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Print - 2020-05-13
Dawood Lawrencepur Limited
Brief Recordings

Dawood Lawrencepur Limited

Dawood Lawrencepur Limited (PSX: DLL) was established in 2004 as public limited company as a result of an amalgamation between Dawood Cotton Mills Limited (DCM), Dilon Limited (DL), Burewala Textile Mills Limited (BTM), and Lawrencepur Woolen and Textile
Updated 14 May, 2020 04:57am
Most vulnerable refugee families to receive Rs12,000 emergency cash aid

Most vulnerable refugee families to receive Rs12,000 emergency cash aid

The Gove-rnment of Pakistan, the Ministry of States and Frontier Regions (SAFRON), and the United Nations High Commissioner for Refugees (UNHCR), in collaboration with the Pakistan Post Office Department, have announced an emergency cash assistance initia
Published 13 May, 2020 12:07am
External debt, liabilities reach $110bn by Q3-end

External debt, liabilities reach $110bn by Q3-end

Pakistan's external debt and liabilities continued to grow and surged to $110 billion at the end of the third quarter of (July-March) of this fiscal year (FY20), mainly due to fresh borrowing from multilateral and bilateral sources on account of public de
Published 13 May, 2020 12:07am
ECC decision turned down by Cabinet

ECC decision turned down by Cabinet

The Federal Cabinet has reportedly turned down a decision of ECC regarding rejection of support price of cotton, well-informed sources in Commerce Ministry told Business Recorder.
Published 13 May, 2020 12:07am
Umar appears before sugar inquiry team

Umar appears before sugar inquiry team

Federal Minister for Planning and Development Asad Umar on Tuesday said that he had informed the Sugar Inquiry Commission about the decisions taken by the Economic Coordination Committee (ECC). Talking to media persons outside the Federal Investigation Ag
Published 13 May, 2020 12:07am
Cabinet decides to arrest cotton production slide

Cabinet decides to arrest cotton production slide

The Federal Cabinet on Tuesday decided that the support price of cotton should be fixed after thorough consultations with all the stakeholders in order to encourage farmers to sow more and more cotton as its cultivation has been woefully declining.
Published 13 May, 2020 12:07am
Privatisation: PC reschedules several transactions

Privatisation: PC reschedules several transactions

The Privat-isation Commission has rescheduled the transactions that include the National Power Parks Management Company Limited (NPPMCL), the SME Bank, Jinnah Convention Centre, the Services Int'l Hotel (SIH) and sale of 28 properties for the next financi
Published 13 May, 2020 12:07am
IMF says communication focuses 'only on outcomes'

IMF says communication focuses 'only on outcomes'

The International Monetary Fund (IMF) and Pakistani authorities remain closely engaged with a view to bringing the second review of the Extended Fund Facility (EFF) to a positive conclusion with ongoing discussions being virtual. This was stated by IMF Re
Published 13 May, 2020 12:07am
China exempts more US goods from tariffs

China exempts more US goods from tariffs

China on Tuesday released a list of 79 items from the United States that will be exempted from trade war tariffs, a day after the US ruled out renegotiating their earlier trade deal.
Published 13 May, 2020 12:07am
10th NFC notified

10th NFC notified

The Finance Ministry Tuesday notified the 10th National Finance Commission (NFC) after the approval of the President to discuss and work out a mechanism to distribute resources between the federal government and the provinces as well as allocation of reso
Published 13 May, 2020 12:07am
Centre and Sindh warn of strict lockdown

Centre and Sindh warn of strict lockdown

Minister for Planning, Development and Special Initiatives Asad Umar has warned the people that the government would have no option but to impose complete lockdown again if they failed to act in a responsible and cautious manner in the wake of the Covid-1
Published 13 May, 2020 12:07am
THE RUPEE: Falling trend
Money & Banking

THE RUPEE: Falling trend

According to dealers, Pakistan rupee shed its value on Tuesday in both interbank and open markets against USD. Against Euro, however, it gained strength while remaining largely unchanged against UAE Dirham and Saudi Riyal.
Published 13 May, 2020 12:07am
AQ Khan asked to appear before SC bench today

AQ Khan asked to appear before SC bench today

The Supreme Court, while rejecting the federation's plea to hear Dr Abdul Qadeer Khan's case in the chambers, allowed the nuclear scientist to appear before a bench on Wednesday (today).
Published 13 May, 2020 12:07am
Army chief lauds China's support

Army chief lauds China's support

Yao Jing, Chinese Ambassador to Pakistan called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), here on Tuesday. During the meeting matters of mutual interest including regional security issues and Covid-19 were discussed.
Published 13 May, 2020 12:07am
July-March 2019-2020: LSMI witnesses 5.4 percent decline

July-March 2019-2020: LSMI witnesses 5.4 percent decline

Large Scale Manufacturing Index (LSMI) has witnessed a decline of 5.4 percent, from 145.54 points to 137.68 points during July-March 2019-2020 against same period of the past year, as per the Pakistan Bureau of Statistics (PSB).
Published 13 May, 2020 12:07am
APTMA urges SBP to cut policy rate to 7 percent

APTMA urges SBP to cut policy rate to 7 percent

All Pakistan Textile Mills Association (APTMA) has urged the State Bank of Pakistan (SBP) to further slash the interest rate by 2 percent to bring it at par with inflation.
Published 13 May, 2020 12:07am
'Consumers taken for a ride?'
Letters

'Consumers taken for a ride?'

This is apropos a Business Recorder op-ed "Consumers taken for a ride?" carried by the newspaper yesterday. The writers, Prof. Khalid Mirza who served as the Founder Chairman of the Competition Commission of Pakistan, and at present teaches at the
Published 13 May, 2020 12:07am
Oceans play profound role in our lives
Articles

Oceans play profound role in our lives

Memories of idyllic beaches and sonorous waves may seem far away while we remain at home. Yet, we need not look far to appreciate the enduring history of the ocean in Asia and the Pacific. For generations, the region has thrived on our seas. Our namesake
Published 13 May, 2020 12:07am
Impending cotton disaster
Articles

Impending cotton disaster

Availability of high-quality cotton is fundamental to the textile value chain which for Pakistan, is responsible for the influx of billions of dollars in the form of exports. In this respect, it earns the befitting title of "White Gold". Cotton makes mark
Published 13 May, 2020 12:07am
Budgeting for a life with Covid-19
Articles

Budgeting for a life with Covid-19

Two of the major burdens on the forthcoming federal budget are likely to be relatively lighter compared to what successive budgets had to bear under these heads over the last many decades. The first is the foreign debt, part of which, thanks to Covid-19,
Published 13 May, 2020 12:07am
Terrorist attack in Buleda

Terrorist attack in Buleda

The relative calm of the last few months in the restive Balochistan province was shattered on Friday when six security personnel, including a major, were martyred and one soldier injured in an IED explosion in Buleda area of Kech district. The so-called B
Updated 13 May, 2020 05:56am
Pakistan's gross financing needs

Pakistan's gross financing needs

Pakistan's gross financing needs have been projected at 51.2 percent of Gross Domestic Product (GDP) in 2020 in the International Monetary Fund's (IMF's) biannually prepared Fiscal Monitor titled "Policies to support people during Covid-19 pandemic." This
Updated 13 May, 2020 05:57am
Tally of patients crosses 716 in capital

Tally of patients crosses 716 in capital

The tally of Covid-19 patients crossed 716 in the federal capital and it may further surge to an alarming level in the next few weeks, if public do not practice social distancing.
Published 13 May, 2020 12:07am
ADB's Director, Khusro discuss cooperation
Money & Banking

ADB's Director, Khusro discuss cooperation

Asian Development Bank (ADB)'s Country Director for Pakistan, Xiaohong Yang, called on Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar in his office, said a press release issued on Tuesday.
Published 13 May, 2020 12:07am
Mayor demands of Sindh govt to release funds announced in budget

Mayor demands of Sindh govt to release funds announced in budget

Mayor Karachi Wasim Akhtar Tuesday said Sindh government has not released funds for 15 percent increment in salaries of KMC employees announced in the budget 2019-20 whereas 5591 retired employees have been waiting for their dues since 2015.
Published 13 May, 2020 12:07am
Special PIA flight airlifts 120 stranded Pakistanis from Bangladesh

Special PIA flight airlifts 120 stranded Pakistanis from Bangladesh

A special flight arranged by the government of Pakistan in collaboration with Pakistan International Airlines (PIA) for repatriation of stranded Pakistanis in Bangladesh left with 120 Pakistanis including 66 students on Tuesday from Shah Jalal Internation
Published 13 May, 2020 12:07am
VATF leader shows concerns over FASTER system
Cotton & Textile

VATF leader shows concerns over FASTER system

Slowdown of global economy from the Covid-19 and backlog of sales tax refunds have deepened the country's textiles sector's financial crisis, bringing it to "the verge disaster", the Value Added Textile Forum (VATF) said on Tuesday.
Published 13 May, 2020 12:07am
MCC surpasses revenue target by 7 percent
Taxes

MCC surpasses revenue target by 7 percent

Model Customs Collectorate (MCC), Appraisement East has surpassed the revenue target by 7 percent in April. The collectorate had been assigned a revenue target of Rs 352.38 billion for the month of April. As compared to the assigned target, MCC collected
Published 13 May, 2020 12:07am
SHCBA demands proper probe into May 12 mayhem

SHCBA demands proper probe into May 12 mayhem

Sindh High Court Bar Association (SHCBA) on Tuesday passed a resolution to condemn the mayhem of May 12, 2007 and demanded to fix the responsibility as who masterminded the carnage.
Published 13 May, 2020 12:07am
Nasir Shah slams federal ministers over anti-Sindh stance

Nasir Shah slams federal ministers over anti-Sindh stance

Sindh Information Minister Syed Nasir Hussain Shah has said the manner in which Foreign Minister Shah Mehmood Qureshi and Federal Minister for Communications and Postal Services Murad Saeed had censured and targeted Pakistan People's Party, was highly reg
Published 13 May, 2020 12:07am
UAF academic council approves two research, development cells

UAF academic council approves two research, development cells

The academic council of University of Agriculture Faisalabad has approved two research and development cells including Locust Research Cell and Organic Agriculture Cell that will help the country to address the agricultural challenges. The meeting was pre
Published 13 May, 2020 12:07am
Kamal voices concern over non-payment of dues to PSM employees

Kamal voices concern over non-payment of dues to PSM employees

Pak Sarzameen Party chairman Syed Mustafa Kamal expressed deep concern and regret over non-payment of dues by the federal government to 15,000 employees of Pakistan Steel Mills despite the decision of Sindh High Court.
Published 13 May, 2020 12:07am
Highest Covid-19 deaths recorded in 24 hours

Highest Covid-19 deaths recorded in 24 hours

Pakistan during the past 24 hours has recorded 43 Covid-19 deaths the highest since coronavirus outbreak in the country, according to the data released by the National Command and Operation Centre (NCOC), here on Tuesday.
Published 13 May, 2020 12:07am
Zaidi meets Hafeez

Zaidi meets Hafeez

Minister for Maritime Affairs Syed Ali Haider Zaidi called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, here at the Ministry of Finance.
Published 13 May, 2020 12:07am
Business community hails relaxation in lockdown

Business community hails relaxation in lockdown

Iftikhar Ali Malik, President Designate SAARC Chamber of Commerce & Industry & Chairman, United Business Group in a statement hails the relaxation in lockdown by the government, during the days close to Eid-ul-Fitr. It will not only provide opportunity to
Published 13 May, 2020 12:07am
'Entire textile sector be allowed to restart activities'
Cotton & Textile

'Entire textile sector be allowed to restart activities'

President SITE Association of Industry, Suleman Chawla has urged Chief Minister of Sindh Syed Murad Ali Shah to allow entire textile sector including downstream industries to restart production activities otherwise industrial production will suffer and th
Published 13 May, 2020 12:07am
Pakistan condemns latest terrorist attacks in Afghanistan

Pakistan condemns latest terrorist attacks in Afghanistan

Pakistan on Tuesday strongly condemned the latest terrorist attacks in Afghanistan, killing dozens of people in two separate attacks including a maternity hospital in Kabul, and a funeral in Nangarhar province.
Published 13 May, 2020 12:07am
Retail market: Government urged to allow seven-days-a-week working

Retail market: Government urged to allow seven-days-a-week working

All Pakistan Anjuman Tajran's Central Secretary General Naeem Meer has urged the government to allow seven days a week working to retail markets of all the cities. He said that the district administrations should prepare lists of specific retail markets o
Published 13 May, 2020 12:07am
Minister warns of lockdown imposition if SOPs violated

Minister warns of lockdown imposition if SOPs violated

Punjab Industries and Trade Minister Mian Aslam Iqbal on Tuesday said that they permitted the opening of markets on the request of traders community, but they did not live up to their expectations.
Published 13 May, 2020 12:07am
Parliament sessions termed 'a waste of time'

Parliament sessions termed 'a waste of time'

Federal Minister for Science and Technology Fawad Chaudhry said on Tuesday that scientists and virology experts should brief the lawmakers before the parliament sessions, calling the meetings "a waste of time".
Published 13 May, 2020 12:07am
2020 Zhejiang export online fair launched
IT & Computers

2020 Zhejiang export online fair launched

Around 300 rounds of online trade communications are expected to be held over 150 enterprises from Zhejiang (China) and Pakistan during the next five days of 2020 Zhejiang Export Online Fair (Pakistan station-hardware & electromechanical products) which w
Published 13 May, 2020 12:07am
Ghous Bux Mehr meets Shujaat

Ghous Bux Mehr meets Shujaat

Grand Democratic Alliance (GDA) MNA Sardar Ghaus Bux Mehr called on Pakistan Muslim League (PML) President Ch Shujaat Hussain and MNA Ch Salik Hussain at their residence here on Tuesday and exchanged views on prevailing political situation, particularly r
Published 13 May, 2020 12:07am
TECNO holds CSR donation ceremony
Telecommunication

TECNO holds CSR donation ceremony

TECNO, a premier smartphone brand conducted a CSR donation ceremony on 11th of May, 2020 in which Governor of the Punjab Chaudhry Sarwar along with other provincial government officials were present. The ceremony took place at Hafeez Centre in Lahore.
Published 13 May, 2020 12:07am
PCB's cricket body meets today
Cricket

PCB's cricket body meets today

The Pakistan Cricket Board (PCB)'s Cricket Committee will hold its second meeting of 2020 via video conference on Wednesday (today).
Published 13 May, 2020 12:07am
FBR withdraws transfers and postings orders
Taxes

FBR withdraws transfers and postings orders

Within two weeks of major reshuffle in the tax machinery, the Federal Board of Revenue (FBR) on Tuesday withdrew transfers and postings orders of five Grade-21 officials including the FBR Member (IR-Operations) and two chief commissioners, and assigned ne
Published 13 May, 2020 12:07am
NBP earns Rs15.8bn profit after tax in 2019
Money & Banking

NBP earns Rs15.8bn profit after tax in 2019

The 71st Annual General meeting of National Bank was held on May 12, 2020 through electronic means. The meeting that was initially scheduled to be held on April 24, 2020, was suspended till date due to the Covid-19 lockdown. The meeting was attended by al
Published 13 May, 2020 12:07am
NAB inquiries: IHC extends interim bail of Akram Durrani

NAB inquiries: IHC extends interim bail of Akram Durrani

Islamabad High Court (IHC) Tuesday extended the interim bail of former federal minister and Jamiat Ulema Islam (JUI-F) leader Akram Khan Durrani till June 4th in four inquiries initiated by the National Accountability Bureau (NAB).
Published 13 May, 2020 12:07am
LPG industries urge govt to extend bailout package
Energy

LPG industries urge govt to extend bailout package

The LPG Industries Association of Pakistan has urged the government to extend a bailout package for the financial year 2020-21 to sustain a healthy energy alternative LPG industry for poor LPG consumers and for all other stakeholders of the LPG Industry d
Published 13 May, 2020 12:07am
Locust attacks could increase ten times this year, fears minister

Locust attacks could increase ten times this year, fears minister

Sindh Minister for Agriculture Mohammed Ismail Rahu has said that according to the agriculture experts of the world the swarms of locust attacks could be increased ten times more than those of the last year. He informed that the season of two main crops o
Published 13 May, 2020 12:07am
BoI to facilitate French firms
Business & Economy

BoI to facilitate French firms

"Board of Investment will facilitate French companies, through special interventions for creating linkages with major chambers and associations of trade and industry, in forming joint ventures with local and foreign companies and becoming part of global v
Published 13 May, 2020 12:07am
ICAP announces CAF examination results

ICAP announces CAF examination results

The Institute of Chartered Accountants of Pakistan has announced the results of the Certificate in Accounting and Finance (CAF) examination held in March.
Published 13 May, 2020 12:07am
IBL Healthcare Limited
Brief Recordings

IBL Healthcare Limited

IBL Healthcare Limited (PSX: IBLHL) was established in 1997 as a private limited company, as a subsidiary of The Searle Company Limited. International Brands Limited is its ultimate parent company. It was not converted into a public limited company until
Updated 13 May, 2020 05:01am
French economic activity down 27 percent in April
Global Business Economy

French economic activity down 27 percent in April

French economic activity plunged 27 percent in April compared with its expected trajectory before the coronavirus pandemic but this was still a slight improvement on March, the Bank of France said Tuesday.
Published 13 May, 2020 12:07am
UK extends virus furlough scheme by four months
Global Business Economy

UK extends virus furlough scheme by four months

Britain on Tuesday announced a four-month extension to government support for workers temporarily made redundant by the coronavirus outbreak.
Published 13 May, 2020 12:07am
EU pleads US for trade truce amid virus crisis
Global Business Economy

EU pleads US for trade truce amid virus crisis

The EU's top trade official wants to take the opportunity of the economic fallout of the coronavirus pandemic to spur efforts to heal US trade ties, bogged down in a tit-for-tat tariff feud.
Published 13 May, 2020 12:07am
China cuts Australian beef imports
Commodities

China cuts Australian beef imports

China suspended imports from four major Australian beef suppliers Tuesday, just weeks after Beijing's ambassador warned of a consumer boycott in retaliation for Canberra's push to probe the origins of the coronavirus.
Published 13 May, 2020 12:07am
China factory prices plunge
Global Business Economy

China factory prices plunge

China's factory-gate prices fell to a four-year low, official data showed Tuesday, with firms suffering from the economic devastation unleashed by the coronavirus on the global economy.
Published 13 May, 2020 12:07am
US consumer prices post largest decrease since 2008
Global Business Economy

US consumer prices post largest decrease since 2008

US consumer prices dropped by the most since the Great Recession in April, weighed down by a plunge in demand for gasoline and services including airline travel as Americans stayed home during the coronavirus crisis.
Published 13 May, 2020 12:07am
Saudi Aramco posts 25 percent slump in Q1
Energy

Saudi Aramco posts 25 percent slump in Q1

Energy giant Saudi Aramco on Tuesday posted a 25 percent slump in first-quarter profit and said the coronavirus crisis which triggered a crash in oil prices would weigh heavily on demand in the year ahead.
Published 13 May, 2020 12:07am
Indian trains start rolling again
Global Business Economy

Indian trains start rolling again

India's enormous railway network tentatively ground back to life Tuesday as a gradual lifting of the world's biggest coronavirus lockdown gathered pace even as new cases surged.
Published 13 May, 2020 12:07am
India PM announces $270 billion virus economic package
Global Business Economy

India PM announces $270 billion virus economic package

India's Prime Minister Narendra Modi unveiled Tuesday a $270 billion stimulus package for labourers and small businesses to boost flagging growth as the country grapples with the impact of the coronavirus and weeks-long lockdown.
Published 13 May, 2020 12:07am
EU renews call for end to Libya violence

EU renews call for end to Libya violence

The EU on Tuesday demanded an end to fighting in Libya and said it was "determined" to enforce a UN arms embargo on the oil-rich but wartorn state.
Published 13 May, 2020 12:07am
China urges France to scrap Taiwan arms deal

China urges France to scrap Taiwan arms deal

China called on France on Tuesday to cancel a weapons contract with Taiwan, warning that the deal with the self-ruled island could harm diplomatic relations between Paris and Beijing.
Published 13 May, 2020 12:07am
Palestinian kills Israeli soldier

Palestinian kills Israeli soldier

The Israeli army suffered its first fatality this year on Tuesday when a Palestinian stone-thrower killed a soldier in the occupied West Bank, a day before US-Israeli talks on annexation. The army said the 21-year-old soldier was hit in the head.
Published 13 May, 2020 12:07am
Canada offers seniors $500 each for virus expenses

Canada offers seniors $500 each for virus expenses

Canada announced Tuesday a onetime payment of up to Can$500 (US$360) for seniors - who as a group have suffered the most COVID-19 sickness and fatalities - to help defray added pandemic costs of living. An estimated seven million elderly Canadians qualify
Published 13 May, 2020 12:07am
Greece takes over Council of Europe chair

Greece takes over Council of Europe chair

Greece on Friday takes over the rotating chair of Europe's oldest human rights organisation, the Council of Europe, amid criticism over its treatment of asylum seekers.
Published 13 May, 2020 12:07am
CBOT corn futures lower ahead of USDA report
Commodities

CBOT corn futures lower ahead of USDA report

Chicago Board of Trade corn futures ended lower on Monday on position-squaring a day ahead of a monthly US government crop report that is expected to project sharply rising domestic corn inventories, traders said.
Published 13 May, 2020 12:07am
European gasoline margins rise
Energy

European gasoline margins rise

Northwest European gasoline refining margins rose above $5 a barrel on Monday following a long weekend, buoyed by some tentative signs of a demand recovery.
Published 13 May, 2020 12:07am