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Print - 2020-01-28
Stepping out of the rut
Articles

Stepping out of the rut

In times of severe economic down-turn resource short countries like Pakistan need to practice punishing austerity - punishing specially for the haves as the have-nots have been already going through such austerity for ages - to enhance rates of savings an
Updated 29 Jan, 2020 05:00am
PM launches Kamyab Jawan programme

PM launches Kamyab Jawan programme

Prime Minster Imran Khan on Monday launched Kamyab Jawan Programme, saying that Pakistan Tahreek Insaf (PTI) government is committed to uplift youth of the country. Addressing a Kamyab Jawan Program launching ceremony held at Governor's House during his d
Published 28 Jan, 2020 12:00am
CPI based on 13 external data sources: TI

CPI based on 13 external data sources: TI

Transparency International said on Monday that Corruption Perceptions Index (CPI) is compiled at the TI Secretariat in Berlin based on 13 external data sources.
Published 28 Jan, 2020 12:00am
CJ administers oath to new CEC

CJ administers oath to new CEC

Chief Justice Gulzar Ahmed administered the oath of the office to Mohammad Jalal Sikandar Sultan as Chief Election Commissioner of Pakistan in a simple but dignified ceremony on Monday. The judges of the Supreme Court of Pakistan, attorney general for Pak
Published 28 Jan, 2020 12:00am
PSX stays depressed: BRIndex100 inches down
Stocks

PSX stays depressed: BRIndex100 inches down

Pakistan Stock Exchange Monday remained under pressure due to selling by local and foreign investors. BRIndex100 lost 8.78 points or 0.2 percent to close at 4,476.69 points. BRIndex100 touched intraday high of 4,499.94 and intraday low of 4,467.26 points.
Updated 28 Jan, 2020 05:36am
New Delhi to sell full stake in Air India

New Delhi to sell full stake in Air India

New Delhi intends to sell its entire stake in the debt-crippled national carrier Air India, the government announced Monday, after failing previously to secure any bids for a majority share. The airline, which owes more than $8 billion, has been strugglin
Published 28 Jan, 2020 12:00am
ISAF containers scam: FBR compiling new report

ISAF containers scam: FBR compiling new report

The Federal Board of Revenue (FBR) is compiling a new report including facts and data on the International Security Assistance Force's containers scam in which at least 7,922 transit containers were pilfered that caused estimated revenue loss of Rs 19 bil
Published 28 Jan, 2020 12:00am
Minister praises FBR's performance

Minister praises FBR's performance

Federal Minister for Economic Affairs Hammad Azhar claimed on Monday that the Federal Board of Revenue (FBR) achieved "95 per cent tax collection target of the first half (six months) of the ongoing fiscal year 2019-20 due to the right policies pursued by
Published 28 Jan, 2020 12:00am
Global concerns grow as China virus spreads

Global concerns grow as China virus spreads

The rapid spread of a deadly virus across China caused growing global alarm on Monday, with Germany advising citizens to avoid the country, Mongolia closing its border and other nations racing to evacuate citizens trapped at the epicentre of the epidemic.
Published 28 Jan, 2020 12:00am
Equities, oil tank as coronavirus triggers panic

Equities, oil tank as coronavirus triggers panic

Global stocks and oil plunged Monday as panicked investors fled risky assets for safer bets gold, bonds, the dollar and the yen, after China warned that a deadly new coronavirus was spreading fast. On equity markets luxury goods makers and airlines suffer
Published 28 Jan, 2020 12:00am
Medical reports: There's no reply from Nawaz, legal team: Shahzad

Medical reports: There's no reply from Nawaz, legal team: Shahzad

Special Assistant to the Prime Minister on Accountability Shahzad Akbar on Monday said the government had sought explanation from former prime minister Nawaz Sharif and his legal team about his medical reports but so far the government had not received th
Published 28 Jan, 2020 12:00am
Federal cabinet likely to discuss Sindh government-IGP tiff today

Federal cabinet likely to discuss Sindh government-IGP tiff today

The federal cabinet, which is scheduled to meet today (Tuesday) under Prime Minister Imran Khan, will take up 15-point agenda items including amendments to the President's and Prime Minister's Salary, Allowances and Privileges Acts 1975.
Published 28 Jan, 2020 12:00am
Musharraf case: LHC issues detailed verdict

Musharraf case: LHC issues detailed verdict

The Lahore High Court (LHC) on Monday issued a detailed verdict regarding declaring the formation of a special court to hear high treason case against former military ruler Pervez Musharraf as unconstitutional.
Published 28 Jan, 2020 12:00am
Saudi Arabia says Israelis cannot visit 'for now'

Saudi Arabia says Israelis cannot visit 'for now'

Israeli citizens are not allowed to come to Saudi Arabia, the kingdom's foreign minister announced Monday after the Jewish state said it gave its citizens the green light to visit. Saudi Foreign Minister Prince Faisal bin Farhan told CNN Israelis are not
Published 28 Jan, 2020 12:00am
Pashteen arrested

Pashteen arrested

Manzoor Pashteen, chief of the Pashtun Protection Movement (PTM), appeared before a magistrate here after being detained shortly after midnight, said police official Shiraz Khan. Khan said Pashteen would be transferred to another district where he is want
Published 28 Jan, 2020 12:00am
Third Pakistan-Bangladesh Twenty20 rained off

Third Pakistan-Bangladesh Twenty20 rained off

The third and final Twenty20 International (T20I) between Pakistan and Bangladesh has been called off due to rain without a ball bowled on Monday, giving the host a 2-0 series victory.
Published 28 Jan, 2020 12:00am
MPS today

MPS today

The State Bank of Pakistan (SBP) will unveil the Monetary Policy Statement on Tuesday (Jan 28) for next two months. Dr Reza Baqir, Governor SBP will announce the policy at a press conference after the meeting of the Monetary Policy Committee (MPC), which
Published 28 Jan, 2020 12:00am
'Austerity kills'
Letters

'Austerity kills'

This is apropos a Business Recorder op-ed "Austerity kills" carried by this newspaper on Saturday. The writer, Bakhtiyar Kazmi, like other Pakistani economists, seems to be greatly impressed by Nobel laureates American economist Joseph Stiglitz. He
Published 28 Jan, 2020 12:00am
Will Brexit see European division at the UN Security Council?
Articles

Will Brexit see European division at the UN Security Council?

In a recent UN Security Council vote on extending cross-border aid to Syria, Britain aligned with the United States and abstained in a rare split with its European partners that could herald others to come after Brexit. Some diplomats played down the Janu
Published 28 Jan, 2020 12:00am
Contamination reduces cotton value
Articles

Contamination reduces cotton value

Cotton is considered to be a resilient and reliable lifeline of Pakistan's economy; however, the reduction in its productivity over several years has negatively impacted performance of the entire economy. Importance of the cotton crop can be gauged from t
Published 28 Jan, 2020 12:00am
India's Republic Day: India no longer republic

India's Republic Day: India no longer republic

Throughout the world, and most distinctly in occupied Jammu & Kashmir, India's Republic Day on January 26 was observed as 'black day'. And it was expected to be so given the world rejection of Modi establishment's deepening obsession to convert India, whi
Updated 28 Jan, 2020 05:26am
Improved security sees foreign tourists return

Improved security sees foreign tourists return

British High Commissioner to Pakistan Dr Christian Turner read out a statement issued by the UK Foreign and Commonwealth Office which relaxed the travel advisory of UK nationals to Pakistan due to improved security situation, an outcome of "a comprehensiv
Updated 28 Jan, 2020 05:32am
LHC restrains Lesco from cutting down trees

LHC restrains Lesco from cutting down trees

The Chief Justice (CJ) of Lahore High Court on Monday restrained the Lahore Electric Supply Company (Lesco) from cutting trees near Jallo Park for installation of 132-KV transmission line.
Published 28 Jan, 2020 12:00am
Q2FY20: Discos' power tariff may be increased by Rs 0.35 per unit
Energy

Q2FY20: Discos' power tariff may be increased by Rs 0.35 per unit

The government is likely to increase power tariff of Distribution Companies (Discos) by Rs 0.35 per unit for second quarter of fiscal year 2019-20 to collect about Rs 30-35 billion from consumers' as capacity payment of IPPs as per agreement with the Int
Updated 28 Jan, 2020 05:36am
ECP appointments: IHC disposes of plea

ECP appointments: IHC disposes of plea

The Islamabad High Court (IHC) Monday disposed of a petition seeking the appointment of chief election commissioner (CEC) and two members of Election Commission of Pakistan (ECP).
Published 28 Jan, 2020 12:00am
Coronavirus: Pakistani students in China seeks government's help

Coronavirus: Pakistani students in China seeks government's help

Pakistani students from Punjab, Sindh and Khyber Pakhtunkhwa (KP) studying in the Engineering and Science University of Wuhan have requested help from the Chinese and Pakistani government amid alarming outbreak of the coronavirus in the Chinese province.
Published 28 Jan, 2020 12:00am
Reference against judge: President accused of violating oath

Reference against judge: President accused of violating oath

President Arif Alvi has violated his oath of the office by filing reference against Justice Qazi Faez without applying independent judicial mind, argued Rasheed A Rizvi on Monday. He was representing the Sindh High Court Bar Association (SHCBA), Karachi D
Published 28 Jan, 2020 12:00am
PN establishes medical camp at Shams Pir Island

PN establishes medical camp at Shams Pir Island

With an aim to provide better medical facilities and create awareness on health issues, Pakistan Navy in collaboration with Sahil Welfare Association and Ulphat Foundation established Free Medical Camp at Shams Pir Island, Karachi.
Published 28 Jan, 2020 12:00am
Basharat inaugurates 'Charming Pakistan' expo

Basharat inaugurates 'Charming Pakistan' expo

Provincial Minister for Law and Social Welfare Basharat Raja on Monday inaugurated an exhibition titled "Charming Pakistan" at the Lahore Arts Council (LAC) to showcase beautiful foliage, valleys and flowing streams to the public.
Published 28 Jan, 2020 12:00am
KP CM hands over cheque for Rs 15 million grant to PPC

KP CM hands over cheque for Rs 15 million grant to PPC

KP Chief Minister Mahmood Khan has said that all the promises and announcements made with the journalist community would be fulfilled adding that the issue of media colony would also be resolved as per their desires.
Published 28 Jan, 2020 12:00am
Country facing 'epidemic' of obesity: expert

Country facing 'epidemic' of obesity: expert

Pakistan is facing an epidemic of obesity where around 40 to 50 million people over the age of 20 years are obese and overweight, while obesity among children is also on the rise, resulting in premature deaths and permanent disability among Pakistani peop
Published 28 Jan, 2020 12:00am
PMT clarification
Business & Economy

PMT clarification

This is apropos a Business Recorder news item "Cost of RBOD-II project escalates due to mismanagement" carried by the newspaper on Jan 21, 2020. The Project Monitoring Team (PMT) has however clarified that it (PMT) is only entitled to assist in tec
Published 28 Jan, 2020 12:00am
SU bags 40 need-cum-merit-based scholarships

SU bags 40 need-cum-merit-based scholarships

As many as 40 need-cum-merit based scholarships each worth Rs150,000 have come exclusively to art students of University of Sindh, Jamshoro. SU is among 15 out of around 200 higher education institutions to have won this rare award. This package comes fro
Published 28 Jan, 2020 12:00am
Ghani orders probe into blast

Ghani orders probe into blast

Sindh Minister for Information, Archives and Labour Saeed Ghani on Monday visited the house in Mehmoodabad which was affected by gas leakage explosion. Speaking on the occasion, the provincial Information Minister said that directives had been issued to C
Published 28 Jan, 2020 12:00am
Envoy for increased Indonesia-Pakistan trade
Business & Economy

Envoy for increased Indonesia-Pakistan trade

Consul General of Indonesia, Totok Prianamto has expressed keen interest to enhance trade ties with Pakistan. The Indonesian Consul General was speaking at a meeting of Pakistan Chemicals and Dyes Merchants Association (PCDMA), he said that as being a Mus
Published 28 Jan, 2020 12:00am
PBIF chief urges SBP to cut interest rates
Money & Banking

PBIF chief urges SBP to cut interest rates

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has urged the central bank to reduce the interest rate to support the declining productive sector. A reduction in interest rates will trigger economic activities, attract i
Updated 28 Jan, 2020 06:36am
Import of olive plants: Private sector to get incentives: BMP

Import of olive plants: Private sector to get incentives: BMP

Secretary general, (Federal) of the Businessmen Panel (BMP), Ahmad Jawad, has demanded the government to give incentives to the private sector on the import of plants of olives, so that farmer will get proper price of the produce.
Published 28 Jan, 2020 12:00am
PM vows support to Sindh developments schemes
Business & Economy

PM vows support to Sindh developments schemes

The Prime Minister of Pakistan Imran Khan has assured the Chief Minister Sindh Syed Murad Ali Shah to expedite the process of Sindh government's schemes and said federal schemes in the province would be completed at the earliest.
Published 28 Jan, 2020 12:00am
Faisalabad Tax Bar Association elects new office-bearers

Faisalabad Tax Bar Association elects new office-bearers

The Faisalabad Tax Bar Association elected its new office-bearers on Monday. According to an announcement of the Faisalabad Tax Bar Association, Sheikh Muhammad Yousaf has been elected as President of Faisalabad Tax Bar Association and Mian Muhammad Afzal
Published 28 Jan, 2020 12:00am
Sacked KP ministers likely to meet PM soon

Sacked KP ministers likely to meet PM soon

The sacked Khyber Pakhtunkhwa provincial ministers are likely to meet Prime Minister Imran Khan in a day or two to present their side of the story, sources close to the two sacked ministers including Atif Khan and Shehram Tarakai told Business Recorder
Published 28 Jan, 2020 12:00am
Asia's naphtha hits 2-1/2-week low; gasoline gains
Energy

Asia's naphtha hits 2-1/2-week low; gasoline gains

Asia's naphtha crack edged down six cents to touch a 2-1/2 week low of $78.78 a tonne on Friday, while spot trades were mostly muted as the Lunar New Year drew some participants away. Buying had been brisk between Monday and Thursday, where South Korea an
Updated 28 Jan, 2020 06:34am
Gold demand tepid in major Asian hubs
Commodities

Gold demand tepid in major Asian hubs

Physical gold demand was subdued in major Asian hubs this week on account of the Lunar New Year holidays with growing fears the coronavirus outbreak in China could further dampen activity.
Published 28 Jan, 2020 12:00am
US natural gas futures fall to four-year low
Energy

US natural gas futures fall to four-year low

US natural gas futures were on track to drop to their lowest since March 2016 on forecasts for mild weather through early February and a small decline in liquefied natural gas exports. That price decline came despite production slowing to a four-month low
Updated 28 Jan, 2020 06:34am
Sluggish activity seen on cotton market
Cotton & Textile

Sluggish activity seen on cotton market

Spot rate fell on the cotton market on Monday due to sluggish demand by mills and spinners, dealers said. The official spot rate drifted lower by Rs50 to Rs9050, they added. In the ready session, over 2000 bales of cotton changed hands between Rs8500-9150
Updated 28 Jan, 2020 06:59am
Commercial plans for Auqaf department properties finalised

Commercial plans for Auqaf department properties finalised

Punjab Minister for Auqaf Sahibzada Syed Saeed-ul-Hassan Shah said Monday a commercial plan has been finalised for over 323 acre land of the department. He said some 124 properties of the department have been earmarked for this purpose. He said renovation
Published 28 Jan, 2020 12:00am
'Nudging for development': 22nd issue of DAP launched
Taxes

'Nudging for development': 22nd issue of DAP launched

Pakistan can benefit by infusing nudges in policymaking by identifying potential areas like tax collection and controlling Hundi/ Hawala where it can offer low cost-effective solutions to address simple problems.
Published 28 Jan, 2020 12:00am
Pakistan Services Limited
Brief Recordings

Pakistan Services Limited

Pakistan Services Limited (PSX: PSEL) was established in 1958 as a public limited company. It fundamentally operates in the hotel industry, operating a chain of 'Pearl Continental Hotels'. Currently, it owns six hotels across the country.
Updated 28 Jan, 2020 05:25am
Japanese chef makes history as he joins France's Michelin elite

Japanese chef makes history as he joins France's Michelin elite

Chef Kei Kobayashi became the first Japanese chef ever to win the maximum three Michelin stars in France on Monday. The 42-year-old, who was born in Nagano, was the biggest winner on a night when Japanese cooks triumphed in the backyard of French haute cu
Updated 28 Jan, 2020 05:32am
Prince Andrew accused of 'zero cooperation'

Prince Andrew accused of 'zero cooperation'

Prince Andrew has provided "zero cooperation" regarding late sex offender Jeffrey Epstein and has yet to respond to a FBI request for an interview, a US prosecutor said Monday. Andrew denies claims he had sex with a 17-year-old girl procured by Epstein an
Updated 28 Jan, 2020 05:32am
Iran accuses Europe of 'racism' over nuclear deal move

Iran accuses Europe of 'racism' over nuclear deal move

Iran's foreign minister on Monday said Britain, France and Germany had shown "racism" by activating a dispute mechanism in the 2015 nuclear deal. In a televised speech in Tehran, Mohammad Javad Zarif slammed the "illusion" that "only the blue-eyed" could
Updated 28 Jan, 2020 06:07am
Eight dead in US boat dock blaze

Eight dead in US boat dock blaze

Eight people were killed in a late night fire that swept through docked boats on a lake in the southern US state of Alabama, the local fire chief said Monday. "At this point, I can confirm eight fatalities," said Gene Necklaus, the fire chief of Scottsbor
Published 28 Jan, 2020 12:00am
Iran airliner overshoots runway, stops in highway

Iran airliner overshoots runway, stops in highway

An Iranian passenger plane overshot a runway as it landed Monday in the southwestern city of Bandar-e Mahshahr, barrelling into an adjacent highway without causing casualties, state TV reported. "Arriving at Mahshahr airport, the pilot landed the aircraft
Published 28 Jan, 2020 12:00am
Barnier warns of inevitable Brexit 'damage'

Barnier warns of inevitable Brexit 'damage'

The European Union's chief Brexit negotiator Michel Barnier on Monday warned Britain that its departure from the bloc later this week would have "negative consequences" and only ever be an exercise in "damage limitation". In a speech at Queen's University
Updated 28 Jan, 2020 05:42am
Portuguese hacker says he is behind Angola corruption leaks

Portuguese hacker says he is behind Angola corruption leaks

Lawyers for a Portuguese computer hacker said on Monday he was responsible for revealing the dealings of Angolan billionaire Isabel dos Santos, a corruption scandal with fallout across Europe and Africa. The hacker, Rui Pinto, handed over a hard drive "co
Updated 28 Jan, 2020 05:59am
US confirms jet crash; rejects Taliban shoot-down

US confirms jet crash; rejects Taliban shoot-down

The US Defense Department confirmed Monday that a military jet crashed in Ghazni province in Afghanistan, but rejected Taliban suggestions that it was shot down. Afghanistan US Forces spokesman Colonel Sonny Leggett confirmed in a statement that the aircr
Updated 28 Jan, 2020 05:59am
Vienna to reward car-free travel with concert tickets

Vienna to reward car-free travel with concert tickets

If you take public transport, cycle or walk in Vienna, you stand to gain more than fresh air and exercise, with the city unveiling an app on Monday to reward car-free travel with free concert and museum tickets. A total of 1,000 users will start a test of
Published 28 Jan, 2020 12:00am
Famed South African anti-apartheid photographer Santu Mofoken dies

Famed South African anti-apartheid photographer Santu Mofoken dies

One of South Africa's most celebrated anti-apartheid black photographers, Santu Mofokeng, has died at the age of 64, his friends said on Monday. Mofokeng, a fierce critic of how mainstream photojournalism represented black South Africans during the aparth
Published 28 Jan, 2020 12:00am
Trump insists Israeli-Palestinian plan has a 'chance'

Trump insists Israeli-Palestinian plan has a 'chance'

President Donald Trump said alongside visiting Prime Minister Benjamin Netanyahu on Monday that his Israeli-Palestinian peace plan has a "chance" - despite being flatly rejected by the Palestinians.
Updated 28 Jan, 2020 06:04am
FO takes exception to Ghani's remarks

FO takes exception to Ghani's remarks

Pakistan has expressed 'serious' concern over Afghan President Ashraf Ghani's 'unwarranted' remarks over the arrest of Manzoor Pashteen, leader of the Pashtun Tahafuz Movement (PTM) Monday and described it as interference in the country's internal affairs
Published 28 Jan, 2020 12:00am
Dawood-led team to attend conference in Nairobi
Business & Economy

Dawood-led team to attend conference in Nairobi

A trade delegation from domestic engineering industry, led by Advisor to the Prime Minister on Industries & Production, Commerce, Textile and Investment Abdul Razak Dawood, will attend "1st Africa-Pakistan Trade Development Conference" from 30th-31st Janu
Published 28 Jan, 2020 12:00am
'Galiyat Snow Festival' from January 31

'Galiyat Snow Festival' from January 31

The Tourism Corporation Khyber Pakhtunkhwa (TCKP) and Galiyat Development Authority (GDA) are jointly organising a three-day Galiyat Snow Festival 2020 in the scenic Nathiagali and other serene spots from January 31.
Published 28 Jan, 2020 12:00am
Parliamentary panel irked by HEC's lack of coordination

Parliamentary panel irked by HEC's lack of coordination

A parliamentary panel on Monday showed utter displeasure over lack of coordination and information sharing of Higher Education Commission (HEC) with Auditor General of Pakistan (AGP), National Accountability Bureau (NAB) and other relevant departments and
Published 28 Jan, 2020 12:00am
Governor inaugurates charitable hospital at Kot Lakhpat Jail

Governor inaugurates charitable hospital at Kot Lakhpat Jail

Punjab Governor Chaudhry Mohammad Sarwar here on Monday inaugurated Abdul Aleem Khan Foundation Hospital equipped with all modern facilities here at Kot Lakhpat Jail where mentally retarded prisoners, women and children will be extended healthcare facilit
Published 28 Jan, 2020 12:00am
Sarwar lauds CAA for AIIA operations

Sarwar lauds CAA for AIIA operations

Federal Aviation Minister Ghulam Sarwar Khan has visited Allama Iqbal International Airport to oversee precautionary measures taken by Pakistan Civil Aviation Authority (CAA) in view of Coronavirus outspread and interacted with Federal Government Health O
Published 28 Jan, 2020 12:00am
Shifa Hospital perform first-ever TAVI in Islamabad

Shifa Hospital perform first-ever TAVI in Islamabad

The cardiology team at Shifa International Hospital has performed first ever Transcatheter Aortic Valve Implantation (TAVI) procedure in Islamabad on an elderly patient suffering from critical heart condition.
Published 28 Jan, 2020 12:00am
CFAP, MSA: ICAP announces exam results

CFAP, MSA: ICAP announces exam results

The Institute of Chartered Accountant of Pakistan (ICAP) has announced the results of Certified Finance and Accounting Professional (CFAP) and Multi Subject Assessment (MSA) Examination held in December 2019. 271 examinees qualified, whereas 154 examinees
Published 28 Jan, 2020 12:00am
Government being run through ordinances: Rabbani

Government being run through ordinances: Rabbani

Existing parliament have less powers than Majlis-e-Shura of Gen Zia-ul-Haq, former chairman Senate Raza Rabbani lamented while addressing opening session of 1st International Conference on Diversity and Social Inclusion, organised by University of Managem
Published 28 Jan, 2020 12:00am
New DFID head meets Buzdar

New DFID head meets Buzdar

The new DFID head in Pakistan Annable Gerry called on Chief Minister Sardar Usman Buzdar at his office here on Monday. The chief minister congratulated her and expressed good wishes. He said the welfare of the people is a collective objective and health a
Published 28 Jan, 2020 12:00am
Chinese yuan down, yen rises in Asia
Money & Banking

Chinese yuan down, yen rises in Asia

The yuan fell in offshore trade on Monday to its lowest level in three weeks as the death toll in China from the spread of a new coronavirus mounted, raising worries authorities are struggling to contain the outbreak and sparking a bout of risk aversion.
Updated 28 Jan, 2020 06:46am
Early trade in New York: Dollar, yen strengthen
Money & Banking

Early trade in New York: Dollar, yen strengthen

The US dollar index, the Japanese yen and the Swiss franc rose on Monday morning, while the offshore yuan tumbled to a 2020 low as growing fears about the spread of a coronavirus from China pushed investors into safer assets.
Updated 28 Jan, 2020 06:47am