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Print - 2020-05-07
PM, DG ISI discuss security matters

PM, DG ISI discuss security matters

Director General Inter Services Intelligence (ISI) Lt Gen Faiz Hamid called on Prime Minister Imran Khan here on Wednesday. Matters pertaining to national security were discussed during the meeting, said a press statement issued by the PM Media Office.
Published 07 May, 2020 12:02am
3.8 percent budget deficit witnessed in 9 months

3.8 percent budget deficit witnessed in 9 months

A budget deficit of 3.8 percent or Rs1,687 billion has been recorded during the first nine months of the current fiscal year, July-March 2019-2020, ahead of corona pandemic expenditure and ramifications of lockdown on the revenue and economy of the countr
Published 07 May, 2020 12:02am
MoC drafts STP Framework 2020-25

MoC drafts STP Framework 2020-25

Ministry of Commerce (MoC) has drafted Strategic Trade Policy Framework 2020-25, on the basis of guiding principle of no element of any duties and taxes on exports, sources close to Prime Minister Advisor on Commerce and Investment told Business Record
Published 07 May, 2020 12:02am
Indian troops martyr maths teacher-turned-fighter in IOK

Indian troops martyr maths teacher-turned-fighter in IOK

Indian troops martyred four fighters in gun battles in occupied Kashmir on Wednesday, including the commander of the biggest Kashmiri group fighting New Delhi in the disputed Himalayan region, a police official said.
Published 07 May, 2020 12:02am
Educational institutes: Three provinces for continued closure

Educational institutes: Three provinces for continued closure

The inter-provincial education ministers' conference, on Wednesday, failed to develop consensus on the reopening of educational institutes and decided to send the matter to the National Coordination Committee (NCC). The inter-provincial education minister
Published 07 May, 2020 12:02am
Decision on lockdown curbs today

Decision on lockdown curbs today

The National Command and Operation Center (NCOC) Wednesday proposed multiple recommendations to ease lockdown restrictions in the country, which were imposed to curb spread of the coronavirus.
Published 07 May, 2020 12:02am
Procurement of wheat: ECC seeks progress report

Procurement of wheat: ECC seeks progress report

The Economic Coordination Committee (ECC) of the Cabinet has expressed concern over progress of wheat procurement, and sought a detailed report on progress of wheat procurement by the PASSCO and provincial food departments, and overall wheat production ba
Published 07 May, 2020 12:02am
EU economy faces historic recession

EU economy faces historic recession

The EU on Wednesday forecast a historic recession on the continent battered by the deadly coronavirus pandemic, as the US and China escalated their war of words over the origins of the disease.
Published 07 May, 2020 12:02am
Shops must show prices, tax separately on menu cards: FBR

Shops must show prices, tax separately on menu cards: FBR

To check sales tax evasion, all restaurants, bakeries, caterers and sweetmeat shops supplying prepared food, foodstuff and sweetmeats would be required to show prices and amount of tax separately on menu cards or menu board displayed in their outlets for
Published 07 May, 2020 12:02am
Hungary, Serbia, Montenegro 'no longer democracies': watchdog

Hungary, Serbia, Montenegro 'no longer democracies': watchdog

Hungary, Serbia and Montenegro can no longer be called democracies after unprecedented democratic backsliding, a rights watchdog said Wednesday, noting the especially "precipitous" fall down the rankings of Prime Minister Viktor Orban's "regime".
Published 07 May, 2020 12:02am
NCM: Cabinet's decision challenged

NCM: Cabinet's decision challenged

The federal cabinet's decision not to include Ahmadis as non-Muslims in the National Commission for Minorities (NCM) was challenged in the Islamabad High Court (IHC).
Published 07 May, 2020 12:02am
SCB CEO Shahzad Dada resigns

SCB CEO Shahzad Dada resigns

Renowned banker Shahzad Dada has resigned from the post of Chief Executive Officer of Standard Chartered Bank (Pakistan).
Published 07 May, 2020 12:02am
There's no light at the end of the tunnel
Letters

There's no light at the end of the tunnel

Gainful employment has emerged as the most profound challenge in Pakistan following the Covid-19 spread or outbreak. For almost two months, a vast majority of the country's population is finding it extremely difficult to cope with a situation which poses
Published 07 May, 2020 12:02am
The politics of employment
Articles

The politics of employment

Robust macroeconomic fundamentals lead to one ultimate goal: jobs. At least that is the theory. You go through the hoops of fiscal consolidation, current account balance, debt sustainability, and manageable inflation to get to sustained economic growth, t
Published 07 May, 2020 12:02am
Unjust justice system

Unjust justice system

Injustice and incompetence of Pakistan's criminal justice system have been highlighted by no less a person than the Chief Justice of the Islamabad High Court (IHC) Athar Minallah. Exonerating seven accused who had spent nearly 10 years behind bars in diff
Updated 08 May, 2020 03:27am
Renegotiating with IPPs

Renegotiating with IPPs

According to a Business Recorder exclusive, the cabinet's earlier decision to launch an inquiry into Independent Power Producers (IPPs) has been put on hold with the objective of using this as a bargaining chip for a better deal on power tariff. Ne
Updated 07 May, 2020 02:39pm
Covid-19: Mosques are following govt's SOPs: minister

Covid-19: Mosques are following govt's SOPs: minister

Federal Religious Affairs and Interfaith Harmony Minister Noor-ul-Haq Qadri has said that to limit the spread of the coronavirus, by and large the mosques in Pakistan are following the government's SOPs and 'namazis' are adopting precautionary measures du
Published 07 May, 2020 12:02am
Repayment of duty on import of raw materials allowed
Taxes

Repayment of duty on import of raw materials allowed

The Federal Board of Revenue (FBR) has allowed repayment of customs duty (5.33 percent of the FOB value) on the import of raw materials (RBD palm olein etc) used in export of finished products i.e. supplementary/therapeutic foods from April 27, 2020.
Published 07 May, 2020 12:02am
GlaxoSmithKline Pakistan Limited
Brief Recordings

GlaxoSmithKline Pakistan Limited

GlaxoSmithKline Pakistan Limited's (PSX: GLAXO) presence in Pakistan dates back to 1951, as Glaxo Laboratories Pakistan Limited. In 2001, GlaxoSmithKline Pakistan Limited came about as a result of a merger between SmithKline and French of Pakistan Limited
Updated 07 May, 2020 04:36am
Resumption of businesses: Businessmen asked to submit suggestions

Resumption of businesses: Businessmen asked to submit suggestions

Deputy Commissioner Hyderabad Fuad Ghaffar Soomro presiding over a meeting of representatives of business community at Shahbaz Hall Hyderabad on Wednesday asked the businessmen to prepare a list of suggestions for resuming business activities and submit i
Published 07 May, 2020 12:02am
UHS to conduct professional exams from 13th

UHS to conduct professional exams from 13th

The University of Health Sciences (UHS) has announced to conduct various professional examinations including MBBS, BDS and M.Phil exams from May 13. These exams were earlier postponed in March this year due to coronavirus pandemic.
Published 07 May, 2020 12:02am
34 opposition senators submit requisition to convene session

34 opposition senators submit requisition to convene session

A day after the government and the opposition in the National Assembly agreed to call a physical session of the National Assembly; some 34 opposition members in the Senate on Wednesday submitted a requisition with the Senate Secretariat to immediately con
Published 07 May, 2020 12:02am
Met predicts mild heatwave in metropolis

Met predicts mild heatwave in metropolis

The Met Office on Wednesday forecast a mild heat wave spell for the metropolis in the next 24 hours with a hot and humid weather. The Heat Wave Early Warning Centre said that the city is expected to witness a mild heat wave spell on Thursday with a maximu
Published 07 May, 2020 12:02am
Power outage at Sehri in several neighbourhoods

Power outage at Sehri in several neighbourhoods

Several city neighborhoods, including North Karachi and Surjani Town, experienced power outage at Sehri time on Wednesday due to tripping of a 132-kV transmission line of K-Electric.
Published 07 May, 2020 12:02am
Bilour demands opening of all bank branches
Money & Banking

Bilour demands opening of all bank branches

The United Business Group leader and a leading businessman of the country, Ilyas Ahmad Bilour, has urged the federal government and the State Bank of Pakistan to issue instructions to open all branches of commercial banks to ease difficulties of business
Published 07 May, 2020 12:02am
Confirmed coronavirus cases reach 485 in capital

Confirmed coronavirus cases reach 485 in capital

The confirmed coronavirus cases here have reached 485, the transmission rate is high as percentage of total estimated population of 1.1 million living in Islamabad.
Published 07 May, 2020 12:02am
Bilawal pays tribute to Shaheed Qamar Abbas

Bilawal pays tribute to Shaheed Qamar Abbas

Chairman Pakistan People's Party Bilawal Bhutto Zardari has paid rich tributes to Shaheed Qamar Abbas and said that Shaheed Qamar Abbas was a soldier and brother of Shaheed Mohtarma Benazir Bhutto, said a press release issued on Wednesday.
Published 07 May, 2020 12:02am
PPP leader demands APC to formulate Coronavirus National Action Plan

PPP leader demands APC to formulate Coronavirus National Action Plan

Pakistan People's Party (PPP) leader and Chairman Senate Standing Committee on Interior Senator Rehman Malik has urged Prime Minister Imran Khan to call an All Parties' Conference (APC) to formulate common Coronavirus National Action Plan to combat the vi
Published 07 May, 2020 12:02am
Rashid tests positive for coronavirus

Rashid tests positive for coronavirus

Special Assistant to the Sindh chief minister Rashid Rabbani has tested positive for the novel coronavirus on Wednesday. Rashid Rabbani has gone into isolation at his residence after he was tested positive for coronavirus. Samples of his family members ha
Published 07 May, 2020 12:02am
Three die as roof of building collapses

Three die as roof of building collapses

Three people of same family lost their lives after a section of the roof of a four story residential building collapsed in Gulistan-e-Johar block-7 area here late Tuesday.
Published 07 May, 2020 12:02am
Sindh, federal governments destroying city's commerce: Kamal

Sindh, federal governments destroying city's commerce: Kamal

Pak Sarzameen Party Chairman Syed Mustafa Kamal has said that there is a dangerous impression prevailing amongst Karachiites that first the status of the port city was changed, then its citizens were deprived of government jobs, and then key institutions
Published 07 May, 2020 12:02am
Sanjrani for restoring domestic PIA flights

Sanjrani for restoring domestic PIA flights

Senate Chairman Sadiq Sanjrani on Wednesday called upon the government to restore domestic flights of the Pakistan International Airlines (PIA) in order to ensure the attendance of senators in the upcoming session of the Upper House of the Parliament.
Published 07 May, 2020 12:02am
In Finland, basic income boosts well-being but not jobs
Global Business Economy

In Finland, basic income boosts well-being but not jobs

An experiment giving 2,000 unemployed an unconditional, tax-free payment every month created happier citizens but failed to markedly increase employment levels, Finnish researchers said on Wednesday.
Published 07 May, 2020 12:02am
US private payrolls dive by a record 20.2m
Global Business Economy

US private payrolls dive by a record 20.2m

US private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy, setting up the overall labor market for historic job losses last month.
Published 07 May, 2020 12:02am
Sri Lanka slashes interest rates
Global Business Economy

Sri Lanka slashes interest rates

Sri Lanka's central bank cut interest rates by 50 basis points Wednesday in a bid to revive a sluggish economy reeling from the coronavirus pandemic and the 2019 Easter bomb attacks.
Published 07 May, 2020 12:02am
India's services sector plunges
Global Business Economy

India's services sector plunges

India's key services sector plummeted last month, data showed Wednesday, indicating a severe slowdown across Asia's third-largest economy which has been under a lockdown for six weeks to tackle coronavirus.
Published 07 May, 2020 12:02am
Uber cuts 3,700 jobs
Global Business Economy

Uber cuts 3,700 jobs

Uber said Wednesday it was cutting 3,700 jobs amid a huge slump in its ride-hailing operations during the pandemic.
Published 07 May, 2020 12:02am
Britain's construction at record low

Britain's construction at record low

Britain's construction sector suffered a record drop in activity during April as the coronavirus pandemic shut sites, data showed Wednesday alongside news of surging food sales at online supermarket Ocado.
Published 07 May, 2020 12:02am
Facebook reveals members of its 'supreme court' for content
IT & Computers

Facebook reveals members of its 'supreme court' for content

Facebook on Wednesday announced the first members of its independent "supreme court" empowered to make binding decisions about what content should be allowed or removed at the social network and Instagram.
Published 07 May, 2020 12:02am
Quake strikes in Indonesia's Banda Sea, no tsunami alert

Quake strikes in Indonesia's Banda Sea, no tsunami alert

A 6.8 magnitude earthquake jolted a remote part of eastern Indonesia late Wednesday, the United States Geological Survey said, but there was no tsunami warning issued and no immediate reports of damage. The undersea quake struck at a depth of some 107 kil
Published 07 May, 2020 12:02am
PACRA maintains IFS rating of UIC

PACRA maintains IFS rating of UIC

The Pakistan Credit Rating Agency (PACRA) has maintained the IFS rating of the United Insurance Company (UIC).
Published 07 May, 2020 12:02am
NAVTTC, ILO join hands

NAVTTC, ILO join hands

The National Vocational and Technical Training Commission (NAVTTC) and International Labour Organization (ILO) joined hands to explore mitigating strategy for technical and vocational training during the Covid-19, said a press release issued on Wednesday.
Published 07 May, 2020 12:02am
Fahad & Hania join Vivo as brand ambassadors

Fahad & Hania join Vivo as brand ambassadors

Vivo, the global innovative smartphone brand has announced Fahad Mustafa and Hania Amir as the Brand Ambassadors for the upcoming Vivo V19 in Pakistan.
Published 07 May, 2020 12:02am
Pace of uplift projects was satisfactory before Covid-19: minister

Pace of uplift projects was satisfactory before Covid-19: minister

Punjab Finance Minister Hashim Jawan Bakht has said that before Covid-19 pandemic, the pace of development projects was satisfactory, development expenditures and revenue collection was balanced, and huge investment was being made on health, education, in
Published 07 May, 2020 12:02am
Cement dispatches decline by 23.65pc in April
Business & Economy

Cement dispatches decline by 23.65pc in April

Cement dispatches in the country have declined in April 2020 by 23.65 percent to 3.52 million tons from 4.61 million tons in April 2019 as both exports and domestic markets crashed owing to the devastating impact of COVID-19.
Published 07 May, 2020 12:02am
Realme to launch mid-range 6 series smartphone
Telecommunication

Realme to launch mid-range 6 series smartphone

Realme Pakistan recently took the wraps off its premium mid-range 6 series by unveiling its first member realme 6i now its high time for realme fan to get ready for realme 6 and realme 6 Pro launch event next week which is among the most eagerly anticipat
Published 07 May, 2020 12:02am
Haleeb Foods initiates relief against Covid-19

Haleeb Foods initiates relief against Covid-19

Joining the national efforts to reduce the socio-economic impact of the COVID-19 pandemic threat, Haleeb Foods, a pioneer dairy company of Pakistan has begun its relief-initiative by delivering the first consignment of food-hampers. This contribution was
Published 07 May, 2020 12:02am
CBOT wheat futures barely positive
Commodities

CBOT wheat futures barely positive

Chicago Board of Trade wheat futures settled just barely in positive territory, after waffling between gains and negative territory for much of Tuesday as traders weighed US wheat conditions and spring crop planting, traders said.
Published 07 May, 2020 12:02am
PMEX daily trading report
Commodities

PMEX daily trading report

On Tuesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 3,753. The traded value of metals, energy and COTS/FX was recorded at PKR 4.924 billion and the number of lots traded was 13,720.
Published 07 May, 2020 12:02am
European wheat futures rise from six-week low
Commodities

European wheat futures rise from six-week low

European wheat futures in Paris rose on Tuesday, as uncertainty over crop conditions in the Black Sea region, a weaker euro and firmness in Chicago generated a recovery from a six-week low hit on Monday.
Published 07 May, 2020 12:02am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 99,145 tonnes of cargo comprising 66,458 tonnes of import cargo and 32,687 tonnes of export cargo including 6,280 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday.
Published 07 May, 2020 12:02am
Traders reject proposal of buying cotton through TCP
Cotton & Textile

Traders reject proposal of buying cotton through TCP

Cotton Traders has termed the decision of Economic Coordination Committee of rejecting the proposal of buying of cotton at Rs 4200 per maund through Trading Corporation of Pakistan as win of investors and defeat of farmers.
Published 07 May, 2020 12:02am
CBOT soyabean futures rise with strong energy markets
Commodities

CBOT soyabean futures rise with strong energy markets

Chicago soyabean futures climbed on Tuesday alongside strong energy markets and news of export sales to China, although gains were limited by active US planting and concerns about demand for livestock feed amid the coronavirus pandemic.
Published 07 May, 2020 12:02am
Major Gulf indexes fall
Stocks

Major Gulf indexes fall

Major stock markets in the Gulf ended lower on Wednesday as doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a shadow over global equity markets.
Published 07 May, 2020 12:02am
Australian shares down, NZ up
Stocks

Australian shares down, NZ up

Australian shares ended lower in thin trade on Wednesday as investors took profits after two sessions of sharp gains, with banking stocks dominating the losses.
Published 07 May, 2020 12:02am
China shares surge
Stocks

China shares surge

China shares settled higher on Wednesday as trading resumed after a week-long holiday, with investors awaiting follow-up supportive policies ahead of the annual parliament meeting to counter the economic fallout from the coronavirus outbreak.
Published 07 May, 2020 12:02am
European shares down
Stocks

European shares down

European shares ended slightly lower on Wednesday as a chilling GDP forecast undercut optimism about a swift economic recovery, even as several countries began easing coronavirus-related curbs.
Published 07 May, 2020 12:02am
Wednesday's early trade: S&P, Nasdaq up
Stocks

Wednesday's early trade: S&P, Nasdaq up

The S&P 500 and Nasdaq rose on Wednesday on hopes of a pickup in business activity as states eased coronavirus-induced curbs, with investors also looking past a stunning 20 million plunge in US private payrolls last month.
Published 07 May, 2020 12:02am
Wall Street rises
Stocks

Wall Street rises

Wall Street's main indexes gained on Tuesday as healthcare stocks rallied, oil prices surged and a number of countries and US states eased coronavirus-induced restrictions in an attempt to revive their economies.
Published 07 May, 2020 12:02am
Most SE Asian stocks end lower
Stocks

Most SE Asian stocks end lower

Most Southeast Asian stocks fell in low-volume trade on Wednesday as poor economic data capped risk sentiment, but Vietnam jumped more than 2% to its best session in more than a month.
Published 07 May, 2020 12:02am
FTSE 100 gains
Stocks

FTSE 100 gains

A jump in healthcare stocks lifted London's FTSE 100 on Wednesday, with investors remaining cautious about escalating US-China tensions and growing evidence of the economic damage from the COVID-19 pandemic.
Published 07 May, 2020 12:02am
Yuan leads as Asian currencies slip
Money & Banking

Yuan leads as Asian currencies slip

Asian currencies weakened on Wednesday, with the Chinese yuan leading losses as the currency resumed trade after a long market holiday that saw a further spike in Sino-US tensions over the origin of the coronavirus pandemic.
Published 07 May, 2020 12:02am
Sterling hits 12-day low against dollar
Money & Banking

Sterling hits 12-day low against dollar

The pound fell to a 12-day low against the dollar on Wednesday, ahead of a Bank of England meeting on Thursday where monetary policymakers will try to quantify the impact of the coronavirus on the world's fifth largest economy.
Published 07 May, 2020 12:02am
Euro keeps falling in Europe
Money & Banking

Euro keeps falling in Europe

The euro resumed its decline on Wednesday and the Japanese yen reached a seven-week high against the US dollar after a court decision challenged German participation in the euro zone's stimulus programme.
Published 07 May, 2020 12:02am
PML-Q leaders move LHC against inquiries initiated by NAB

PML-Q leaders move LHC against inquiries initiated by NAB

The PML-Q leaders, Chaudhry Shujaat Hussain and Punjab Assembly Speaker Chaudhry Pervez Elahi, on Wednesday challenged before the Lahore High Court (LHC) 20-year-old inquiries initiated by the National Accountability Bureau (NAB) against them.
Published 07 May, 2020 12:02am