News Archives for Print - 2020-02-27

Print - 2020-02-27

Reko Diq case important for economic stability: AGP

Attorney General for Pakistan Khalid Jawed Khan has said that the Reko Diq case is very important for the economic stability of the country. He said if Pakistan loses this case then it will have serious implication for Pakistan's economy and its assets ab

Published 27 Feb, 2020 12:00am

Hydropower projects: World Bank asks Pakistan to revisit policy on IDC

The World Bank (WB) has asked the Government of Pakistan to revisit its policy on interest during construction (IDC) for hydropower projects to ensure affordable energy. The bank released a fact sheet on "Tarbela Fourth Hydropower Project (T4HP)", which s

Published 27 Feb, 2020 12:00am

Export-oriented industry: Government agrees to withdraw notification on surcharges, taxes

The government has agreed to withdraw notification of surcharges and taxes on export-oriented industry from January 2019 to June 2020. Informed sources told Business Recorder that the agreement was finalised after a marathon meeting. Now the govern

Published 27 Feb, 2020 12:00am

Bilateral trade: US official Ross smells sweet

Foreign Minister Shah Mehmood Qureshi on Wednesday claimed that with the visit of US Secretary of Commerce Wilbur Ross a "new chapter" is being opened in Pakistan-US relations focusing on boosting bilateral trade, and insisted that US President Donald Tru

Published 27 Feb, 2020 12:00am

Stocks

Bearish trend continues at PSX: BRIndex100 stays in red zone

Pakistan Stock Exchange on Wednesday remained under pressure and closed in deep red due to selling by both local and foreign investors. BRIndex100 lost 53.83 points or 1.33 percent to close at 3,991.24 points. During the session, the BRIndex-100 touched a

Published 27 Feb, 2020 12:00am

NPLs surge by Rs 81.66 billion to Rs 776 billion in CY19

Non-Performing Loans (NPLs) of the banking industry have continued to accumulate and surged by some 12 percent to Rs 776 billion mark by end of last calendar year (CY19) mainly due to addition of fresh NPLs on the back of higher interest rate.

Published 27 Feb, 2020 12:00am

EU eyes 'mini deal' to ease US trade tensions

The EU sees a chance to strike a mini deal to help ease trade tensions with the United States, the bloc's trade chief told the Financial Times on Wednesday. EU Trade Commissioner Phil Hogan said a decision by Washington to delay until March 18 a hike on U

Published 27 Feb, 2020 12:00am

Scramble to contain coronavirus as infections spread in Europe

Coronavirus cases spread in Europe and beyond Wednesday, with Latin America confirming its first patient as the world scrambled to contain the deadly epidemic that has killed thousands worldwide. New cases have emerged across Europe, many linked to the co

Published 27 Feb, 2020 12:00am

Pakistan confirms first two cases of coronavirus

Pakistan has also become a victim of coronavirus as two cases of the deadly virus were confirmed on Wednesday. One of the two cases of the coronavirus was reported in Karachi while details about the other case could not be had till our going to the press.

Published 27 Feb, 2020 12:00am

Wapda chief tells NA body: Cheap power will be provided only after four years

The Water and Power Development Authority (WAPDA) Chairperson, Lieutenant General Muzammil Hussain (retired), said that cheaper electricity would be provided to consumers on completion of hydropower projects and offloading of Independent Power Producers (

Published 27 Feb, 2020 12:00am

PM invites global attention to Modi government's actions

Prime Minister Imran Khan on Wednesday asked the international community to take notice of Narendra Modi-led Indian government's actions, which are pushing the sub-continent to the brink of disaster.

Published 27 Feb, 2020 12:00am

Letters

'The anti-food inflation package'

This is apropos a Business Recorder editorial "The anti-food inflation package" carried by the newspaper last Friday. The newspaper has plausibly argued that "there are a limited number of USC stores in the country, under 6,000 of which about 4,000

Published 27 Feb, 2020 12:00am

Articles

Qatar eyes diplomatic win with US-Taliban deal

Providing neutral space for talks on ending Afghanistan's 18-year conflict has boosted Qatar's international profile and helped it defy a painful embargo enforced by neighbours and former allies. After quietly brokering dialogue between the warring sides

Published 27 Feb, 2020 12:00am

Articles

Issues in energy for development

The welfare of humanity has critically depended on our ability to harness and use energy. Development in Pakistan has similarly faced huge obstacles resulting largely from our inability to organise the availability of energy at a reasonable cost in a worl

Published 27 Feb, 2020 12:00am

Articles

What goes around comes around

"Who so diggeth a pit shall fall therein: and he that rolleth a stone, it will return upon him" (Bible 26:27) It is pertinent to remind our politicians, busy digging holes and throwing stones, of this eminently sensible biblical proverb. Will they ever le

Published 27 Feb, 2020 12:00am

Iran election 2020

The conservatives have secured an absolute majority in Iran's 2020 general election, delivering a severe blow to liberal pro-West forces inside and their supporters outside the country. In the 290-seat parliament or Majlis, the conservatives won 219 seats

Updated 27 Feb, 2020 06:54am

Pakistan's challenges

Credit Suisse in a recent report maintains that Pakistan's economic challenges are greater than Egypt's. That is certainly true given that unlike Egypt we have generated little if any international tourist inflow in spite of Prime Minister Khan's focus on

Updated 27 Feb, 2020 06:54am

Absence of Islamabad mayor, CDA chief irks NA panel

The National Assembly's Standing Committee on Climate Change on Wednesday expressed strong displeasure over the absence of Islamabad Mayor Anser Aziz and Capital Development Authority (CDA) Chairman Amer Ali Ahmed from the committee's meeting, and issued

Published 27 Feb, 2020 12:00am

Opposition politicians sent behind bars by NAB, released by courts

A large number of opposition politicians who were sent behind bars by the National Accountability Bureau (NAB) after 2018 general elections as part of Prime Minister Imran Khan's election manifesto to punish the "corrupt", have almost all been released by

Published 27 Feb, 2020 12:00am

Majeed gets bail on medical grounds

The Islamabad High Court (IHC) on Wednesday granted bail to Abdul Ghani Majeed on medical grounds in five corruption cases filed against him by the National Accountability Bureau (NAB). A two-member bench of the IHC comprising Justice Miangul Hassan Auran

Published 27 Feb, 2020 12:00am

Indian diplomat summoned over LoC violation

Pakistan summoned top Indian diplomat and lodged with him a strong protest over the Indian forces' ceasefire violation along Line of Control (LoC) that resulted in serious injuries to a civilian in Mandhar village.

Published 27 Feb, 2020 12:00am

Trump's offer of mediation a negation of New Delhi's narrative: Qureshi

Foreign Minister Shah Mahmood Qureshi on Wednesday welcomed the US President, Donald Trump's, repeated offer of mediation on Kashmir, describing it as a negation of Indian narrative on Kashmir being its "internal issue".

Published 27 Feb, 2020 12:00am

Business & Economy

Dyes & chemicals from China: Government urged to allow early clearance

Former President KCCI and Former Chairman SITE Association of Industry, Zubair Motiwala has urged the Prime Minister, Finance Minister and Commerce Minister to allow early clearance of imports consignments containing dyes & chemicals from China.

Published 27 Feb, 2020 12:00am

Timely completion of schemes: Murad forms bodies to coordinate with executing agencies

Sindh Chief Minister Syed Murad Ali Shah has constituted district development committees so that the elected representatives of the area could coordinate with the executing agency of the schemes for their timely completion along with ensuring quality of t

Published 27 Feb, 2020 12:00am

250,000 out-of-school children: Lahore to have 100 more schools: Buzdar

To enroll 250,000 out-of-school children, Punjab government has announced to set up 100 new schools in the provincial capital by April.

Published 27 Feb, 2020 12:00am

Sugar prices: Secretaries directed to have closed liaison

Chief Secretary Punjab Azam Suleman Khan has ordered the secretaries of various departments to keep close coordination with the Federal Board of Revenue (FBR) so that data about stocks of sugar mills and its lifting could be shared and balance between dem

Published 27 Feb, 2020 12:00am

NAB summons Rana, Javed Latif

The National Accountability Bureau (NAB) has summoned Pakistan Muslim League-Nawaz (PML-N) leaders Rana Sanaullah and Mian Javed Latif on March 6 and 13, respectively.

Published 27 Feb, 2020 12:00am

Business & Economy

ML-1 project: Railways submits updated PC-1 to ministry

Pakistan Railways has submitted the updated PC-1 of Main Line-1 (ML-1) project to the ministry of planning, development and special initiatives. The revised PC-1 features downward revision of overall cost from US$9.248 billion to US$9.172 billion.

Published 27 Feb, 2020 12:00am

Business & Economy

Pak-US Business Council for duty-free access to US market

Founder Chairman of Pak-US Business Council Iftikhar Ali Malik on Wednesday urged the US Commerce Secretary Wilbur Ross, who is currently visiting Pakistan, for creating opportunities for joint ventures between the two countries in the economic sphere and

Published 27 Feb, 2020 12:00am

Punjab government recovers 1300 kanal state land

The Punjab government took action against the land mafia and recovered 1300 kanal land in the city. According to details, the Assistant Commissioner City carried out an action against the illegal occupants at the Moza Babu Sabu and got vacated 1300 state

Published 27 Feb, 2020 12:00am

Energy

Energy sector under acute stress: Nepra

National Electric Power Regulatory Authority (Nepra) said on Wednesday that Pakistan's energy sector is under acute stress of take or pay mode of contract which have long-term implications.

Published 27 Feb, 2020 12:00am

Energy

NA body for judicial inquiry into Keamari gas mystery

National Assembly's Standing Committee on Maritime Affairs on Wednesday asked for a judicial inquiry on the leakage of poisonous gas from shipment at the Keamari dockyard, Karachi.

Published 27 Feb, 2020 12:00am

German envoy meets KP governor

The Ambassador of the Federal Republic of Germany to Pakistan Bernhard Schlagheck called on Governor Khyber Pakhtunkhwa Shah Farman here at Governor's House on Wednesday. He remained with the Governor for some time and discussed matters of bilateral inte

Published 27 Feb, 2020 12:00am

Summary submitted to Cabinet's ECC: HEC seeks Rs 5 billion supplementary grant

The Higher Education Commission (HEC) has submitted a summary to the Economic Coordination Committee (ECC) of the cabinet seeking a supplementary grant of Rs 5 billion for the current fiscal year to meet public-sector universities' expenses.

Published 27 Feb, 2020 12:00am

Business & Economy

PACT Sindh launched: Exports to EU increased by 50 percent after grant of GSP+ status: envoy

European Union (EU) Ambassador to Pakistan, Androulla Kaminara on Wednesday said that Pakistan's exports to EU have increased by 50 percent after the grant of generalised scheme of preference (GSP+) status to the country in 2013.

Published 27 Feb, 2020 12:00am

Energy

OGDCL earns Rs 53.184 billion PAT in six months

The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on 26th February, 2020 at Islamabad announced the financial results for the second quarter (six months) ended 31st December, 2019 of fiscal year 2019-20. Net sales

Published 27 Feb, 2020 12:00am

Niamatullah Khan laid to rest

Former Nazim of Karachi, Niamatullah Khan, was laid to rest at the DHA Phase VIII graveyard amid tears and anguish here on Wednesday. The chief of Jamaat-e-Islami (JI), Senator Siraj-ul-Haq, led his funeral prayers which were attended by thousands of peop

Published 27 Feb, 2020 12:00am

CNS visits forward posts in Creeks Area

Chief of the Naval Staff Admiral Zafar Mahmood Abbasi visited Command Centres & forward posts in Creeks Area to witness operational preparedness and combat readiness of troops during ongoing Major Maritime Exercise SEASPARK-20.

Published 27 Feb, 2020 12:00am

IHC extends interim bail of Akram Durrani till March 17

The Islamabad High Court (IHC) on Wednesday extended the interim bail of former federal minister and Jamiat Ulema-e-Islam-Fazl (JUI-F)'s leader Akram Khan Durrani till March 17th, in four inquiries initiated by the National Accountability Bureau (NAB).

Published 27 Feb, 2020 12:00am

Khaqan, Ahsan released from Adiala Jail

Former Prime Minister Shahid Khaqan Abbasi and former interior minister Ahsan Iqbal were released from jail on Wednesday, after the Accountability Court issued orders for their release.

Published 27 Feb, 2020 12:00am

Government to help print media come out of crisis: Alvi

President Dr Arif Alvi on Wednesday pledged that the incumbent government help print media industry come out of its current crisis.

Published 27 Feb, 2020 12:00am

Energy

Taha made new MD & CEO of PSO

Known and respected for his transformational skills in the energy sector over two decades of experience in the industry, the newly appointed Managing Director (MD) and Chief Executive Officer (CEO) of Pakistan State Oil Company Limited (PSO), Syed Muhamma

Published 27 Feb, 2020 12:00am

Draft bill: EfS hails ministry's move

Editors for Safety (EfS), a forum comprising a large number of newspaper editors and directors news of leading televisions channels, has welcomed the move by the Ministry of Human Rights to draft a "landmark" bill that is aimed at ensuring safety and secu

Published 27 Feb, 2020 12:00am

Energy

220/132kV substation, transmission lines: NTDC secures Rs 6400 million loan from consortium of banks

In order to induct 956MW power from wind power projects to the system, the National Transmission and Despatch Company Ltd (NTDC) has secured Rs 6400 million loan from consortium of banks (Habib Bank Limited, National Bank of Pakistan & Bank Islami Pakista

Published 27 Feb, 2020 12:00am

Energy

Power tariffs for Discos: CPPA-G seeks increase of Rs 1.50/unit for 3 months

Central Power Purchasing Agency Guaranteed (CPPA-G) is said to have sought an average cumulative increase of Rs 1.50 per unit in electricity tariffs of power Distribution Companies (Discos) for three months, i.e, November and December 2019 and January 202

Published 27 Feb, 2020 12:00am

Energy

SNGPL conducts raids

UFG-C and Commercial vigilance teams of Sui Northern Gas Pipe Lines (SNGPL) Lahore Region carried out joint raids in different areas of Lahore. Teams successfully conducted raids near Shera Kot Band Road, Mian Amir uddin Park Tajpura and Shah Alam Market

Published 27 Feb, 2020 12:00am

Business & Economy

Clarification by ministry of commerce

This is with reference to an item of the news titled "NA body takes ministry to task on exports, other matters", which appeared in Business Recorder on 26th February 2020. The Ministry of Commerce would like to clarify its position.

Published 27 Feb, 2020 12:00am

Bestway Group invites CWEIC UK's dy chief to Pakistan

In pursuit to position the Islamic Republic of Pakistan a key member of Commonwealth with the potential to assist in creating a powerful platform for meaningful engagement between businesses and Government decision-makers across the Commonwealth through C

Published 27 Feb, 2020 12:00am

Business & Economy

Second quarter: Sindh government's uplift expenditure stands at Rs 51.1 billion: report

The development expenditure of Sindh government in the second quarter of the current financial year stood at Rs 51.1 billion. The development expenditure for the province in the current budget was estimated at Rs 284.1 billion, which was enhanced to Rs 29

Published 27 Feb, 2020 12:00am

Brief Recordings

JDW Sugar Mills Limited

Founded in 1990 as a private limited company in Rahim Yar Khan, Jehangir Tareen's JDW Sugar Mills Limited (PSX: JDWS) is by far the largest white sugar producer in the country, 2.3 times larger than the second largest mill by output (Hamza Sugar, 2018).

Updated 27 Feb, 2020 04:38am

US Navy resumes training Saudis

The Pentagon said Wednesday it had resumed training Saudi military pilots two months after a trainee shot dead three Americans at a Florida naval base in what was called an "act of terrorism."

Published 27 Feb, 2020 12:00am

UK fraudster jailed for three years over migrant smuggling

A British fraudster who had been on the run for nearly three decades using dozens of aliases was jailed on Wednesday after being caught off the UK coast trying to smuggle eight Albanian migrants into the country.

Published 27 Feb, 2020 12:00am

'UK must accept 'common' standards for deal with EU'

The EU's chief negotiator with the UK, Michel Barnier, emphasised Wednesday that Britain must accept standards on a par with the bloc's if it wants a post-Brexit deal to kick in from next year.

Published 27 Feb, 2020 12:00am

Sri Lanka notifies UN withdrawing from war crimes resolution

Sri Lanka on Wednesday notified the UN that it was withdrawing from a United Nations resolution for investigating alleged war crimes committed during a decades-long conflict with Tamil separatists.

Published 27 Feb, 2020 12:00am

Modi calls for calm as Delhi riots toll rises to 24

Indian Prime Minister Narendra Modi called for calm Wednesday after Delhi's worst sectarian violence in decades left at least 24 people dead and calls for a military curfew.

Published 27 Feb, 2020 12:00am

German court scraps ban on professional assisted suicide

Germany's highest court on Wednesday ruled that a 2015 law banning professional assisted suicide was unconstitutional, saying in a landmark decision that people have "the right to a self-determined death".

Published 27 Feb, 2020 12:00am

Erdogan rules out 'smallest step back' in Syria's Idlib

President Recep Tayyip Erdogan on Wednesday vowed Turkey would not take the "smallest step back" in an escalating stand-off with Damascus and Russia over the northern Syrian region of Idlib.

Published 27 Feb, 2020 12:00am

PMEX daily trading report

On Tuesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,121. The traded value of Metals, Energy and COTS/FX was recorded at PKR 10.289 billion and the number of lots traded was 12,864.

Published 27 Feb, 2020 12:00am

Commodities

CBOT soyabean futures firmer

Chicago Board of Trade soyabean futures firmed on Tuesday for the first time in four sessions in a moderate short-covering rebound from the prior session's steep losses, traders said.

Published 27 Feb, 2020 12:00am

Business & Economy

Activities of Karachi Port

The Karachi Port handled 94,732 tonnes of cargo comprising 35,379 tonnes of import cargo and 59,353 tonnes of export cargo including 4,362 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday.

Published 27 Feb, 2020 12:00am

Commodities

China's iron ore snaps 10-day rally as pandemic looms

China's iron ore futures snapped a 10-day winning streak on Tuesday on fears that the fast-spreading coronavirus could turn into a pandemic and further disrupt businesses and hurt the global economy.

Published 27 Feb, 2020 12:00am

Energy

US natural gas futures up despite forecasts for less demand

US natural gas futures edged up on Tuesday despite forecasts for a little less demand over the next two weeks than earlier expected.

Published 27 Feb, 2020 12:00am

Commodities

Indian rapeseed refiners call for halt to palmolein imports

Indian refiners of edible oils urged the government on Tuesday to stop issuing import licenses for palmolein to help avoid a crash in domestic prices of rapeseed.

Published 27 Feb, 2020 12:00am

Cotton & Textile

Subdued business activity seen on cotton market

Subdued business was witnessed on the cotton market on Wednesday as ginners showed no interest in fresh selling, dealers said.

Published 27 Feb, 2020 12:00am

Commodities

European wheat futures hit 7-week low

European wheat futures fell on Tuesday to a seven-week low as fears about the spread of coronavirus outside China hung over the market after also sparking heavy losses on Monday.

Published 27 Feb, 2020 12:00am

Money & Banking

Dollar nurses losses in Asian trade

The dollar nursed losses on Wednesday as rising expectations of a US rate cut and warnings from US health officials about the spread of the coronavirus called into question the perceived strength of US financial assets.

Published 27 Feb, 2020 12:00am

Money & Banking

Dollar rebounds in Europe

The dollar rebounded on Wednesday from a two-week low hit in the previous session as investors scaled back expectations that the US Federal Reserve would signal more policy easing in response to a deadly virus spreading outside China.

Published 27 Feb, 2020 12:00am

Money & Banking

Early trade in New York: dollar rises from two-week low

The US dollar rebounded on Wednesday from a two-week low hit in the previous session in step with US equity markets, though moves were muted as investors remained cautious as the coronavirus continues to spread.

Published 27 Feb, 2020 12:00am

Money & Banking

Dollar index falls in New York on Fed cut expectations

The US dollar index weakened on Tuesday as expectations grew that the Federal Reserve would cut interest rates this year to relieve pressure on the economy caused by China's coronavirus outbreak.

Published 27 Feb, 2020 12:00am

Money & Banking

South African rand up

The South African rand gained on Wednesday after Finance Minister Tito Mboweni said in a budget speech that the government would cut the public sector wage bill to contain a rising budget deficit.

Published 27 Feb, 2020 12:00am

Money & Banking

Asian forex: Most emerging Asian units slip

Most emerging Asian currencies weakened on Wednesday as a spike in coronavirus cases and a US warning of an inevitable pandemic heightened worries of a global economic slowdown.

Published 27 Feb, 2020 12:00am

Money & Banking

Sterling's losses deepen as policy stimulus hopes fade

Sterling's losses deepened on Wednesday as investors cut positions on concerns that Britain's new finance minister Rishi Sunak's budget announcement in March may disappoint those waiting for a pick-up in fiscal spending.

Published 27 Feb, 2020 12:00am

Money & Banking

Aussie, kiwi pressed as economic risks fuel rate bets

The Australian and New Zealand dollars had their backs to the wall on Wednesday as the mounting economic toll of the coronavirus drove funds to safe havens such as the Japanese yen and shoved local bond yields toward all-time lows.

Published 27 Feb, 2020 12:00am

Other

KP CM opens Qamar Zaman Squash Complex, air gym

Khyber Pakhtunkhwa Chief Minister Mahmood Khan along with legendaries Jansher Khan, Qamar Zaman, and former World No. 2 Mohib Ullah on Wednesday inaugurated a state of the art Squash Complex named after Qamar Zaman. The complex constructed in the vicinity

Published 27 Feb, 2020 12:00am

Other

Sharapova announces retirement

Five-time Grand Slam winner Maria Sharapova, one of the world's most recognisable and highest-paid sportswomen, on Wednesday announced her retirement at the age of 32.

Published 27 Feb, 2020 12:00am

Other

Japan Davis Cup tie behind closed doors

Japan's home Davis Cup tie against Ecuador next week will be played behind closed doors, organisers said Wednesday, the latest sporting event in the country to be affected by coronavirus fears, five months before the Tokyo Olympics.

Published 27 Feb, 2020 12:00am

Cricket

Sri Lanka clinch ODI series

Sri Lanka crushed West Indies by 161 runs in the second one-day international to clinch the series in Hambantota on Wednesday.

Published 27 Feb, 2020 12:00am

Cricket

Women's Twenty20 World Cup: Pakistan off to an impressive start; England post victory

Pakistan beat West Indies and England defeated Thailand in the women's Twenty20 World Cup matches played on Wednesday. Pakistan got their tournament off to an impressive start, beating the West Indies with 10 balls to spare.

Published 27 Feb, 2020 12:00am

Money & Banking

IMF urges DR Congo to cut budget, halt central bank loans

The IMF voiced concern Wednesday over DR Congo's 2020 budget and urged its central bank to stop drawing down foreign currency reserves and advancing money to the government.

Published 27 Feb, 2020 12:00am

Global Business Economy

Hong Kong unveils record budget deficit

Hong Kong unveiled a record budget deficit on Wednesday, as it boosted cash handouts to residents and tax concessions for companies to cushion the shock of often-violent protests and the outbreak of a coronavirus on the recession-hit economy.

Published 27 Feb, 2020 12:00am

Money & Banking

EU open to more spending in countries hit by coronavirus outbreak

Italy and other euro zone countries hit by the coronavirus outbreak are expected to benefit from waivers under EU fiscal rules that will allow them to spend more to tackle the emergency, the bloc's economics commissioner said on Wednesday.

Published 27 Feb, 2020 12:00am

Global Business Economy

Thai king signs delayed $100 billion budget into law

Thailand's King Maha Vajiralongkorn has signed into law a delayed $100 billion budget for the current fiscal year that aims to revive Southeast Asia's second-largest economy, according to the Royal Gazette.

Published 27 Feb, 2020 12:00am

IT & Computers

Google pledges new $10 billion investment in US in 2020

Google said Wednesday it would invest more than $10 billion in US offices and data centers in 2020, including its new campus planned for New York City and projects in 10 other states. The pledge comes on top of some $22 billion invested by the US tech gia

Published 27 Feb, 2020 12:00am

Global Business Economy

South Africa unveils measures to rein in public spending

South Africa's finance minister on Wednesday announced plans to tighten government spending, including a major cut to public sector wages, in an effort to avoid a looming financial crunch.

Published 27 Feb, 2020 12:00am

Global Business Economy

Belgium's Solvay to cut 350 jobs worldwide

Belgian chemicals giant Solvay, facing difficulties linked to the coronavirus and the Boeing 737 MAX scandal, on Wednesday announced plans to cut 350 jobs around the world by the end of 2021. The company said in a statement it would axe 500 posts includin

Published 27 Feb, 2020 12:00am

Money & Banking

Lower mortgage rates, mild weather lift US new home sales to 12-1/2-year high

Sales of new US single-family homes raced to a 12-1/2-year high in January, pointing to housing market strength that could help to blunt any hit on the economy from the coronavirus and keep the longest economic expansion in history on track.

Published 27 Feb, 2020 12:00am

Stocks

Dubai leads Gulf lower as coronavirus concerns intensify

Most Gulf stocks extended loses on Wednesday as the coronavirus continued to spread through the Middle East, with Kuwait and Bahrain reporting a rise in new cases.

Published 27 Feb, 2020 12:00am

Stocks

Hong Kong stocks weaken

Hong Kong stocks closed lower on Wednesday as fears grew over the rapidly spreading coronavirus outbreak outside China, though losses narrowed after the Asian financial hub rolled out stimulus to prop up its economy.

Published 27 Feb, 2020 12:00am

Stocks

Wednesday's early trade: Wall Street bounces after virus-driven selloff

US stocks attempted a recovery on Wednesday after a rocky start to the week that shaved off more than 6% from the main indexes on growth concerns stemming from a global spread of the coronavirus.

Published 27 Feb, 2020 12:00am

Stocks

Wall Street's sell-off deepens as coronavirus fears intensify

The Dow and the S&P 500 tumbled 3% on Tuesday in their fourth straight day of losses as the coronavirus spread further around the world and investors offloaded risky assets as they struggled to gauge the economic impact.

Published 27 Feb, 2020 12:00am

Stocks

Australian, NZ shares weaken

Sell-offs in Australian shares deepened on Wednesday as the rapid spread of coronavirus beyond China sparked fears that the outbreak could turn into a pandemic that could derail the global economy.

Published 27 Feb, 2020 12:00am

Money & Banking

Treasury yields move higher

US Treasury yields were higher on Wednesday as traders adjusted portfolios against risks that the spreading coronavirus epidemic would have a major economic impact.

Published 27 Feb, 2020 12:00am

Stocks

Tokyo shares hit 4-month low

Japanese shares extended losses on Wednesday to their lowest close in more than four months, as a spike in coronavirus infections beyond mainland China threatened to damage global economic growth, forcing investors to dump risk assets.

Published 27 Feb, 2020 12:00am

Stocks

China stocks slide

China stocks ended lower on Wednesday as fears over the global coronavirus contagion rose, though losses were contained as new infections fell in China and investors expected a further stimulus from Beijing to support the domestic economy.

Published 27 Feb, 2020 12:00am

Stocks

European stocks 'take a breather' as earnings soothe selling fever

European shares ended flat on Wednesday, recouping all of the day's losses as strong utility and automobile earnings helped somewhat distract markets from the coronavirus outbreak.

Published 27 Feb, 2020 12:00am

Stocks

Indian shares down

Indian shares ended lower on Wednesday, weighed down by auto and metal stocks, on investor concerns about a potential coronavirus pandemic.

Published 27 Feb, 2020 12:00am

Stocks

SE Asian stocks thrashed by pandemic fears

Southeast Asian stock markets were a sea of red on Wednesday as the spread of the coronavirus beyond China accelerated dumping of Asian assets, with the Thai bourse recording its biggest drop in six years.

Published 27 Feb, 2020 12:00am

Stocks

FTSE 100 outshines, madcap index hits over 3-month low

London's mid-cap index slid to its lowest in more than three months on Wednesday amid worries that Britain's upcoming budget may disappoint investors, while the FTSE 100 snapped a four-day losing run after a rally on Wall Street.

Published 27 Feb, 2020 12:00am

PCA marks International Mother Language Day

The Pakhtun Cultural Association (PCA) organised a literary reference and a musical evening in connection with the International Mother Language Day "Da Rangoono Makham" (colourful evening), here on Wednesday.

Published 27 Feb, 2020 12:00am

PM leaves for Qatar today

Prime Minister Imran Khan will be visiting Qatar on Thursday (today) to meet Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, as part of regular exchange of high-level visits, the Foreign Office said. In the statement, the Foreign Office said

Published 27 Feb, 2020 12:00am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Apr 26	278.58
USD PKR Interbank Buying / Apr 26	278.28
USD to Japanese Yen / Apr 26	158.33
USD to Swiss Franc / Apr 26	0.91
Pound Sterling to USD / Apr 26	1.25
Euro to USD / Apr 26	1.07

Stock	Volume
S&P 500 / Apr 26	5099.96
India Sensex / Apr 26	73730.16
Tokyo Nikkei / Apr 26	37934.76
Nasdaq / Apr 26	15927.90
Hang Seng / Apr 26	17651.15
FTSE 100 / Apr 26	8139.83
Dow Jones / Apr 26	38239.66
Germany DAX 30 / Apr 26	18161.01

Item	Value
Crude Oil USD/Barrel / Apr 26	83.85
Karachi Cotton PKR/37.32 KG / Apr 26	20535
Gold 10 Grams PKR / Apr 26	210048
Gold Spot USD/Ounce / Apr 26	2337.96
Cotton US¢/pound / Apr 26	80.90
Petrol/Litre / Apr 27	293.94

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Apr 27 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Apr 27 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Apr 27 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Apr 27 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Apr 27 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Apr 27 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Apr 27 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Apr 27 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Apr 27 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Apr 27 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Apr 27 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Apr 27 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Apr 27 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Apr 27 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Apr 27 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Apr 27 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Apr 27 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Apr 27 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Apr 27 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Apr 27 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Apr 27 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Apr 27 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Apr 27 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Apr 27 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Apr 27 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Apr 27 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Apr 27 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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