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Print - 2020-05-22
Report accuses sugar millers of acting like cartel

Report accuses sugar millers of acting like cartel

The Sugar Inquiry Commission has accused sugar mills of acting like a cartel and engaging in massive wrongdoings ranging from cane procurement, estimating in cost of production, tax evasion, price hike through manipulation, suspicious export to Afghanista
Published 22 May, 2020 12:03am
Pemra asked to file reply by June 17

Pemra asked to file reply by June 17

The Lahore High Court on Thursday sought a reply from Pakistan Electronic Media Regulatory Authority (Pemra) by June 17 and suspended the operation of its notification about suspension of Neo TV channel's license.
Published 22 May, 2020 12:03am
New body formed to hold talks with IPPs

New body formed to hold talks with IPPs

The government has dissolved IPPs negotiation committee led by SAPM Shahzad Qasim with immediate effect and constituted a new four-member committee, official sources told Business Recorder.
Published 22 May, 2020 12:03am
PM, Buzdar responsible for sugar crisis: Abbasi

PM, Buzdar responsible for sugar crisis: Abbasi

Pakistan Muslim League-Nawaz (PML-N) senior leader and former prime minister Shahid Khaqan Abbasi on Thursday held Prime Minister Imran Khan and Punjab Chief Minister Usman Buzdar responsible for the sugar crisis, and termed the report on the commodity an
Published 22 May, 2020 12:03am
'I always pay full price to my growers': Tareen

'I always pay full price to my growers': Tareen

The government's team comprising Minister for Information, Shibli Faraz, SAPM and Barrister Shehzad Akbar on Thursday opted not to reply to a question on a bullet-proof car reportedly gifted by Jahangir Khan Tareen to his "friend" Prime Minister Imran Kha
Published 22 May, 2020 12:03am
Sugar probe team discusses role of Sindh CM as well

Sugar probe team discusses role of Sindh CM as well

The Sugar Inquiry Commission has discussed the role of former Prime Minister Shahid Khaqan Abbasi, ex-Commerce Minister, Khurram Dastgir Khan, Chief Minister Sindh, Murad Ali Shah, Chief Minister Punjab, Sardar Usman Buzdar, Minister for Planning, Develop
Published 22 May, 2020 12:03am
Coronavirus infections top 5m worldwide

Coronavirus infections top 5m worldwide

Global infections from the novel coronavirus passed five million on Thursday as the pandemic played out unevenly across the planet, with China eager to declare a victory, Europe tentatively emerging from its shell and deaths still rising in hotspots in La
Published 22 May, 2020 12:03am
Astra gets $1bn from US to fund coronavirus vaccine

Astra gets $1bn from US to fund coronavirus vaccine

British pharmaceuticals group AstraZeneca on Thursday said it had secured more than $1.0 billion from the United States to help fund production of its coronavirus vaccine.
Published 22 May, 2020 12:03am
ECC approves 'mobile device manufacturing policy'

ECC approves 'mobile device manufacturing policy'

The Economic Coordination Committee (ECC) of the Cabinet has approved "mobile device manufacturing policy" to promote local manufacturing and assembly of mobile phone handsets.
Published 22 May, 2020 12:03am
Foreign reserves down by $141m

Foreign reserves down by $141m

The State Bank of Pakistan's (SBP) foreign exchange reserves decreased by $141 million to $12.129 billion during the last week.
Published 22 May, 2020 12:03am
Fawad demands abolition of Ruet body

Fawad demands abolition of Ruet body

Minister for Science and Technology Fawad Chaudhry has once again demanded abolition of Central Ruet-e-Hilal Committee. Fawad Chaudhry, while criticizing the Ruet-e-Hilal Committee, argued that there is no need for such a committee in this modern era.
Published 22 May, 2020 12:03am
Advertising slump during virus crisis hits media jobs

Advertising slump during virus crisis hits media jobs

Media redundancies, partial layoffs and managerial wage cuts are on the rise as advertising markets implode, despite customers showing an ever stronger appetite for information on the coronavirus crisis.
Published 22 May, 2020 12:03am
Diamer-Bhasha Dam: Pakistan rejects India's 'concerns'

Diamer-Bhasha Dam: Pakistan rejects India's 'concerns'

Pakistan on Thursday rejected India's 'concerns' over construction of Diamer-Bhasha Dam in Gilgit-Baltistan, saying that 'India does not have any locus standi in the matter and cannot raise objections to the project'.
Published 22 May, 2020 12:03am
UK exempts care staff from migrant health tax

UK exempts care staff from migrant health tax

The British government on Thursday announced that foreign care workers would be exempt from a charge imposed on migrants to fund the health service, after an outcry sparked by the coronavirus outbreak.
Published 22 May, 2020 12:03am
January-March: NBP announces financial results

January-March: NBP announces financial results

A meeting of the Board of Directors of National Bank of Pakistan was held on Thursday to approve the financial statements of the bank for the three-month period ended on March 31, 2020.
Published 22 May, 2020 12:03am
Tier-1 retailers' POS: FBR extends deadline for online integration

Tier-1 retailers' POS: FBR extends deadline for online integration

To facilitate big retailers, the Federal Board of Revenue (FBR) has further extended the date up to June 30, 2020 for online integration of tier-1 retailers' point of sale (POS) with the board's computerized system for real time reporting of their sales.
Published 22 May, 2020 12:03am
'In the name of the poor'
Letters

'In the name of the poor'

This is apropos a Business Recorder op-ed "In the name of the poor" carried by the newspaper yesterday. The writer, Shabir Ahmed, has highlighted a key point in relation to the situation obtaining following the breakout of Covid-19 in the country.
Published 22 May, 2020 12:03am
A looming debt crisis
Articles

A looming debt crisis

In his article in the New York Times on April 30, 2020, Prime Minister of Ethiopia and the 2019 Nobel Peace Prize winner Abiy Ahmed highlighted the fact that the temporary debt relief provided by G20 group of countries, however a welcome step, it was not
Published 22 May, 2020 12:03am
Budgets 2020 amid Covid-19 crisis - II: Need for paradigm shift
Articles

Budgets 2020 amid Covid-19 crisis - II: Need for paradigm shift

In the present circumstances, in the forthcoming federal budget, the need for a fair and simple tax system, as elaborate in Towards Flat, Low-rate, Broad and Predictable Taxes [PRIME Institute, 2016] and referred to in PIDE Policy Viewpoint [16:2020] Doin
Published 22 May, 2020 12:03am
Afghan power-sharing deal

Afghan power-sharing deal

Afghan President Ashraf Ghani and his bitter rival Abdullah Abdullah signed a power-sharing deal on Sunday, ending months-long political uncertainty and raising hopes it will help find a way out of the endless conflict. Unlike a similar 2014 deal that fai
Published 22 May, 2020 12:03am
The budget targets

The budget targets

There is considerable debate amongst economists on the patently unrealistic time-bound macroeconomic targets for next fiscal year 2020-21 contained in the April 2020 (last) staff report uploaded on the International Monetary Fund's website titled Request
Published 22 May, 2020 12:03am
PSX holidays
Stocks

PSX holidays

Pakistan Stock Exchange will remain closed from Friday, May 22, 2020 till Wednesday, May 27, 2020 on account of Juma-tul-Wida and Eid-ul-Fitr holidays. The Exchange shall resume with pre-Ramazan trading and office timings from May 28, 2020, a notice issue
Published 22 May, 2020 12:03am
Lockdown over, Covid-19 deaths, infections tick higher

Lockdown over, Covid-19 deaths, infections tick higher

COVID-19 infections in country trended higher in recent days and were approaching 50,000, official data showed, with total deaths crossing 1,000, as the government remained unsure over the consequences of its decision to end the nation's lockdown.
Published 22 May, 2020 12:03am
FBR takes action against illicit cigarettes trade
Taxes

FBR takes action against illicit cigarettes trade

Taking serious notice of growing illicit cigarettes trade, the Federal Board of Revenue (FBR) field formations have intensified enforcement actions to check transportation of non-duty paid items and confiscated illegal cigarettes worth Rs10 million during
Published 22 May, 2020 12:03am
SC reserves judgment in triple murder case

SC reserves judgment in triple murder case

The Supreme Court Thursday reserved judgment in triple murder case of Dadu District involving Pakistan People's Party (PPP) MPA Nawab Sardar Khan Chandio.
Published 22 May, 2020 12:03am
Tally of Covid-19 cases surges to 1,235 in Capital

Tally of Covid-19 cases surges to 1,235 in Capital

The federal capital on Thursday witnessed another largest increase in the number of Covide-19 cases after 101 people were tested positive and the tally of deadly virus surged to 1,235 in the city.
Published 22 May, 2020 12:03am
Ashrafi welcomes extension in school holidays

Ashrafi welcomes extension in school holidays

Trustee Al-Mustafa Education Board and prominent industrialist Farhan Ashrafi has welcomed the extension of school holidays by the federal and Sindh governments till July 15, 2020 to save innocent children from coronavirus epidemic. But at the same time,
Published 22 May, 2020 12:03am
Covid-19's increasing trend may continue till monsoon, says Met

Covid-19's increasing trend may continue till monsoon, says Met

The Met Office on Thursday told that Pakistan has been divided into seven zones to find any relationship between Covid-19 and the weather conditions, saying that the pandemic's increasing trend is likely to continue until the onset of monsoon.
Published 22 May, 2020 12:03am
Murad urges people to celebrate Eid with simplicity

Murad urges people to celebrate Eid with simplicity

Sindh Chief Minister Syed Murad Ali Shah has urged people of Pakistan, particularly of Sindh to celebrate Eidul Fitr with simplicity and demonstrate solidarity with the coronavirus patients, the aggrieved families who lost their loved ones and the poor pe
Published 22 May, 2020 12:03am
SC restores Islamabad Mayor Ansar Aziz

SC restores Islamabad Mayor Ansar Aziz

The Islamabad High Court (IHC) on Thursday restored Sheikh Ansar Aziz as Mayor Islamabad by annulling his suspension. A single bench of IHC comprising Justice Mohsin Akhtar Kayani heard the petition filed by Ansar who had also urged the court to let him p
Published 22 May, 2020 12:03am
LCCI announces Eid holidays
Business & Economy

LCCI announces Eid holidays

The Lahore Chamber of Commerce & Industry will remain closed from May 22 to 27 in connection with Eid-ul-Fitr. However, the Chamber working would be resumed on May 28 after holidays as usual.
Published 22 May, 2020 12:03am
Lesco CEO takes online complaints from consumers
Energy

Lesco CEO takes online complaints from consumers

Chief Executive Officer (CEO) Lahore Electric Supply Company (LESCO) Mujahid Pervaiz Chatta held online session to take public complaints through Facebook page of the Company.
Published 22 May, 2020 12:03am
LHC holidays

LHC holidays

The Lahore High Court Chief Justice Muhammad Qasim Khan on Thursday announced holidays for Eidul Fitr. According to a notification issued by LHC registrar the LHC at principal seat and all the benches at Rawalpinid, Multan and Behawalpur and all the sessi
Published 22 May, 2020 12:03am
CM discusses Punjab budget, ADP
Business & Economy

CM discusses Punjab budget, ADP

Chief Minister Punjab Sardar Usman Buzdar here Thursday chaired a meeting about the provincial budget and annual development programme for the financial year 2020-21. Chairman P&D and Secretary Finance briefed the participants about the upcoming budget an
Published 22 May, 2020 12:03am
Allied Bank collaborates with PMAS
Money & Banking

Allied Bank collaborates with PMAS

Agriculture is backbone of Pakistani economy as it contributes significantly towards our GDP and employment. While playing its role as Financial Institution to support farming community through tailor made financial products ABL truly acknowledges the eff
Published 22 May, 2020 12:03am
'Nepra equally responsible for mismanagement in power sector'
Energy

'Nepra equally responsible for mismanagement in power sector'

The National Electric Power Regulatory Authority (Nepra) is equally responsible for mismanagement and bad governance in the power sector and cannot shift the entire blame on the distribution companies (DISCOs)/power division as it has been allowing justif
Published 22 May, 2020 12:03am
Punjab technical board cancels all exams

Punjab technical board cancels all exams

A meeting, presided over by the Punjab Minister for Industries, Commerce & Investment Mian Aslam Iqbal decided to cancel all exams under the Punjab Board of Technical Education (PBTE) in the wake of Covid-19 pandemic and approved the policy regarding prom
Published 22 May, 2020 12:03am
Wheat procurement in Punjab enters final stage: minister
Commodities

Wheat procurement in Punjab enters final stage: minister

Punjab Senior Minister Abdul Aleem Khan has said wheat procurement in the province has entered the final stage and 3.9 million metric tons and 87 percent target has been achieved so far while 98 percent "bardana" has also been distributed.
Published 22 May, 2020 12:03am
UHS inks memo with NGO for free Covid-19 tests for less privileged

UHS inks memo with NGO for free Covid-19 tests for less privileged

The University of Health Sciences (UHS) on Thursday signed a memorandum of understanding (MoU) with Akhuwat Foundation under which the latter will provide 11,500 kits to the varsity for free testing of less privileged suspected coronavirus patients.
Published 22 May, 2020 12:03am
Easypaisa becomes 'Eidipaisa' to rejoice Eid

Easypaisa becomes 'Eidipaisa' to rejoice Eid

Easypaisa, Pakistan's leading digital financial services platform, is joining its millions of customers across the country in sharing the blessing of Eid-ul-Fitr.
Published 22 May, 2020 12:03am
Tiger Force: Over 157,000 people in Sindh registered: Governor

Tiger Force: Over 157,000 people in Sindh registered: Governor

Sindh Governor Imran Ismail has said that more than 157,000 people in Sindh province have registered for the Tiger Force, which will start operating across the province immediately after Eid-ul-Fitr, initially it will be deployed at Ehsas Centers and Util
Published 22 May, 2020 12:03am
Covid-19 testing capacity doubles after TTQ strategy: Umar

Covid-19 testing capacity doubles after TTQ strategy: Umar

The testing capacity for Covid-19 has been doubled after the launch of "Test, Track and Quarantine" (TTQ) strategy, Minister for Planning Asad Umar said this here on Thursday, while chairing a meeting of the National Command and Operation Centre (NCOC).
Published 22 May, 2020 12:03am
Clarification

Clarification

The Ministry of Finance has described as factually inaccurate a news report published in a section of the press. In an official statement released on Thursday, the Ministry of Finance has clarified that the Prime Minister COVID Relief Fund is to be utiliz
Published 22 May, 2020 12:03am
Revival of 'No Tax No Refund' regime demanded
Business & Economy

Revival of 'No Tax No Refund' regime demanded

Former president of KCCI and patron of SITE Association of Industry Zubair Motiwala has drawn the attention of the federal government towards the difficulties being faced due to inability of fully automated sales tax refund system (FASTER) by five zero-ra
Published 22 May, 2020 12:03am
Banned Indian origin goods: Bid to misuse EPZ facility foiled

Banned Indian origin goods: Bid to misuse EPZ facility foiled

Model Customs Collectorate (MCC), Exports, Port Qasim on Thursday claimed to have foiled an attempt to misuse the facility of Export Processing Zone (EPZ) to bring substantial quantity of banned Indian origin goods and other high value items in the countr
Published 22 May, 2020 12:03am
PPP questions diversion of Covid-19 fund for interest payment

PPP questions diversion of Covid-19 fund for interest payment

Questioning the government's decision to allow diverting Rs10 billion from the coronavirus relief funds to pay interest on loans taken to retire circular debt, Senator Sherry Rehman said that has the government managed to curb the spread of COVID-19 that
Published 22 May, 2020 12:03am
APTMA Punjab demands restoration of zero-rating regime
Cotton & Textile

APTMA Punjab demands restoration of zero-rating regime

In the wake of 64 percent plunge in export of textile products during April 2020 as compared to corresponding month of April, 2019 and plummet of domestic sales to the lowest ebb, Chairman All Pakistan Textile Mills Association (APTMA) Punjab Zone Adil Ba
Published 22 May, 2020 12:03am
Lebanon PM pledges to stem devaluation, reduce food prices

Lebanon PM pledges to stem devaluation, reduce food prices

Lebanon's Prime Minister Hassan Diab pledged Thursday to stem devaluation and introduce subsidies on food imports, as his cabinet marked 100 days since it was formed to salvage a free-falling economy.
Published 22 May, 2020 12:03am
Kuwait, Saudi Arabia halt oil production from neutral zone
Energy

Kuwait, Saudi Arabia halt oil production from neutral zone

Kuwait and Saudi Arabia are to suspend oil production from the neutral zone they share in June as part of cuts they agreed to shore up prices, a Kuwaiti official said. The OPEC oil cartel to which they both belong struck a deal with non-OPEC producers led
Published 22 May, 2020 12:03am
Eurozone economy has 'likely bottomed out'
Global Business Economy

Eurozone economy has 'likely bottomed out'

The eurozone's economic slump has "likely bottomed out" after the bloc suffered a disastrous collapse under lockdowns to contain coronavirus, a closely watched survey by IHS Markit said Thursday.
Published 22 May, 2020 12:03am
US jobless claims grind lower but backlogs, layoffs linger
Global Business Economy

US jobless claims grind lower but backlogs, layoffs linger

Millions more Americans filed for unemployment benefits last week as backlogs in processing claims continue to be cleared and disruptions from the novel coronavirus unleash a second wave of layoffs, pointing to another month of staggering job losses in Ma
Published 22 May, 2020 12:03am
Three women crushed to death in Sri Lanka stampede for $8 handout

Three women crushed to death in Sri Lanka stampede for $8 handout

Three women were trampled to death during a stampede for an $8 cash handout in Colombo Thursday, amid growing desperation among Sri Lankans struggling to make ends meet during a coronavirus lockdown that has smashed the economy.
Published 22 May, 2020 12:03am
Philippines tops world for online child sex abuse

Philippines tops world for online child sex abuse

The Philippines has become the world's largest known source of online child sexual exploitation, with endemic poverty helping drive a surge in abuse, a report said Thursday.
Published 22 May, 2020 12:03am
Japan newborn gets liver stem cells in world first

Japan newborn gets liver stem cells in world first

Doctors in Japan have successfully transplanted liver cells derived from embryonic stem cells into a newborn baby, in a world first that could provide new treatment options for infants.
Published 22 May, 2020 12:03am
Facebook ramps up remote work service
IT & Computers

Facebook ramps up remote work service

Facebook on Thursday bulked up the Workplace version of its social network that helps employees get their jobs done remotely, investing in a trend it believes will outlast the pandemic.
Published 22 May, 2020 12:03am
Palestinian official says CIA information-sharing halted

Palestinian official says CIA information-sharing halted

The Palestinian security services will stop sharing information with the US Central Intelligence Agency (CIA), in protest at Israeli plans to annex parts of the occupied West Bank, a senior official said Thursday.
Published 22 May, 2020 12:03am
US approves sale of 18 torpedoes to Taiwan

US approves sale of 18 torpedoes to Taiwan

The United States approved the sale of 18 heavyweight torpedoes to Taiwan for $180 million, the State Department said Wednesday, in a move that could further strain Washington's already tense relationship with Beijing.
Published 22 May, 2020 12:03am
US pulls out of Open Skies treaty

US pulls out of Open Skies treaty

The United States announced its intention on Thursday to withdraw from the 35-nation Open Skies treaty allowing unarmed surveillance flights over member countries, the Trump administration's latest move to pull the country out of a major global treaty.
Published 22 May, 2020 12:03am
Australian shares lower
Stocks

Australian shares lower

Australian shares closed lower on Thursday, hurt by losses in heavyweight miners and banks, as sentiment took a hit on fears of Chinese restrictions on the country's iron ore exports and a bleak forecast about bank loan defaults.
Published 22 May, 2020 12:03am
Saudi stocks gain, other Gulf markets mixed
Stocks

Saudi stocks gain, other Gulf markets mixed

Saudi Arabian shares gained in early trade, registering their fifth consecutive daily gain amid a recovery in oil prices, after the world's largest oil producer agreed with Kuwait to halt oil production at the Al-Khafji field to curb supply glut.
Published 22 May, 2020 12:03am
Japanese shares slip
Stocks

Japanese shares slip

Japan's Nikkei share average snapped a four-day winning streak on Thursday, as investors were reluctant to chase markets after the benchmark hit a 2-1/2-month high, raising concerns that stocks were potentially overvalued.
Published 22 May, 2020 12:03am
China stocks lower
Stocks

China stocks lower

China stocks ended lower on Thursday, hurt by tech players, on news that US regulators are open to making changes to close a possible loophole in a new rule aimed at curbing global chip sales to Chinese firm Huawei Technologies Ltd.
Published 22 May, 2020 12:03am
European stocks hit by US-China tensions
Stocks

European stocks hit by US-China tensions

European shares fell on Thursday, as signs of worsening US-China relations added to concerns over the pace of recovery from the coronavirus-led economic downturn.
Published 22 May, 2020 12:03am
Thursday's early trade: Main indexes fall
Stocks

Thursday's early trade: Main indexes fall

Wall Street's main indexes dropped about 1% on Thursday as investors worried about escalating US-China trade tensions and concerns over a quick rebound from a coronavirus-led economic slump.
Published 22 May, 2020 12:03am
Wall Street climbs
Stocks

Wall Street climbs

The three major averages on Wall Street notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.
Published 22 May, 2020 12:03am
Turkish lira little changed
Money & Banking

Turkish lira little changed

Turkish lira traded nearly flat against US dollar on Thursday ahead of a central bank policy setting meeting where it is expected to lower benchmark rate by 50 basis points.
Published 22 May, 2020 12:03am
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