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Archive - 2018-05-22
SBP to announce monetary policy on May 25
Pakistan Top News

SBP to announce monetary policy on May 25

KARACHI: The State Bank of Pakistan (SBP) will announce its monetary policy for next two months. The discount (inter
Published 22 May, 2018 07:30pm
On IT export
Telecommunication

On IT export

Folks wonder why Pakistan’s Information Technology (IT) exports continue to remain drab. Comparison with India is usuall
Published 22 May, 2018 07:17am
Soya bean oil duty hike
Miscellaneous

Soya bean oil duty hike

There has been a certain news report floating around pertaining to the increase in customs duty of imported edible oil t
Published 22 May, 2018 07:18am
PTI’s 100-day wish list
Miscellaneous

PTI’s 100-day wish list

Campaigns are heating up; the PMLN is desperately cutting ribbons of unfinished projects to tick mark their performance.
Published 22 May, 2018 07:16am
The herbal potential
Pharmaceuticals

The herbal potential

The global herbal medicinal market is divided into western herbalism, traditional Chinese medicine and an assorted other
Published 22 May, 2018 07:11am
Cyclonic activity in the offing?

Cyclonic activity in the offing?

The Meteorological department warned on Monday that the persistence of clouds over South Arabian Sea shows an area of convection with a potential of development of a cyclonic circulation over there. Tropical Cyclone Warning Centre-Karachi of Pakistan Mete
Published 22 May, 2018 12:00am
Cyclonic activity in the offing?

Cyclonic activity in the offing?

The Meteorological department warned on Monday that the persistence of clouds over South Arabian Sea shows an area of convection with a potential of development of a cyclonic circulation over there. Tropical Cyclone Warning Centre-Karachi of Pakistan Mete
Published 22 May, 2018 12:00am
US will put 'unprecedented financial pressure' on Iran

US will put 'unprecedented financial pressure' on Iran

US Secretary of State Mike Pompeo on Monday warned Iran would be hit with the "strongest sanctions in history" and cautioned European firms against continuing to do business in Tehran, toughening up Washington's policy line after its withdrawal from the n
Published 22 May, 2018 12:00am
US will put 'unprecedented financial pressure' on Iran

US will put 'unprecedented financial pressure' on Iran

US Secretary of State Mike Pompeo on Monday warned Iran would be hit with the "strongest sanctions in history" and cautioned European firms against continuing to do business in Tehran, toughening up Washington's policy line after its withdrawal from the n
Published 22 May, 2018 12:00am
Expert says foreign exchange regime undergoes fundamental change
Currency

Expert says foreign exchange regime undergoes fundamental change

The Finance Act 2018 has been passed without much fanfare, despite it carrying significant amendments that have fundamentally altered the foreign exchange regime of Pakistan. Renowned tax expert Shabbar Zaidi while talking to Aaj News and Business Recorde
Published 22 May, 2018 12:00am
Expert says foreign exchange regime undergoes fundamental change
Currency

Expert says foreign exchange regime undergoes fundamental change

The Finance Act 2018 has been passed without much fanfare, despite it carrying significant amendments that have fundamentally altered the foreign exchange regime of Pakistan. Renowned tax expert Shabbar Zaidi while talking to Aaj News and Business Recorde
Published 22 May, 2018 12:00am
Expert says foreign exchange regime undergoes fundamental change
Currency

Expert says foreign exchange regime undergoes fundamental change

The Finance Act 2018 has been passed without much fanfare, despite it carrying significant amendments that have fundamentally altered the foreign exchange regime of Pakistan. Renowned tax expert Shabbar Zaidi while talking to Aaj News and Business Recorde
Published 22 May, 2018 12:00am
Sweden puts out emergency war pamphlet amid Russia fears

Sweden puts out emergency war pamphlet amid Russia fears

The Swedish government on Monday presented an emergency pamphlet to prepare millions of citizens in the event of a war, natural disaster or cyber attack amid soaring tensions between Russia and the Western allies. Entitled "If Crisis or War Comes", the br
Published 22 May, 2018 12:00am
Sweden puts out emergency war pamphlet amid Russia fears

Sweden puts out emergency war pamphlet amid Russia fears

The Swedish government on Monday presented an emergency pamphlet to prepare millions of citizens in the event of a war, natural disaster or cyber attack amid soaring tensions between Russia and the Western allies. Entitled "If Crisis or War Comes", the br
Published 22 May, 2018 12:00am
Exports hurt by lack of value addition
Currency

Exports hurt by lack of value addition

Speaking at a seminar organised by the Centre for Rural Economy (CRE) of the Planning Commission in Islamabad on 17th May, 2018, Dr Azeem Khan, Member Food Security and Climate Change, highlighted another dimension of the country's exports, saying that Pa
Published 22 May, 2018 12:00am
Choppy waters

Choppy waters

Nawaz Sharif's interview to Dawn and his subsequent statements defending and justifying his remarks regarding the Mumbai attacks of 2008 have had unforeseen consequences. On the one hand, there are intriguing glimmers of rifts within the ranks of the PML-
Published 22 May, 2018 12:00am
State of the power sector

State of the power sector

The systemic breakdown of the power sector on the 16th of May 2018 has sharply focused eyes on what exactly is the state of supplies of electricity to consumers. The widespread narrative of the shortly outgoing Government has been that the days of large-s
Published 22 May, 2018 12:00am
The democratic project

The democratic project

Why is it that even after 70 years of its existence, Pakistan can only be described as a democratic state and society with difficulty, if at all? The main reasons should be sought in the legacy of the independence struggle and partition, the overweening r
Published 22 May, 2018 12:00am
BP back on its feet but CEO senses no respite

BP back on its feet but CEO senses no respite

After the near collapse of his company following the 2010 Gulf of Mexico disaster and a three-year slump in oil prices, BP Chief Executive Officer Bob Dudley is hardly relaxed. "It doesn't feel like we are in a serene time for any energy company," Dudley
Published 22 May, 2018 12:00am
PTI's agenda

PTI's agenda

How ironic it is that the ruling PML-N has decided to respond to Pakistan Tehreek-e-Insaf (PTI) 100-day plan that the latter unveiled on Saturday to outline what the Imran Khan-led party would endeavour to achieve in its initial first three months if vote
Published 22 May, 2018 12:00am
National security depends on economic security: Ahsan

National security depends on economic security: Ahsan

Federal Minister for Planning, Development and Reform Ahsan Iqbal Monday inaugurated Pakistan's first-ever National Center for Cyber Security at Air University with an aim to become a leading hub of innovation and scientific research to develop tools and
Published 22 May, 2018 12:00am
ECP proposes dates for 2018 elections

ECP proposes dates for 2018 elections

The Election Commission of Pakistan (ECP) on Monday sent a summary to President Mamnoon Hussian to select and announce a date from the three proposed dates - July 25, 26 or 27 - for holding 2018 general elections in the country.
Published 22 May, 2018 12:00am
IDC recognizes continuous Oracle Cloud's growth

IDC recognizes continuous Oracle Cloud's growth

Leading analyst firm International Data Corporation (IDC) has recognized the momentum and growth of Oracle Cloud, as its Public Cloud Services Tracker April 2018 finds Oracle gained the most shares out of all enterprise applications SaaS vendors and grew
Published 22 May, 2018 12:00am
Sindh government directed to scrutinize appointments of HMs

Sindh government directed to scrutinize appointments of HMs

Sindh High Court (SHC) on Monday directed Sindh Government to scrutinize 1080 headmasters, inducted in 2015 across the province when it resumed the hearing on the petition challenging these appointments.
Published 22 May, 2018 12:00am
Claimants of 100 days befooling masses: Shahbaz

Claimants of 100 days befooling masses: Shahbaz

Reacting to PTI's plan of 100 days, Punjab Chief Minister Shahbaz Sharif Monday said those who are talking about 100 days are befooling the masses. Talking to the media-persons after the inauguration of the Punjab Institute of Neurosciences (PIN) here at
Published 22 May, 2018 12:00am
Nawaz stands for rule of law: Marriyum

Nawaz stands for rule of law: Marriyum

Minister for Information and Broadcasting Marriyum Aurangzeb has said that despite passage of two years, no corruption of even a single penny has been proven against former prime minister Nawaz Sharif.
Published 22 May, 2018 12:00am
ATC grants pre-arrest bail to PML-N's MNA, MPA

ATC grants pre-arrest bail to PML-N's MNA, MPA

An anti-terrorism court on Monday granted pre-arrest bail to MNA Wasim Akhtar Sheikh and MPA Naeem Safdar and post-arrest bail to 32 others involved in staging anti-judiciary rally in Kasur. The court however denied the bail to five others involved in the
Published 22 May, 2018 12:00am
PPP, MQM continue blaming each other in Sindh Assembly

PPP, MQM continue blaming each other in Sindh Assembly

The ruling PPP and MQM legislators continued exchange of allegation as both indulged in a debate of Sindhi-Muhajir political and ethnic conflicts during the Sindh Assembly's post-budget speeches on Monday.
Published 22 May, 2018 12:00am
NAB Karachi initiates investigation against Bahria Town

NAB Karachi initiates investigation against Bahria Town

National Accountability Bureau (NAB), Karachi has initiated investigation against Bahria Town, Karachi. According to details, the investigation is commenced on the directives of Chairman NAB Justice Javeed Iqbal, who in the light of Apex Court decision ga
Published 22 May, 2018 12:00am
FPCCI identifies problems being faced by textile sector
Cotton

FPCCI identifies problems being faced by textile sector

Research and Development Department of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has identified various problems being faced by textile sector including high cost of doing business, approximately 11 percent multiple taxes and surcha
Published 22 May, 2018 12:00am
KU postpones examination due to hot weather

KU postpones examination due to hot weather

The University of Karachi (KU) has announced to postpone examinations from May 22 to 24 due to the extreme heat waves in the city. It was announced in a statement by the KU Registrar on Monday.
Published 22 May, 2018 12:00am
Arfa Karim Foundation holds career counseling seminar

Arfa Karim Foundation holds career counseling seminar

The Arfa Karim Foundation (AKF) has organised a 'career counseling seminar' at the Shiblee College Jaranwala Campus to make the students aware of the achievements of youngest Microsoft Certified professional Arfa Karim.
Published 22 May, 2018 12:00am
Sugar cost: ministry to submit third-party evaluation report

Sugar cost: ministry to submit third-party evaluation report

The Ministry of Industries and Production (MoI&P) is to submit third party sugar cost evaluation report to the Economic Coordination Committee (ECC) of the Cabinet, official sources told Business Recorder. This was indicated by Additional Secretary
Published 22 May, 2018 12:00am
Meezan Bank's SSB approves 'Bai Muajjal Sukuk' transaction
Mutual Funds

Meezan Bank's SSB approves 'Bai Muajjal Sukuk' transaction

Shariah Supervisory Board (SSB) of Meezan Bank has approved a 'Bai Muajjal Sukuk' transaction for the Bank to provide Shariah-compliant financing to the Government of Pakistan. The 38th meeting of Meezan Bank's Shariah Supervisory Board (SSB) was recently
Published 22 May, 2018 12:00am
Ahad Cheema sent to jail on judicial remand

Ahad Cheema sent to jail on judicial remand

An accountability court on Monday sent former Director General Lahore Development Authority Ahad Khan Cheema to jail on judicial remand for his alleged involvement in Ashiana-i-Iqbal Housing Scheme scam.
Published 22 May, 2018 12:00am
Nestle Pakistan, WWF-Pak implementing water stewardship programme

Nestle Pakistan, WWF-Pak implementing water stewardship programme

Nestle Pakistan in collaboration with the WWF-Pakistan is implementing water stewardship programme to ensure that water is managed sustainably and judiciously at its Sheikhupura plant as a shared public resource. "We started implementation of AWS in 2016
Published 22 May, 2018 12:00am
ICAP, First Women Bank ink MoU

ICAP, First Women Bank ink MoU

The Institute of Chartered Accountants of Pakistan has signed a memorandum of understanding (MoU) with the First Women Bank Limited (FWBL) to provide work from home opportunities to CA Women members.
Published 22 May, 2018 12:00am
Game shows; CEOs, anchors summoned by IHC

Game shows; CEOs, anchors summoned by IHC

The Islamabad High Court on Monday summoned chief executive officers of television channels including TV One, ARY, Geo, Bol News and Filmazia as well as anchors of game shows to appear in person before the court on May 23 in a contempt of court petition.
Published 22 May, 2018 12:00am
Major terror bid foiled in Quetta

Major terror bid foiled in Quetta

The security forces foiled a major terror bid as they recovered cache of arms, ammunition and suicide jackets in an intelligence base operation (IBO) in the provincial capital on Monday. According to details, the Counter Terrorism Department (CTD) along w
Published 22 May, 2018 12:00am
PM launches new curriculum, text books by federal government

PM launches new curriculum, text books by federal government

Prime Minister Shahid Khaqan Abbasi Monday said the federal government has set high standards of education in the country by providing modern curriculum and quality education to the students and asked the provinces to emulate.
Published 22 May, 2018 12:00am
LHWs stage protest against withholding salaries

LHWs stage protest against withholding salaries

Lady Health Workers (LHWs) of Khyber Agency staged a protest demonstration on Pak-Afghan highway, Jamrud on Monday against withhold of their monthly salaries for the last one year.
Published 22 May, 2018 12:00am
PMIC signs Rs 1.5 billion financing facility for NRSP

PMIC signs Rs 1.5 billion financing facility for NRSP

Pakistan Microfinance Investment Company (PMIC) has signed a financing facility of Rs 1.5 billion for National Rural Support Programme (NRSP). The facility will enable the NRSP to meet financing requirements of more than 100,000 households across Pakistan
Published 22 May, 2018 12:00am
Funeral service for Sabika Sheikh offered in US

Funeral service for Sabika Sheikh offered in US

Houston's Muslim community gathered to offer prayers on Sunday at the funeral service for a 17-year-old Pakistani exchange student killed in a mass shooting at her southeast Texas high school.
Published 22 May, 2018 12:00am
NA members to get allowances of Rs 32 million for 11 days

NA members to get allowances of Rs 32 million for 11 days

Each member of National Assembly will receive Rs 96,250 TA/DA for attending the session for the remaining 11 days of its tenure while the total cost for 332 members would be Rs 32 million to the national exchequer.
Published 22 May, 2018 12:00am
KP Food Authority inspects slaughter houses

KP Food Authority inspects slaughter houses

Khyber Pakhtunkhwa Food Safety and Halal Food Authority inspected three slaughter houses in Peshawar early morning on Monday. According to spokesperson Attaullah Khan A team comprised of Assistant Director Asad Ali and Food Safety Officers visited private
Published 22 May, 2018 12:00am
Deceptive marketing practices have direct impact on public at large: CCP

Deceptive marketing practices have direct impact on public at large: CCP

The Competition Commission of Pakistan (CCP) has observed that the deceptive marketing practices have a direct impact on public at large and companies should be stopped from marketing their products in an unfair and misleading manner and be encouraged to
Published 22 May, 2018 12:00am
Discos' tariffs: CPPA proposes 45 paisa per unit refund

Discos' tariffs: CPPA proposes 45 paisa per unit refund

The Central Power Purchasing Agency (CPPA) has proposed a 45 paisa per unit refund in Discos' tariffs for April 2018 under monthly fuel price mechanism. The National Electric Power Regulatory Authority (Nepra) will hear a petition filed by the CPPA-G on M
Published 22 May, 2018 12:00am
Senate body briefed on working, performance

Senate body briefed on working, performance

Mir Kabir Ahmed Muhammad Shahi chaired the Senate Standing Committee on Housing and Works on Monday. The committee was briefed by the Ministry of Housing and Works on its working, performance as well as staff strength, budgetary allocations and properties
Published 22 May, 2018 12:00am
Balochistan Assembly approves Rs 308.33 billion budget

Balochistan Assembly approves Rs 308.33 billion budget

The Balochistan Assembly Monday approved over Rs 308.33 billion provincial budget for the fiscal year 2018-19, including Rs 88.24 billion for developmental sector and Rs 220.8 billion for non-developmental expenditure. The session was chaired by Speaker R
Published 22 May, 2018 12:00am
Balochistan Assembly approves Rs 308.33 billion budget

Balochistan Assembly approves Rs 308.33 billion budget

The Balochistan Assembly Monday approved over Rs 308.33 billion provincial budget for the fiscal year 2018-19, including Rs 88.24 billion for developmental sector and Rs 220.8 billion for non-developmental expenditure. The session was chaired by Speaker R
Published 22 May, 2018 12:00am
Archroma partners with The House of Denim Foundation

Archroma partners with The House of Denim Foundation

Archroma, a global leader in color and specialty chemicals, has entered into a partnership with the House of Denim Foundation ("House of Denim"). Archroma will support House of Denim with a yearly financial contribution to the Foundation's Denim City and
Published 22 May, 2018 12:00am
PM visits Colonel Sohail Shaheed's residence

PM visits Colonel Sohail Shaheed's residence

Prime Minister Shahid Khaqan Abbasi Monday visited the residence of Colonel Sohail Abid, who was martyred during an anti-terrorist operation in Balochistan, and expressed his condolence with the bereaved family. The prime minister offered Fateha for the d
Published 22 May, 2018 12:00am
Maximum water storage capacity in various dams is 14 MAF

Maximum water storage capacity in various dams is 14 MAF

Minister for Water Resources Syed Javed Shah has said that the maximum water storage capacity in various dams in the country is about 14 million acre-feet (MAF) which becomes 10 percent of annual river flows in Pakistan.
Published 22 May, 2018 12:00am
PMEX signs MoU with BUCE

PMEX signs MoU with BUCE

Pakistan Mercantile Exchange (PMEX), country's first and only multi-commodity futures exchange, signed Memorandum of Understanding (MoU) with Belarusian Universal Commodity Exchange (BUCE).
Published 22 May, 2018 12:00am
HCCI chief concerned over frequent power breakdowns

HCCI chief concerned over frequent power breakdowns

The President Hyderabad Chamber of Commerce and Industry Goharullah has expressed his grave concern over frequent power breakdowns in various parts of Hyderabad and called upon the Chief Executive Officer Hyderabad Electric Supply Company to improve the p
Published 22 May, 2018 12:00am
At least 65 die of heatstroke in Karachi: Edhi

At least 65 die of heatstroke in Karachi: Edhi

At least 65 people have died in different areas of Karachi from heatstroke during three days, Faisal Edhi of the Edhi Foundation said on Monday. Aaj News reported that sweltering weather was the reason behind the deaths as 114 bodies were brought to the E
Published 22 May, 2018 12:00am
PML-Q, PTI holding talks for seat adjustments

PML-Q, PTI holding talks for seat adjustments

Pakistan Muslim League-Q Central Information Secretary Kamil Ali Agha has said that PML-Q and PTI leaders are holding talks about seat adjustments in the next general elections. Reacting to a statement of PTI spokesman, Fawad Chaudhry, Kamil Ali Agha said
Published 22 May, 2018 12:00am
Correction

Correction

The news item in yesterday's Business Recorder entitled "Byco sets highest sales record in April" had the following minor correction: the figures quoted for HSD were actually reflecting sales of total middle distillates are on an approximate basis.
Published 22 May, 2018 12:00am
CPEC projects: two-month interim implementation plan formulated: Ahsan

CPEC projects: two-month interim implementation plan formulated: Ahsan

Federal Minister for Planning, Development and Reform, Ahsan Iqbal has said that two-month interim implementation plan for China-Pakistan Economic Corridor (CPEC) projects has been formulated. The minister expressed these views while talking to media on M
Published 22 May, 2018 12:00am
'Pakistan, Turkey share common stands on various global issues'

'Pakistan, Turkey share common stands on various global issues'

Turkish Ambassador to Pakistan Mustafa Yurdakul has expressed satisfaction over growing Pak-Turkish ties in multifaceted areas, adding that both the countries share common stands on various global issues. He said this while addressing an Iftar dinner join
Published 22 May, 2018 12:00am
Punjab launches SIV fund for SMEs

Punjab launches SIV fund for SMEs

The Punjab government has formally launched the Specialized Investment Vehicle Fund, the first of its kind in Pakistan to provide Private Equity/Venture Capital to SMEs and Startups. The Fund was launched by Sheikh Allauddin - Minister of Industries, and
Published 22 May, 2018 12:00am
Advisory for orchard farmers

Advisory for orchard farmers

Orchard farmers have been advised by the provincial agriculture department to keep an eye on growth of their plants during the prevailing warm and humid weather conditions. In an advisory issued to the gardeners here on Monday, a spokesman of the Punjab A
Published 22 May, 2018 12:00am
Furniture makers facing shortage of skilled workers

Furniture makers facing shortage of skilled workers

The local handmade traditional furniture manufacturers are struggling to win large orders from global retailers due to a significant shortage of rosewood and trained woodworkers across the country. This was disclosed at a meeting of furniture stakeholders
Published 22 May, 2018 12:00am
FCCI chief for focussing research on industry, commerce

FCCI chief for focussing research on industry, commerce

The focus of our academic and research institutions should be on industry and commerce so that the trained human resource produced by universities could be utilized to solve the problems confronted by the industrial sector in addition to ensure their empl
Published 22 May, 2018 12:00am
KBP urges ECP, SC to take notice of pre-poll rigging

KBP urges ECP, SC to take notice of pre-poll rigging

Kissan Board Pakistan (KBP) Central President Chaudhry Nisar has urged the Election Commission of Pakistan (ECP) and the Supreme Court to take notice of pre-poll rigging by the rulers. "Usage of wheat purchase centers and local body institutions for adver
Published 22 May, 2018 12:00am
SMEDA holds seminar on accounting & finance challenges

SMEDA holds seminar on accounting & finance challenges

Small and Medium Enterprises Development Authority (SMEDA) in collaboration with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Corporate General Solutions (CGS) has organized a seminar on "Accounting & Finance Challenges faced by Bu
Published 22 May, 2018 12:00am
Imran, Zardari join hands for the sake of power: Shahbaz

Imran, Zardari join hands for the sake of power: Shahbaz

Pakistan Muslim League-Nawaz (PML-N) President and Punjab Chief Minister Shahbaz Sharif on Monday said that Niazi and Zardari have joined hands for the sake of power but the politically conscious people will defeat those who remained involve in loot and p
Published 22 May, 2018 12:00am
Auto sector shows concerns over PM's move to dissolve EDB

Auto sector shows concerns over PM's move to dissolve EDB

The Pakistan auto sector has expressed shock over the Prime Minister's decision to dissolve the Engineering Development Board (EDB) at a time when Pakistan stands to benefit from work the board has been doing for last 22 years. The Pakistan Automotive Man
Published 22 May, 2018 12:00am
LCCI urges SBP, govt for action against counterfeit currency
Currency

LCCI urges SBP, govt for action against counterfeit currency

The Lahore Chamber of Commerce and Industry (LCCI) has cautioned the masses in general and the business community in particular against proliferation of counterfeit notes and urged the government and the State Bank of Pakistan to launch mass drive to comb
Published 22 May, 2018 12:00am
Bhikki Power Plant set to start commercial operations

Bhikki Power Plant set to start commercial operations

Quaid-e-Azam Thermal Power (Private) Limited (QATPL), Harbin Electric International Company Limited (HEI) and GE Power announced the completion of combined cycle commissioning activities and the start of full-fledged commercial operations on May 20, 2018,
Published 22 May, 2018 12:00am
Lalpir Power Limited
Mutual Funds

Lalpir Power Limited

Lalpir Power Limited (PSX: LPL) is a power producer with the principal activities to own, operate and maintain an oil fired power station at Mehmood Kot, Muzaffargarh, Punjab. It is part of the reputable Mansha Group, which also has power companies like P
Published 22 May, 2018 12:00am
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