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Print - 2020-04-04
PPDWP approves 'Punjab Rozgaar Scheme'
Business & Economy

PPDWP approves 'Punjab Rozgaar Scheme'

The Punjab Provincial Development Working Party (PPDWP) here on Friday approved 'Punjab Rozgaar Scheme' and allocated a sum of Rs 9500 million to the Punjab Small Industries Corporation (PSIC) as implementing agency.
Published 04 Apr, 2020 12:00am
World Bank signs financing accord worth $200 million

World Bank signs financing accord worth $200 million

The World Bank (WB) on Friday signed the financing agreement worth $200 million with Pakistan for the COVID-19 pandemic response. Dr Syed Pervaiz Abbas, federal secretary of the Economic Affairs Division signed the financing agreement on behalf of the Gov
Published 04 Apr, 2020 12:00am
Export expected to decline up to $4 billion: Razak

Export expected to decline up to $4 billion: Razak

Prime Minister's Advisor on Commerce, Industries and Production and Investment, Abdul Razak Dawood said on Friday that Pakistan's export are expected to decline up to $4 billion due to spread of Covid-19 across the world.
Published 04 Apr, 2020 12:00am
GDP growth to decelerate: ADB

GDP growth to decelerate: ADB

An increase in inflation rate for Pakistan to 11.5 percent and a further downward revision of GDP growth rate to 2.6 percent for 2020 has been projected by Asian Development Bank attributed to a rise in food prices, with planned utility price hikes taking
Published 04 Apr, 2020 12:00am
Economic freefall looms

Economic freefall looms

Global cases of the new coronavirus have shot past 1 million with more than 53,000 fatalities, a Reuters tally showed on Friday, as death tolls soared in the United States and western Europe while the world economy nosedived. In the space of just 24 hours
Published 04 Apr, 2020 12:00am
Construction sector given tax incentives

Construction sector given tax incentives

Prime Minister Imran Khan has announced tax incentives for the construction sector, saying that this construction sector is being given the "status of industry". Moreover, its related industries would reopen from April 14 to provide employments to people.
Published 04 Apr, 2020 12:00am
Deep oil output cuts won't offset demand loss: IEA

Deep oil output cuts won't offset demand loss: IEA

Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world's richest economies to discuss broader ways to stabilise oil markets.
Published 04 Apr, 2020 12:00am
Refinance Schemes: SBP allows deferment of loans for a year

Refinance Schemes: SBP allows deferment of loans for a year

The State Bank of Pakistan (SBP) has announced to extend the scope of financial relief package to borrowers availing loans under Refinance Schemes. Now, the borrowers of SBP's refinance schemes will be allowed for deferment in repayment of principal amoun
Published 04 Apr, 2020 12:00am
Rs 100 billion refunds released under package: MoF

Rs 100 billion refunds released under package: MoF

The Finance Ministry has stated that the government has released Rs100 billion to industry under tax refunds on Thursday (April 2) under the government's Rs1,240 billion stimulus package announced by the prime minister on March 27, said a press release is
Published 04 Apr, 2020 12:00am
WB revises real GDP growth projection downward to 1.1 percent

WB revises real GDP growth projection downward to 1.1 percent

The World Bank (WB) has revised the real GDP growth projection massively for Pakistan to 1.1 percent from an earlier projection of 2.4 percent for 2020 and 0.9 percent for 2021 from the earlier three percent on account of steep decline in economic activit
Published 04 Apr, 2020 12:00am
It will also benefit middle class: Hafeez

It will also benefit middle class: Hafeez

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh Friday said that Rs1,200 billion relief package announced by Prime Minister Imran Khan to lessen the impact of coronavirus will also benefit the middle class.
Published 04 Apr, 2020 12:00am
Stimulus package: modalities devised

Stimulus package: modalities devised

Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh Friday chaired a meeting to devise the modalities for the implementation of the fiscal stimulus package, and directed to make the best use of their abilities for providing relief to the wors
Published 04 Apr, 2020 12:00am
87 percent rise in coronavirus cases in 18 days: Murad

87 percent rise in coronavirus cases in 18 days: Murad

Sindh Chief Minister Syed Murad Ali Shah has said that during the last 18 days, 87 percent rise has been recorded in the coronavirus cases. "This is alarming, and the pandemic needs more focused and collective efforts to control it."
Published 04 Apr, 2020 12:00am
Saudi king earmarks $2.4 billion to pay private sector workers

Saudi king earmarks $2.4 billion to pay private sector workers

Saudi Arabia's King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday.
Published 04 Apr, 2020 12:00am
Coronavirus challenge: employers' perspective

Coronavirus challenge: employers' perspective

Employers Federation of Pakistan (EFP), the apex body of manufacturers of Pakistan and a constituent of International Labour Organisation (ILO), is deeply concerned with the economic and social consequences of the outbreak of COVID-19 that has deeply impa
Published 04 Apr, 2020 12:00am
Daniel Pearl case: Sindh government to challenge SHC verdict

Daniel Pearl case: Sindh government to challenge SHC verdict

Sindh Government will file an appeal in Supreme Court (SC) against the judgment of Sindh High Court (SHC) in the Daniel Pearl case. SHC had acquitted three suspects of being involved in the kidnapping and murder of American journalist in 2002 and overturn
Published 04 Apr, 2020 12:00am
IFRS 9: SBP extends timeline

IFRS 9: SBP extends timeline

The State Bank of Pakistan (SBP) has extended the timeline for implementation of International Financial Reporting Standard 9 (IFRS 9). According to SBP, keeping in view the prevalent COVID-19 (Corona Virus Disease 2019) pandemic situation, it has been de
Published 04 Apr, 2020 12:00am
People rough policemen up in Karachi

People rough policemen up in Karachi

Police said that two of its personnel were beaten by some angry people in Liaqatabad when the law-enforcers tried to stop them from going to a mosque to offer Friday prayers in congregation.
Published 04 Apr, 2020 12:00am
Coronavirus challenge
Letters

Coronavirus challenge

This is apropos a Business Recorder op-ed "Covid-19 pandemic, leadership & apathy" carried by the newspaper yesterday. The writers, Huzaima Bukhari and Dr Ikramul Haq, have extensively cited China's example in order to advance their argument. But t
Published 04 Apr, 2020 12:00am
Time to rise
Articles

Time to rise

That the country is on economic roller coaster is perhaps an understatement.
Published 04 Apr, 2020 12:00am
Formidable challenge
Articles

Formidable challenge

Coronavirus has severely impacted the human lives and the economies the world over in a profound manner. The trauma of loss of human lives will be followed by loss of jobs, food shortages and depleted health facilities - just to name a few of them.
Published 04 Apr, 2020 12:00am
Daniel Pearl case verdict

Daniel Pearl case verdict

18 years on, the gruesome murder of Wall Street Journal correspondent Daniel Pearl remains engulfed in mystery. The Sindh High Court (SHC) on Thursday overturned the life sentence, awarded to three accused by a trial court on charges of kidnap and murder,
Updated 06 Apr, 2020 05:18am
The prospect of food shortage

The prospect of food shortage

With an end to the coronavirus pandemic still nowhere in sight it was only a matter of time, really, before concerns about food shortage started doing the rounds. The United Nations' Food and Agriculture Organisation (FAO) warned just last week that prote
Updated 06 Apr, 2020 05:17am
Delicate balance

Delicate balance

Asad Umar, the Minister for Planning and Development, whose relevance within Prime Minister Imran Khan's Cabinet has further strengthened as the administration struggles to meet the ever-rising challenges as a consequence of the onslaught of the pandemic
Updated 06 Apr, 2020 05:16am
Procedural snags may mar distribution of Rs 200 billion among needy

Procedural snags may mar distribution of Rs 200 billion among needy

Pakistan Tehreek-e-Insaf government is set to distribute Rs 200 billion among the deserving population across the country through three different programmes but procedural anomalies coupled with bureaucratic hitches related to the registration of those in
Published 04 Apr, 2020 12:00am
Chinese company donates masks

Chinese company donates masks

The China Gezhouba Group Company Pakistan Head Shi Yu called on Chief Minister Khyber Pakhtunkhwa, Mahmood Khan here on Friday and announced donation of 60000 protective masks and 1000 3M brand protective suits as a gesture of good well. KP chief minister
Published 04 Apr, 2020 12:00am
PALSP demands relief package for steel sector
Commodities

PALSP demands relief package for steel sector

While welcoming the construction industry's package announced by the Prime Minister, Pakistan Association of Large Steel Producers (PALSP) has stated that genuine concerns of the steel industry also need to be deliberated in order to bolster the construct
Published 04 Apr, 2020 12:00am
ABAD hails PM's tax incentives as 'historic'
Taxes

ABAD hails PM's tax incentives as 'historic'

Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has termed the tax incentives announced by Prime Minister Imran Khan as a historic package for the construction industry of Pakistan and this package will prove a turning
Published 04 Apr, 2020 12:00am
Army takes control of NCOC to contain spread of Covid-19

Army takes control of NCOC to contain spread of Covid-19

Pakistan army is taking the lead role in response to the Covid-19 pandemic by taking control of the top implementation body - National Command and Operation Centre (NCOC) - accompanied by deployment of troops across the country in aid of civil power under
Published 04 Apr, 2020 12:00am
APTMA wants textile units be exempted from lockdown
Cotton & Textile

APTMA wants textile units be exempted from lockdown

With a view to ensure smooth running of business operations of export-oriented industry and to bring them at par with the units operating in KPK and Sindh, the All Pakistan Textile Mills Association (APTMA) has requested the Punjab government to exempt te
Published 04 Apr, 2020 12:00am
SC allows KP government to recruit people through PSC

SC allows KP government to recruit people through PSC

The Supreme Court on Friday allowed the Khyber-Pakhtunkhwa government to recruit people in Grade-11 and above post through the Public Service Commission (PSC). A two-judge bench, headed by Chief Justice Gulzar Ahmed, heard the petitions of various employe
Published 04 Apr, 2020 12:00am
Huge quantity of ICE worth Rs 1.6 billion seized

Huge quantity of ICE worth Rs 1.6 billion seized

Directorate of Customs Intelligence, Karachi in co-ordination with Naval Intelligence, Pakistan Navy claimed to have seized an unprecedented quantity of crystal meth (ICE) 100 kilograms worth Rs 1.6 billion approx in the international market.
Published 04 Apr, 2020 12:00am
NKATI members say no to average billing mechanism
Business & Economy

NKATI members say no to average billing mechanism

North Karachi Association of Trade and Industry (NKATI) President Muhammad Nasim Akhtar has said that the members of the association have refused to pay ad-hoc bills on average billing and demanded of K-Electric to generate the bills according to the unit
Published 04 Apr, 2020 12:00am
Tertiary care hospitals to be provided with more ventilators: Murad

Tertiary care hospitals to be provided with more ventilators: Murad

Sindh Chief Minister Syed Murad Ali Shah has directed all the district hospitals to give their extra ventilators and other equipment to the tertiary care hospitals so that the serious patients of the coronavirus could be shifted and treated there.
Published 04 Apr, 2020 12:00am
Wapda clarifies
Energy

Wapda clarifies

The spokesperson of the Ministry of Water Recourses while contradicting the news item titled "Diamer-Basha Dam; Evaluation report contrary to PPRA, PEC Rules" published in daily Business Recorder on March 24, 2020, has clarified that the news story
Published 04 Apr, 2020 12:00am
Trade and industry badly affected by Covid-19: PCDMA
Business & Economy

Trade and industry badly affected by Covid-19: PCDMA

Chairman, Pakistan Chemicals & Dyes Merchants Association (PCDMA) and former director, Karachi Stock Exchange, Amin Yusuf Balgamwala has said that coronavirus epidemic had affected not only people but trade & industry also very badly, while business is on
Published 04 Apr, 2020 12:00am
Eurozone economy took record hit in March
Global Business Economy

Eurozone economy took record hit in March

Business activity in the 19-nation eurozone suffered a record fall in March and hit an historic low, according to the PMI index published on Friday by analysts IHS Markit. The IHS index for the month was 29.7 - down from Markit's first estimate for March
Published 04 Apr, 2020 12:00am
EU scraps import duties for medical equipment
Global Business Economy

EU scraps import duties for medical equipment

The European Commission announced on Friday that it would temporarily waive customs duties and VAT on imports of sorely-needed medical equipment to help in the fight against the coronavirus.
Published 04 Apr, 2020 12:00am
Germany enlists industrial giants for protective gear procurement
Global Business Economy

Germany enlists industrial giants for protective gear procurement

Berlin is enlisting German multinationals and their networks of contacts abroad, especially in China, to secure protective clothing and equipment in the fight against the coronavirus, the health ministry said Friday.
Published 04 Apr, 2020 12:00am
S&P confirms US AA+ rating with stable outlook
Stocks

S&P confirms US AA+ rating with stable outlook

The financial rating agency Standard and Poor's confirmed on Thursday the AA+ rating for the United States' long-term debt despite the recent passage of a historic $2 trillion aid package to combat the novel coronavirus.
Published 04 Apr, 2020 12:00am
Germany backs EU bailout fund without 'senseless conditions' in virus fight
Global Business Economy

Germany backs EU bailout fund without 'senseless conditions' in virus fight

German Finance Minister Olaf Scholz said Friday the European Union should activate the European Stability Mechanism (ESM) bailout fund "with no senseless conditions" to support states whose economies are hit the hardest by the coronavirus crisis.
Published 04 Apr, 2020 12:00am
Virus depresses US payrolls, more job losses coming
Global Business Economy

Virus depresses US payrolls, more job losses coming

The US economy shed 701,000 jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the novel coronavirus outbreak shuttered businesses and factories, confirming a recession is underway.
Published 04 Apr, 2020 12:00am
Soul singer Bill Withers dies at 81

Soul singer Bill Withers dies at 81

Bill Withers, the legendary performer who defined 1970s soul with hits like "Ain't No Sunshine" and "Lean on Me" has died following heart complications, his family said in a statement. He was 81 years old.
Published 04 Apr, 2020 12:00am
Soviet-era statue removed in Prague

Soviet-era statue removed in Prague

Prague authorities on Friday said they had removed a controversial Soviet-era statue, despite protests from Moscow, to make way for a World War II memorial. The Russian embassy on Friday protested the removal of the bronze statue of Soviet general Ivan Ko
Published 04 Apr, 2020 12:00am
Light at tunnel's end: Wuhan's cautious reawakening

Light at tunnel's end: Wuhan's cautious reawakening

Cars are back on city streets and shoppers are strolling in malls again as life slowly returns to Wuhan. But the cradle of the global coronavirus pandemic remains under the shadow of the contagion. The city of 11 million people - along with tens of millio
Published 04 Apr, 2020 12:00am
Merkel returns to office after quarantine stint

Merkel returns to office after quarantine stint

German Chancellor Angela Merkel left her Berlin home for the first time in almost two weeks on Friday, after she was forced into quarantine following contact with a COVID-19-infected doctor.
Published 04 Apr, 2020 12:00am
Drive-thru coronavirus testing in UAE: swab and go

Drive-thru coronavirus testing in UAE: swab and go

A drive-through coronavirus screening centre in the UAE capital Abu Dhabi has become a go-to destination for many wanting reassurance during the pandemic. The facility, believed to be the first of its kind in the Gulf, greets around 600 people a day in th
Published 04 Apr, 2020 12:00am
CBOT corn futures mixed as crude oil higher
Commodities

CBOT corn futures mixed as crude oil higher

Chicago Board of Trade corn futures ended mixed on Thursday as early spillover support from a sharply higher crude oil market faded on continued worries about grain demand amid the coronavirus pandemic, traders said.
Published 04 Apr, 2020 12:00am
CBOT soyabean futures mixed as meal prices sink
Commodities

CBOT soyabean futures mixed as meal prices sink

Chicago Board of Trade soyabean futures ended mixed on Thursday as sinking soyameal prices dragged down nearby contracts, reversing early gains fueled by strong soyabean export sales and sharply higher crude oil prices, traders said.
Published 04 Apr, 2020 12:00am
Ukraine's grain exports at record 46 million tones
Commodities

Ukraine's grain exports at record 46 million tones

Ukraine's grain exports reached a record 46 million tonnes in the first nine months of the 2019/20 season versus 37.6 million shipped in the same period a season earlier, the Ministry for Development of Economy, Trade and Agriculture said on Thursday.
Published 04 Apr, 2020 12:00am
Activities of Karachi Port
Business & Economy

Activities of Karachi Port

The Karachi Port handled 121,654 tonnes of cargo comprising 95,016 tonnes of import cargo and 26,638 tonnes of export cargo including 7,241 loaded and empty containers during the last 24 hours ending at 0700 hours on Friday.
Published 04 Apr, 2020 12:00am
Trading activity remains suspended on cotton market
Cotton & Textile

Trading activity remains suspended on cotton market

Trading activity remained suspended on the cotton market owing to fight against the spread of coronavirus, dealers informed on phone on Friday. The official spot rate was unchanged at Rs8800, dealers said.
Published 04 Apr, 2020 12:00am
PMEX daily trading report
Commodities

PMEX daily trading report

On Thursday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 3,583. The traded value of metals, energy and COTS/FX was recorded at PKR 8.415 billion and the number of lots traded was 24,607.
Published 04 Apr, 2020 12:00am
Aussie, kiwi give ground
Money & Banking

Aussie, kiwi give ground

The Australian and New Zealand dollars were heading for a weekly loss on Friday as the economic damage wrought globally by the coronavirus kept risk assets under pressure, while bond yields held near record lows despite massive borrowing plans.
Published 04 Apr, 2020 12:00am
Most Asian currencies set for weekly losses
Money & Banking

Most Asian currencies set for weekly losses

Most Asian currencies fell on Friday and were on course to record weekly losses, as investors latched on to the safety of the US dollar due to the worsening economic impact from the coronavirus pandemic. The South Korean won and Singapore dollar dipped 0.
Published 04 Apr, 2020 12:00am
Dollar resumes surge in Europe
Money & Banking

Dollar resumes surge in Europe

The dollar resumed its climb against major currencies on Friday as investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic.
Published 04 Apr, 2020 12:00am
The Weather

The Weather

The weather report on Friday (April 3, 2020) and the forecast for Saturday (April 4, 2020).

Published 04 Apr, 2020 12:00am
LME official prices

LME official prices

The following were Thursday official prices.

Published 04 Apr, 2020 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (April 3, 2020).

Published 04 Apr, 2020 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (April 3, 2020)

Published 04 Apr, 2020 12:00am
Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Friday (April 3, 2020).

Published 04 Apr, 2020 12:00am
Shipping Intelligence
Schedules

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (April 3, 2020).

Published 04 Apr, 2020 12:00am