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Print - 2020-05-16
Policy rate cut to 8pc on positive inflation outlook

Policy rate cut to 8pc on positive inflation outlook

The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) on Friday reduced the policy rate by 100 basis points (bps) to 8 percent on positive inflation outlook, the fourth time it has cut rates since the coronavirus pandemic hit two months ago.
Published 16 May, 2020 12:07am
Combined income groups: SPI inflation up 9.26 percent YoY

Combined income groups: SPI inflation up 9.26 percent YoY

The SPI inflation during the week that ended May 14, 2020 against May 16, 2019 - Year-on-Year basis - recorded an increase of 9.26 percent for combined income groups, ie, from 116.52 points to 127.31 points, the Pakistan Bureau of Statistic (PBS) revealed
Published 16 May, 2020 12:07am
There was more space for reduction: economists

There was more space for reduction: economists

The 100 basis points reduction in the discount rate is not enough in view of the prevailing economic situation where it is critical to revive economic activity in the country struggling with the pandemic.
Published 16 May, 2020 12:07am
Nepra raises question marks over KE's performance

Nepra raises question marks over KE's performance

National Electric Power Regulatory Authority (Nepra) has raised question marks on the performance of K-Electric, saying that power utility kept its power plant "intentionally underutilized and undertook unauthorized load shedding."
Published 16 May, 2020 12:07am
London streets to go car-free

London streets to go car-free

Cars will be banished from miles of streets in central London to encourage more walking and cycling and help public transport cope with social distancing restrictions, the city's mayor said on Friday.
Published 16 May, 2020 12:07am
Trump threatens to cut China ties as virus toll tops 300,000

Trump threatens to cut China ties as virus toll tops 300,000

US Pres-ident Donald Trump threatened to cut ties with China over its role in the spread of the coronavirus, as the global death toll from the disease topped 300,000. Despite fears of a second wave of infections, national and local governments around the
Published 16 May, 2020 12:07am
Rules amended to facilitate Sukuk-II issuance

Rules amended to facilitate Sukuk-II issuance

Power Division has amended Pakistan Energy Sukuk Rules, 2019 aimed at facilitating issuance of Rs 200 Sukuk-II through Pakistan Stock Exchange (PSE).
Published 16 May, 2020 12:07am
Rs 75 billion approved for BISP

Rs 75 billion approved for BISP

The Economic Coordination Committee (ECC) of the Cabinet has approved the release of Rs75 billion to the Benazir Income Support Program (BISP) for emergency cash assistance for daily wagers.
Published 16 May, 2020 12:07am
'We will have to live with the virus': PM

'We will have to live with the virus': PM

Prime Minister Imran Khan on Friday said that there would be no cure for coronavirus this year, and "we will have to live with this virus" that has impacted 150 million in Pakistan, while dismissing the option of completely locking down the country as a p
Published 16 May, 2020 12:07am
Toshakhana case: AC summons Zardari, Nawaz and Gilani

Toshakhana case: AC summons Zardari, Nawaz and Gilani

The Accountability Court hearing multi-billion rupees fake bank accounts case on Friday summoned former president Asif Ali Zardari and two former prime ministers, Nawaz Sharif and Yousaf Raza Gilani in Toshakhana (treasure-house) reference.
Published 16 May, 2020 12:07am
Diamer-Bhasha Dam's construction: China rejects India's objection

Diamer-Bhasha Dam's construction: China rejects India's objection

China on Friday rejected the objection raised by India over construction of Diamer-Bhasha Dam and said economic cooperation between China and Pakistan was aimed at promoting economic development and improving the well-being of the local population.
Published 16 May, 2020 12:07am
Mirza tells NAB: SECP Policy Board cannot make appointments

Mirza tells NAB: SECP Policy Board cannot make appointments

Khalid Mirza, Member, Securities and Exchange Policy Board (SEPB, the "Policy Board") Friday conveyed to the Chairman, National Accountability Bureau (NAB) that the SECP Policy Board cannot make any staff appointments whatsoever, and therefore, the questi
Published 16 May, 2020 12:07am
Business community told: Intellectual property rights must be protected

Business community told: Intellectual property rights must be protected

The Competition Commission of Pakistan (CCP) has conveyed to the business community that the intellectual property rights must be protected and Section 10 (deceptive marketing practices) of the Competition Act must be enforced to protect consumers from an
Published 16 May, 2020 12:07am
Wapda, Fesco employees demand bonus

Wapda, Fesco employees demand bonus

Office bearers, members of All Pakistan WAPDA Hydro Electric Workers Union (CBA) along with a large number of FESCO employees staged a protest rally at canal road Abdullahpur Faisalabad and demanded for the payment of bonus before Eid because FESCO staff
Published 16 May, 2020 12:07am
IHC seeks record of recruitment in '10bn Tree Tsunami' project

IHC seeks record of recruitment in '10bn Tree Tsunami' project

The Islamabad High Court (IHC) on Friday sought record of recruitment in 10 Billion Tree Tsunami project from the Ministry of Climate Change. A single bench of Justice Lubna Salim Pervez issued these directions, while hearing a petition filed against the
Published 16 May, 2020 12:07am
Moody's hasn't downgraded B3 rating: MoF

Moody's hasn't downgraded B3 rating: MoF

The Ministry of Finance has said that the rating review conducted by the Moody's Investor Service on 14th May 2020 did not downgrade Pakistan's B3 rating, said a press release issued on Friday.
Published 16 May, 2020 12:07am
PAMA-PAAPAM 'war' intensifies

PAMA-PAAPAM 'war' intensifies

The fight between Pakistan Automotive Manufacturers Association (PAMA) and Pakistan Association of Auto Parts and Accessories Manufacturers (PAAPAM) - two premier bodies of auto sector - has intensified on facts, figures and impact of Statuary Regulatory
Published 16 May, 2020 12:07am
Strict lockdown on the cards?
Letters

Strict lockdown on the cards?

It is heartening to note that both federal and Sindh governments are on the same page in relation to the fight against coronavirus spread. According to media reports, Minister for Planning, Development and Special Initiatives Asad Umar and Sindh Chief Min
Published 16 May, 2020 12:07am
Pandemic stirs Wall Street's social conscience
Articles

Pandemic stirs Wall Street's social conscience

Worker welfare is having a moment on Wall Street. The need to restart production lines and reopen offices idled by the coronavirus pandemic mean issues such as sick pay and working conditions are suddenly a top priority for the C-suite and, for some inves
Published 16 May, 2020 12:07am
The value of life
Articles

The value of life

If you party for four days, strict abstinence for the remaining three days will probably not get you off the hook. In substance, you have a lockdown or you don't - the virus is not going to take "off days" whilst its hosts go on a shopping spree, so this
Published 16 May, 2020 12:07am
Diamer-Bhasha dam
Articles

Diamer-Bhasha dam

Finally, the commencement of much-awaited Bhasha dam has been formally announced. Prime Minister Imran Khan last Monday ordered immediate commencement of work on construction of Diamer-Bhasha dam, rightly describing water security as the foremost priority
Published 16 May, 2020 12:07am
Premature lockdown easing

Premature lockdown easing

Since the advent of the Covid-19 pandemic, the debate about the correct course to follow to meet the challenges thrown up by the crisis has been bogged down in uncertainty, confusion, contradictory policies, political point scoring and an absence of a coh
Updated 16 May, 2020 02:19am
Matter of cotton support price

Matter of cotton support price

It seemed that the tug of war between the textile lobby and growers had been won by the former when the Economic Coordination Committee (ECC) of the cabinet rejected the proposal of the Ministry of National Food Security on May 7 to set the support price
Updated 16 May, 2020 02:20am
UNHCR appoints new representative in Pakistan

UNHCR appoints new representative in Pakistan

The UNHCR, the UN Refugee Agency has appointed Noriko Yoshida as its new representative in Pakistan. "Ms Yoshida recently arrived to take up her responsibilities," said Qaiser Khan Afridi, the UNHCR spokesperson for Pakistan.
Published 16 May, 2020 12:07am
Procession to mark martyrdom of Hazrat Ali (RA) taken out

Procession to mark martyrdom of Hazrat Ali (RA) taken out

Like other parts of country 21st Ramazan ul Mubarak; the day of martyrdom of Hazrat Ali marked in Hyderabad, the central procession of martyrdom of Hazrat Ali proceed by the Anjuman-e-Imamia Sindh after the Majlis e Aza from Imam Bargah karbala Dadan sh
Published 16 May, 2020 12:07am
Appointment of Dr Akhtar as ECP Secretary notified

Appointment of Dr Akhtar as ECP Secretary notified

The Election Commission of Pakistan (ECP) on Friday notified the appointment of Dr Akhtar Nazir as the Secretary ECP on deputation basis to replace Zafar Iqbal Hussain who has been appointed as Special Secretary ECP.
Published 16 May, 2020 12:07am
Number of cases in capital reaches 866

Number of cases in capital reaches 866

The number of coronavirus cases in the federal capital reached 866 on Friday evening, which is expected to further surge due to apparent lack of precautionary measures followed by the general public against the pandemic.
Published 16 May, 2020 12:07am
SC to revisit judgment on out-of-turn promotion

SC to revisit judgment on out-of-turn promotion

The Supreme Court Friday decided to revisit judgment on out-of-turn-promotion and deputation, saying it will constitute a larger bench to examine the matter.
Published 16 May, 2020 12:07am
NA session ends without any consensus over Covid-19

NA session ends without any consensus over Covid-19

The National Assembly session ended on Friday without developing any consensus to deal with Covid-19 pandemic as both opposition and the government kept blaming each other for the failure to stem the epidemic throughout the three-day-long debate.
Published 16 May, 2020 12:07am
'Businesses cannot bear any additional tax'
Business & Economy

'Businesses cannot bear any additional tax'

President of Korangi Association of Trade & Industry (KATI), Sheikh Umer Rehan has said that economic condition had already been declining and after coronavirus crisis business community could not bear any single additional tax in upcoming budget. He ment
Published 16 May, 2020 12:07am
Shopping malls should be opened as per SOPs: Sindh minister

Shopping malls should be opened as per SOPs: Sindh minister

Provincial Minister for Industries, Commerce, Cooperative Department and Anti-Corruption Jam Ikramullah Dharejo has said that it is a matter of concern that the number of local transmissions of people infected with the coronavirus is increasing alarmingly
Published 16 May, 2020 12:07am
FBR Helpline's closure regretted
Taxes

FBR Helpline's closure regretted

The Federal Board of Revenue (FBR) has announced that the FBR Helpline remained closed on Friday (May 15) due to scheduled maintenance. The FBR added that the inconvenience to the taxpayers was regretted.
Published 16 May, 2020 12:07am
July 2019 to April 2020: Sindh ET collects Rs 64.41 billion
Taxes

July 2019 to April 2020: Sindh ET collects Rs 64.41 billion

The Sindh Excise and Taxation and Narcotics Control Department has collected a total of Rs 64418.812 million in taxes from July 2019 to April 2020 in the current financial year as against Rs 60547.812 millions were collected last year during the same peri
Published 16 May, 2020 12:07am
Pakistani student gets Paul Heim Education Award

Pakistani student gets Paul Heim Education Award

Ahmad Mohsin, a Pakistani student, has received the Paul Heim Education Award from the Lincoln's Inn Society UK to study specialized courses of human rights law at the University of Oxford.
Published 16 May, 2020 12:07am
SSGC rejects allegations by NKATI president
Business & Economy

SSGC rejects allegations by NKATI president

This is with reference to a news item that appeared in today's issue of Business Recorder in which President North Karachi Association of Trade and Industry (NKATI) has urged Prime Minister Imran Khan to 'stop SSGC from "harassing" industrialists a
Published 16 May, 2020 12:07am
Heatwave may hit Karachi again tomorrow

Heatwave may hit Karachi again tomorrow

The Met Office on Friday forecast another spell of the heatwave to hit the metropolis from next Sunday through May 22 with up to 42 degrees Celsius of temperature.
Published 16 May, 2020 12:07am
Profiteers fined Rs 6.4 million in Karachi

Profiteers fined Rs 6.4 million in Karachi

As many as 1,368 profiteers were fined Rs6.4 million in Karachi from 1st to 19th of Ramazan, the Sindh High Court (SHC) was told here on Friday. According to a report of the commissioner of Karachi submitted in the court, profiteers were fined in all dist
Published 16 May, 2020 12:07am
Covid-19: 817 new cases, 12 more died in Sindh: CM

Covid-19: 817 new cases, 12 more died in Sindh: CM

Sindh Chief Minister Syed Murad Ali Shah has said that 535 patients of coronavirus recovered and against them 817 new cases emerged while 12 more patients died taking the death toll to 255.
Published 16 May, 2020 12:07am
Seizure of Zardari house: AC asks NAB to submit written reply

Seizure of Zardari house: AC asks NAB to submit written reply

The Accountability court (AC) hearing fake bank accounts case on Friday asked the National Accountability Bureau (NAB) to submit its written reply with respect to objections filed by former president Asif Ali Zardari against seizure of his house in Karach
Published 16 May, 2020 12:07am
Punjab government decides to resume public transport

Punjab government decides to resume public transport

To further relax the lockdown in the province, the Punjab government has decided to resume the public transport. In this connection, a meeting was held under the chairmanship of Punjab Law, Parliamentary Affairs and Social Welfare Minister Raja Basharat w
Published 16 May, 2020 12:07am
Ship breaking industry seeks tax relief
Business & Economy

Ship breaking industry seeks tax relief

The ship breaking industry is seeking tax relief from the federal and provincial governments to avoid complete collapse at a time when a number of industries are already passing through tough phase due to the coronavirus pandemic.
Published 16 May, 2020 12:07am
Awful data show US economy is in deep trouble
Global Business Economy

Awful data show US economy is in deep trouble

Newly released economic data shows the US economy is in a terrible state and may not rebound quickly even when the devastating lockdowns imposed to stop the coronavirus pandemic are lifted.
Published 16 May, 2020 12:07am
China industrial output sees shock growth
Global Business Economy

China industrial output sees shock growth

China's industrial output returned to growth for the first time this year in April, official data showed Friday, but another sharp drop in retail sales indicated crucial consumer demand remains weak, which could scotch hopes for a quick economic recovery.
Published 16 May, 2020 12:07am
Virus pushes Germany into recession
Global Business Economy

Virus pushes Germany into recession

The coronavirus pandemic has tipped Germany into recession, official data showed Friday, with Europe's top economy suffering its steepest quarterly contraction in more than a decade as lockdown measures began to bite.
Published 16 May, 2020 12:07am
UK government in £1.6 billion bailout of London transport system
Global Business Economy

UK government in £1.6 billion bailout of London transport system

The British government will pump £1.6 billion into London's public transport system to restore services and help prevent overcrowding as people return to work, operator Transport for London (TfL) said Friday.
Published 16 May, 2020 12:07am
Royal Mail boss departs, as coronavirus hits business
Global Business Economy

Royal Mail boss departs, as coronavirus hits business

Britain's Royal Mail on Friday said Rico Back had stepped down as chief executive, as the coronavirus heaps more pressure on its core letters business and hikes group costs.
Published 16 May, 2020 12:07am
Taiwan chip giant TSMC to build $12 billion US plant
IT & Computers

Taiwan chip giant TSMC to build $12 billion US plant

Taiwanese computer chip giant TSMC announced Friday it will spend $12 billion on a state-of-the-art semiconductor foundry in the United States, creating thousands of jobs. The announcement is a win for President Donald Trump who has pushed for major chipm
Published 16 May, 2020 12:07am
Quake hits desert area on Nevada-California border

Quake hits desert area on Nevada-California border

A 6.4 magnitude earthquake struck Friday in a sparsely populated desert area on the border between Nevada and California, the US Geological Survey said. The quake hit at 4:03 am local time (1103 GMT) about 40 miles (60 kilometers) from the small, former m
Published 16 May, 2020 12:07am
Powerful storm forces thousands from homes in Philippines

Powerful storm forces thousands from homes in Philippines

Tens of thousands of people were forced into cramped shelters by the powerful storm pounding the Philippines on Friday, making social distancing nearly impossible as the nation battles the coronavirus pandemic.
Published 16 May, 2020 12:07am
Baltic states reopen shared borders for travel bubble

Baltic states reopen shared borders for travel bubble

Baltic states Estonia, Latvia and Lithuania reopened their shared borders on Friday, allowing citizens to move freely for business and pleasure in a travel bubble after two months of coronavirus restrictions. The sister countries, which are members of the
Published 16 May, 2020 12:07am
Britain, EU in post-Brexit trade talks stalemate
Global Business Economy

Britain, EU in post-Brexit trade talks stalemate

The EU and Britain ended their latest round of post-Brexit trade talks in a state of deadlock on Friday, with both sides urging the other to fundamentally change its strategy.
Published 16 May, 2020 12:07am
Liberia drops graft charges against ex-president's son

Liberia drops graft charges against ex-president's son

Liberia has dropped charges against four former central bank bosses, including an ex-president's son, in a highly publicised graft scandal over the mishandling of banknotes worth millions of dollars.
Published 16 May, 2020 12:07am
UN won't vote electronically in Security Council election

UN won't vote electronically in Security Council election

The UN General Assembly will cast ballots in-person for five new non-permanent Security Council seats, its president said Thursday, effectively ruling out electronic voting despite the coronavirus pandemic. In a letter to UN members obtained by AFP, Presi
Published 16 May, 2020 12:07am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 111,936 tonnes of cargo comprising 77,621 tonnes of import cargo and 34,315 tonnes of export cargo including 5,602 loaded and empty containers during the last 24 hours ending at 0700 hours on Friday.
Published 16 May, 2020 12:07am
Business on cotton market to start after Eid holidays
Cotton & Textile

Business on cotton market to start after Eid holidays

Trading activities on the cotton market will fully resume after Eid Ul Fitr. Market sources said that after the easing of lockdown by the government trading has started but it will fully resume after Eid.
Published 16 May, 2020 12:07am
CBOT corn futures lower
Commodities

CBOT corn futures lower

Chicago Board of Trade corn futures declined on Thursday for a second straight session as generally favourable crop weather supported outlooks for a record-large US harvest and rising stockpiles, traders said.
Published 16 May, 2020 12:07am
Asia's naphtha crack falls
Energy

Asia's naphtha crack falls

Asia's naphtha physical crack plunged more than 100% to return to the negative zone for the first time since April as inflating supplies weighed.
Published 16 May, 2020 12:07am
New York cotton
Cotton & Textile

New York cotton

The following were the fluctuations observed during the day:

Published 16 May, 2020 12:07am
Copper under pressure
Commodities

Copper under pressure

Copper prices fell on Friday and were set for a weekly loss as rising stockpiles and dire economic data around the world hammered home fears that demand will remain weak despite a rebound in Chinese factory activity.
Published 16 May, 2020 12:07am
Oil prices jump
Energy

Oil prices jump

Oil prices rose on Friday, with US crude jumping more than 7% to its highest since March on signs that demand was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.
Published 16 May, 2020 12:07am
Gold scales one-month peak in Europe
Commodities

Gold scales one-month peak in Europe

Gold scaled a one-month peak on Friday en route to its biggest weekly gain in three weeks as renewed US-China trade tensions added to concerns about a deep economic slump during the novel coronavirus pandemic.
Published 16 May, 2020 12:07am
Most Asian currencies in tight range
Money & Banking

Most Asian currencies in tight range

Most Asian currencies traded in a tight range on Friday, as data showing China's economy is gradually recovering from the coronavirus shock countered worries over worsening Sino-US relations. The Chinese yuan slipped 0.1% and was on its way to its biggest
Published 16 May, 2020 12:07am
The Weather

The Weather

The weather report on Friday (May 15, 2020) and the forecast for Saturday (May 16, 2020).

Published 16 May, 2020 12:07am
Cotton Spot Rates
Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (May 15, 2020).

Published 16 May, 2020 12:07am
Pakistan Mercantile Exchange - PMEX
Rates

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Friday (May 15, 2020).

Published 16 May, 2020 12:07am
Shipping Intelligence
Schedules

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (May 15, 2020).

Published 16 May, 2020 12:07am