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Print - 2020-01-04
PM spells out ways to grow middle class

PM spells out ways to grow middle class

Performing the groundbreaking of Allama Iqbal Industrial City of Faisalabad being established under the China Pakistan Economic Corridor (CPEC), Prime Minister Imran Khan Friday said poverty alleviation is only possible by doing away with the anti-investo
Published 04 Jan, 2020 12:00am
PSX on negative note: BRIndex100 recedes
Stocks

PSX on negative note: BRIndex100 recedes

Pakistan Stock Exchange ended on negative note as the investors opted to book profit on available margins on the last day of the week. BRIndex100 lost 22.04 points or 0.49 percent to close at 4,439.98 points on Friday. During the session, the BRIndex-100
Published 04 Jan, 2020 12:00am
ECC to approve amendments to Electric Power Act 1997 on Monday

ECC to approve amendments to Electric Power Act 1997 on Monday

Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet on Monday will approve amendments in the Regulation and Generation of Transmission and Distribution of Electric Power Act 1997, already agreed with the International Monetary
Published 04 Jan, 2020 12:00am
Russia halts oil to Belarus, but transit to Europe still flowing

Russia halts oil to Belarus, but transit to Europe still flowing

Russia has halted oil supplies to refineries in Belarus, the Belarusian state energy firm said on Friday, amid a new contract dispute that is also threatening large Russian oil deliveries to Western Europe crossing the country.
Published 04 Jan, 2020 12:00am
Pakistan concerned at situation

Pakistan concerned at situation

Pakistan has expressed deep concern over the latest escalation of tension in the Middle East following the United States assassinated top Iranian commander of the Quds Force of Iran's Islamic Revolution Guards Corps (IRGC), saying, "It is also important t
Published 04 Jan, 2020 12:00am
Pompeo speaks to Bajwa

Pompeo speaks to Bajwa

US Secretary of State Mike Pompeo on Friday spoke to Chief of Army Staff General Qamar Javed Bajwa, as part of his outreach to global leaders in the wake of the US air strike in which top Iranian commander of Quds Force of Iran's Islamic Revolution Guards
Published 04 Jan, 2020 12:00am
Iran vows to avenge US killing of Soleimani

Iran vows to avenge US killing of Soleimani

Iran promised vengeance after a US air strike in Baghdad on Friday killed Qassem Soleimani, Tehran's most prominent military commander and the architect of its growing influence in the Middle East. Soleimani, a 62-year-old general who headed the overseas
Published 04 Jan, 2020 12:00am
'Technical mishap occurred during PM's address'

'Technical mishap occurred during PM's address'

Spokesperson of Pakistan Television (PTV) said that PTV could not broadcast a portion of the Prime Minister's address to the civil servants held on January 2, 2020 due to a technical glitch occurred in the computer playback system at PTV News which starte
Published 04 Jan, 2020 12:00am
Kapco clarification

Kapco clarification

This is with reference to the news article titled "KAPCO disallowed to participate" published in daily Business Recorder dated January 2, 2020.
Published 04 Jan, 2020 12:00am
Judges appear skeptical of Trump bid to block testimony sought by House

Judges appear skeptical of Trump bid to block testimony sought by House

US appeals court judges on Friday appeared skeptical about broad legal arguments made by President Donald Trump's administration in seeking to block former White House Counsel Don McGahn from testifying to a congressional committee as part of the impeachm
Published 04 Jan, 2020 12:00am
ML-1 project under CPEC: Government to hire consultant

ML-1 project under CPEC: Government to hire consultant

The government has decided to hire international consultant/firm to scrutinize the financial and technical design of Pakistan Railways' Main Line (ML-1) project, worth around $9.23 billion, under the China-Pakistan Economic Corridor (CPEC).
Published 04 Jan, 2020 12:00am
JUI-F won't support amendments: Fazl

JUI-F won't support amendments: Fazl

Emir Jamiat Ulema-e-Islam-Fazl (JUI-F) Maulana Fazlur Rehman has said that his party will not support amendments to the Army Act. Addressing a press conference here on Friday after chairing a meeting of central Majlis-e-Amla (central working committee) of
Published 04 Jan, 2020 12:00am
JI won't back amendments: Siraj

JI won't back amendments: Siraj

Emir Jamaat-e-Islami (JI) Sirajul Haq has said that his party will not back the government-proposed amendments in the Army Act and take a principled stance on the matter. Haq announced this while talking to the reporters here on Friday. He expressed regre
Published 04 Jan, 2020 12:00am
'Such important bills cannot be passed in 24 hours': Nawaz

'Such important bills cannot be passed in 24 hours': Nawaz

A day after Pakistan Muslim League-Nawaz (PML-N) announced its 'unconditional' support to the proposed amendment to the Pakistan Army Act, party Quaid Nawaz Sharif instructed his parliamentary party 'to be cognizant of the fact that the Parliament should
Published 04 Jan, 2020 12:00am
French police shoot dead man near Paris after fatal stabbing

French police shoot dead man near Paris after fatal stabbing

French police shot dead a man near Paris on Friday after he went on the rampage with a knife in a park, killing one person and seriously wounding two more, a French broadcaster reported. The attack happened in the town of Villejuif, about 8 km (5 miles) s
Published 04 Jan, 2020 12:00am
SBP adopts three new Shariah Standards of AAOIFI

SBP adopts three new Shariah Standards of AAOIFI

The State Bank of Pakistan (SBP) has announced adoption of three new Shariah Standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Published 04 Jan, 2020 12:00am
Wind power amidst quagmire of misperception
Letters

Wind power amidst quagmire of misperception

I was just going through BR Research write-up with title: "The Wind Power quagmire" (The Referenced Write-up) published in Daily Business Recorder, dated December 31st, 2019. It's good to see that Renewable Energy is catching the eye of writers and analys
Published 04 Jan, 2020 12:00am
Book Review: Blood Over Different Shades of Green
Articles

Book Review: Blood Over Different Shades of Green

It would be a tremendous understatement to say that Pakistan has had an eventful history, both in the years leading up to 1947 and the years hence; it is almost hard to believe that a nation-state at once so young - as far as nations go, anyways - should
Published 04 Jan, 2020 12:00am
The Review
Articles

The Review

"We have no eternal allies, and we have no perpetual enemies. Our interests are eternal and perpetual, and those interests it is our duty to follow" Lord Palmerston speech, House of Commons, 1 March 1848.
Published 04 Jan, 2020 12:00am
Future looks bright
Articles

Future looks bright

The IMF recently released $452 million second tranche, bringing the total disbursements so far to about $1.45 billion. While doing so, the IMF in its first review of Pakistan's economic performance has acknowledged that the government reforms programme is
Published 04 Jan, 2020 12:00am
Reduction in terrorism

Reduction in terrorism

Slowly but surely Pakistan is making progress in the fight against terrorism. According to a report released by the Centre for Research and Security studies (CRSS), the country witnessed a 31 percent reduction in terrorism-related fatalities during 2019.
Updated 04 Jan, 2020 07:08am
POL products get pricier!

POL products get pricier!

Effective the first of the New Year the government raised petroleum prices by 2.61 rupees per litre, high speed diesel by 2.25 rupees per litre, kerosene oil by 3.2 percent and light diesel oil by 2.5 percent. The standard normal rationale provided by the
Updated 04 Jan, 2020 07:13am
Minister vows to ensure availability of quality medicines

Minister vows to ensure availability of quality medicines

Punjab Health Minister Dr. Yasmin Rashid Friday said that the province of Punjab will see visible improvement in the availability of quality medicines, stocks and supplies with the inclusion of 440 new Pharmacists in the system.
Published 04 Jan, 2020 12:00am
Senate body approves NPH&DA Bill - 2019

Senate body approves NPH&DA Bill - 2019

The Senate Standing Committee on Cabinet Secretariat on Friday approved the Naya Pakistan Housing and Development Authority Bill, 2019. Minister for Parliamentary Affairs Senator Muhammad Azam Khan Swati was mover of the bill. Muhammad Talha Mehmood chair
Published 04 Jan, 2020 12:00am
CIA busted eight major gangs in 2019

CIA busted eight major gangs in 2019

The Crime Investigation Agency (CIA) of Islamabad police claimed to have busted eight major gangs comprising 34 members during 2019 and recovered Rs 28.9 million cash, gold ornaments, cell phones, vehicles and weapons from them.
Published 04 Jan, 2020 12:00am
US embassy issues security alert

US embassy issues security alert

The United States Embassy in Islamabad on Friday issued a countrywide security alert, restricting the travel by US government employees and asked them to postpone non-essential official movements in the wake of a possible reaction of assassination of a to
Published 04 Jan, 2020 12:00am
Six killed in firing over land dispute in Wana

Six killed in firing over land dispute in Wana

At least six people were killed and two others injured when two rival groups clashed and started indiscriminate firing over a land dispute in Azam Warsak area of Wana tehsil of South Waziristan tribal district on Friday.
Published 04 Jan, 2020 12:00am
Senators condemn killing of Soleimani

Senators condemn killing of Soleimani

Senators on Friday condemned the killing of top Iranian General Qassem Soleimani in a drone attack in Iraq, saying the development entails serious repercussions for Pakistan while asking the Foreign Office to take a clear stance on the matter and take the
Published 04 Jan, 2020 12:00am
Minister defends placing rural and far-flung areas under KWSB

Minister defends placing rural and far-flung areas under KWSB

Sindh Minister for Local Government Syed Nasir Hussain Shah has said that while keeping in view the long-standing demand of millions of people of rural and far-flung areas of Karachi they have been placed under the control of Karachi Water & Sewerage Boar
Published 04 Jan, 2020 12:00am
MCC Preventive collects Rs 61.79 billion
Taxes

MCC Preventive collects Rs 61.79 billion

Model Customs Collectorate (MCC), Preventive has collected Rs 61.79 billion till the second quarter of current financial year, 2019-20 ended on December 31, 2019.
Published 04 Jan, 2020 12:00am
MQM-P criticises appointment of adviser in KWSB

MQM-P criticises appointment of adviser in KWSB

Muttahida Qaumi Movement-Pakistan (MQM-P) on Friday showed concern over the appointment of advisor in Karachi Water & Sewerage Board (KW&SB) and termed it unconstitutional, illegal and in violation of Civil Servant act.
Published 04 Jan, 2020 12:00am
KCCI chief demands reduction in sea port charges

KCCI chief demands reduction in sea port charges

President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan, while referring to numerous complaints submitted at the Chamber by the importers, urged the Terminal Operators and Shipping Agents to publicize Full Container Load (FCL) and t
Published 04 Jan, 2020 12:00am
Punjab to expedite work on Naya Pakistan Housing Project

Punjab to expedite work on Naya Pakistan Housing Project

Punjab Minister for Housing Mian Mehmood-Ur-Rasheed and Chief Secretary Punjab Major Azam Suleman Khan (retd) reviewed progress on acquisition of land, financial matters and provision of basic facilities in schemes in different cities under the Naya Pakis
Published 04 Jan, 2020 12:00am
PM to inaugurate 29 model police stations in Mianwali today

PM to inaugurate 29 model police stations in Mianwali today

Punjab Inspector General of Police (IGP) Shoaib Dastgir disclosed on Friday that Prime Minister Imran Khan will inaugurate 29 model police stations in Mianwali on Saturday (today) that have been upgraded on modern lines to put an end to decades-old "thana
Published 04 Jan, 2020 12:00am
Frozen assets of Shahbaz family: AC summons NAB's IO on January 17

Frozen assets of Shahbaz family: AC summons NAB's IO on January 17

An accountability court on Friday directed investigating officer of National Accountability Bureau to appear with record on January 17 in an application of PML-N president Shahbaz Sharif challenging frozen of assets owned by his family.
Published 04 Jan, 2020 12:00am
CCP reviews Uber, Careem pre-merger application

CCP reviews Uber, Careem pre-merger application

Pakistan is among the remaining three countries which are still looking at the Uber and Careem pre-merger application with the possibility of a conditional approval to be granted to the international merger.
Published 04 Jan, 2020 12:00am
PAJCCI agrees on provision of same facilities under APTTA

PAJCCI agrees on provision of same facilities under APTTA

Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI) have agreed on the provision of the same facilities under Afghanistan Pakistan Transit Trade Agreement (APTTA) that were available to the trading community under Afghan Transit Trade Agreement (AT
Published 04 Jan, 2020 12:00am
KP PA demands payment of NHP on AGN Qazi formula basis

KP PA demands payment of NHP on AGN Qazi formula basis

Khyber Pakhtunkhwa Minister for Law Sultan Muhammad Friday informed the provincial assembly that the provincial government always protected interest of the province in meetings of Council of Common Interest (CCI) and it stood firm on the decision that net
Published 04 Jan, 2020 12:00am
Government urged to simplify export-related regulations, procedures

Government urged to simplify export-related regulations, procedures

Acting president of Sarhad Chamber of Commerce and Industry (SCCI), Shahid Hussain while speaking at an awareness seminar on "FX Operations and State Bank Online Portal," jointly organized by the SCCI and the State Bank of Pakistan (SBP) at the chamber ho
Published 04 Jan, 2020 12:00am
PI&TAF voices concern over decline in LSMI

PI&TAF voices concern over decline in LSMI

The Pakistan Industrial and Traders Associations Front, while showing serious concern over the continued decline in the large-scale manufacturing index (LSMI), has said that a National Industrial Growth Strategy from the government is essential with owner
Published 04 Jan, 2020 12:00am
AGP clarification

AGP clarification

This is with reference to a news item titled "AGP recovered over 53bn in 18 Months: PAC told" carried by Business Recorder, dated 3rd January 2020.
Published 04 Jan, 2020 12:00am
Urea being produced by Thar Block VI to meet 30 years need
Energy

Urea being produced by Thar Block VI to meet 30 years need

Sindh Energy Minister Imtiaz Sheikh on Friday said that Thar Block VI would be producing urea to meet the country's projected urea requirement for the next 30 years. Looking at the potential of Thar Coal and also of renewable energy, minister said Sindh h
Published 04 Jan, 2020 12:00am
Firdous for training, capacity building of media persons

Firdous for training, capacity building of media persons

Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan Friday said the need for training and capacity building of media persons has increased substantially in the current age of digital media.
Published 04 Jan, 2020 12:00am
Gold's price grows
Commodities

Gold's price grows

Gold price on Friday grew by Rs 1,350 per tola to Rs 89,650 on the local market, traders said. The yellow metal posted an increase of 1,157 per 10 grams to Rs 76,870 and $29 an ounce to $1551 on the world market. Silver was traded for Rs 1,020 per tola, R
Published 04 Jan, 2020 12:00am
Judicial remand of Hamza extended

Judicial remand of Hamza extended

An accountability court on Friday extended judicial remand of leader of opposition in Punjab Assembly Hamza Shahbaz in illegal assets/money laundering case by the NAB till January 17. Earlier a prosecutor told the court that reference will be filed soon a
Published 04 Jan, 2020 12:00am
China confirms more cases of mystery viral pneumonia

China confirms more cases of mystery viral pneumonia

China on Friday confirmed more cases of a mystery viral pneumonia that has sparked fears about a resurgence of SARS, the flu-like virus that killed hundreds of people more than a decade ago.
Published 04 Jan, 2020 12:00am
China calls for easing UN sanctions on North Korea

China calls for easing UN sanctions on North Korea

A Chinese-Russian resolution aimed at easing international sanctions on North Korea is a "timely" step in the "right direction," China's UN ambassador Zhang Jun said Friday. His comments came only days after Pyongyang, deeply frustrated that those sanctio
Published 04 Jan, 2020 12:00am
Renewed fire threat sparks exodus to Australian cities

Renewed fire threat sparks exodus to Australian cities

Beleaguered Australian communities braced for yet more catastrophic bushfire conditions expected on Saturday, as Australia's navy evacuated around one thousand people from a southeastern town.
Published 04 Jan, 2020 12:00am
Four killed in Sri Lanka military plane crash

Four killed in Sri Lanka military plane crash

A Sri Lankan air force plane crashed in a tea-growing mountainous region Friday, killing the four crew on board, a military official said. The Chinese-built Y-12 had taken off from the southern airbase of Wirawila and was heading to Ratmalana, south of Co
Published 04 Jan, 2020 12:00am
Spate of letter bombs puzzles Dutch police

Spate of letter bombs puzzles Dutch police

Dutch police were puzzled Friday by a spate of letter bombs sent to seemingly random targets in three of the Netherlands' main cities as it warned the public to be on the lookout. The latest incident happened early Friday when staff at Amsterdam's Okura h
Published 04 Jan, 2020 12:00am
Ethiopia adopts new version of much-criticised terrorism law

Ethiopia adopts new version of much-criticised terrorism law

Ethiopian lawmakers have replaced anti-terrorism legislation that had drawn criticism from rights activists, although Amnesty International said the new version still had the potential to be used against government critics.
Published 04 Jan, 2020 12:00am
Athens warns Ankara to respect 'red lines'

Athens warns Ankara to respect 'red lines'

Greek Prime Minister Kyriakos Mitsotakis has warned Turkey not to cross "red lines" following a controversial maritime jurisdiction accord between Ankara and Libya. "We will not permit any Turkish activities that would infringe upon Greece's sovereign rig
Published 04 Jan, 2020 12:00am
South African hostage in Syria returns home after three years

South African hostage in Syria returns home after three years

A South African freelance photojournalist kidnapped in Syria returned home on Friday after almost three years in captivity, his family announced. Shiraaz Mohamed was kidnapped on January 10, 2017, while travelling out of the war-torn country into neighbou
Published 04 Jan, 2020 12:00am
Britain temperature records tumbled in 2019

Britain temperature records tumbled in 2019

Britain recorded its highest ever summer and winter temperatures in 2019, ending one of the hottest decades in history, the Met Office said Friday. As much of northern Europe sweltered in a July heatwave, the mercury hit 38.7 Celsius (101 Fahrenheit) in t
Published 04 Jan, 2020 12:00am
Yen rises against dollar in Asia
Money & Banking

Yen rises against dollar in Asia

The Japanese yen led other safe-haven assets higher on Friday after US air strikes on Baghdad airport killed a senior Iranian military official, stoking tensions in the Middle East and lifting the price of oil.
Published 04 Jan, 2020 12:00am
Early trade in New York
Money & Banking

Early trade in New York

Investors rushed into safe-haven assets on Friday after US air strikes in Iraq killed a senior Iranian military official, sending the Japanese yen to a two-month high, while the weakest US factory activity in a decade sent the dollar reeling.
Published 04 Jan, 2020 12:00am
Rand slips
Money & Banking

Rand slips

South Africa's rand was weaker early on Friday, continuing a trend from the previous session, as investors fled risky assets after a US air strike on Baghdad airport killed a top Iranian military commander.
Published 04 Jan, 2020 12:00am
Chilean, Mexican pesos hit 2-week lows
Money & Banking

Chilean, Mexican pesos hit 2-week lows

The Chilean and Mexican pesos slid to two-week lows against the dollar as investors turned risk averse after a US air strike in Iraq killed a top Iranian commander, causing tensions to flare in the Middle East.
Published 04 Jan, 2020 12:00am
Most Asian currencies slip
Money & Banking

Most Asian currencies slip

Most emerging Asian currencies weakened on Friday, with major oil importers taking the biggest hit, as oil prices surged after tensions escalated in the Middle East.
Published 04 Jan, 2020 12:00am
Aussie, kiwi fade away from highs
Money & Banking

Aussie, kiwi fade away from highs

The Australian and New Zealand dollars faded further away from five-month highs on Friday as speculators took profits on recent gains, while weeks of wildfire disruptions threatened to weigh on the Australian economy.
Published 04 Jan, 2020 12:00am
China stocks up 5th week
Stocks

China stocks up 5th week

China stocks slipped on Friday, but finished the first week of a new decade higher with a five-week winning streak as Beijing eased monetary policy to shore up the economy even as investors cheered a thaw in Sino-US trade tensions.
Published 04 Jan, 2020 12:00am
Indian bonds gain
Money & Banking

Indian bonds gain

The Indian central bank's move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains.
Published 04 Jan, 2020 12:00am
Indian shares end lower
Stocks

Indian shares end lower

Indian shares ended lower on Friday after a US air strike in Iraq killed a top Iranian commander, dampening appetite for risky assets and pushing up oil prices on fears of supply disruptions.
Published 04 Jan, 2020 12:00am
Hong Kong stocks reverse gains
Stocks

Hong Kong stocks reverse gains

Hong Kong stocks reversed gains to end lower on Friday, as investors worried about heightening geopolitical tensions in the Middle East after a US air strike at Baghdad airport killed a top Iranian commander.
Published 04 Jan, 2020 12:00am
Eurozone bond yields tumble
Money & Banking

Eurozone bond yields tumble

Government bond yields across the euro area fell on Friday after a US air strike killed a top Iranian commander, marking a dramatic escalation in a "shadow war" in the Middle East between Iran and the United States and its allies.
Published 04 Jan, 2020 12:00am
Australian, NZ shares up
Stocks

Australian, NZ shares up

Australian shares ended higher on Friday as energy stocks advanced on higher oil prices following a US airstrike in Iraq, with signs of growth in China adding to the gains.
Published 04 Jan, 2020 12:00am
European shares fall on ME tensions
Stocks

European shares fall on ME tensions

European shares slipped from near record highs on Friday after a US air strike in Iraq that killed a top Iranian commander increased Middle East tensions and spurred moves out of risk assets, while an oil price surge hammered airline stocks.
Published 04 Jan, 2020 12:00am
Most Southeast Asian markets trim early gains
Stocks

Most Southeast Asian markets trim early gains

Most Southeast Asian stock markets trimmed early gains on Friday as mounting Middle Eastern tensions dented sentiment, while the Philippine index closed 1.3% firmer after investors picked up beaten-down stocks.
Published 04 Jan, 2020 12:00am
Big oil, tobacco firms help FTSE 100 outshine Europe
Stocks

Big oil, tobacco firms help FTSE 100 outshine Europe

London's main stock index overturned earlier loses to end higher on Friday as a US air strike in Iraq stoked fears of a disruption in crude supply, supporting shares of oil heavyweights, and as tobacco stocks firmed.
Published 04 Jan, 2020 12:00am
Baltic pipeline opens to ease gas dependence on Russia
Energy

Baltic pipeline opens to ease gas dependence on Russia

Stored natural gas has begun flowing to Finland from Latvia through the new Balticconnector pipeline in a bid to ease the region's dependence on Russian gas. "The first quantities of natural gas on the common gas market between Estonia, Latvia and Finland
Published 04 Jan, 2020 12:00am