sub-committee of the National Assembly Standing Committee on Cabinet Secretariat that a total of 1,000 cases of exam paper leak had been reported so far.

Published 05 Mar, 2020 12:00am

Indian steps since August 2019 dangerous for peace: FM

Foreign Minister Shah Mahmood Qureshi has said that the Indian steps ever since 5th of August last year are proving to be dangerous for regional peace. According to Foreign Office spokesperson Aisha Farooqui, the foreign minister was talking to the former

Published 05 Mar, 2020 12:00am

Research and innovation lab for data compilation, analysis launched

Iqbal Institute of Policy Studies in collaboration with Graana Group of Companies on Wednesday launched its Research and Innovation Lab for data compilation/analysis and policy recommendations for leading sectors, especially the real estate sector.

Published 05 Mar, 2020 12:00am

IHC maintains stay orders against auctioning of Dar's house

The Islamabad High Court (IHC) on Wednesday maintained its stay orders against auctioning of a house belonging to former finance minister Ishaq Dar. A division bench of IHC comprising Justice Mohsin Akhtar Kayani and Justice Lubna Saleem Pervaiz heard the

Published 05 Mar, 2020 12:00am

Qureshi phones Iranian counterpart

Foreign Minister Shah Mahmood Qureshi on Wednesday telephoned his Iranian counterpart Javad Zarif and thanked him for speaking up against the organised violence against Muslims in India, the Foreign Office said.

Published 05 Mar, 2020 12:00am

Fake bank accounts case: Non-compliance of summons issued to accused irks court

The Accountability Court hearing multi-billion rupees fake bank accounts case on Wednesday expressed annoyance on non-compliance of summons issued to the accused in corruption reference filed on charges of incurring Rs 25 billion in losses to the Sindh Ba

Updated 05 Mar, 2020 09:00am

Gold rises to Rs 94,100 per tola

Gold on Wednesday soared by Rs 1950 per tola to Rs 94,100 on the local market, traders said. The precious metal was traded for Rs 80,675 per 10 grams, up by Rs 1671, and $1638 an ounce, up by $42 on the world market. Silver was selling for Rs 1000 per tol

Published 05 Mar, 2020 12:00am

Stocks

Akzo Nobel buyback price fixed at Rs 270 per share

The Voluntary Delisting Committee of Pakistan Stock Exchange has approved the minimum buyback price of Akzo Nobel Pakistan Limited at Rs 270.00 per share. The committee has also determined the minimum quantum of purchase of at least 6,178,511 ordinary sha

Published 05 Mar, 2020 12:00am

Business & Economy

Murad reviews 346 uplift schemes of Larkana division

Sindh Chief Minister Syed Murad Ali Shah during a meeting reviewed 346 schemes of Rs 16.87 billion going on in five districts of Larkana division and directed the elected representatives to give ownership to the development works so that their quality and

Published 05 Mar, 2020 12:00am

Business & Economy

PAMA urges government to adopt WP29 accord

Pakistan Automotive Manufacturers Association (PAMA) has urged the government to adopt WP29 agreement because the local standards without recognizing the international norms/regulations will rollback existing local content level and would make them techno

Published 05 Mar, 2020 12:00am

General Bajwa witnesses PATS competition in Kharian

The Chief of Army Staff, General Qamar Javed Bajwa, on Wednesday visited the National Counter Terrorism Centre in Kharian. According to a statement issued by the Inter-Services Public Relations (ISPR), the COAS witnessed third International Pakistan Army

Published 05 Mar, 2020 12:00am

NA panel seeks report from secretary interior over IG's absence

The National Assembly's Standing Committee on Interior on Wednesday expressed its displeasure over the absence of inspector-general (IG) of Islamabad police and sought report from the Secretary Interior about failure of the top police officer to show up b

Published 05 Mar, 2020 12:00am

Stocks

SECP revises criteria for promoters, members, directors & CEO of NPOs

The Securities and Exchange Commission of Pakistan (SECP) has revised the fit and proper criteria for promoters, members, directors and chief executive officer of the charitable and not-for-profit organizations (NPOs).

Published 05 Mar, 2020 12:00am

IT & Computers

Sindh's high tax rates compel IT companies to shift to other provinces

Information technology companies are shifting from Sindh to other provinces owing to high tax rates in the province. This was revealed by Federal Secretary for Ministry of Information Technology and Telecommunication Shoaib Ahmad Siddiqui. He was briefing

Published 05 Mar, 2020 12:00am

Speakers call for promoting of women's economic empowerment

Procter & Gamble (P&G) Pakistan has reinforced its commitment to promoting gender equality in the country through the WeSeeEqual Dialogue, aimed to spark conversations and motivate change to build a better world for everyone.

Published 05 Mar, 2020 12:00am

Business & Economy

Protest blocks KCR anti-encroachment operation, says railways

Pakistan Railways, Karachi Division, on Wednesday said the anti-encroachment operation to recover the remaining portion of the Karachi Circular Railway (KCR) could not be resumed due to a "politically backed" protest.

Published 05 Mar, 2020 12:00am

e-stamping, e-registration: Ministry of Revenue to convert TTC into RTA for officials' training

Provincial Minister for Revenue Makhdoom Mahboob has decided to convert Tapedar Training College (TTC) into Revenue Training Academy (RTA) so that necessary technical training of all revenue officials for e-stamping and e-registration and ease of doing bu

Published 05 Mar, 2020 12:00am

Business & Economy

Construction of new Islamabad International Airport: PAC directs Aviation ministry to resolve audit objections against CAA

The Public Accounts Committee (PAC) has directed the Ministry of Aviation to resolve audit objections against the Civil Aviation Authority (CAA) with regards to massive financial irregularities in the construction of the new Islamabad International Airpor

Published 05 Mar, 2020 12:00am

Energy

Shell Pakistan announces financial results for 2019

The Board of Directors of Shell Pakistan Limited announced financial results for the year ended December 31, 2019. The company posted a loss after tax of Rs 1,485 million for 2019 compared to the loss of Rs 1,102 million in 2018.

Published 05 Mar, 2020 12:00am

Energy

POL sales witness weakest month in decade

Total POL sales during February 2020 dropped to a record monthly low in a decade of 1.11 million tons, posting a massive decline of 23 percent on year-on-year basis. High Speed Diesel (HSD) demand took the biggest hit as it dropped by 38 percent to 0.37

Published 05 Mar, 2020 12:00am

40 girls complete vocational training under SCB's 'Goal'

Some 40 girls have successfully completed the vocational training under the Standard Chartered Bank's leading community investment programme "Goal" to get employment.

Published 05 Mar, 2020 12:00am

SC asks how a civilian can be court-martialled

The Supreme Court questioned how a civilian could be court-martialled and said the trial of Col Inamul Raheim (retd) under the Pakistan Army Act is a violation of the Constitution and the Supreme Court judgments. A three-member bench, headed by Justice Mu

Published 05 Mar, 2020 12:00am

Senate adopts two government bills amid opposition

The Senate on Wednesday passed two government bills including the Zainab Alert, Response and Recovery Bill, 2020 amid strong opposition from the Pakistan Muslim League-Nawaz (PML-N), Jamaat-e-Islami (JI), and Jamiat Ulema-e-Islam-Fazl (JUI-F), which deman

Published 05 Mar, 2020 12:00am

Business & Economy

Nestlé Pakistan wins three best practice awards

Nestlé Pakistan was recognized as one of the most progressive organizations in Pakistan at the Global Diversity and Inclusion Benchmarks (GDIB) Awards 2020. Nestlé Pakistan won three best practice awards in the categories of Vision, Leadership and Structu

Published 05 Mar, 2020 12:00am

'Tree Plantation' drive begins in Thar

With the collaboration of Forest Department, District Administration Tharparkar and Pak Army Badin Cantt started the Tree Plantation campaign with the slogan as 'Make Pakistan Clean & Green Program 'in village Dharar in taluka Mithi.

Published 05 Mar, 2020 12:00am

Sindh government asked to appoint STB chairman within 15 days

Sindh High Court (SHC) has ordered the provincial government to appoint Chairman Sindh Text Board (STB) within fifteen days A division bench of the SHC issued the orders in an application regarding the non-compliance of the court's orders for appointing C

Published 05 Mar, 2020 12:00am

Money & Banking

Violation of 'Fiscal Responsibility and Debt Limitation Act': SHC seeks replies from government, SBP & DPCO by March 19

Sindh High Court on Wednesday issued notices to the federal government, State Bank of Pakistan (SBP) and Debt Policy Coordination Office (DPCO) in petition related to increase in public debt in violation of "Fiscal Responsibility and Debt Limitation Act,

Published 05 Mar, 2020 12:00am

Business & Economy

FPCCI bodies; Shakeel, Shabbir named as conveners

President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Anjum Nisar has appointed Shakeel Ahmed Shaikh as a Convener of FPCCI's Central Standing "Committee on Health Care & Medical Devices" for the year 2020. Shakeel Ahmed Shaik

Published 05 Mar, 2020 12:00am

Coronavirus: Government not hiding number of confirmed cases: Dr Zafar

Special Assistant to the Prime Minister on Health Dr Zafar Mirza on Wednesday said that reports of the government hiding the total number of confirmed cases of the coronavirus in Pakistan were false.

Published 05 Mar, 2020 12:00am

IGP issues new order for identifying arrested suspects

After observing that investigation officers do not pay heed to the identification process of alleged criminals in "actionable offences" which ultimately benefit them as they easily got bail from courts, Punjab Inspector General of Police (IGP) has issued

Published 05 Mar, 2020 12:00am

Energy

Shifting of coal-handling from KPT to PQ benefits economy

The shifting of coal handling from Karachi Port Trust to Port Qasim under the order of Supreme Court has greatly benefited the national economy.

Published 05 Mar, 2020 12:00am

Money & Banking

ADB-funded projects to improve citizens' lives: Yang

Asian Development Bank (ADB) Country Director, Xiaohong Yang has said that the Bank and the Punjab government are working together for the betterment of humanity and the up-coming development projects will improve the lives of citizens.

Published 05 Mar, 2020 12:00am

Business & Economy

LCCI demands cheap electricity for all industries

The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to bring down the electricity tariff as cheap energy is a must to strengthen the industrial base and to win the international market.

Published 05 Mar, 2020 12:00am

PFA seals godown for storing expired ghee

The Punjab Food Authority (PFA) on Wednesday sealed a godown for storing expired oil and ghee of popular brands while carrying out an operation under the supervision of its Director General Irfan Memon. Acting on a tip-off, the director general along with

Published 05 Mar, 2020 12:00am

Money & Banking

Rs 211 billion released under ADP: Buzdar

Punjab Chief Minister Sardar Usman Buzdar said on Wednesday that an amount of Rs 211 billion rupees has been released under the Annual Development Programme (ADP) and the government has also saved billions of rupees by curtailing unnecessary expenditures.

Published 05 Mar, 2020 12:00am

LEAs to provide foolproof security to Aurat March rally

A day after the Lahore High Court (LHC) observed that all citizens have right to express feelings or message within the limits of the Constitution, law enforcement agencies (LEAs) have finally held a meeting with the organisers of "Aurat March-2020" for d

Published 05 Mar, 2020 12:00am

Inadequate urban planning: Himalayan towns facing increased water insecurity: study

A recent study covering 13 towns of four countries including Bangladesh, India, Nepal, and Pakistan in the Hindu Kush Himalayan (HKH) region shows that the Himalayan towns are facing increased water insecurity in the wake of inadequate urban planning coup

Published 05 Mar, 2020 12:00am

PTI government allocates Rs 300 billion under agriculture emergency programme

The PTI government has allocated an amount of 300 billion rupees under agriculture emergency programme for increasing agricultural productivity and to deal with the complex climate change impact issues. This was stated by Provincial Agriculture Minister M

Published 05 Mar, 2020 12:00am

Business & Economy

Punjab P&D board organises session on 'Ease of Doing Business Reforms'

Program Implementation Unit, Planning & Development (P&D) Board, Government of the Punjab in collaboration with the World Bank and Board of Investment organized an 'Ease of Doing Business Reforms' stakeholder engagement session.

Published 05 Mar, 2020 12:00am

Articles

Partly Facetious : The travails of top leadership

"Halleluiah!"

Published 05 Mar, 2020 12:00am

Energy

290 mini hydel power stations completed in KP

The Khyber Pakhtunkhwa government has completed construction of 290 Mini Hydel Power Stations (MHPSs) while 66 more mini-power stations will be completed in June this year.

Published 05 Mar, 2020 12:00am

GDIB standards: Engro bags highest number of awards

Engro Fertilizers Limited and Engro Energy, two subsidiaries of Engro Corporation, have won eight awards at this year's Diversity Hub Pakistan's 2020 GDIB Awards, hosted by HR Metrics.

Published 05 Mar, 2020 12:00am

Money & Banking

Many unaware of incentive-based loan programmes: report

Majority of the people in Pakistan, particularly entrepreneurs, remain unaware of incentive-based loan programs available to certain economic sectors. This has been noted in a report of the Karachi Chamber of Commerce and Industry (KCCI) Research and Deve

Published 05 Mar, 2020 12:00am

Business & Economy

Product conformity, certification: EDB's consultation with stakeholders begins

The Engineering Development Board (EDB) has started consultation on product conformity and standard certification for local industry to meet international standards.

Published 05 Mar, 2020 12:00am

Brief Recordings

Descon Oxychem Limited

Descon Oxychem Limited (PSX: DOL) was established in 2004 as a private limited company under the Companies Ordinance, 1984 (now Companies Act, 2017). Four years later, in 2008, it was converted into a public limited company.

Updated 05 Mar, 2020 04:21am

Swiss tapped to lead UN agency that aids Palestinian refugees

UN Secretary-General Antonio Guterres has recommended a Swiss expert in humanitarian affairs to lead the UN agency responsible for aiding Palestinian refugees, a UN source said Wednesday. Guterres' pick for the sensitive UN Relief and Works Agency (UNRWA)

Published 05 Mar, 2020 12:00am

Ukraine parliament appoints Shmygal as new PM

Ukraine's parliament on Wednesday approved Denys Shmygal as the new prime minister after his predecessor resigned, caught out by a leaked recording of him criticising the president. The majority of lawmakers voted to back President Volodymyr Zelensky's no

Published 05 Mar, 2020 12:00am

EU unveils climate law

Europe unveiled a landmark green growth law on Wednesday but failed to impress teenage activist Greta Thunberg, who dubbed it a "surrender" to the threat of climate change. The European Commission's draft of the law mandates EU members to achieve "climate

Published 05 Mar, 2020 12:00am

Coronavirus has spread to nearly all Iran provinces: President

Coronavirus has spread to almost all of Iran's provinces but the country will get through the outbreak with a "minimum" number of deaths, President Hassan Rouhani said on Wednesday. "This disease is a widespread disease," he said during a cabinet meeting

Published 05 Mar, 2020 12:00am

Germany calls coronavirus 'pandemic' as countries bolster prevention

Germany warned Wednesday that the coronavirus outbreak has turned into a global pandemic, as countries around the world bolstered supplies and boosted protective measures in a bid to slow the rapid rise of the deadly disease. While caseloads have steadi

Published 05 Mar, 2020 12:00am

Syrian girl who laughed off shelling starts new life in Turkey

A three-year-old girl taught to laugh off the sound of shelling in war-torn Syria has left with her family and started a new life in neighbouring Turkey, her father said Wednesday.

Published 05 Mar, 2020 12:00am

UK gender pay gap to last another 50 years

Women working in Britain must wait half a century to bridge the gender pay gap, the head of the nation's union umbrella organisation the Trades Union Congress warned Wednesday.

Published 05 Mar, 2020 12:00am

Barbie launches dolls to honour women sports stars

British sprint world champion Dina Asher-Smith said she was "proud" to have her own Barbie as the toy brand announced a line-up of dolls to honour female sporting role models ahead of International Women's Day. Asher-Smith, who won the 200 metres gold at

Published 05 Mar, 2020 12:00am

Merkel party sidelined as far-left wins closely watched vote

Lawmakers in eastern German state Thuringia re-elected its state premier Wednesday, with Chancellor Angela Merkel's ruling CDU party sitting out the vote after a first try sank it into a deep crisis. Popular former premier Ramelow of the radical-left Die

Published 05 Mar, 2020 12:00am

Erdogan demands EU help in Syria as price to end migrant crisis

Turkey's president warned on Wednesday that a fresh migrant crisis could be resolved only if Europe supports its efforts in Syria, as violent clashes broke out between refugees and police on the Greek border. Thousands of migrants have massed at the Greek

Published 05 Mar, 2020 12:00am

Singaporean Daren elected to take helm of global patent agency: UN

Countries on Wednesday voted to put the head of Singapore's national patent agency in charge of global intellectual property, replacing Australian Francis Gurry after 12 years at of the helm of the World Intellectual Property Organization.

Published 05 Mar, 2020 12:00am

PMEX daily trading report

On Tuesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,006. The traded value of Metals, Energy and COTS/FX was recorded at PKR 8.916 billion and the number of lots traded was 13,220.

Published 05 Mar, 2020 12:00am

Commodities

Ukraine sunflower oil exports jump

Ukraine, the world's top exporter of sunflower oil, increased its seaborne exports of the commodity by around 63% so far in the 2019/20 season, preliminary data from the APK-Inform consultancy showed on Monday. Seaport exports of sunflower oil totalled 2.

Published 05 Mar, 2020 12:00am

Commodities

Canadian canola futures rise

ICE Canadian canola futures rose on Tuesday on higher soyabean and soyabean oil prices. There was good two-way trade, a trader said, adding volumes and spreading were moderate. Soyabeans rallied in the close and canola followed. May-July canola spread tra

Published 05 Mar, 2020 12:00am

Commodities

European wheat prices rise on technical rebound

European wheat prices rose on Tuesday in a technical rebound after a selloff in the past few days, supported by signs of global efforts to offset the economic impact of the coronavirus outbreak. Benchmark May milling wheat on the Paris-based Euronext unof

Published 05 Mar, 2020 12:00am

Commodities

CBOT soyabean futures rise

Chicago Board of Trade soyabean futures reached their highest prices in more than five weeks on Tuesday on technical buying and bargain hunting, traders said. Argentina is expected to raise taxes on soyabean exports to 33% from the current 30%, a spokesma

Published 05 Mar, 2020 12:00am

Commodities

China's iron ore futures extend rise

China's iron ore futures extended gains on Tuesday on hopes of further government support for the coronavirus-hit domestic economy, and after Brazil reported a 17.5% month-on-month drop in February exports of the steelmaking raw material. The Dalian Commo

Published 05 Mar, 2020 12:00am

Business & Economy

Activities at Karachi and Port Qasim

The Karachi Port handled 193,828 tonnes of cargo comprising 119,966 tonnes of import cargo and 73,862 tonnes of export cargo including 8,723 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday. The total import cargos of

Published 05 Mar, 2020 12:00am

Cotton & Textile

Dull activity seen on cotton market

No any deal was reported on the cotton market on Wednesday as mills preferred to import lint from other countries instead of local buying due to higher rates, dealers said. The official spot rate maintained week-end level at Rs 9000, they added. In the re

Published 05 Mar, 2020 12:00am

Commodities

Brazil 2020-21 coffee crop seen at 67.5 million bags

Brazil's coffee crop in the upcoming 2020/21 season is expected to total 67.5 million 60-kg bags, according to a Rabobank crop survey published on Monday. The crop was expected to be made up of a record 49 million bags of arabica and 18.5 million of conil

Published 05 Mar, 2020 12:00am

Money & Banking

Dollar hovers near five-month low against yen in Asia

The dollar hovered near five-month lows versus the yen on Wednesday after the US Federal Reserve's emergency 50 basis point rate cut sparked more anxiety about the impact of the coronavirus and sent Treasury yields tumbling to record lows.

Published 05 Mar, 2020 12:00am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Dec 20	278.48
USD PKR Interbank Buying / Dec 20	278.28
USD to Japanese Yen / Dec 20	156.31
USD to Swiss Franc / Dec 20	0.89
Pound Sterling to USD / Dec 20	1.26
Euro to USD / Dec 20	1.04

Stock	Volume
S&P 500 / Dec 20	5,930.85
India Sensex / Dec 20	78,041.59
Tokyo Nikkei / Dec 20	38,701.90
Nasdaq / Dec 20	19,572.60
Hang Seng / Dec 20	19,720.70
FTSE 100 / Dec 20	8,084.36
Dow Jones / Dec 20	42,840.26
Germany DAX 30 / Dec 20	19,884.75

Item	Value
Crude Oil USD/Barrel / Dec 20	69.46
Gold 10 Grams PKR / Dec 20	234,311
Gold Spot USD/Ounce / Dec 20	2,622.91
Cotton US¢/pound / Dec 20	68.06
Karachi Cotton PKR/37.32 KG / Dec 21	17,585
Petrol/Litre / Dec 22	252.10

Gainers
Losers
Leaders

Stock	Price
Media Times Ltd / Dec 20 Media Times Limited(MDTL)	2.37 ▲ 0.37 (18.50%)
Pace (Pak) Ltd. / Dec 20 Pace (Pakistan) Limited(PACE)	7.23 ▲ 1.00 (16.05%)
Ist.Capital Sec / Dec 20 First Capital Securities Corporation(FCSC)	2.12 ▲ 0.26 (13.98%)
Khalid Siraj / Dec 20 Khalid Siraj Textile Mills Limited(KSTM)	9.60 ▲ 0.97 (11.24%)
Aruj Industries / Dec 20 Aruj Industries Limited(ARUJ)	9.90 ▲ 0.98 (10.99%)
Escorts Bank / Dec 20 Escorts Investment Bank Limited(ESBL)	4.79 ▲ 0.47 (10.88%)
Cresent Jute / Dec 20 Crescent Jute Products Limited(CJPL)	4.20 ▲ 0.40 (10.53%)
S.G.Power / Dec 20 S.G. Power Limited(SGPL)	11.19 ▲ 1.02 (10.03%)
P.T.C.L. / Dec 20 Pakistan Telecommunication Company Ltd(PTC)	25.80 ▲ 2.35 (10.02%)

Stock	Price
LSE Financial Serv. / Dec 20 LSE Financial Services Limited(LSEFSL)	16.25 ▼ -1.81 (-10.02%)
Dar-es-Salaam / Dec 20 Dar-es-Salaam Textile Mills Limited(DSML)	41.93 ▼ -4.66 (-10.00%)
Maqbool Tex. / Dec 20 Maqbool Textile Mills Limited(MQTM)	31.05 ▼ -3.45 (-10.00%)
Reliance Cotton / Dec 20 Reliance Cotton Spinning Mills Limited(RCML)	621 ▼ -69.00 (-10.00%)
Sanghar Sugar / Dec 20 Sanghar Sugar Mills Limited(SANSM)	27.72 ▼ -3.08 (-10.00%)
Olympia Mills / Dec 20 Olympia Mills Limited(OML)	34.58 ▼ -3.84 (-9.99%)
Nagina Cot. / Dec 20 Nagina Cotton Mills Limited(NAGC)	48.92 ▼ -5.41 (-9.96%)
Oilboy Energy / Dec 20 Oilboy Energy Limited(OBOY)	11.39 ▼ -1.26 (-9.96%)
Arpak Int. / Dec 20 Arpak International Investments Ltd.(ARPAK)	65.22 ▼ -7.19 (-9.93%)

Stock	Volume
WorldCall Telecom / Dec 20 Worldcall Telecom Limited(WTL)	177,645,248 ▲ 0.10
K-Electric Ltd. / Dec 20 K-Electric Limited(KEL)	81,901,542 ▲ 0.16
Cnergyico PK / Dec 20 Cnergyico PK Limited(CNERGY)	68,345,098 ▲ 0.12
Pak Elektron / Dec 20 Pak Elektron Limited(PAEL)	57,974,101 ▲ 1.47
Pak Refinery / Dec 20 Pakistan Refinery Limited(PRL)	45,251,944 ▲ 0.40
Pace (Pak) Ltd. / Dec 20 Pace (Pakistan) Limited(PACE)	43,240,462 ▲ 1.00
Sui South Gas / Dec 20 Sui Southern Gas Company Limited(SSGC)	40,539,001 ▼ -0.74
B.O.Punjab / Dec 20 The Bank of Punjab(BOP)	35,598,669 ▲ 0.24
Symmetry Group / Dec 20 Symmetry Group Limited(SYM)	34,869,613 ▼ -0.72

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