Print - 2020-01-15
NIT selects World-Check from Refinitiv
Stocks

NIT selects World-Check from Refinitiv

Pakistan's first and largest asset management company National Investment Trust Limited (NITL) has selected World-Check from Refinitiv to support its compliance effectiveness in line with the provisions of the Securities and Exchange Commission of Pakista
Published 15 Jan, 2020 12:00am
Qureshi will visit Washington from January 16

Qureshi will visit Washington from January 16

Foreign Minister Shah Mahmood Qureshi will visit Washington on 16-17 January 2020 as part of Pakistan's diplomatic outreach aimed at de-escalation of tension between United States and Iran.
Published 15 Jan, 2020 12:00am
KE conducts preventive maintenance
Energy

KE conducts preventive maintenance

K-Electric regularly conducts routine annual maintenance and upgrades on its power infrastructure, for which shutdowns are necessary. Planned maintenance and upgrades are often undertaken during the winter months to reduce inconvenience to customers. Regi
Published 15 Jan, 2020 12:00am
Five 'disputed' properties excluded from sell-off list

Five 'disputed' properties excluded from sell-off list

A meeting of the Cabinet Committee on Privatization (CCoP) excluded five properties from the list of 32 properties placed on privatization list by giving three of these to Naya Pakistan Housing project.
Published 15 Jan, 2020 12:00am
Public sector jobs: Cabinet takes big step

Public sector jobs: Cabinet takes big step

The federal cabinet on Tuesday issued directives to the ministries and divisions to complete the recruitment process on 129,301 vacant posts within four months and decide the disciplinary matters related to civil servants on fast track basis. Special Assi
Published 15 Jan, 2020 12:00am
Commanders discuss US-Iran standoff

Commanders discuss US-Iran standoff

Chief of the Army Staff (COAS) General Qamar Bajwa said on Tuesday that Pakistan will continue to play its role for regional peace without compromising on national security.
Published 15 Jan, 2020 12:00am
ATT starts from Gwadar Port

ATT starts from Gwadar Port

Afghan Transit Trade has been started from Gwadar Port with a ship with cargo for Afghanistan anchored at the port. The ship carrying first consignment of fertilizer for Afghanistan reached the port, Gwadar port sources said.
Published 15 Jan, 2020 12:00am
FBR explains how importers can supply items to markets

FBR explains how importers can supply items to markets

Federal Board of Revenue (FBR) on Tuesday allowed importers to freely supply imported retail items in the domestic markets in cases where importers have intimated the commissioners about undertakings to print the retail price within 10 days of release/cle
Published 15 Jan, 2020 12:00am
House to vote today to send impeachment to Senate

House to vote today to send impeachment to Senate

The US House of Representatives will vote Wednesday on sending articles of impeachment against Donald Trump to the Senate, setting the stage for the president's trial for abuse of power, House Speaker Nancy Pelosi announced.
Published 15 Jan, 2020 12:00am
SBP imposes penalty on five banks

SBP imposes penalty on five banks

The State Bank of Pakistan (SBP) has imposed monetary penalty of Rs 219.138 million on five banks during December 2019 on procedural violations in the area of foreign exchange operations and Know Your Customer (KYC).
Published 15 Jan, 2020 12:00am
Customers' assets: Brokers must meet AML, CFT requirement: SECP

Customers' assets: Brokers must meet AML, CFT requirement: SECP

The Securities and Exchange Commission of Pakistan (SECP) Tuesday conveyed to the brokers' community that the new brokers' regime aims to ensure that custody of customers' assets is only allowed to brokers with sufficient capacity to meet the requisite le
Published 15 Jan, 2020 12:00am
EU states launch process disputing Iran's nuclear compliance

EU states launch process disputing Iran's nuclear compliance

Three EU countries on Tuesday launched a process charging Iran with failing to observe the terms of the 2015 deal curtailing its nuclear programme, a move that sparked anger and threats from Tehran at a time of intensifying tensions.
Published 15 Jan, 2020 12:00am
Maryam's name placed on ECL

Maryam's name placed on ECL

The government on Tuesday placed names of Pakistan Muslim League-Nawaz Vice President Maryam Nawaz and PML-N leader Javed Latif on Exit Control List (ECL). The cabinet meeting gave the approval to put names of Maryam and Latif on ECL.
Published 15 Jan, 2020 12:00am
This is last opportunity for PIA rehab: CJP

This is last opportunity for PIA rehab: CJP

The Supreme Court on Tuesday directed the authorities to complete process for degree verification of Pakistan International Airlines (PIA) employees and submit the final report on the next hearing.
Published 15 Jan, 2020 12:00am
Ball's in industrialists' court
Letters

Ball's in industrialists' court

Country's economy cannot come out of the woods in the absence of increased exports, investments and domestic savings. That is why perhaps prime minister Imran Khan has been laying a lot of emphasis on higher exports. Moreover, he appears to be mindful of
Published 15 Jan, 2020 12:00am
Dichotomy or political consensus?
Articles

Dichotomy or political consensus?

The year 2020 will be critical for both the government and the opposition. This will be the year in which our country can be put on the path of prosperity provided the right attitude towards governing can take shape. Furthermore, the opposition must provi
Published 15 Jan, 2020 12:00am
Beating the odds: growth in global recession
Articles

Beating the odds: growth in global recession

A few days into the new year, Pakistan has been faced with lowered growth rate projections for the current fiscal year as well as the next two years according to the World Bank, factoring in tighter monetary policy and fiscal consolidation. Although this
Published 15 Jan, 2020 12:00am
A broken economic system
Articles

A broken economic system

Only the rich countries can afford the luxury of free market economy (FME). Indeed, FME is a luxury the rich countries have enjoyed to the hilt over the last 40 years while the not-so-rich and the poor suffered horrendously from this system. Whatever weal
Published 15 Jan, 2020 12:00am
Qaboos the benevolent ruler

Qaboos the benevolent ruler

What an ironic paradox that Sultan Qaboos of Oman died at a time the Middle East he had tried all his life to keep calm and peaceful was beset with yet another round of profound turbulence. He breathed his last on Friday, two days after the Iranian air de
Updated 15 Jan, 2020 07:05am
Greater emphasis on higher exports

Greater emphasis on higher exports

Prime Minister Imran Khan while chairing a performance review of the Commerce Division directed that export targets be fixed as increasing exports is his administration's priority. Commerce Division has been setting export targets for decades, however, ra
Updated 15 Jan, 2020 09:35am
Gold down by Rs 400 per tola

Gold down by Rs 400 per tola

Gold on Tuesday was traded for Rs 89200 per tola, down by Rs 400 on the local market, traders said. The precious metal was available for Rs 76475 per 10 grams, low by Rs 343 and $1543 an ounce, down by $10. Silver was selling for Rs 1070 per tola, Rs 917.
Published 15 Jan, 2020 12:00am
KP Assembly adopts Vagrancy Restraint Bill 2020

KP Assembly adopts Vagrancy Restraint Bill 2020

The Khyber Pakhtunkhwa Assembly Tuesday unanimously passed the KP Vagrancy Restraint Bill 2020 to form a steering committee and establishment of Darul Kafala to mobilize and motivate the general public for all kinds of contributions for the well being of
Published 15 Jan, 2020 12:00am
Qureshi condoles death of Qaboos

Qureshi condoles death of Qaboos

Foreign Minister Shah Mahmood Qureshi on Tuesday offered heartfelt condolences on the behalf of President Arif Alvi, Prime Minister Imran Khan and people of Pakistan on the sad demise of Oman's Sultan Qaboos Bin Said Al Said with Sultan Haitham Bin Tariq
Published 15 Jan, 2020 12:00am
Peace deal: Afghan politicians call for taking all groups on board

Peace deal: Afghan politicians call for taking all groups on board

The Afghan politicians on Tuesday called for taking all the groups inside the war-torn Afghanistan on board for a peace deal that would be acceptable to all within the country and would address the concerns of the regional players.
Published 15 Jan, 2020 12:00am
Afridi, Sanullah trade barbs against each other in NA

Afridi, Sanullah trade barbs against each other in NA

State Minister for Narcotics Control Sheryar Afridi and Rana Sanullah of Pakistan Muslim League-Nawaz (PML-N) on Tuesday traded barbs as the former urged the latter to face the trial with his chest out if he is 'man enough.'
Published 15 Jan, 2020 12:00am
Disparities in wealth details: Bilawal's reply submitted to ECP

Disparities in wealth details: Bilawal's reply submitted to ECP

Chairman Pakistan Peoples Party (PPP) Bilawal Bhutto Zardari on Tuesday submitted reply in the Election Commission of Pakistan (ECP) through his counsel regarding alleged disparities in his wealth details submitted with the electoral body while questionin
Published 15 Jan, 2020 12:00am
Commercial operation of NutriCo Morinaga begins

Commercial operation of NutriCo Morinaga begins

NutriCo Morinaga (Private) Limited, a joint venture between ICI Pakistan Limited, Unibrands (Private) Limited and Morinaga Milk Industry Co Ltd., commenced commercial operations of growing up formula products at its manufacturing facility on January 10, 2
Published 15 Jan, 2020 12:00am
Shifa Tameer-e-Millat University's convocation held at Islamabad

Shifa Tameer-e-Millat University's convocation held at Islamabad

As many as 326 graduates of Shifa Tameer-e-Millat University (STMU) on Saturday received degrees, gold & silver medals and other awards on seventh STMU convocation at the Jinnah Convention Centre, Islamabad, attended by the deans, heads of the departments
Published 15 Jan, 2020 12:00am
Efforts afoot to deal with challenge of inflation: Hafeez

Efforts afoot to deal with challenge of inflation: Hafeez

Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has said the government after stabilization of economy is taking steps now to deal with the challenge of inflation and enhance domestic productivity through greater spending on social safety net.
Published 15 Jan, 2020 12:00am
LCCI hails FBR for convening traders' moot

LCCI hails FBR for convening traders' moot

Progressive Group at the Lahore Chamber of Commerce & Industry (LCCI) has welcomed the Federal Bureau of Revenue (FBR) for convening a traders' moot in the federal capital to discuss issues with Prime Minister Imran Khan.
Published 15 Jan, 2020 12:00am
Limited supply chain of live animals hinders meat export

Limited supply chain of live animals hinders meat export

Pakistan is unable to increase its export of meat due to limited supply chain of live animals for the slaughter houses and massive consumption within the country, official sources told Business Recorder.
Published 15 Jan, 2020 12:00am
CDGL okays Rs 320 billion for uplift works

CDGL okays Rs 320 billion for uplift works

The district government has approved over Rs 320 billion funds for development works. The district administration accorded this approval in the meeting of district development committee.
Published 15 Jan, 2020 12:00am
Parliamentary body voices concern over sale of low quality drugs at PIMS

Parliamentary body voices concern over sale of low quality drugs at PIMS

A parliamentary committee on Tuesday expressed concerns over sale of low quality medicines (local) instead of medicines manufactured by multinational companies at the private pharmacies of Pakistan Institute of Medical Sciences (PIMS), the largest hospita
Published 15 Jan, 2020 12:00am
SC suspends LHC order, AG describes Inam as 'spy'

SC suspends LHC order, AG describes Inam as 'spy'

The Supreme Court on Tuesday suspended Lahore High Court (LHC) order to release Col Inam Ul Rahiem (retd) after the Attorney General for Pakistan revealed that he has links with spy network.
Published 15 Jan, 2020 12:00am
Seafood export up by 27.29 percent

Seafood export up by 27.29 percent

Country's seafood export grew by 27.29 percent to $184.293 million in July-Nov 2019, official figure says.
Published 15 Jan, 2020 12:00am
PBIF chief underscores need for direct taxation to reduce poverty

PBIF chief underscores need for direct taxation to reduce poverty

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has said that the policy of burdening poor to enhance revenue collection is damaging for the country and society and we need a progressive tax system focusing on direct tax
Published 15 Jan, 2020 12:00am
International moot on Sindh's economic, social history held at SU

International moot on Sindh's economic, social history held at SU

The future strategy for economic and social development of Sindh has to be carefully charted out, as any linear derivation from the national strategy, without careful adaptation in the light of the sharp urban-rural, ethno-linguistic, agriculture-non agri
Published 15 Jan, 2020 12:00am
Pakistan to participate in German consumer goods show

Pakistan to participate in German consumer goods show

Pakistan will participate in the world's largest consumer goods show - Ambiente - to be held from 7 to 11 February 2020 in Frankfurt. 'Ambiente 2020' is offering unique spectrum of products for the table, kitchen and housewares, gifts and decorative artic
Published 15 Jan, 2020 12:00am
Government urged to provide gas connection to new industrial units

Government urged to provide gas connection to new industrial units

President Mian Anjum Nisar and vice president Sheikh Sultan Rehman of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) have urged the government to provide gas connection to new industrial units as well as uninterrupted supply of gas to
Published 15 Jan, 2020 12:00am
Division of Sindh unacceptable to PTI: Ismail

Division of Sindh unacceptable to PTI: Ismail

Governor Sindh Imran Ismail has said that the division of Sindh is not acceptable and Pakistan Tahreek-e-Insaf (PTI) stands with the people of Sindh.
Published 15 Jan, 2020 12:00am
Punjab to restructure TDCP

Punjab to restructure TDCP

The Punjab government has decided to restructure Tourism Development Corporation of Punjab (TDCP) with a view to promote tourism and culture. It was also decided to conserve buildings and sites of historical importance, and to bring youth in mainstream.
Published 15 Jan, 2020 12:00am
Sea Guardians-2020 concludes successfully

Sea Guardians-2020 concludes successfully

Closing Ceremony of sixth bilateral exercise Sea Guardians-2020 between Pakistan Navy and PLA (Navy) was held at Pakistan Navy Dockyard, Karachi. Deputy Commander of Southern Theatre Command PLA, Vice Admiral Dong Jun graced the occasion as Chief Guest. C
Published 15 Jan, 2020 12:00am
PRCS chairman visits NUST

PRCS chairman visits NUST

Abrar-ul-Haq, Chairman Pakistan Red Crescent Society (PRCS), paid a visit to National University of Sciences & Technology (NUST) on Tuesday. Upon arrival, the guest was greeted by Lt-Gen Naweed Zaman (retd), Rector NUST, followed by a one-on-one meeting b
Published 15 Jan, 2020 12:00am
Success of IT projects depends on police's behaviour: IGP

Success of IT projects depends on police's behaviour: IGP

Inspector General of Police Punjab Shoaib Dastagir has said that success of all initiated IT projects with respect to modern policing and smart working are conditioned with polite behaviour, diligent performance and quick response to public, therefore off
Published 15 Jan, 2020 12:00am
Sugarcane crushing mechanism reviewed
Commodities

Sugarcane crushing mechanism reviewed

Secretary Food Punjab Waqas Ali Mehmood visited Faisalabad and chaired a meeting regarding sugarcane crushing season and price control mechanism in DC office. Deputy Commissioner Muhammad Ali gave a detailed briefing on the crushing season and price contr
Published 15 Jan, 2020 12:00am
Hyundai Porter's delivery begins

Hyundai Porter's delivery begins

Hyundai Nishat Motor (Private) Limited, as per commitment has commenced the deliveries of its locally assembled Hyundai Porter H-100 Pickup, after the bookings were announced open on 3rd December 2019.
Published 15 Jan, 2020 12:00am
Government set to lose allies: PPP

Government set to lose allies: PPP

President Pakistan Peoples Party (PPP) Lahore Aziz-ur-Rehman Chan said on Tuesday that the Pakistan Tehreek-e-Insaf (PTI) government is set to lose its supports and the allies of this incompetent government also dissatisfied.
Published 15 Jan, 2020 12:00am
PM to inaugurate Quaid-e-Azam Apparel Park: minister

PM to inaugurate Quaid-e-Azam Apparel Park: minister

Provincial Minister for Industries and Trade, Mian Aslam Iqbal has said that Prime Minister Imran Khan would inaugurate Quaid-e-Azam Apparel Park near Motorway in Sheikhupura in the month of March.
Published 15 Jan, 2020 12:00am
WWF-P desires to work with EPD Punjab

WWF-P desires to work with EPD Punjab

World Wide Fund for Nature (WWF-Pakistan) has expressed its desire to work in collaboration with the Environment Protection Department (EPD) Punjab to see a world where forests are properly valued not just for the wood they supply but for many other benef
Published 15 Jan, 2020 12:00am
CM Punjab reviews operational issues of OLMT project

CM Punjab reviews operational issues of OLMT project

Chief Minister Punjab Sardar Usman Buzdar chaired a meeting at his office here Tuesday, to review operational and maintenance contract of Lahore Orange Line Metro Train (OLMT) project and said that the fare of the train would be according to the capacity
Published 15 Jan, 2020 12:00am
Emirates offer customers special discounts

Emirates offer customers special discounts

Emirates, a national carrier of United Arab Emirates (UAE), is offering its Pakistani customers special discounts of up to 15 percent in economy class and 20 percent in business class to destinations across its global network.
Published 15 Jan, 2020 12:00am
Kashmir trade: Pakistan Customs clarification
Taxes

Kashmir trade: Pakistan Customs clarification

Apropos different news regarding Kashmir Trade: It is clarified that Kashmir trade is in fact name of limited trade between Azad Kashmir and Occupied Kashmir. These goods are brought into Azad Kashmir for local consumption, without payment of duty and tax
Published 15 Jan, 2020 12:00am
NHA recommends 2nd revised PC-1 of Malakand Tunnel project

NHA recommends 2nd revised PC-1 of Malakand Tunnel project

The National Highway Authority's (NHA) Executive Board has recommended the 2nd revised PC-1 of Malakand Tunnel project at a cost of Rs23.565 billion against the original PC-1 of Rs9.043 billion, it is learnt.
Published 15 Jan, 2020 12:00am
Shabbir Tiles and Ceramics Limited
Brief Recordings

Shabbir Tiles and Ceramics Limited

Shabbir Tiles and Ceramics Limited (PSX: STCL) was founded by the 'House of Habib' in 1978 as a public listed company. It was done through strategic and technical collaboration of Agrob Anlagenbau GmbH of West Germany.
Updated 15 Jan, 2020 06:17am
US slaps sanctions over N Korea overseas workers

US slaps sanctions over N Korea overseas workers

The United States on Tuesday imposed sanctions on two companies for exploiting North Korean overseas labor after a UN deadline to return workers who bring vital revenue to the regime.
Published 15 Jan, 2020 12:00am
Microsoft CEO critical of new India citizenship law

Microsoft CEO critical of new India citizenship law

Microsoft's chief executive hit out at the government of his native India and joined criticism of a new citizenship law that opponents of Prime Minister Narendra Modi say is anti-Muslim.
Published 15 Jan, 2020 12:00am
Spain's new coalition government raises pensions
Global Business Economy

Spain's new coalition government raises pensions

Spain's new leftist coalition government approved raising pensions this year in line with inflation during its first cabinet meeting on Tuesday, Prime Minister Pedro Sanchez said.
Published 15 Jan, 2020 12:00am
Sudan security agents launch 'rebellion' over payoff plan

Sudan security agents launch 'rebellion' over payoff plan

Heavy gunfire broke out in Sudan's capital Tuesday as several agents of the long-feared security agency launched a "rebellion" against a restructuring plan, prompting a closure of the international airport.
Published 15 Jan, 2020 12:00am
PMEX daily trading report

PMEX daily trading report

On Monday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,445. The traded value of Metals, Energy and COTS/FX was recorded at PKR 3.796 billion and the number of lots traded was 6,177.
Published 15 Jan, 2020 12:00am
CBOT wheat futures fall on technical selling
Commodities

CBOT wheat futures fall on technical selling

Chicago Board of Trade wheat futures fell on Monday on technical selling and profit-taking after the benchmark March contract hit a six-month high on Friday, traders said. CBOT March soft red winter wheat settled down 2-1/4 cents at $5.62-1/4 per bushel,
Published 15 Jan, 2020 12:00am
Euronext wheat rises to seven-month high
Commodities

Euronext wheat rises to seven-month high

Euronext wheat rose on Monday to its highest in more than seven months as supply snags in France caused by transport strikes added to support from brisk overseas demand. Benchmark March milling wheat on the Paris-based Euronext settled up 1.50 euros, or 0
Published 15 Jan, 2020 12:00am
CBOT soyabean futures lower on technical selling
Commodities

CBOT soyabean futures lower on technical selling

Chicago Board of Trade soyabean futures closed lower on Monday, pressured by technical selling ahead of this week's signing of a US-China "Phase 1" trade deal and beneficial rains in crop areas of Brazil, traders said.
Published 15 Jan, 2020 12:00am
Activities at Karachi and Qasim Ports

Activities at Karachi and Qasim Ports

The Karachi Port handled 72,450 tonnes of cargo comprising 66,882 tonnes of import cargo and 5,568 tonnes of export cargo including 2,142 loaded and empty containers during the last 24 hours ending at 0700 hours on Tuesday.
Published 15 Jan, 2020 12:00am
Slow activity seen on cotton market
Cotton & Textile

Slow activity seen on cotton market

Slow trading activity was witnessed on the cotton market on Tuesday as sellers were not keen to oblige buyers due to shortage of fine quality, dealers said.
Published 15 Jan, 2020 12:00am
Canadian canola futures weaker
Commodities

Canadian canola futures weaker

ICE Canadian canola futures weakened on Monday after four straight days of gains. Traders said commercial hedging pressured prices after farmers booked some cash market sales.
Published 15 Jan, 2020 12:00am
CBOT corn futures up on short-covering
Commodities

CBOT corn futures up on short-covering

Chicago Board of Trade corn futures ended higher on Monday on technical buying and short-covering ahead of a US-China trade agreement due to be signed this week, traders said.
Published 15 Jan, 2020 12:00am
Yen slips, yuan ascends in Asia
Money & Banking

Yen slips, yuan ascends in Asia

The yen plumbed eight-month lows while China's yuan climbed to its highest level since July on Tuesday, as the US Treasury Department reversed its decision in August to designate China as a currency manipulator.
Published 15 Jan, 2020 12:00am
China's yuan gains in European trade
Money & Banking

China's yuan gains in European trade

China's yuan climbed to its highest level since July on Tuesday and the Japanese yen plumbed eight-month lows as the US Treasury Department reversed its decision in August to designate China as a currency manipulator.
Published 15 Jan, 2020 12:00am
Early trade in New York: Yen slightly weakens
Money & Banking

Early trade in New York: Yen slightly weakens

China's yuan was slightly weaker on Tuesday after earlier hitting its highest level since July, while the Japanese yen dropped to eight-month lows before the United States and China are due to sign a preliminary trade agreement to ease their 18-month old
Published 15 Jan, 2020 12:00am
Dollar steadies, sterling drops in New York
Money & Banking

Dollar steadies, sterling drops in New York

The US dollar index held steady on Monday before a heavy week of economic data, while sterling was the weakest performer after tepid growth increased the likelihood that the Bank of England will cut interest rates this month.
Published 15 Jan, 2020 12:00am
Asian forex: Yuan leads gainers
Money & Banking

Asian forex: Yuan leads gainers

The Chinese yuan firmed to its strongest level in six months on Tuesday, leading most other Asian currencies higher, as the US Treasury Department removed its designation of China as a currency manipulator.
Published 15 Jan, 2020 12:00am
Chile's Jarry suspended for doping violation
Other

Chile's Jarry suspended for doping violation

Chile's Nicolas Jarry has been provisionally suspended for an anti-doping violation after the world number 78 was tested at the Davis Cup.
Published 15 Jan, 2020 12:00am