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Print - 2020-04-06
PIA 'forced' to suspend operations from Karachi

PIA 'forced' to suspend operations from Karachi

Lack of coordination between federal and provincial authorities over the implementation of preventive measures to avert the spread of COVID-19 has forced Pakistan International Airlines (PIA) to suspend its operations from Karachi.
Published 06 Apr, 2020 12:00am
'Grower' biggest beneficiary of sugar export: PSMA chief

'Grower' biggest beneficiary of sugar export: PSMA chief

While welcoming the release of the inquiry committee report on sugar by the federal government, Pakistan Sugar Mills Association (PSMA) Chairman Aslam Faruque has said that an open, fair and facts based discussion was exactly what the sugar industry wante
Published 06 Apr, 2020 12:00am
What does the PM say now?
Letters

What does the PM say now?

This is apropos a Business Recorder news item titled "Inquiry committee report "Export behind increase in sugar prices" carried by the newspaper yesterday. No doubt, the inquiry report must have left the PTI-led ruling alliance red-faced because th
Published 06 Apr, 2020 12:00am
Stock values vs human values
Articles

Stock values vs human values

Dow Jones is down. Nasdaq is nose-diving. PSX is declining. Stock values are crashing. The world is talking about recession, deficits and bankruptcies. Since it is an invisible virus, and thus a natural calamity, most people feel nobody could have foresee
Published 06 Apr, 2020 12:00am
Spending without due process not advised
Articles

Spending without due process not advised

Primary deficit of 0.6 percent with singular lack of focus on the fiscal deficit (7.2 percent was set as the target for 2019-20 - identical to what the authorities erroneously claimed was the projected deficit for 2018-19) was an International Monetary Fu
Published 06 Apr, 2020 12:00am
Moody's growth projections

Moody's growth projections

Moody's has scaled down growth projections for Pakistan by up to 0.9 percent. Instead of the 2.9 percent projected earlier the rating agency now reckons growth would be no more than between 2 to 2.5 percent.
Updated 06 Apr, 2020 05:20am
The construction package and IMF

The construction package and IMF

Prime Minister Imran Khan announced a comprehensive construction promotion package by granting it the status of industry; additionally, investors would not be asked the source of their income, a fixed construction per square foot tax would be introduced,
Updated 06 Apr, 2020 05:20am
Sugar, wheat crises: Shahbaz wants responsible be punished

Sugar, wheat crises: Shahbaz wants responsible be punished

President of Pakistan Muslim League-Nawaz (PML-N) Shahbaz Sharif has demanded action against people responsible for wheat and sugar crisis in light of newly released report of Federal Investigation Agency (FIA) on the matter.
Published 06 Apr, 2020 12:00am
Lockdown help improve Capital's quality of air

Lockdown help improve Capital's quality of air

The federal capital on March 25 observed a virtual lockdown, to contain the risk of Coronavirus pandemic outbreak that resulted in drastic decline in air pollution since the closure of traffic and public mobility in the metropolis.
Published 06 Apr, 2020 12:00am
WEEKLY COTTON REVIEW: No business activity in market
Cotton & Textile

WEEKLY COTTON REVIEW: No business activity in market

The partial sowing of cotton has started but there are no estimates of production. The support price was not fixed yet. The crisis of the textile sector is increasing day by day. The industries have started working partially.
Published 06 Apr, 2020 12:00am
12 more Covid-19 patients given clean bill of health: minister

12 more Covid-19 patients given clean bill of health: minister

Sindh Minister for Information, Local Government, Housing and Town Planning, Religious Affairs, Forest and Wildlife, Syed Nasir Hussain Shah, has said that Sindh Chief Minister Syed Murad Ali Shah was presiding over the meeting of the task force formed t
Published 06 Apr, 2020 12:00am
Field hospitals being set up across Punjab: CS

Field hospitals being set up across Punjab: CS

Punjab Chief Secretary Azam Suleman Khan has said that field hospitals for Covid-19 patients are being established across the province on the pattern of Expo Centre Lahore and two similar health facilities would be functional in Rawalpindi and Jhelum with
Published 06 Apr, 2020 12:00am
Governor assures safety of those waging war on front line

Governor assures safety of those waging war on front line

Inaugurating Muhafiz Force and Muhafiz App (application) of Hilal-e-Ahmar Pakistan at Governor House on Sunday, Punjab Governor Chaudhry Mohammad Sarwar said that safety of those fighting corona on the front line will be ensured.
Published 06 Apr, 2020 12:00am
CPEC projects to meet deadlines despite Covid-19 issue: Hashmi

CPEC projects to meet deadlines despite Covid-19 issue: Hashmi

Pakistan Ambassador to China, Naghmana Alamgir Hashmi has said that all the projects being completed under the China Pakistan Economic Corridor (CPEC) framework would meet their deadlines as all the preventives and control measures had been put in place a
Published 06 Apr, 2020 12:00am
Algeria jails journalist

Algeria jails journalist

An Algerian court on Sunday sentenced to eight months in jail a journalist who had provided images of months-long anti-government protests to foreign media, a prisoners' support group and a non-government organisation said.
Published 06 Apr, 2020 12:00am
Second Greek migrant camp under virus lockdown

Second Greek migrant camp under virus lockdown

Officials in Greece on Sunday placed a second migrant camp near Athens under lockdown after an Afghan resident tested positive for the coronavirus, the migration ministry said.
Published 06 Apr, 2020 12:00am
PML-N slams government's distortion of FIA's report

PML-N slams government's distortion of FIA's report

Pakistan Muslim League (N) has asked the government to stop distorting report facts. PML-N Secretary information Marriyum Aurangzeb while slamming government Spokesperson's distortion of FIA's report, has demanded that the Spokesperson should tell when wi
Published 06 Apr, 2020 12:00am
Philanthropic activities banned in Punjab

Philanthropic activities banned in Punjab

After observing that a large number of people are not following the protocols of social distancing and violating section-144, the Punjab government on Sunday imposed a ban on all kinds of philanthropic activities across the province.
Published 06 Apr, 2020 12:00am
Turkey exempts young workers from confinement order

Turkey exempts young workers from confinement order

Turkey on Sunday said working youth, including seasonal agricultural labour, will be exempted from a confinement order imposed as part of tougher measures against the coronavirus outbreak. President Recep Tayyip Erdogan on Friday issued a mandatory confin
Published 06 Apr, 2020 12:00am
Total number of cases in Punjab reaches 1196

Total number of cases in Punjab reaches 1196

With 63 new cases, total number of confirmed Covid-19 cases in the province of Punjab has reached 1,196, a spokesman of health department said on Sunday.
Published 06 Apr, 2020 12:00am
Sindh CM seeks SOPs to allow industries to open

Sindh CM seeks SOPs to allow industries to open

Sindh Chief Minister Syed Murad Ali shah, keeping in view the COVID-19 threat, has constituted a committee of health experts, labour and industries department secretaries and representatives of Police and Rangers to prepare Standard Operational Procedures
Published 06 Apr, 2020 12:00am
Coronavirus-hit consumers: Power tariff freezing to cost kitty Rs381bn

Coronavirus-hit consumers: Power tariff freezing to cost kitty Rs381bn

Power Division has reportedly prepared power tariff freezing for three months aimed at minimising financial burden on the Coronavirus-hit consumers, estimated financial impact of which will be Rs 381 billion, well informed sources told Business Record
Published 06 Apr, 2020 12:00am
PM fulfilled his promise of making reports public: Firdous

PM fulfilled his promise of making reports public: Firdous

Special Assistant to Prime Minister (SAPM) for Information and Broadcasting Dr Firdous Ashiq Awan has said that identification of government personalities in Federal Investigation Agency (FIA) report on sugar and wheat crisis is an example of self-account
Published 06 Apr, 2020 12:00am
Navy supports indigent populace amid pandemic lockdown

Navy supports indigent populace amid pandemic lockdown

Pakistan Navy is extending support to needy families in current difficult state due to Coronavirus Pandemic. In coordination with various philanthropist associations, Pakistan Navy distributed food/commodities while reaching out to indigent families in va
Published 06 Apr, 2020 12:00am
Wheat, sugar crises: PM decides to act on reports

Wheat, sugar crises: PM decides to act on reports

Prime Minister Imran Khan said on Sunday that action would be taken against those involved in the wheat and sugar crisis in the country in the light of forensic reports of the high-powered commission.
Published 06 Apr, 2020 12:00am
Highest-ever weekly recovery witnessed
Stocks

Highest-ever weekly recovery witnessed

Pakistan Stock Exchange witnessed highest ever weekly recovery during the outgoing week ended on April 3, 2020 on the back of aggressive buying mainly by local investors and institutions.
Published 06 Apr, 2020 12:00am
Twelve killed in IOK violence amid virus lockdown

Twelve killed in IOK violence amid virus lockdown

Nine freedom fighters martyred and three soldiers were killed in two separate incidents in Indian-occupied Kashmir, officials said Sunday, as authorities enforced a lockdown to combat the spread of the coronavirus pandemic.
Published 06 Apr, 2020 12:00am
PMA Sindh JAC meeting held
Pakistan

PMA Sindh JAC meeting held

To get the problems of doctors of Sindh especially in present pandemic of coronavirus a meeting of Joint Action Committee of doctors of Sindh, Joint Action Committee Pakistan Medical Association Sindh and Young Doctors Association Sindh was held on video
Published 06 Apr, 2020 12:00am
Spain's PM in plea for 'coronabonds' crisis funding

Spain's PM in plea for 'coronabonds' crisis funding

Spanish Prime Minister Pedro Sanchez urged the EU Sunday to issue "coronabonds," controversial pooled debt instruments to help the bloc's hardest hit countries fund their battle against the devastating economic impact of the pandemic.
Published 06 Apr, 2020 12:00am
Coronavirus volatility sees Luxembourg tighten fund redemption scrutiny
Global Business Economy

Coronavirus volatility sees Luxembourg tighten fund redemption scrutiny

Luxembourg, the European Union's largest investment hub has tightened its disclosure rules in the face of market volatility caused by the coronavirus and asked funds to disclose whenever client demand to exit exceeds 10% of total assets.
Published 06 Apr, 2020 12:00am
Australia pumps in liquidity, buys bonds
Money & Banking

Australia pumps in liquidity, buys bonds

Australia's central bank injected A$6.9 billion ($4.1 billion) into the financial system on Tuesday and bought A$4 billion in bonds as economists predicted a spike in unemployment and the worst recession in the country's history due to the coronavirus.
Published 06 Apr, 2020 12:00am
China Bond Connect sees record trade
Money & Banking

China Bond Connect sees record trade

Offshore investors traded record volumes of bonds through China's Bond Connect programme in March amid a coronavirus outbreak that continued to paralyse the country's economy, and as its spread prompted a flight to safety in global markets.
Published 06 Apr, 2020 12:00am
Fund investors retreat from US stocks, bonds
Stocks

Fund investors retreat from US stocks, bonds

Fund investors retreated from nearly all US asset classes last week, pulling the largest amount of net assets from mutual funds and exchange-traded funds that hold US equities since February 2018 and withdrawing more than $100 billion from bond funds over
Published 06 Apr, 2020 12:00am
Wall Street week ahead
Stocks

Wall Street week ahead

Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread.
Published 06 Apr, 2020 12:00am
Ackman's hedge funds make money this year as hedges help
Money & Banking

Ackman's hedge funds make money this year as hedges help

Billionaire investor William Ackman, who hedged his Pershing Square Capital management portfolio weeks ago to guard against coronavirus-inspired panic selling, told investors his private hedge fund is making money this year, an investor said on Wednesday.
Published 06 Apr, 2020 12:00am
Czech unemployment held at 3pc in March, wider trend seen in April
Global Business Economy

Czech unemployment held at 3pc in March, wider trend seen in April

Czech unemployment held at 3% in March despite measures to curb the spread of coronavirus and showed no variations from normal in early April, but only the full month will show the trend, Labour and Social Affairs Minister Jana Malacova said on Sunday.
Published 06 Apr, 2020 12:00am
Africa could lose 20m jobs due to pandemic
Energy

Africa could lose 20m jobs due to pandemic

About 20 million jobs are at risk in Africa as the continent's economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union (AU) study.
Published 06 Apr, 2020 12:00am
Saudi non-oil private sector hits decade-low on coronavirus
Energy

Saudi non-oil private sector hits decade-low on coronavirus

Saudi Arabia's non-oil private sector shrank in March at its fastest rate on record as emergency measures to contain the coronavirus outbreak dealt a heavy blow to business, a survey showed on Sunday.
Published 06 Apr, 2020 12:00am
Saudi Arabia delays May crude prices until after OPEC+ meeting
Energy

Saudi Arabia delays May crude prices until after OPEC+ meeting

Saudi Arabia will delay the release of its crude official selling prices (OSP) for May until April 10 to wait for the outcome of a meeting between OPEC and its allies regarding possible output cuts, a senior Saudi source familiar with the matter said on S
Published 06 Apr, 2020 12:00am
The Weather

The Weather

The weather report on Sunday (April 5, 2020) and the forecast for Monday (April 6, 2020).

Published 06 Apr, 2020 12:00am
PFMA KP urges govts to exempt flour industry from taxes
Taxes

PFMA KP urges govts to exempt flour industry from taxes

Pakistan Flour Mills Association Khyber Pakhtunkhwa (PFMA-KP) chapter demanded of the federal and provincial government to exempt flour industry from all taxes amid outbreak of the novel coronavirus pandemic in the province.
Published 06 Apr, 2020 12:00am
Media briefed on Faisalabad's coronavirus situation

Media briefed on Faisalabad's coronavirus situation

Provincial Minister for Public Prosecution / Focal Person Anti-corona Measures Ch. Zaheeruddin briefed the media at the Commissioner's Office on the situation of coronavirus in the district.
Published 06 Apr, 2020 12:00am
Mobile Covid-19 test service launched in Khyber district

Mobile Covid-19 test service launched in Khyber district

District administration, Khyber on Sunday launched mobile testing services of the possible suspected people of COVID 19, aiming at to contain spread of the novel coronavirus pandemic in remotes areas.
Published 06 Apr, 2020 12:00am
Sugar, flour crises: ANP demands action against 'culprits'

Sugar, flour crises: ANP demands action against 'culprits'

ANP's president, Asfandyar Wali Khan has said that if the government is really interested in indiscriminate accountability then it should take stern action in light of report on sugar and flour crisis in the country.
Published 06 Apr, 2020 12:00am
Majority of corona patients in Punjab carry mild symptoms: Dr Yasmin

Majority of corona patients in Punjab carry mild symptoms: Dr Yasmin

Punjab Health Minister Dr. Yasmin Rashid Sunday said that in Punjab, the number of critical corona patients were not higher as the maximum corona patients carried mild symptoms of novel virus. She said that Pakistan would not go through the drastic chaos
Published 06 Apr, 2020 12:00am
Insaf Imdad Package: PM enhances amount of financial aid to Rs 12,000

Insaf Imdad Package: PM enhances amount of financial aid to Rs 12,000

In the wake of growing coronavirus pandemic and deteriorating financial condition of people, Prime Minister Imran Khan has granted approval to enhance financial assistance amount from Rs 4,000 to Rs 12,000 for Punjab government's "Insaf Imdad Package" in
Published 06 Apr, 2020 12:00am
Government offered Rs 100bn package to support industrial sector: Dawood
Cotton & Textile

Government offered Rs 100bn package to support industrial sector: Dawood

Adviser to Prime Minister for Commerce and Textile, Abdul Razak Dawood has said that the government had offered up to Rs100 billion packages to the industrial sector as a support following current challenging situation, created due to COVID- 19 pandemic.
Published 06 Apr, 2020 12:00am
Brazilians don't want Bolsonaro to resign

Brazilians don't want Bolsonaro to resign

Most Brazilians are against President Jair Bolsonaro's potential resignation despite mounting criticism toward his handling of the coronavirus outbreak, according to a poll published by local newspaper Folha de S.Paulo on Sunday.
Published 06 Apr, 2020 12:00am
Israel detains Palestinian governor of Jerusalem again

Israel detains Palestinian governor of Jerusalem again

Israel detained the Palestinian governor of Jerusalem on Sunday over "illegal" activities, in at least the seventh time Adnan Ghaith has been arrested in less than 18 months. "Adnan Ghaith was detained this morning for Palestinian activity in Jerusalem, w
Published 06 Apr, 2020 12:00am
Your rupee last week

Your rupee last week

Following currency fluctuations took place in foreign exchange rates during the last week. (March 30 to April 3, 2020).

Published 06 Apr, 2020 12:00am
Radiation spike as forest fire hits Chernobyl N-zone

Radiation spike as forest fire hits Chernobyl N-zone

Ukrainian authorities on Sunday reported a spike in radiation levels in the restricted zone around Chernobyl, scene of the world's worst nuclear accident, caused by a forest fire.
Published 06 Apr, 2020 12:00am
US coronavirus supply spree sparks outrage among allies

US coronavirus supply spree sparks outrage among allies

From Europe to South America, US allies are complaining about the superpower's "Wild West" tactics in outbidding or blocking shipments to buyers who have already signed deals for vital medical supplies.
Published 06 Apr, 2020 12:00am
Elton John launches fund for HIV/AIDS work

Elton John launches fund for HIV/AIDS work

Elton John has launched a $1 million emergency fund to help organisations working with people living with HIV or AIDS so they are not "left behind" during the coronavirus crisis.
Published 06 Apr, 2020 12:00am
China says it has sold nearly four billion masks abroad
Global Business Economy

China says it has sold nearly four billion masks abroad

China has sold nearly four billion masks to foreign countries since March, officials said Sunday, as they tried to stem widespread fears over the quality of medical exports.
Published 06 Apr, 2020 12:00am
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