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Print - 2020-04-16
Provinces free to make decisions: Firdous

Provinces free to make decisions: Firdous

Special Assistant to the Prime Minister (SAPM) on Information and Broadcasting Firdous Ashiq Awan on Wednesday accused that the Sindh government was "dividing" the country amid coronavirus pandemic. The federal and provincial governments will have to work
Published 16 Apr, 2020 12:00am
Sindh notifies new SOPs for every sector

Sindh notifies new SOPs for every sector

The Sindh government on notified a new the standard operating procedures (SOPs) for every sector and place of gathering, including mosques, educational institutions and shopping centres.
Published 16 Apr, 2020 12:00am
Sindh government against relaxation

Sindh government against relaxation

Sindh Chief Minister Syed Murad Ali Shah said on Wednesday that six more people died of coronavirus in the province in the last 24 hours while 45 patients were in a critical condition, and 150 new coronavirus cases had emerged.
Updated 16 Apr, 2020 05:29pm
Government debt: IMF projects 1.9 percent increase

Government debt: IMF projects 1.9 percent increase

The Intern-ational Monetary Fund (IMF) has projected an increase in government gross debt by 1.9 percent to 85.4 percent of the Gross Domestic Product (GDP) in 2020 against 83.5 percent in 2019.
Updated 16 Apr, 2020 05:28pm
IMF cautions renewed social unrest possible amid pandemic

IMF cautions renewed social unrest possible amid pandemic

The economic stresses caused by the global coronavirus pandemic could spark an outbreak of protests, the International Monetary Fund warned Wednesday, urging governments to take steps to prevent unrest. The IMF cautioned that "some countries remain vulner
Published 16 Apr, 2020 12:00am
Trump's halt to WHO funding prompts condemnation

Trump's halt to WHO funding prompts condemnation

US President Donald Trump's move to halt funding to the World Health Organization over its handling of the coronavirus pandemic prompted condemnation on Wednesday from world leaders as recorded global infections approached the 2 million mark. Trump, who h
Updated 16 Apr, 2020 05:24pm
IEA predicts 'worst year in the history' of oil sector

IEA predicts 'worst year in the history' of oil sector

The coronavirus outbreak will slash global oil demand in 2020 to erase a decade of growth and set up "the worst year in the history" of the sector, the International Energy Agency (IEA) said Wednesday.
Published 16 Apr, 2020 12:00am
World's poorest countries: G20 states agree on debt suspension

World's poorest countries: G20 states agree on debt suspension

With the global economy plunged into the worst recession in a century, the Group of 20 nations on Wednesday announced a one-year debt standstill for the world's poorest nations as they struggle to deal with the coronavirus pandemic.
Published 16 Apr, 2020 12:00am
THE RUPEE: Firm trend
Money & Banking

THE RUPEE: Firm trend

The rupee showed similar trends against the dollar in the currency market on Wednesday for both buying and selling.
Published 16 Apr, 2020 12:00am
SBP offers more incentives to boost remittances

SBP offers more incentives to boost remittances

The State Bank of Pakistan (SBP) Tuesday announced some more incentives to motivate banks and exchange companies for enhancement of home remittances through formal channels.
Updated 16 Apr, 2020 05:29pm
Wajid for developing 'Export Credit Fund' on modern lines

Wajid for developing 'Export Credit Fund' on modern lines

Wajid Jawad, former chairman of the Export Promotion Bureau (currently Trade Development Authority of Pakistan) has proposed establishment of 'Export Credit Fund' on modern lines for sustaining exports and generating growth.
Published 16 Apr, 2020 12:00am
Sugar, wheat crises: Inquiry reports leaked to TV anchors?

Sugar, wheat crises: Inquiry reports leaked to TV anchors?

The Prime Minister's top aide on accountability formally described sugar mill owners as 'sugar mafia'. This was gauged from the cabinet documents seen by Business Recorder, which also indicate that Inquiry Reports on sugar and wheat were leaked to a few T
Published 16 Apr, 2020 12:00am
PM, DG ISI meet

PM, DG ISI meet

Prime Minister Imran Khan met with Director General Inter Services Intelligence (ISI) Lieutenant General Faiz Hameed on Wednesday and discussed matters of national importance.
Published 16 Apr, 2020 12:00am
There's always a silver lining
Letters

There's always a silver lining

They say there's always a silver lining even in the midst of a disaster. The news report that India and Pakistan are mulling restoring some economic activity appears to be highly positive development. India and Pakistan are planning to partially reopen th
Published 16 Apr, 2020 12:00am
Angry Trump denies plan to axe Dr Fauci
Articles

Angry Trump denies plan to axe Dr Fauci

A furious, aggrieved President Donald Trump dismissed rumors Monday that he was going to fire his top medical advisor on the coronavirus pandemic but launched new fights with the Democrats and the media ahead of the high-stakes reopening of the shuttered
Published 16 Apr, 2020 12:00am
World's reset button has been firmly pressed
Articles

World's reset button has been firmly pressed

The World, as we knew it, has changed. The global pandemic of the new coronavirus (COVID-19) is a major paradigm shift in all spheres of human activity - from economic to political to societal. Regardless of whether this passes relatively quickly or linge
Published 16 Apr, 2020 12:00am
The growing costs of indecisiveness
Articles

The growing costs of indecisiveness

Would it be stating the obvious to say the fear of economic losses is hand-wrestling with the fear of losing lives? The see-saw of living and making a living is leaving us paralysed? As Ezra Klien quipped, it is hard to decide which is scarier: conversati
Published 16 Apr, 2020 12:00am
SC's suo motu notice

SC's suo motu notice

In a first for the Chief Justice of Pakistan (CJP), Gulzar Ahmed-led Supreme Court (SC), suo motu notice was taken of the federal and provincial governments' handling of the COVID-19 pandemic after reports sought from these governments on the issue failed
Updated 17 Apr, 2020 05:37am
Flawed approach to IMF programme?

Flawed approach to IMF programme?

The State Bank of Pakistan (SBP) released its half yearly report July-December 2019 - a period when Pakistan did not report a single case of the Coronavirus (the first death from the disease was reported on 27 February 2020) and it had not been declared a
Updated 17 Apr, 2020 05:36am
KP relaxes lockdown for various businesses
Business & Economy

KP relaxes lockdown for various businesses

The provincial government of Khyber Pakhtunkhwa on Wednesday notified relaxation of lockdown for various businesses across the province from Thursday (today) with adherence to precautionary measures as defined by the government.
Published 16 Apr, 2020 12:00am
FWO constructing Isolation Hospital and Infections Treatment Centre

FWO constructing Isolation Hospital and Infections Treatment Centre

The Frontier Works Organization (FWO) is constructing Isolation Hospital and Infectious Treatment Centre (IHITC), a project worth Rs600 million, in collaboration with the National Disaster Management Authority (NDMA) and the National Institute of Health (
Published 16 Apr, 2020 12:00am
SC to decide KP contract employees' case for regularization

SC to decide KP contract employees' case for regularization

The Supreme Court on Wednesday ruled that instead of the Peshawar High Court (PHC) it will decide Khyber-Pakhtunkhwa contract employees' case for regularization. A three-judge bench, headed by Chief Justice Gulzar Ahmed, heard the chairman KP Workers Welf
Published 16 Apr, 2020 12:00am
Government may eliminate Fifth Schedule of Customs Act, 1990
Taxes

Government may eliminate Fifth Schedule of Customs Act, 1990

The government is likely to eliminate Fifth Schedule (conditional exemption of customs duty) of the Customs Act, 1990, introduce zero percent customs duty slab and withdraw additional customs duty and regulatory duties in phases under tariff rationalizati
Published 16 Apr, 2020 12:00am
Ration bags distributed among Thari people

Ration bags distributed among Thari people

Deputy Commissioner Tharparkar Dr Shahzad Tahir Thaheem has said that the district administration is purchasing ration items from the Utility stores as funds have been released by the Sindh Government and ration bags are being distributing among the poor
Published 16 Apr, 2020 12:00am
SHC acquits Aamir Khan in double-murder case

SHC acquits Aamir Khan in double-murder case

Sindh High Court (SHC) Wednesday acquitted Muttahida Qaumi Movement-Pakistan (MQM-P) leader Aamir Khan in a double-murder case. A division bench of SHC set aside the punishment of Aamir Khan and co-accused Tariq Bata in double-murder case in 2004 and orde
Published 16 Apr, 2020 12:00am
CDWP approves three projects

CDWP approves three projects

Central Development Working Party (CDWP) has approved three projects at cost of Rs1.04 billion and recommended one position paper of value Rs175 billion to the Executive Committee of National Economic Council (Ecnec) for consideration.
Published 16 Apr, 2020 12:00am
UAE releases 400 Pakistani prisoners

UAE releases 400 Pakistani prisoners

The United Arab Emirates (UAE) on Tuesday released 400 Pakistani prisoners amid the situation of the outbreak of COVID-19.
Published 16 Apr, 2020 12:00am
Cut-off date for release of PSDP funds extended
Business & Economy

Cut-off date for release of PSDP funds extended

The Finance Division has extended the cut-off date for the release of Public Sector Development Programme (PSDP) funds as well as surrender of anticipated savings by the ministries and divisions for the current fiscal year in an effort to ensure maximum s
Published 16 Apr, 2020 12:00am
Passport may be extended manually for a year

Passport may be extended manually for a year

The Ministry of Interior on Wednesday said that the passport may be extended manually for a further period of one year on realisation of proportionate fee equivalent to Rs1,000 by submitting application on a plain paper along with copies of passport and c
Published 16 Apr, 2020 12:00am
CM announces to enhance testing capacity to 10,000 daily

CM announces to enhance testing capacity to 10,000 daily

While there is no let up in the corona positive cases in the province, Punjab Chief Minister Sardar Usman Buzdar on Wednesday announced to increase the testing capacity of coronavirus in the province by 10,000 soon.
Published 16 Apr, 2020 12:00am
Punjab extends lockdown till 25th, opens low-risk sectors

Punjab extends lockdown till 25th, opens low-risk sectors

The Punjab government has extended lockdown in the province till 12am of 25th April and decided to immediately open low-risk sectors by ensuring implementation of SOPs to prevent corona virus the notification in this regard has been issued.
Published 16 Apr, 2020 12:00am
Hand-washing, safe-drinking points set up in Hyderabad

Hand-washing, safe-drinking points set up in Hyderabad

To combat risk of the spread of Covid-19 from the crowds, Research and Development Foundation (RDF) in collaboration with district administration, has installed hand-washing and safe-drinking facilities at 20 different locations in Hyderabad, under NCA Pa
Published 16 Apr, 2020 12:00am
Wheat harvest season: 2020
Brief Recordings

Wheat harvest season: 2020

Wheat harvest operations are in full swing across the country. Back in Oct-19, the Federal Committee on Agriculture set highest ever wheat production target of 27 million tons on an area of 9.2 million hectares for the then upcoming rabi crop season.
Updated 16 Apr, 2020 04:45am
US banking giants report gloomy earnings
Money & Banking

US banking giants report gloomy earnings

Turmoil in financial markets created some profitable opportunities for large banks in the first quarter, but results released Wednesday underscored the industry's expectations for a potentially deep US recession.
Published 16 Apr, 2020 12:00am
US retail sales, factory output sink
Global Business Economy

US retail sales, factory output sink

US retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts' views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the
Published 16 Apr, 2020 12:00am
Virus sends Germany into recession
Global Business Economy

Virus sends Germany into recession

Germany in March plunged into a recession set to last until the middle of the year, the economy ministry said Wednesday, as the government readied an extension of the virus-fighting curbs that sparked the slump until May 3.
Published 16 Apr, 2020 12:00am
New Zealand PM takes pay cut as virus hits economy
Global Business Economy

New Zealand PM takes pay cut as virus hits economy

New Zealand Prime Minister Jacinda Ardern announced Wednesday she will take a 20 percent pay cut in a symbolic act of solidarity with people struggling financially during the coronavirus pandemic.
Published 16 Apr, 2020 12:00am
India allows rural poor to work

India allows rural poor to work

Millions of people in rural India will be allowed back to work next week despite a nationwide coronavirus lockdown, the government said Wednesday, as it conceded the hardships of shutting its vital farming economy were too great.
Published 16 Apr, 2020 12:00am
China denies criticising France's virus response

China denies criticising France's virus response

China on Tuesday denied criticising France's response to the coronavirus pandemic, saying there had been "misunderstandings" after French officials summoned the Chinese ambassador in Paris.
Published 16 Apr, 2020 12:00am
McEnany takes over as White House press secretary

McEnany takes over as White House press secretary

Kayleigh McEnany, a former Fox News figure who is fiercely loyal to President Donald Trump, took over Wednesday as his new press secretary, entering the high-profile job at a time of turmoil in White House relations with the press.
Published 16 Apr, 2020 12:00am
CBOT corn futures sink amid coronavirus crisis
Commodities

CBOT corn futures sink amid coronavirus crisis

US corn futures fell for a second straight session on Tuesday on demand worries as coronavirus restrictions limit travel and ethanol fuel use, and as weak livestock prices stoke fears of herd contraction, traders said.
Published 16 Apr, 2020 12:00am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 70,346 tonnes of cargo comprising 48,777 tonnes of import cargo and 21,569 tonnes of export cargo including 3,469 loaded and empty containers during the last 24 hours ending at 0700 hours on Wednesday.
Published 16 Apr, 2020 12:00am
Listless activity seen on cotton market
Cotton & Textile

Listless activity seen on cotton market

No major activity was witnessed on the cotton market as the government has extended the lock down for another two weeks. Textile sector has appealed the Prime Minister Imran Khan to extend the last date of the payment of gas bills. They were of the view t
Published 16 Apr, 2020 12:00am
US natural gas futures fall on cooler weather
Energy

US natural gas futures fall on cooler weather

US natural gas futures fell over 4% on Tuesday as the market focused more on projections that steps to slow the coronavirus spread will cut future demand rather than short-term forecasts for cooler weather and higher heating use over the next two weeks.
Published 16 Apr, 2020 12:00am
Bourses in Mideast drop
Stocks

Bourses in Mideast drop

Shares in the Middle East ended in the red on Wednesday following warnings of the worst global recession since the 1930s, underlining the economic damage done by the coronavirus outbreak.
Published 16 Apr, 2020 12:00am
Nikkei slips
Stocks

Nikkei slips

Japan's benchmark Nikkei index ended lower on Wednesday, after touching a month-high in the previous session, due to a selloff in value stocks that took a hit from worries over a looming recession. Investors still favoured defensive shares such as healthc
Published 16 Apr, 2020 12:00am
European shares halt five-day rally
Stocks

European shares halt five-day rally

European shares closed firmly in the red on Wednesday, ending a five-day rally as the first batch of earnings reports underlined the business damage from the coronavirus pandemic, while energy stocks sank on worries of a plunge in oil demand.
Published 16 Apr, 2020 12:00am
China stocks down
Stocks

China stocks down

China shares closed lower on Wednesday, as investor worries over an expected sharp drop in the country's first-quarter economic growth offset a brief boost from a widely expected cut to medium-term lending rates.
Published 16 Apr, 2020 12:00am
Wednesday's early trade: Stocks slide on gloomy data
Stocks

Wednesday's early trade: Stocks slide on gloomy data

The S&P 500 recoiled on Wednesday from a four-week high, as dire forecasts for the worst economic downturn since the Great Depression were strengthened by a crash in business activity and dismal first-quarter earnings reports.
Published 16 Apr, 2020 12:00am
Wall Street jumps
Stocks

Wall Street jumps

US stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak overshadowed worrying earnings reports from JPMorgan and Wells Fargo.
Published 16 Apr, 2020 12:00am
Southeast Asian stocks mixed
Stocks

Southeast Asian stocks mixed

Southeast Asian stocks ended mixed on Wednesday, with losses led by Indonesia and Thailand, as warnings of a global recession and a sharp decline in oil prices offset a key interest rate cut by the Chinese central bank.
Published 16 Apr, 2020 12:00am
UK midcaps drop
Stocks

UK midcaps drop

Signs of a longer lockdown in Britain knocked 4% off UK's midcap shares on Wednesday, while plunging oil prices hit the commodity-heavy FTSE 100 index. The FTSE Mid 250 index, comprising companies more exposed to the British economy, posted sharper losses
Published 16 Apr, 2020 12:00am
Asian forex: Rupiah strengthens
Money & Banking

Asian forex: Rupiah strengthens

The Indonesian rupiah strengthened on Wednesday, a day after the country's central bank held interest rates steady and unveiled measures to ease the liquidity crunch stemming from the coronavirus-induced economic stress.
Published 16 Apr, 2020 12:00am
Sterling falls off monthly highs
Money & Banking

Sterling falls off monthly highs

The pound fell back on Wednesday from one-month highs against the dollar and euro as investors realised it was too early to be optimistic about a recovery from the coronavirus crisis.
Published 16 Apr, 2020 12:00am
Dollar rebounds in Europe
Money & Banking

Dollar rebounds in Europe

The dollar rebounded on Wednesday amid growing concerns that the damage to the global economy from the coronavirus pandemic will be long and protracted, boosting the safe-haven appeal of the greenback.
Published 16 Apr, 2020 12:00am
Cotton slips
Cotton & Textile

Cotton slips

ICE cotton futures eased on Wednesday on the back of weaker equities as dismal US economic data exacerbated fears of the coronavirus-driven economic toll.
Published 16 Apr, 2020 12:00am
Copper falls on recession fear
Commodities

Copper falls on recession fear

Copper fell on Wednesday as moves by China's central bank to bolster the economy were overshadowed by predictions of a deep global recession, which drove down stock markets and oil prices.
Published 16 Apr, 2020 12:00am
Oil mixed after record 19m-barrel US crude storage build
Energy

Oil mixed after record 19m-barrel US crude storage build

Oil prices were mixed on Wednesday after the United States reported a 19 million-barrel jump in inventories, the biggest weekly build ever, while forecasts showed global demand crumbling to its lowest levels in a quarter-century due to the coronavirus pan
Published 16 Apr, 2020 12:00am
Raw sugar hits 1-1/2 year low
Commodities

Raw sugar hits 1-1/2 year low

Raw sugar hit 1-1/2 year lows below 10 cents per lb on Wednesday as the impact of coronavirus-related lockdowns again hammered oil prices and tempted Brazilian cane mills to increase sugar output at the expense of the biofuel ethanol.
Published 16 Apr, 2020 12:00am