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Print - 2020-01-02
ABAD congratulates newly-elected KPC office bearers

ABAD congratulates newly-elected KPC office bearers

Association of Builders and Developers of Pakistan (ABAD) has congratulated newly elected office bearers of Karachi Press Club and Democrats Panel on tremendous victory in annual election 2019-20.
Published 02 Jan, 2020 12:00am
Rs 103 billion refunds paid in H1: FBR
Taxes

Rs 103 billion refunds paid in H1: FBR

The Federal Board of Revenue (FBR) paid sales tax refunds of Rs 103 billion to exporters during July-December (2019-20) against Rs 36 billion paid during the same period of 2018-19, reflecting an increase of Rs 67 billion.
Published 02 Jan, 2020 12:00am
The way forward: Structural reforms

The way forward: Structural reforms

Once macro-economic Stability is achieved and maintained the next step is to resume the path for socially inclusive economic growth, job creation and poverty reduction. This would require some deep-rooted structural reforms whose benefits would become app
Published 02 Jan, 2020 12:00am
Cash currency smuggling: Proposed law seeks to increase penalties

Cash currency smuggling: Proposed law seeks to increase penalties

The government has promulgated Tax Laws (Second Amendment) Ordinance 2019 for major increase in penalties on cash currency smuggling, ranging from $10,000- $200,000 and above, up to fine of ten times of value of currency and imprisonment up to 14 years de
Published 02 Jan, 2020 12:00am
Hafeez asks FBR to redouble efforts

Hafeez asks FBR to redouble efforts

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has asked Federal Board of Revenue (FBR) to aggressively follow up on its agreement with traders to expand the tax base.
Published 02 Jan, 2020 12:00am
Bidding of Punjab power projects: Kapco disallowed to participate

Bidding of Punjab power projects: Kapco disallowed to participate

Privatisation Commission has reportedly refused to allow M/s Kot Adu Power Company (Kapco) to participate in bidding of power projects in Punjab, saying that permission does not fall in its domain, well informed sources told Business Recorder.
Published 02 Jan, 2020 12:00am
CPI witnesses increase of 12.63 percent YoY

CPI witnesses increase of 12.63 percent YoY

National Consumer Price Index (CPI) has witnessed an increase of 12.63 percent on year-on-year (YoY) basis in December 2019 against the same period of 2018, revealed Monthly Price Indices released by Pakistan Bureau of Statistics (PBS) on Wednesday.
Published 02 Jan, 2020 12:00am
We can provide food security to Mideast: PM

We can provide food security to Mideast: PM

Prime Minister Imran Khan has acknowledged that 2019 was a difficult year for the people of the country as stabilization of the economy fuelled inflation, maintaining that 2020 would be a year of development.
Published 02 Jan, 2020 12:00am
Khamenei condemns US, warns Iran will confront threats

Khamenei condemns US, warns Iran will confront threats

Iran's supreme leader Wednesday strongly condemned deadly US strikes on Iraq and warned his country was ready to confront threats after US President Donald Trump issued one against the Islamic republic.
Published 02 Jan, 2020 12:00am
July-December: ST collection shows 'remarkable' growth: FBR

July-December: ST collection shows 'remarkable' growth: FBR

Federal Board of Revenue (FBR) Member IR Policy Hamid Ateeq Sarwar on Wednesday said that the sales tax collection during (July-December) 2019-20 has shown remarkable growth of 25 percent as compared to same period of the last fiscal year.
Published 02 Jan, 2020 12:00am
Fatah supporters hold rare Gaza rally

Fatah supporters hold rare Gaza rally

Thousands of supporters of Palestinian president Mahmud Abbas's Fatah movement, which rivals Gaza's rulers Hamas, held a rare gathering in the enclave on Wednesday to mark the party's 55th anniversary.
Published 02 Jan, 2020 12:00am
Green Line bus project likely to become functional anytime soon

Green Line bus project likely to become functional anytime soon

The Green Line project, an essential component of Karachi-specific Bus Rapid Transport (BRT) scheme, will be fully functional by the first week of February, said Federal Minister for Planning and Development, Asad Umar Wednesday.
Published 02 Jan, 2020 12:00am
October 2019: Nepra hikes Discos tariff by Rs 1.57/unit

October 2019: Nepra hikes Discos tariff by Rs 1.57/unit

National Electric Power Regulatory Authority (Nepra) on Wednesday increased tariff of Distribution Companies (Discos) by Rs 1.57 per unit for October 2019 under monthly fuel price adjustment formula across the board except lifeline consumers.
Published 02 Jan, 2020 12:00am
Kashmir under OIC spotlight
Letters

Kashmir under OIC spotlight

Embittered by the controversy caused by its reservations over the Kuala Lumpur summit of Muslim countries, Organisation of Islamic Conference (OIC) seems to have made the right move to deal with the post-summit situation. Saudi Arabia, one of the countrie
Updated 02 Jan, 2020 05:13am
2019: Review of PTI govt's fiscal measures - II
Articles

2019: Review of PTI govt's fiscal measures - II

FBR Year Book 2018-19 concedes that withholding taxes constitute 67% of the total collection of income tax (it was 65% last year). Out of total collection of Rs 1445.5 billion [it was Rs 1536.6 billion in 2017-18], Rs 39.2 billion [2.7%] received with
Published 02 Jan, 2020 12:00am
Exports: the lesser god on govt's totem pole
Articles

Exports: the lesser god on govt's totem pole

The consensus opinion is that current account will rear its head again, sooner rather than later, if exports remain sluggish. We also hear Ministry of Commerce knows it and is expending a lot of energyto find a way for exports to climb the greasy pole.
Published 02 Jan, 2020 12:00am
Health for all: a laudable initiative

Health for all: a laudable initiative

As part of his government's healthcare programme for vulnerable sections of society, Prime Minister Imran Khan distributed 'Sehat Insaf Card' among members of the transgender community at a special ceremony on Monday. The facility is to cover transgender
Updated 02 Jan, 2020 08:30am
Tepid expansion in exports

Tepid expansion in exports

Although there has been a lot of improvement in the merchandise account of the country during the first five months of FY20, this positive development has been highly lop-sided in the sense that it has been basically due to the compression of imports whil
Updated 02 Jan, 2020 06:44am
Minister highlights importance of Hunarmand Pakistan

Minister highlights importance of Hunarmand Pakistan

Hunarmand Pakistan is a unique and comprehensive program aimed at making the youth skillful by creating employment opportunities for their social and economic uplift and enabling them to play a pivotal role in national development.
Published 02 Jan, 2020 12:00am
Concern voiced over load-shedding & lower pressure of gas
Energy

Concern voiced over load-shedding & lower pressure of gas

Vice President of Hyderabad Chamber of Small Traders and Industry Muhammad Yasin Khilji and Convener of Sub-Committee for Sui Southern Gas Company Sikandar Ali Rajput have expressed their reservations on unscheduled load-shedding and low pressure of Sui g
Published 02 Jan, 2020 12:00am
Pakistan, India exchange lists of nuclear facilities

Pakistan, India exchange lists of nuclear facilities

Pakistan and India on Wednesday exchanged the lists of each other's nuclear installations and facilities, besides the lists of prisoners in each other's custody as part of bilateral arrangements.
Published 02 Jan, 2020 12:00am
Pakistan warns India against any misadventure

Pakistan warns India against any misadventure

Rejecting the new Indian army chief's irresponsible statement regarding "preemptive strikes" across the LoC inside Azad Jammu and Kashmir (AJ&K), Pakistan on Wednesday warned India against any misadventure.
Published 02 Jan, 2020 12:00am
New EFP Board elected

New EFP Board elected

Majyd Aziz and Zaki Ahmed Khan were elected as President and Vice President of Employers Federation of Pakistan (EFP) for the term 2020-2022. The following were elected as members of the Board of Directors: Asif Aziz Zuberi, Syed Nazar Ali, Ahsan Ullah Kh
Published 02 Jan, 2020 12:00am
FBR issues SRO to launch Phase-II of Pak-China FTA
Taxes

FBR issues SRO to launch Phase-II of Pak-China FTA

The Federal Board of Revenue has issued the SRO 1640(I)/2019 dated Islamabad, the 31st December, 2019 to implement the protocol agreed between China and Pakistan. The Board in order to implement the agreed protocol, after thorough deliberations in consult
Published 02 Jan, 2020 12:00am
PM for eradicating adulteration in food

PM for eradicating adulteration in food

Prime Minister Imran Khan has instructed officials concerned to take strict actions against those involved in substandard of essential commodities, said Special Assistant to the Prime Minister on Information and Broadcasting Firdous Ashiq Awan.
Published 02 Jan, 2020 12:00am
15 special assistants: Appointments challenged in IHC

15 special assistants: Appointments challenged in IHC

The appointments of fifteen special assistants to Prime Minister Imran Khan have been challenged in Islamabad High Court (IHC). Farrukh Nawaz Bhatti filed a petition through his counsel GM Chaudhary and cited the Prime Minister and fifteen special assista
Published 02 Jan, 2020 12:00am
FATF-related bills presented in Senate
Money & Banking

FATF-related bills presented in Senate

The federal government on Wednesday presented two key bills, the Anti-Money Laundering (Amendment) Bill, 2019 and the Foreign Exchange Regulation (Amendment) Bill, 2019, in the Upper House of the Parliament, which finally met on Wednesday after an unprece
Published 02 Jan, 2020 12:00am
Increase in KE tariff criticised
Energy

Increase in KE tariff criticised

Sindh Energy Minister Imtiaz Sheikh, while condemning the increase of the power tariff of K-Electric and petrol prices, demanded the federal government to withdraw it immediately. He said the increase in the KE tariff and petrol price was a bomb dropped b
Published 02 Jan, 2020 12:00am
'2020 is the year of development, economic revival'

'2020 is the year of development, economic revival'

Adviser to the Prime Minister on Climate Change Malik Amin Aslam Wednesday said that 2020 is the year of development and economic revival as all the initiatives and reforms of the government would bear fruit in this year.
Published 02 Jan, 2020 12:00am
Hotel One, NLC sign MoU to construct, select service resort hotels

Hotel One, NLC sign MoU to construct, select service resort hotels

To provide premium hospitality in one of the most picturesque locations in Pakistan, Hotel One of Hashoo Group joins hands with National Logistics Cell to construct, select service resort hotels under the brand name "Hotel One NLC Collection."
Published 02 Jan, 2020 12:00am
SECP revamps IPO regime to attract new listings
Stocks

SECP revamps IPO regime to attract new listings

The Securities and Exchange Commission of Pakistan (SECP) has revamped initial public offering (IPO) regime to make the IPO process simple, cost effective and more efficient. The amendments in IPO Regulations 2017 have been made after thorough consultatio
Published 02 Jan, 2020 12:00am
12 percent additional gas provided to consumers: Omar
Energy

12 percent additional gas provided to consumers: Omar

Minister for Petroleum Omar Ayub Khan has said that 12 per cent additional natural gas was provided to the consumers in December as compared to last year. In his tweet here Wednesday, the minister said the Sui Northern Gas Company Limited (SNGPL) had prov
Published 02 Jan, 2020 12:00am
Unknown militants attack PTI MNA house

Unknown militants attack PTI MNA house

Some unknown militants on Wednesday attacked on house of PTI MNA from Bajaur, Gul Zafar Khan, here however no loss of life or property was reported, said District Police Officer (DPO), Pir Shahab Ali Shah. The DPO told media that unknown miscreants hurled
Published 02 Jan, 2020 12:00am
NDRMF delegation meets minister

NDRMF delegation meets minister

A delegation of National Disaster Risk Management Fund (NDRMF) headed by chief of staff Mohyuddin Wani called on provincial minister EPD, Muhammad Rizwan at his office here on Wednesday. Wani briefed to the minister that the federal government has funds a
Published 02 Jan, 2020 12:00am
Punjab to promote and develop rose farms

Punjab to promote and develop rose farms

Punjab government is finalizing necessary arrangement for launching a well-knitted plan for the promotion and developing of rose farms for producing of top quality of grafted especially roses across the Punjab. Punjab and other parts of the country natura
Published 02 Jan, 2020 12:00am
New reforms introduced in MCF: DC

New reforms introduced in MCF: DC

Divisional Commissioner/Administrator Metropolitan Corporation Faisalabad Ishrat Ali has said that new reforms were being introduced in Metropolitan Corporation Faisalabad with a view to provide prompt and quality municipal services to the citizens.
Published 02 Jan, 2020 12:00am
Punjab's cottage industry to be given soft loan
Money & Banking

Punjab's cottage industry to be given soft loan

Punjab government has formulated a plan for rehabilitation and strengthening the cottage industry across the Province. Official sources told Business Recorder here on Wednesday that under the plan the government will provide loan amounting to Rs 30
Published 02 Jan, 2020 12:00am
Abu Dhabi's crown prince due today

Abu Dhabi's crown prince due today

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan will arrive in Islamabad today (Thursday) for a daylong visit 'to further strengthen the bonds of friendship between the two brotherly countries.'
Published 02 Jan, 2020 12:00am
Rice exporters present issues to Dawood

Rice exporters present issues to Dawood

A delegation of Rice Exporters Association of Pakistan (REAP) on Wednesday met with Prime Minister's Advisor on Commerce, Industries and Production and Investment, Abdul Razak Dawood and presented issues facing rice exporters.
Published 02 Jan, 2020 12:00am
Askari Corporate Tower achieve LEED GOLD Certification

Askari Corporate Tower achieve LEED GOLD Certification

Askari Corporate Tower, a project of Army Welfare Trust becomes the first and the largest commercial building project of Pakistan to achieve LEED GOLD Certification from United States Green Building Council (USGBC).
Published 02 Jan, 2020 12:00am
CDWP okays eight projects worth Rs 13 billion

CDWP okays eight projects worth Rs 13 billion

Central Development Working Party (CDWP) has approved as many as eight projects worth Rs 13 billion and recommended five projects worth Rs 112.20 billion to Executive Committee of the National Economic Council (ECNEC).
Published 02 Jan, 2020 12:00am
Jubilee Life Insurance bags PSX Top 25 Companies Award
Money & Banking

Jubilee Life Insurance bags PSX Top 25 Companies Award

Pakistan Stock Exchange held the Top 25 Companies Awards Ceremony, to honor the top companies of Pakistan, in Karachi on December 27, 2019. This is the most prestigious and sought out recognition for the corporate sector of Pakistan. The occasion was grac
Published 02 Jan, 2020 12:00am
Issues faced by agriculture sector in 2019 highlighted

Issues faced by agriculture sector in 2019 highlighted

Agricultural sector during the current calendar year faced some very serious issues including availability of water, higher inputs, erratic rains; longer heat spells etc, which resulted in reducing the productivity of the crops.
Published 02 Jan, 2020 12:00am
Business community urged to promote country's soft image

Business community urged to promote country's soft image

Business community must play its proactive role in promoting the soft image of Pakistan at international level as it is directly linked with our exports, said Malik Kamran Azam, Joint Secretary Ministry of Human Rights.
Published 02 Jan, 2020 12:00am
Justice Mamoon takes oath as LHC CJ

Justice Mamoon takes oath as LHC CJ

Justice Mamoon Rasheed Sheikh, the senior most judge of the Lahore High Court (LHC) has taken oath as 49th Chief Justice of the LHC in a ceremony held here at Governor's House on Wednesday. Punjab Governor Chaudhry Mohammad Sarwar administered oath to Jus
Published 02 Jan, 2020 12:00am
FFC holds tele-health medical camp

FFC holds tele-health medical camp

Fauji Fertilizer Company (FFC) as part of its initiative aimed at addressing food security and challenges to agriculture and farmers successfully organized a two-day Tele-Health Medical Camp utilizing the real time video link / online technology for medic
Published 02 Jan, 2020 12:00am
156th anniversary of GCU Lahore celebrated

156th anniversary of GCU Lahore celebrated

The Government College University Lahore, one of the oldest seats of higher learning in Pakistan, has turned 156. Founded on January 1, 1864 in the Haveli of Raja Dhyan Singh in the Walled City Lahore as the liberal arts and Science College, it served as
Published 02 Jan, 2020 12:00am
Buzdar, Sarwar, Elahi vow to work for Punjab's prosperity

Buzdar, Sarwar, Elahi vow to work for Punjab's prosperity

Punjab Governor Chaudhry Mohammad Sarwar, Chief Minister Sardar Usman Buzdar and Punjab Assembly Speaker Chaudhry Pervaiz Elahi held an important meeting, here on Wednesday and vowed to work jointly for development and prosperity of the province of Punjab
Published 02 Jan, 2020 12:00am
Bid to supply huge quantity of hazardous oil foiled

Bid to supply huge quantity of hazardous oil foiled

The Punjab Food Authority (PFA) has caught four vehicles fully loaded with 24,580 liters of dirty oil which was being carried from different areas of Punjab to Lahore for selling.
Published 02 Jan, 2020 12:00am
121,821 individuals stay at five shelter homes in city

121,821 individuals stay at five shelter homes in city

As many as 121,821 individuals stayed at five shelter homes in the city, said a report issued on shelter homes by the District Administration. The report has covered the area starting from December 2018 to December 2019. It is first-ever report on shelter
Published 02 Jan, 2020 12:00am
De-politicising interest rates - II
Articles

De-politicising interest rates - II

The second indicator is the sector-wise share for each type of loan. The share in total outstanding loans, as per the above named sectors, in June'18, was 6.5, 31.3 (textile as share of manufacturing), 7.1 and 7.3 percent. In Sept'19, the corresponding sh
Updated 02 Jan, 2020 06:50am
SU academic session begins

SU academic session begins

The academic year 2020 has got underway at the University of Sindh, Jamshoro. VC-SU Prof Dr Fateh Muhammad Burfat visited various teaching departments/ institutes as he also extended New Year greetings to faculty and students.
Published 02 Jan, 2020 12:00am
Ghani Glass Limited
Brief Recordings

Ghani Glass Limited

Ghani Glass Limited (PSX: GHGL) was established in 1992 as a limited liability company under the Companies Ordinance 1984 and is part of the Ghani Group.
Updated 02 Jan, 2020 07:25am
Syria regime fire kills nine in school turned shelter

Syria regime fire kills nine in school turned shelter

Land-to-land missiles fired by Syrian regime forces killed nine civilians including five children in a school in northwestern Syria on Wednesday, a war monitor said. Part of the building in the town of Sarmeen had been turned into a shelter for the displa
Published 02 Jan, 2020 12:00am
Taliban kill 23 in attacks on Afghan checkpoints

Taliban kill 23 in attacks on Afghan checkpoints

At least 23 Afghan security forces were killed in a series of Taliban attacks across the country, officials said Wednesday, despite winter snowfall that usually leads to a lull in violence. The assaults targeted vulnerable checkpoints in at least three no
Published 02 Jan, 2020 12:00am
North Korea ends test moratoriums, threatens 'new' weapon

North Korea ends test moratoriums, threatens 'new' weapon

North Korean leader Kim Jong Un has declared an end to moratoriums on nuclear and intercontinental ballistic missile tests and threatened a demonstration of a "new strategic weapon" soon. Analysts said the announcement, reported by state media on Wednesda
Published 02 Jan, 2020 12:00am
Massive HK pro-democracy rally ends in police clashes

Massive HK pro-democracy rally ends in police clashes

A huge New Year's Day pro-democracy rally in Hong Kong ended in mass arrests and clashes between police and hardcore protesters, as demonstrators sought to carry their movement's momentum into 2020. Hong Kong has been battered by nearly seven months of un
Published 02 Jan, 2020 12:00am
Nine dead after Jakarta hit by New Year flooding

Nine dead after Jakarta hit by New Year flooding

Nine people died after Indonesia's capital was hit by its deadliest flooding in years, authorities said Wednesday, as torrential rains on New Year's Eve left vast swathes of the megalopolis submerged.
Published 02 Jan, 2020 12:00am
US natural gas futures fall to four months low
Energy

US natural gas futures fall to four months low

US natural gas futures on Tuesday were on course for their biggest annual decline since 2014, hovering close to a four-month low hit in the previous week on forecasts for milder-than-normal weather.
Published 02 Jan, 2020 12:00am
European gasoline margins fall
Energy

European gasoline margins fall

Northwest European gasoline barge margins fell on Monday as trades remained muted in the year-end holidays. Arrivals of European gasoline and gasoline components to the United States were seen at around 655,200 tonnes so far in December, Refinitiv Eikon d
Published 02 Jan, 2020 12:00am
Canadian canola futures lower
Commodities

Canadian canola futures lower

ICE Canadian canola futures closed lower on Tuesday in sympathy with declines in allied US soyaoil futures and Malaysian palm oil futures, traders said. January canola settled down $1.20 at $467.50 per tonne and most-active March canola ended down $1.10 a
Published 02 Jan, 2020 12:00am
Euronext wheat falls in 2019 despite late rally
Commodities

Euronext wheat falls in 2019 despite late rally

Euronext wheat closed with an annual decline after a year-end rally only partly offset a price drop linked to a recovery in European production. March milling wheat, the most active contract on the Paris-based exchange, settled 0.25 euros, or 0.1%, down a
Published 02 Jan, 2020 12:00am
CBOT soyabean futures up 6.8 percent for 2019
Commodities

CBOT soyabean futures up 6.8 percent for 2019

Chicago Board of Trade soyabean futures ended higher in 2019 on hopes for increased Chinese buying following a recently struck trade deal between Washington and Beijing. The most actively traded contract reached its highest price since June 13, 2018, and
Published 02 Jan, 2020 12:00am
China's iron ore shines with biggest annual gain
Commodities

China's iron ore shines with biggest annual gain

Dalian iron ore futures rose on Tuesday to end 2019 with a near 141% surge from last year, outperforming other commodities, due to supply disruptions and China's still healthy demand for the steelmaking raw material. The Dalian Commodity Exchange's benchm
Published 02 Jan, 2020 12:00am
Activities at Karachi and Port Qasim

Activities at Karachi and Port Qasim

The Karachi Port handled 168,188 tonnes of cargo comprising 120,791 tonnes of import cargo and 47,397 tonnes of export cargo including 8,947 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday.
Published 02 Jan, 2020 12:00am
Trade activity improves on cotton market
Cotton & Textile

Trade activity improves on cotton market

Trade activity improved on the cotton market on Wednesday in the process of rising demand by the mills and spinners, dealers said. The official spot rate was inert at Rs 8900, they added. In ready session, over 5000 bales changed hands between Rs 8300-920
Published 02 Jan, 2020 12:00am
Hong Kong dollar strongest in 2-1/2 years
Money & Banking

Hong Kong dollar strongest in 2-1/2 years

The Hong Kong dollar firmed to as high as 7.7826 per US dollar on Tuesday, its strongest since May 2017. The Hong Kong dollar hit a five-month high earlier this month as months of anti-government protests in the city eased and investment inflows from Chin
Published 02 Jan, 2020 12:00am