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Dec 23, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►
Print - 2020-05-23
Tragedy hits Karachi days before Eid

Tragedy hits Karachi days before Eid

A Pakistan International Airline (PIA) Airbus A320 flying from Lahore on Friday crashed into a densely-populated residential colony near the Jinnah International Airport, killing at least 60 people. Luckily, two passengers, the CEO of Bank of Punjab, Zafa
Published 23 May, 2020 12:06am
WB approves $500 million programme to help Pakistan
Money & Banking

WB approves $500 million programme to help Pakistan

The World Bank's Board of Executive Directors has approved a $500 million programme to help Pakistan improve access to quality healthcare and education, support economic opportunities for women, and strengthen social safety nets as the country braces to l
Published 23 May, 2020 12:06am
PSMA rejects inquiry commission's report

PSMA rejects inquiry commission's report

Pakistan Sugar Mills Association (PSMA) has rejected the findings, conclusions and recommendations of the report by the Sugar Inquiry Commission (Commission) and termed it a "premeditated exercise to malign a lawful and taxpaying industry that has an enor
Published 23 May, 2020 12:06am
Implication of G-20 debt relief lacks clarity

Implication of G-20 debt relief lacks clarity

Pakistan is reportedly facing lack of clarity on full implication of G-20 debt suspension initiative meant to mitigate the Covid-19 impact, well-informed sources in the Ministry of Economic Affairs told Business Recorder.
Published 23 May, 2020 12:06am
Trump urges US reopening

Trump urges US reopening

President Donald Trump pressed for a further reopening of the United States as job losses mount from coronavirus shutdowns, while China's premier warned of "immense" economic challenges even as the Asian giant emerges from the worst of the pandemic.
Published 23 May, 2020 12:06am
No annual growth target for virus-hit China, a first in years

No annual growth target for virus-hit China, a first in years

China's communist rulers avoided setting an annual growth target for the first time in decades Friday, as they struggle to deal with the "immense" economic challenges caused by the coronavirus pandemic. Analysts say the move points to China missing its ke
Published 23 May, 2020 12:06am
PM orders inquiry

PM orders inquiry

Prime Minister Imran Khan has ordered immediate inquiry into the crash of Pakistan International Airlines' (PIA) aircraft, resulting in loss of several lives on Friday.
Published 23 May, 2020 12:06am
Modi, others condole deaths

Modi, others condole deaths

World leaders have sent messages of condolences to the government and people of Pakistan after Pakistan International Airlines (PIA) plane with nearly 100 people on board crashed into Model Colony area in Karachi on Friday.
Published 23 May, 2020 12:06am
CPEC: FO rejects US criticism of China

CPEC: FO rejects US criticism of China

Pakistan on Friday termed the Untied States' criticism over the China-Pakistan Economic Corridor (CPEC) and the Chinese "predatory, unsustainable and unfair" lending as contrary to facts and insisted that the multi-billion dollars "transformational projec
Published 23 May, 2020 12:06am
SECP issues definition of 'Government-Guaranteed Sukuk'

SECP issues definition of 'Government-Guaranteed Sukuk'

The Securities and Exchange Commission of Pakistan (SECP) has issued definition of "Government Guaranteed Sukuk" i.e. Sukuk issued by any corporation or body corporate owned and controlled by the Federal Government and such Sukuk is guaranteed by the Fede
Published 23 May, 2020 12:06am
All courts, tribunals asked to act strictly as per law

All courts, tribunals asked to act strictly as per law

The Supreme Court ruled that all courts and tribunals are required to act strictly in accordance with the law, and all orders and judgments passed by them must be entrenched and grounded in the Constitution, the law, and the rules.
Published 23 May, 2020 12:06am
Eid to be observed in Saudi Arabia on Sunday

Eid to be observed in Saudi Arabia on Sunday

The crescent for the month of Shawwal has not been sighted in Saudi Arabia. The day of Eid-Ul-Fitr (1 Shawwal 1441) in the country will be observed on Sunday, 24 May 2020.
Published 23 May, 2020 12:06am
Credit rating rules: SECP empowered to relax requirements

Credit rating rules: SECP empowered to relax requirements

To facilitate credit rating companies, the Securities and Exchange Commission of Pakistan (SECP) has been empowered to relax any of the requirements of Credit Rating Companies Regulation, 2016 for such companies operating in Pakistan.
Published 23 May, 2020 12:06am
PIA plane crash: Palpa for involving ICAO, IFALPA into probe

PIA plane crash: Palpa for involving ICAO, IFALPA into probe

Pakistan Airline Pilots' Association (Palpa) has raised serious reservations over the ability of Safety Investigation Board (SIB) for air crash investigation, demanding involvement of International Civil Aviation Organization (ICAO) and International Fede
Published 23 May, 2020 12:06am
NBP foresees limited credit offtake

NBP foresees limited credit offtake

National Bank of Pakistan (NBP) management is expecting that the credit offtake will remain restricted in the coming months as supply chains adjust to the economic impacts. Therefore, the risk management function of the bank is regularly conducting assess
Published 23 May, 2020 12:06am
NA session on June 5

NA session on June 5

President of the Islamic Republic of Pakistan on Friday summoned the session of National Assembly on June 5 at 4pm in the Parliament House, said a press release.
Published 23 May, 2020 12:06am
Donation of PPEs: Pompeo appreciates Pakistan's gesture

Donation of PPEs: Pompeo appreciates Pakistan's gesture

The United States Secretary of State, Mike Pompeo, on Friday thanked Pakistan for donating personal protective equipments (PPEs) to the Federal Emergency Management Agency (FEMA) - an agency of the US Department of Homeland Security. In a tweet, Pompeo ap
Published 23 May, 2020 12:06am
Sugar turns sour - suddenly
Letters

Sugar turns sour - suddenly

The forensic report made public by the federal government is said to have 'revealed' that six major sugar mill groups had acted as "cartels". According to the government, six major groups held 51 percent of the production supply.
Published 23 May, 2020 12:06am
Will Covid-19 deal US malls a mortal blow?
Articles

Will Covid-19 deal US malls a mortal blow?

As they gradually reopen, US shopping malls are requiring masks and implementing social distancing policies in hopes of convincing customers that they can shop safely in the coronavirus era.
Published 23 May, 2020 12:06am
What's up?
Articles

What's up?

WhatsApp is a pun on What's Up, in case you didn't get it yet - actually, that was a sudden but rational guess made whilst dreaming up the title for today's write up; now it is knowledge confirmed from WhatsApp web page. Cool!
Published 23 May, 2020 12:06am
Pakistan's human capital conundrum
Articles

Pakistan's human capital conundrum

In 1986, the Journal of Political Economy (JPE) published a paper ('Increasing returns and long run growth') by a relatively unknown economist. The same person, Paul Romer, got another one published in 1990 ('Endogenous technical change'), which had manag
Published 23 May, 2020 12:06am
PTI government's tax vision

PTI government's tax vision

Dr Abdul Hafeez Shaikh, advisor to prime minister on finance and revenue affairs, reportedly reminded the Federal Board of Revenue (FBR) officials that their tax proposals for next year's finance bill 'do not represent the vision of the government and nee
Published 23 May, 2020 12:06am
This is no time for a wheat crisis

This is no time for a wheat crisis

While any attempt to check hoarding, particularly of staple food such as wheat, ought to be wholeheartedly welcomed and examples should indeed be made out of people indulging in such crimes, there is still the need to let the law take the lead and any arb
Published 23 May, 2020 12:06am
SU VC observes working of LSM programme

SU VC observes working of LSM programme

SU Vice Chancellor Prof Dr Fateh Muhammad Burfat has said that tackling odds, forging ahead in the face of challenges, adopting un-deterred stance to overcome hardships through sheer hard work were some of the signs of successful leaders.
Published 23 May, 2020 12:06am
BoK earns Rs 548 million profit after tax for 1Q
Money & Banking

BoK earns Rs 548 million profit after tax for 1Q

The Bank of Khyber (BOK) posted Rs548 million profit after tax (PAT) for the 1st quarter ended 31st March 2020. This was informed during the 161st meeting of the Board of Directors of the Bank held on May 20, 2020 in Peshawar. The meeting was presided ove
Published 23 May, 2020 12:06am
WB devises solid waste emergency efficiency programme

WB devises solid waste emergency efficiency programme

The World Bank, in consultation with the Local Government, the Karachi Municipal Corporation (KMC) and the Solid Waste Management Board, has devised a comprehensive Solid Waste Emergency Efficiency Program (SWEEP) for the year 2020-24 costing $100 million
Published 23 May, 2020 12:06am
Jumatul Wida marked with religious fervour

Jumatul Wida marked with religious fervour

Jumatul Wida, the last Friday of the holy month of Ramazan was observed with religious fervour amid prayers for the eradication of novel coronavirus.
Published 23 May, 2020 12:06am
Hot, humid weather may continue

Hot, humid weather may continue

The city is likely to receive gusty winds with hot and humid weather in the next 24 hours, the Met Office said on Friday.
Published 23 May, 2020 12:06am
Sugar scam: PML-N president rejects report, demands PM's resignation

Sugar scam: PML-N president rejects report, demands PM's resignation

Rejecting the Inquiry Commission's forensic report on sugar scam, Pakistan Muslim League-Nawaz (PML-N) President Shahbaz Sharif has demanded resignation of Prime Minister Imran Khan and Punjab Chief Minister Usman Buzdar, saying the report was an attempt
Published 23 May, 2020 12:06am
90,000 wheat bags recovered during raids

90,000 wheat bags recovered during raids

The Punjab food department has seized more than 90,000 bags of wheat in 10 districts of the province and initiated legal action against the hoarders. As many as 762 raids were conducted and 267 vehicles were confiscated while 213 FIRs were registered agai
Published 23 May, 2020 12:06am
Shehbaz Sharif tests negative for coronavirus

Shehbaz Sharif tests negative for coronavirus

Pakistan Muslim League-Nawaz (PML-N) president and Leader of the Opposition in the National Assembly Shehbaz Sharif has tested negative for the coronavirus.
Published 23 May, 2020 12:06am
Engro, Sehat Kahani join hands to promote quality healthcare

Engro, Sehat Kahani join hands to promote quality healthcare

As part of the Rs 1 billion Hussain Dawood Pledge, Engro Fertilizers (a subsidiary of Engro Corporation) has joined hands with Sehat Kahani, a leading e-health solution provider, to use its telemedicine platform to promote quality healthcare for all amid
Published 23 May, 2020 12:06am
ICRC supporting four public hospitals in KP, merged areas

ICRC supporting four public hospitals in KP, merged areas

To strengthen the response of health sector to COVID-19 pandemic, the International Committee of the Red Cross (ICRC) is supporting four public hospitals in Khyber Pakhtunkhwa (KP) and the merged areas by providing them with infection prevention and contr
Published 23 May, 2020 12:06am
APTPMA for exempting textile exporters from paying WHT
Cotton & Textile

APTPMA for exempting textile exporters from paying WHT

All Pakistan Textile Processing Mills Association (APTPMA) has demanded that textile exporters fall under final tax regime u/s 143(b) and should be exempted from payment of WHT and be given exemption certificates.
Published 23 May, 2020 12:06am
Two women die of Covid-19 in IOK

Two women die of Covid-19 in IOK

Two women died of coronavirus in Srinagar, taking the death toll due to the infectious disease to 20 in the territory. Two women including a 70-year-old from Parisabad area of Badgam and an 80-year-old from Bemina in Srinagar died of the virus.
Published 23 May, 2020 12:06am
CJP, other judges express grief

CJP, other judges express grief

Chief Justice of Pakistan Gulzar Ahmed and other the judges of the Supreme Court on Friday expressed deep sorrow and grief over the tragic incident of the PIA aircraft crash in Karachi. They have extended their heartfelt condolences and sincere sympathies
Published 23 May, 2020 12:06am
Integrated vector management programme: report launched

Integrated vector management programme: report launched

A report of the integrated vector management program in merged tribal areas cover the vector born diseases was launched here on Friday. The program is actively involved in the control and treatment of all vector born diseases in the merged tribal areas an
Published 23 May, 2020 12:06am
PPP senator demands sanctions on India for violating religious freedoms

PPP senator demands sanctions on India for violating religious freedoms

Former interior minister and Chairman of the Senate Standing Committee on Interior Senator A Rehman Malik has urged the US Commission on International Religious Freedom (USCIRF) to advise the United Nations to constitute a high-powered commission to inves
Published 23 May, 2020 12:06am
Business community resents long bank holiday
Money & Banking

Business community resents long bank holiday

After two months of lockdown, businesses have been reopened and with the advent of Eid, business activities have picked up sharply. However, banks have been closed for 6 days including on Friday due to which, business community was facing great problems i
Published 23 May, 2020 12:06am
ECP to hear Talpur's case on June 4

ECP to hear Talpur's case on June 4

The Election Commission of Pakistan (ECP) to hear plea seeking disqualification of the Pakistan People's Party (PPP) leader and Sindh Assembly member Faryal Talpur on June 4.
Published 23 May, 2020 12:06am
Landmark judgement on animal welfare

Landmark judgement on animal welfare

The Chief Justice of Islamabad High Court Justice Athar Minallah has authored a landmark judgment on animal welfare and wildlife laws. There were three petitions which were clubbed together 1) Relocation of Brown Bear 2) Relocation of Kaavan, the Elephant
Published 23 May, 2020 12:06am
India central bank slashes rates
Money & Banking

India central bank slashes rates

India's central bank slashed interest rates on Friday in an effort to contain the economic fallout of the world's largest coronavirus lockdown and warned the economy could contract this year.
Published 23 May, 2020 12:06am
Italy banks hit back over virus criticism
Money & Banking

Italy banks hit back over virus criticism

Italian banks have traded barbs with the government after Prime Minister Guiseppe Conte suggested they were not doing enough to help firms struggling with the effects of the coronavirus lockdown.
Published 23 May, 2020 12:06am
UK debt soars to highest since 1963, retail sales slump
Global Business Economy

UK debt soars to highest since 1963, retail sales slump

A measure of British public debt leapt to close to 100% of the country's economic output in April, its highest in nearly 60 years, and retail sales slumped by a record 18% as the coronavirus crisis hammered the economy.
Published 23 May, 2020 12:06am
Alibaba profit tumbles, but revenue surprises despite virus
Global Business Economy

Alibaba profit tumbles, but revenue surprises despite virus

Chinese e-commerce leader Alibaba said Friday its net profit fell 88 percent in the first quarter of the year, but revenue beat analyst forecasts despite the disruptions caused by the coronavirus.
Published 23 May, 2020 12:06am
US employment to turn around soon, says White House adviser
Global Business Economy

US employment to turn around soon, says White House adviser

June could mark a turning point in massive joblessness caused by the coronavirus pandemic, White House adviser Kevin Hassett said on Friday, adding that he expects President Donald Trump and lawmakers will still work toward a fourth round of stimulus to g
Published 23 May, 2020 12:06am
Australian tennis great Cooper dies at 83
Other

Australian tennis great Cooper dies at 83

Eight-time Grand Slam tournament winner Ashley Cooper has died aged 83, Tennis Australia announced Friday, with Rod Laver hailing him as a "wonderful champion".
Published 23 May, 2020 12:06am
South Asia cyclone death toll passes 100

South Asia cyclone death toll passes 100

At least 106 people died in the fiercest cyclone to hit Bangladesh and eastern India since 1999, officials said Friday as aerial footage revealed immense flooding in coastal areas.
Published 23 May, 2020 12:06am
US Navy gets fourth new leader in six months

US Navy gets fourth new leader in six months

The US Senate on Thursday confirmed the Navy's fourth new leader in six months - an avid supporter of President Donald Trump who will lead the service as it grapples with morale problems amid the coronavirus pandemic.
Published 23 May, 2020 12:06am
Syrian doctor in Germany accused of war crimes

Syrian doctor in Germany accused of war crimes

A Syrian doctor living in Germany is being investigated on suspicion of carrying out crimes against humanity at a military hospital in the war-torn country, a report in Spiegel magazine Friday said.
Published 23 May, 2020 12:06am
UK to introduce 14-day quarantine for international arrivals

UK to introduce 14-day quarantine for international arrivals

Travellers arriving in Britain will face 14 days in quarantine from next month to prevent a second coronavirus outbreak, the government announced on Friday, warning that anyone breaking the rules faced a fine or prosecution.
Published 23 May, 2020 12:06am
Rwanda genocide suspect Bizimana dies

Rwanda genocide suspect Bizimana dies

Former Rwandan defence minister Augustin Bizimana, one of the top suspects wanted over the country's 1994 genocide, has died, the UN tribunal said Friday.
Published 23 May, 2020 12:06am
Japan stocks drop
Stocks

Japan stocks drop

Japanese shares fell on Friday, as risk sentiment was hit after China's plans to impose a new security legislation on Hong Kong fuelled worries over Sino-US tensions.
Published 23 May, 2020 12:06am
Banks lead London stocks lower
Stocks

Banks lead London stocks lower

UK stocks slumped on Friday with Asia-focussed banks tumbling after China said it would impose a new national-security law on Hong Kong, ratcheting up tensions with Washington and raising fears of more pro-democracy protests in Asia's financial hub.
Published 23 May, 2020 12:06am
Australian, New Zealand shares down
Stocks

Australian, New Zealand shares down

Australian shares closed lower on Friday as global risk sentiment was hit after tensions between the United States and China heightened over the imposition of a new law in Hong Kong.
Published 23 May, 2020 12:06am
SE Asian stocks fall
Stocks

SE Asian stocks fall

Southeast Asian stock markets fell on Friday as Sino-US tensions were exacerbated after China said it would impose new national security legislation on Hong Kong following last year's pro-democracy unrest.
Published 23 May, 2020 12:06am
China stocks drop most in 9 weeks
Stocks

China stocks drop most in 9 weeks

Chinese stocks dropped on Friday, wrapping up their worst week since March, as concerns over economic growth and renewed tensions with the United States following a new national security law in Hong Kong dented investor sentiment.
Published 23 May, 2020 12:06am
European stocks flat
Stocks

European stocks flat

European shares closed unchanged on Friday although rising US-China tensions hit Asia-exposed banks and luxury stocks, while hopes of a global recovery kept weekly gains intact for the main indexes.
Published 23 May, 2020 12:06am
Wall Street closes down
Stocks

Wall Street closes down

Wall Street ended lower on Thursday, a day after hitting two-month highs, on a fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world's two largest economies.
Published 23 May, 2020 12:06am
South Africa's rand retreats
Money & Banking

South Africa's rand retreats

South Africa's rand weakened on Friday as the emergence of a fresh source of tension between the United States and China after Beijing moved to impose a new security law on Hong Kong hurt demand for currencies seen as higher risk.
Published 23 May, 2020 12:06am
Most Asian currencies slip
Money & Banking

Most Asian currencies slip

Most Asian currencies dipped on Friday after China said it plans to impose new security legislation on Hong Kong, drawing threats from the United States and prompting worries that already strained relations could deteriorate further.
Published 23 May, 2020 12:06am
Australian long-dated bonds rally
Stocks

Australian long-dated bonds rally

Long-dated Australian bond futures rallied on Friday after the Treasury halved its estimate of the cost of its wage subsidy scheme to A$70 billion ($45.77 billion) following a review.
Published 23 May, 2020 12:06am
Sterling slips against dollar
Money & Banking

Sterling slips against dollar

Sterling edged lower against the dollar on Friday as tensions between China and the United States boosted demand for the greenback, but it recovered against the euro. Tensions between the world's two largest economies encouraged investors to bet on safe h
Published 23 May, 2020 12:06am
New US-China tensions lift dollar in Europe
Money & Banking

New US-China tensions lift dollar in Europe

The dollar climbed on Friday as the emergence of a fresh source of tension between the United States and China boosted demand for safe-haven currencies and caused the euro, offshore yuan, and commodity currencies to fall.
Published 23 May, 2020 12:06am
New York cotton
Cotton & Textile

New York cotton

The following were the fluctuations observed during the day:

Published 23 May, 2020 12:06am
Cotton futures slide
Cotton & Textile

Cotton futures slide

ICE cotton futures fell over 1% on Friday en route to its biggest weekly decline in five weeks as an escalation in US-China tensions cast doubts over demand for the natural fiber.
Published 23 May, 2020 12:06am
Copper drops on fears of renewed US-China tensions
Commodities

Copper drops on fears of renewed US-China tensions

Copper prices slid on Friday on worries that renewed US-Chinese tensions will further damage a global economy already hit by the COVID-19 pandemic. Stock markets and oil also fell as investors feared the prospect of more protests in Hong Kong over tough n
Published 23 May, 2020 12:06am
Middle East crude benchmarks mixed
Energy

Middle East crude benchmarks mixed

Middle East crude benchmarks Oman and Dubai were mixed on Friday, while Asia's spot premiums for Russian ESPO Blend crude and Iraqi Basra Light softened slightly.
Published 23 May, 2020 12:06am
EU wheat prices fall
Commodities

EU wheat prices fall

Euronext wheat futures were lower on Friday with forecast rains in parts of northern Europe this week set to bring some relief after a prolonged period of dry weather. September milling wheat on the Paris-based Euronext exchange was down 1.75 euros, or 0.
Published 23 May, 2020 12:06am
Palm oil clocks over 3 percent weekly rise
Commodities

Palm oil clocks over 3 percent weekly rise

Malaysian palm oil futures clocked a 3.64% rise for the week, but fell on Friday as investors booked profits ahead of a long weekend for Eid celebrations and forecasts of higher May production.
Published 23 May, 2020 12:06am
Tokyo rubber falls
Commodities

Tokyo rubber falls

Tokyo Commodity Exchange (TOCOM) futures fell on Friday as tensions between the United States and China heightened over the imposition of a new law in Hong Kong, and Beijing omitting setting a target for economic growth this year.
Published 23 May, 2020 12:06am
Raw sugar back below 11 cents; coffee steadies
Commodities

Raw sugar back below 11 cents; coffee steadies

Raw sugar futures on ICE fell sharply on Friday after hitting near two-month highs in the previous session, with oil prices sliding on rising US-China tensions and doubts over the pace of a recovery in demand following the coronavirus crisis.
Published 23 May, 2020 12:06am
Gold falls in New York
Commodities

Gold falls in New York

Gold fell more than 1% on Thursday as investors booked profits from recent rallies and some switched to the safety of cash driven by growing U.S-China trade tensions and doubts about an economic recovery.
Published 23 May, 2020 12:06am
Gold regains footing in Asia
Commodities

Gold regains footing in Asia

Gold gained on Friday as an escalation in US-China tensions underpinned bullion's safe-haven appeal, although positive economic indicators after some countries eased lockdowns set up the precious metal for a weekly drop.
Published 23 May, 2020 12:06am
Gold gains in Europe
Commodities

Gold gains in Europe

Gold gained on Friday as intensifying US-China tensions compounded fears of a slow recovery in a global economy already reeling from the coronavirus pandemic. Spot gold climbed 0.6% to $1,735.43 per ounce by 10:56 a.m. EDT (1456 GMT), after falling 1.4% o
Published 23 May, 2020 12:06am
US MIDDAY: Soya prices gain
Commodities

US MIDDAY: Soya prices gain

Chicago soyabean futures rose on Friday as renewed US-China tensions were offset by stronger soyameal prices. Chicago wheat futures sank after three days of gains as a firmer US dollar disadvantaged the crop in the export market, while corn slumped on exp
Published 23 May, 2020 12:06am
US MIDDAY: Gold prices move higher
Commodities

US MIDDAY: Gold prices move higher

Gold gained on Friday as intensifying US-China tensions compounded fears of a slow recovery in a global economy already reeling from the coronavirus pandemic.
Published 23 May, 2020 12:06am
The Weather

The Weather

The weather report on Friday (May 22, 2020) and the forecast for Saturday (May 23, 2020).

Published 23 May, 2020 12:06am
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