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Print - 2020-01-09
1US$ will be equal to Rs 172 by year's end, Nepra told

1US$ will be equal to Rs 172 by year's end, Nepra told

National Electric Power Regulatory Authority (Nepra) was apprised on Wednesday that US 1$ will be equal to Rs 170-172 by the end of the current year as per International Monetary Fund's (IMF's) and State Bank of Pakistan's (SBP's ) foreign exchange forwa
Published 09 Jan, 2020 12:00am
Liquidity position: Lend PSO a helping hand, ECC asks MoF

Liquidity position: Lend PSO a helping hand, ECC asks MoF

The Economic Coordination Committee (ECC) of the Cabinet Wednesday directed the Ministry of Finance to explore all possibilities for improving the liquidity position of Pakistan State Oil (PSO) whose exchange losses have soared to around Rs 28 billion on
Published 09 Jan, 2020 12:00am
Turkey, Russia launch TurkStream pipeline carrying gas to Europe

Turkey, Russia launch TurkStream pipeline carrying gas to Europe

The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow's efforts to reduce shipments via Ukraine. The pipeline project, stretching 9
Published 09 Jan, 2020 12:00am
Three government bills passed by Senate

Three government bills passed by Senate

The Upper House of the Parliament on Wednesday passed the three government bills to "specify the tenure and the terms and conditions of service" of the three services chiefs and chairman Joint Chiefs of Staff Committee.
Published 09 Jan, 2020 12:00am
PM vows not to be part of any conflict in Gulf

PM vows not to be part of any conflict in Gulf

Pakistan has decided to play its role in de-escalation of tension between the United States and Iran by sending Foreign Minister Shah Mehmood Qureshi to Washington, Tehran and Saudi Arabia with a view to call upon the parties to exercise retrain and resol
Published 09 Jan, 2020 12:00am
Esper, COAS discuss ME security

Esper, COAS discuss ME security

United States Secretary of Defense Dr Mark T Esper on Wednesday telephoned Chief of Army Staff (COAS) General Qamar Javed Bajwa to discuss recent escalation in tension in the Middle East.
Published 09 Jan, 2020 12:00am
Inquiry against taxmen: FBR inaction annoys SC

Inquiry against taxmen: FBR inaction annoys SC

The Supreme Court Wednesday expressed annoyance over the Federal Board of Revenue (FBR) for its failure to implement its order regarding initiation of regular inquiry against its officials allegedly involved in issuance of refund vouchers to some companie
Published 09 Jan, 2020 12:00am
LHC full bench to take up Musharraf's case today

LHC full bench to take up Musharraf's case today

A full bench of the Lahore High Court will proceed with three civil miscellaneous applications by convicted former president Gen Pervez Musharraf (retired) in high treason case Thursday challenging formation of the trial court and filing of the complaint
Published 09 Jan, 2020 12:00am
CCP should focus on market study of e-commerce: report

CCP should focus on market study of e-commerce: report

The Competition Commission of Pakistan (CCP) should focus on market study of e-commerce to check any anti-competitive practices and consumer protection in the fast-growing e-commerce and examine the report titled "Market Study on e-commerce in India" issu
Published 09 Jan, 2020 12:00am
Trump viewed negatively around the world: Pew survey

Trump viewed negatively around the world: Pew survey

President Donald Trump is viewed negatively by the public in many countries, but the image of the US itself is generally favorable, according to a survey published on Wednesday by the Pew Research Center.
Published 09 Jan, 2020 12:00am
Rs 7 billion USC package to ensure relief to low income classes: PM

Rs 7 billion USC package to ensure relief to low income classes: PM

Prime Minister Imran Khan Wednesday said the government's relief package of Rs 7 billion was aimed at providing basic food items and commodities to salaried and low and middle income groups at subsidized rates through the country's 4000 outlets of the Uti
Published 09 Jan, 2020 12:00am
Gold price up by Rs 900

Gold price up by Rs 900

Gold price on Wednesday surged to Rs93,000 per tola, up by Rs900 in a single day trading on the local market, traders said.
Published 09 Jan, 2020 12:00am
Export figures: Ministry says it's 'not in state of shock'

Export figures: Ministry says it's 'not in state of shock'

The Ministry of Commerce would like to clarify its position with reference to a misleading news item titled "Ministry in State of Shock" published in the daily Business Recorder on 8th January 2020.
Published 09 Jan, 2020 12:00am
'Unconstitutional' taxation by provinces: SRB's response
Letters

'Unconstitutional' taxation by provinces: SRB's response

I have read with great interest the article '"Unconstitutional' taxation by provinces" carried by the newspaper on Jan 3, 2020. The learned writers have chosen to express themselves in a rather pronounced tone on an issue that deserves circumspect and car
Published 09 Jan, 2020 12:00am
Foreign firms wary as China launches investment law
Articles

Foreign firms wary as China launches investment law

Accustomed to unfulfilled promises from the Chinese government, foreign businesses are keeping a wary eye on a nascent law aimed at addressing their long-standing grievances about unfair treatment in the world's second largest economy.
Published 09 Jan, 2020 12:00am
Reforming FBR
Articles

Reforming FBR

It comes as no surprise that the Federal Board of Revenue (FBR) is in need of serious reform. However, the means of going about the said reform require pondering and speculation. Pakistan's tax problems are often lamented, but without attempting to truly
Published 09 Jan, 2020 12:00am
Islamabad: is the fog lifting?
Articles

Islamabad: is the fog lifting?

Is it for real? Does 2020 promise the tabdeeli we had all given up on? Well, not quite the tabdeeli that was made a song and dance of around the container, but sleeping with the enemy one. Suddenly, the screams of thieves and dacoits from one side and sho
Published 09 Jan, 2020 12:00am
NAB's questionable practice

NAB's questionable practice

The National Accountably Bureau's (NAB's) practice of arresting suspects first and looking for evidence later came into question during a hearing by a Supreme Court bench of a bail application moved by a private citizen accused of fraud. Raising a common
Updated 09 Jan, 2020 06:52am
SBP lays emphasis on reform process

SBP lays emphasis on reform process

State Bank of Pakistan's (SBP's) first quarterly report for the period July-September, 2019, released on 6th January, 2020 contains a comprehensive view of Pakistan's economy together with its prospects for the remaining part of the current fiscal. A dist
Updated 09 Jan, 2020 06:51am
IHC reserves verdict in PMDC dissolution case

IHC reserves verdict in PMDC dissolution case

The Islamabad High Court (IHC) on Wednesday reserved verdict in a petition challenging dissolution of the Pakistan Medical and Dental Council (PMDC).
Published 09 Jan, 2020 12:00am
KP governor administers oath to two more ministers

KP governor administers oath to two more ministers

KP Governor Shah Farman administered oath to newly included members of Khyber Pakhtunkhwa cabinet here at Governor's House on Wednesday. Governor Khyber Pakhtunkhwa Shah Farman administered oath to the members of newly elected cabinet of KP during an impr
Published 09 Jan, 2020 12:00am
Sindh governor stripped of power to appoint ombudsman

Sindh governor stripped of power to appoint ombudsman

A new legislation by the Sindh Assembly on Wednesday divested the Governor Sindh of its powers to appoint ombudsman, as a bill was amended to authorise the Chief Minister Sindh instead.
Published 09 Jan, 2020 12:00am
PAC asks NAB to present record of 10 inquiries

PAC asks NAB to present record of 10 inquiries

A subcommittee of the Public Accounts Committee (PAC) Wednesday directed the chairman National Accountability Bureau (NAB) to present the details of the inquiries forwarded by the panel to the bureau over the past one-and-a-half-year.
Published 09 Jan, 2020 12:00am
Ghani accuses Sania of harming 800,000 people linked to BISP

Ghani accuses Sania of harming 800,000 people linked to BISP

Sindh Minister for Information and Labour Saeed Ghani has said that Special Assistant to Prime Minister on Social Protection and Poverty Alleviation Dr Sania Nishtar planned to inflict harm on 800,000 deserving people linked to Benazir Income Support. Sae
Published 09 Jan, 2020 12:00am
Goods transporters' strike enters into third consecutive day

Goods transporters' strike enters into third consecutive day

The goods transporters' strike on Wednesday entered into third day, halting all movement of cargos across the country that left the trade with an additional financial burden of over Rs 350 million approximately in terms of shipping charges.
Published 09 Jan, 2020 12:00am
Pak-Turk Maarif delegation visits KU

Pak-Turk Maarif delegation visits KU

A five member delegation of the Pak-Turk Maarif International visited the University of Karachi on Wednesday to discuss the possibilities of collaboration in the education sector to further strengthen the bilateral relationships between Turkey and Pakista
Published 09 Jan, 2020 12:00am
Moot on 'Global popularity of alternative medicine' begins today

Moot on 'Global popularity of alternative medicine' begins today

Hamdard Pakistan will hold a 3-day 5th international conference on "Global popularity of alternative medicine, responsibilities and challenges" from Thursday January 9 to 11, 2020 at Bait al-Hikmah, Hamdard University, Madinat al-Hikmah, Karachi on the oc
Published 09 Jan, 2020 12:00am
Seminar on 'How to be successful in business' held at LCCI

Seminar on 'How to be successful in business' held at LCCI

Starting a business and commitment to its success is not only a victory of a businessman but is also a great service to the country as it generates revenue for the state and produces employment opportunities.
Published 09 Jan, 2020 12:00am
Country needs certified nurseries for fruit saplings: BMP SG

Country needs certified nurseries for fruit saplings: BMP SG

Secretary General (Federal) of the Businessmen Panel (BMP), Ahmad Jawad has said country needs certified nurseries for fruit saplings to not only improve fruit yield but also clinch competitive costs for its products in the international market.
Published 09 Jan, 2020 12:00am
PM lauds IG Punjab

PM lauds IG Punjab

Prime Minister Imran Khan on Wednesday congratulated Inspector General Punjab Shoaib Dastgir and the Punjab Police for successfully going after hardened criminals in the province.
Published 09 Jan, 2020 12:00am
Government dealing effectively with economic crisis: CEO IPR

Government dealing effectively with economic crisis: CEO IPR

Humayun Akhter Khan, CEO IPR in his opening speech thanked the speakers and said that China has been Pakistan's close partner and our recent economic cooperation through CPEC platform has brought great value. Our partnership is not at the expense of our t
Published 09 Jan, 2020 12:00am
GCU Lahore playing vital role in promoting Punjab's culture: VC

GCU Lahore playing vital role in promoting Punjab's culture: VC

Vice Chancellor Professor Dr Asghar Zaidi has said that that the Government College University (GCU) Lahore has played a vital role in promotion of culture and literature of Punjab and overall socio-economic development of Pakistan; its decades-old effect
Published 09 Jan, 2020 12:00am
LHC to take up Maryam's petition on January 15

LHC to take up Maryam's petition on January 15

A division bench of the Lahore High Court headed by Justice Muhammad Tariq Abbasi will proceed with a petition of Maryam Nawaz for removal of her name from Exit Control List (ECL) and a one-time permission to travel abroad on January 15.
Published 09 Jan, 2020 12:00am
PARC's BoG approves Rs 3.08 billion budget

PARC's BoG approves Rs 3.08 billion budget

Pakistan Agriculture Research Council's (PARC) Board of Governors (BoG) approved Rs 3.08 billion budget for the current financial year 2019-20, which includes Rs 2.3 billion to meet development expenditures.
Published 09 Jan, 2020 12:00am
2,543 BISP officers removed, NA told

2,543 BISP officers removed, NA told

Federal Minister for Communications Murad Saeed has said that Benazir Income Support Program (BISP) had been misused in the past and Pakistan Tehreek-e-Insaf (PTI) government has removed 2,543 officers of various grades from the program.
Published 09 Jan, 2020 12:00am
SC seeks details of pending cases in AC

SC seeks details of pending cases in AC

The Supreme Court on Wednesday expressing concern over delay in decision on cases pending before the Accountability Court directed National Accountability Bureau (NAB) to file detailed report regarding the matter.
Published 09 Jan, 2020 12:00am
PIA chief lauds technical department's team

PIA chief lauds technical department's team

Pakistan International Airlines (PIA) technical ground support department has successfully overhauled totally abandoned equipment with its own resources, saving billions of rupees for the airline.
Published 09 Jan, 2020 12:00am
FBR member customs visits new Azakhel dry port site
Taxes

FBR member customs visits new Azakhel dry port site

The Federal Board of Revenue (FBR) Member Customs Operation, Dr Jawad Agha along with Collector Appraisement Peshawar Ihsan Ali Shah and other officials on Wednesday paid visit to new Azakhel dry port in Pirpai, Nowshera district.
Published 09 Jan, 2020 12:00am
Reducing interest rates to single-digit will trigger growth: PBIF

Reducing interest rates to single-digit will trigger growth: PBIF

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has said that US-Iran war resulted an increase in oil prices while continued tension between the two countries will become a nightmare for the oil and gas importing countri
Published 09 Jan, 2020 12:00am
Shamim Asif assumes charge of MD PEF

Shamim Asif assumes charge of MD PEF

Shamim Asif has assumed the charge of the post of Managing Director Punjab Education Foundation. He is a grade 20 officer belonging to the Provincial Management Service (PMS) and he has served in many departments and autonomous bodies.
Published 09 Jan, 2020 12:00am
Saif Power Limited
Brief Recordings

Saif Power Limited

Saif Power Limited (PSX: SPWL) is a relatively new IPP, operating under the 2002 Power Policy on build, own and operate basis in Sahiwal District of Punjab.
Updated 09 Jan, 2020 07:02am
Harry, Meghan to step back as 'senior' royals

Harry, Meghan to step back as 'senior' royals

Britain's Prince Harry and his wife Meghan will step back as senior members of the royal family and spend more time in North America, the couple said in a historic statement Wednesday.
Published 09 Jan, 2020 12:00am
Malaysia ex-PM 'sought Abu Dhabi royal's help over scandal'

Malaysia ex-PM 'sought Abu Dhabi royal's help over scandal'

Malaysia's disgraced ex-leader Najib Razak allegedly sought help from Abu Dhabi's crown prince to conceal wrongdoing linked to a multi-billion-dollar graft scandal, recordings released Wednesday by investigators showed. Huge sums were looted from Malaysia
Published 09 Jan, 2020 12:00am
2019 second hottest year on record

2019 second hottest year on record

The year 2019 was the second hottest ever recorded and a virtual tie with 2016, the warmest El Nino year, the European Union's climate monitor says in its round up of the hottest decade in history. Data released by the Copernicus Climate Change Service (
Published 09 Jan, 2020 12:00am
Facebook exec says it helped put Trump in White House

Facebook exec says it helped put Trump in White House

A senior Facebook executive on Tuesday said the world's biggest social network unintentionally helped put Donald Trump in the White House but warned against dramatic rule changes.
Published 09 Jan, 2020 12:00am
US-Iran escalation threatens aid to millions: charity

US-Iran escalation threatens aid to millions: charity

The escalating cycle of reprisals between the United States and Iran is threatening the delivery of aid to millions across the Middle East, the Norwegian Refugee Council warned Wednesday.
Published 09 Jan, 2020 12:00am
Stowaway child found dead in plane at Paris airport

Stowaway child found dead in plane at Paris airport

A child stowaway was found dead Wednesday in the undercarriage of a plane at a Paris airport, officials said, having probably frozen to death or asphyxiated on the flight from Ivory Coast.
Published 09 Jan, 2020 12:00am
Four Turkish soldiers killed in car bombing in Syria

Four Turkish soldiers killed in car bombing in Syria

Four Turkish soldiers were killed Wednesday in a car bombing in northeastern Syria, Turkey's defence ministry said. The soldiers were conducting road patrols when the attack happened in the region captured by Turkish forces after the latest operation agai
Published 09 Jan, 2020 12:00am
Currencies turn volatile in Asia
Money & Banking

Currencies turn volatile in Asia

Currencies turned volatile on Wednesday as the safe-haven yen first jumped on news of Iranian missile strikes on bases hosting US troops in Iraq, before retreating as investors wagered it would not trigger a wider conflict in the region.
Published 09 Jan, 2020 12:00am
Swiss franc and yen retreat in Europe
Money & Banking

Swiss franc and yen retreat in Europe

Global currencies whipsawed on Wednesday as initial fears Iran's attack on US forces in Iraq could lead to more violence in the Middle East gave way to a perception that a wider regional conflict was unlikely.
Published 09 Jan, 2020 12:00am
Early trade in New York: Yen, Swiss franc drop
Money & Banking

Early trade in New York: Yen, Swiss franc drop

The safe-haven yen fell from three-month highs against the dollar on Wednesday, as investors grew more optimistic that Iran's attack on US forces in Iraq overnight was unlikely to escalate into a full-blown regional conflict.
Published 09 Jan, 2020 12:00am
Safe-haven currencies fall in New York
Money & Banking

Safe-haven currencies fall in New York

The safe-haven Japanese yen and Swiss franc pulled back from recent highs against the dollar on Tuesday as financial markets stabilized, with investors turning more hopeful that US-Iran tensions would not escalate into an all-out war.
Published 09 Jan, 2020 12:00am
Turkish lira weakens slightly
Money & Banking

Turkish lira weakens slightly

The Turkish lira weakened slightly on Wednesday, remaining around its weakest levels in seven months, after Iran fired missiles at US-led forces in Iraq.
Published 09 Jan, 2020 12:00am
Asian forex: won, rupiah lead broad-based losses
Money & Banking

Asian forex: won, rupiah lead broad-based losses

Most Asian currencies weakened on Wednesday after Iran fired rockets at Iraqi airbases hosting US military forces, fuelling worries that a crisis in the Middle East will escalate further, potentially disrupting oil supplies from the region.
Published 09 Jan, 2020 12:00am
Sterling falls against dollar
Money & Banking

Sterling falls against dollar

The pound erased early gains and fell against the dollar on Wednesday, as investors refocused their attention towards Brexit talks and European policymakers warned Britain could crash out of the European Union without a trade deal in place by the end of 2
Published 09 Jan, 2020 12:00am
Australian, NZ dollars whipsawed
Money & Banking

Australian, NZ dollars whipsawed

The Australian and New Zealand dollars were whipsawed on Wednesday, first falling sharply on news Iran had attacked US bases in Iraq only to bounce as the market wagered an all-out war could still be averted.
Published 09 Jan, 2020 12:00am
PCB clarifies pacer Naseem Shah's age controversy
Cricket

PCB clarifies pacer Naseem Shah's age controversy

The Pakistan Cricket Board (PCB) has rejected the impression which suggests that fast-bowler Naseem Shah had been withdrawn from the Pakistan Under-19 squad for next month's ICC Under-19 Cricket World Cup due to concerns over his actual age.
Published 09 Jan, 2020 12:00am
KP U-21 Games Trophy, logo unveiled
Cricket

KP U-21 Games Trophy, logo unveiled

Deputy Commissioner (DC) Kohat Matiullah Khan Wednesday unveiled the trophy and official logo of the Khyber Pakhtunkhwa U21 Games in a colourful ceremony held at Kohat Auditorium Hall, Directorate of Sports Khyber Pakhtunkhwa.
Published 09 Jan, 2020 12:00am
Indian shares decline
Stocks

Indian shares decline

Indian shares closed lower on Wednesday as investors stayed away from risky assets, weighed down by elevated oil prices after Iran attacked US-led forces in Iraq and sparked fears of supply disruptions.
Published 09 Jan, 2020 12:00am
Wednesday's early afternoon trade: S&P, Nasdaq hit record highs
Stocks

Wednesday's early afternoon trade: S&P, Nasdaq hit record highs

The S&P 500 and the Nasdaq hit record highs after President Donald Trump's comments eased fears of an all-out conflict in the Middle East, as Iran retaliated by firing missiles following the death of an Iranian general last week in a US airstrike.
Published 09 Jan, 2020 12:00am
Tesla's market value eclipses GM and Ford - combined!
Stocks

Tesla's market value eclipses GM and Ford - combined!

For the first time, Tesla Inc's stock market value has eclipsed the combined values of General Motors Co and Ford Motor Co. The Silicon Valley electric car maker's stock rose about 4% at midday on Wednesday, hitting a record high and elevating its market
Published 09 Jan, 2020 12:00am
China stocks fall most in 2 weeks
Stocks

China stocks fall most in 2 weeks

China shares fell the most in two weeks on Wednesday, reversing some of the sharp gains recorded in the past fortnight, after Iran's firing of missiles at US-led forces in Iraq stoked fears of a wider conflict in the Middle East.
Published 09 Jan, 2020 12:00am
Japan stocks lower
Stocks

Japan stocks lower

Japanese shares fell on Wednesday after Iran launched missile attacks on US forces in Iraq in retaliation for a US drone strike, but ended above session lows amid a lack of reports of casualties.
Published 09 Jan, 2020 12:00am
European shares rebound from early losses
Stocks

European shares rebound from early losses

European shares ended higher on Wednesday after Iran indicated the overnight missile strikes "concluded" its retaliation to the US killing of General Qassem Soleimani.
Published 09 Jan, 2020 12:00am
Southeast Asian stocks slump
Stocks

Southeast Asian stocks slump

Southeast Asian equities slumped on Wednesday, with Thailand taking the biggest hit, as investors scurried from riskier assets due to rising tensions in the Middle East after Iran fired rockets at US-led forces in Iraq.
Published 09 Jan, 2020 12:00am