Print - 2020-04-17
Disbursement approved by IMF board

Disbursement approved by IMF board

IMF Executive Board approved the disbursement of US$1.386 billion under the Rapid Financing Instrument to address the economic impact of COVID-19.
Published 17 Apr, 2020 12:00am
Ministry seeks proposals from power producers
Energy

Ministry seeks proposals from power producers

The Ministry of Energy has sought proposals from the power producers how to reduce and bring some relief in the cost of electricity being paid by end consumers, including industrial, commercial and domestic consumers, and how to resolve the quantum of cap
Published 17 Apr, 2020 12:00am
Government, IPPs meeting: Technical committee formed

Government, IPPs meeting: Technical committee formed

In the wake of the economic challenges faced by Pakistan's economy and increasing energy prices, meetings were conducted by the Government Committee under direction from Cabinet Committee on Energy with Independent Power Producers (IPPs) fewer than 1994 a
Published 17 Apr, 2020 12:00am
Pandemic to bring Asia's growth to halt for 1st time in 60 years: IMF

Pandemic to bring Asia's growth to halt for 1st time in 60 years: IMF

Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the International Monetary Fund said on Thursday.
Published 17 Apr, 2020 12:00am
Trump says US investigating whether virus came from Wuhan lab

Trump says US investigating whether virus came from Wuhan lab

US President Donald Trump said on Wednesday his government is trying to determine whether the coronavirus emanated from a lab in Wuhan, China, and Secretary of State Mike Pompeo said Beijing "needs to come clean" on what they know.
Published 17 Apr, 2020 12:00am
Qureshi, IMF official discuss Covid-19, its aftermath

Qureshi, IMF official discuss Covid-19, its aftermath

Foreign Minister Shah Mahmood Qureshi on Thursday received Teresa Daban Sanchez, resident representative of the International Monetary Fund (IMF) in Pakistan and discussed the Covid-19 pandemic and its aftermath.
Published 17 Apr, 2020 12:00am
SBP stays ahead of the curve

SBP stays ahead of the curve

The SBP took time to speed up; but did it in style. Pundits were critical of SBP for not being ahead of the curve. The institution waited for the right information to come in. And it took no time to act. Like it was in Jul-19. At that time, SBP increased
Published 17 Apr, 2020 12:00am
PM for timely steps to avert any shortage

PM for timely steps to avert any shortage

Prime Minister Imran Khan on Thursday directed the Ministry for National Food Security to keep a strict vigil on the demand and supply of wheat and other food commodities to avert any shortage during the holy month of Ramadan.
Published 17 Apr, 2020 12:00am
Policy rate cut to 9 percent on virus fears

Policy rate cut to 9 percent on virus fears

The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) in its emergency meeting held on Thursday decided to further cut the key policy rate by 200 basis points (bps) to 9 percent to minimize the Coronavirus shock on economic growth. This is t
Published 17 Apr, 2020 12:00am
THE RUPEE: Mixed mode
Money & Banking

THE RUPEE: Mixed mode

The rupee showed mixed trends against the dollar in the currency market on Thursday for both buying and selling in Interbank and Open markets.
Published 17 Apr, 2020 12:00am
Sugar mills reject FIA inquiry report

Sugar mills reject FIA inquiry report

The Pakistan Sugar Mills Association (PSMA) has outrightly rejected the inquiry report of the Federal Investigation Agency (FIA) on sugar, while terming it "flawed" and "misconceived" and based on "presumptions", with no justification of conducting forens
Published 17 Apr, 2020 12:00am
SRB extends deadline for ST payment

SRB extends deadline for ST payment

Sindh Revenue Board (SRB) has extended the last date for the payment of Sindh Sales Tax by April 27, 2020.
Published 17 Apr, 2020 12:00am
G-20 debt relief to provide vast fiscal space: Qureshi

G-20 debt relief to provide vast fiscal space: Qureshi

Foreign Minister Shah Mahmood Qureshi Thursday said Pakistan would get a substantial relief following the G-20 countries decision to suspend the developing countries' debt payments for one year to provide fiscal space to these countries including Pakistan
Published 17 Apr, 2020 12:00am
India's newspapers cut jobs and salaries

India's newspapers cut jobs and salaries

India's vibrant newspaper industry that reaches tens of millions of readers daily has been ravaged by declining advertising revenues due to a nationwide lockdown to fight the coronavirus, pushing leading titles to slash jobs and salaries.
Published 17 Apr, 2020 12:00am
Edrees new KE Chairman

Edrees new KE Chairman

The Board of Directors of K-Electric Limited has elected Riyadh S. A. A. Edrees as the new Chairman of the Company with effect from April 09, 2020, at its recent meeting.
Published 17 Apr, 2020 12:00am
SHC suspends 20 percent tuition fee concession

SHC suspends 20 percent tuition fee concession

The Sindh High Court (SHC) on Thursday suspended the orders issued by the Sindh government regarding a concession in school fees amid the lockdown, issuing a notice to the provincial education department and others, Aaj News reported
Published 17 Apr, 2020 12:00am
Testing capacity challenge
Letters

Testing capacity challenge

There appears to be one factor common between India and Pakistan in relation to the two countries' response to the coronavirus challenge: both are struggling to raise their testing capacities. It is therefore a matter of great satisfaction that Special As
Published 17 Apr, 2020 12:00am
In Britain, virus hits ethnic minorities hardest
Articles

In Britain, virus hits ethnic minorities hardest

When Amer Awan's father died of coronavirus, mourners congregated with little thought of social distancing. But cultural practices alone do not explain why Britain's ethnic minorities have been hardest hit by the outbreak.
Published 17 Apr, 2020 12:00am
Global economic prospects under Covid-19 crisis
Articles

Global economic prospects under Covid-19 crisis

Covid-19 has badly exposed the lack of interdisciplinary approach of mainstream economics - the theoretical basis for widely practiced economic policy, both at the level of most countries and multilateral institutions - whereby, as a result, the economic
Published 17 Apr, 2020 12:00am
Tax bailout for economic revival
Articles

Tax bailout for economic revival

According to various Press reports, all businesses in Pakistan, as elsewhere, badly hit by lockdown in the wake of Covid-19 epidemic, are demanding a comprehensive tax bailout claiming that loan facility announced by State Bank of Pakistan (SBP) to pay sa
Published 17 Apr, 2020 12:00am
Sacred resistance?

Sacred resistance?

Emboldened by the federal government's decision to extend the lockdown but in a mitigated form by allowing select industries and trades to resume work the Ulema leadership has decided to resume congregational prayers. They ask what actually constitutes 'l
Updated 17 Apr, 2020 05:37am
Next phase of the fight

Next phase of the fight

Pakistan entered yet more uncharted territory in this unprecedented fight against the coronavirus on Tuesday when the federal government allowed some select industries to reopen while extending the lockdown by another two weeks. Everybody understands all
Updated 17 Apr, 2020 05:37am
PM for ensuring enforcement of SOPs at industries in Punjab

PM for ensuring enforcement of SOPs at industries in Punjab

Prime Minister Imran Khan Thursday directed Punjab Minister for Industries Mian Aslam to remain in constant contact with the business community and chambers to ensure the enforcement of Standard Operating Procedures (SOPs) for protection against coronavir
Published 17 Apr, 2020 12:00am
PM hails G20 debt relief

PM hails G20 debt relief

Prime Minister Imran Khan Thursday appreciated the debt relief measures taken by the G20 countries, International Monetary Fund and the World Bank for the developing countries including Pakistan. The prime minister said this in a meeting with his Finance
Published 17 Apr, 2020 12:00am
Coronavirus pandemic: SC hears cases through video link

Coronavirus pandemic: SC hears cases through video link

The Supreme Court in view of the litigants and counsels' hardship in appearing before the court due to the coronavirus pandemic suggested that the cases should be heard through video link. Justice Qazi Faez Isa, was heading a two-member bench on Thursday,
Published 17 Apr, 2020 12:00am
Reserves up by $307 million to $17.296 billion
Money & Banking

Reserves up by $307 million to $17.296 billion

The country's total liquid foreign reserves increased by $307 million during the last week. According to State Bank of Pakistan (SBP) weekly report issued on Thursday, Pakistan's total liquid foreign exchange reserves surged to $ 17.296 billion as on Apri
Published 17 Apr, 2020 12:00am
KPT chief's case: IHC disposes of petition

KPT chief's case: IHC disposes of petition

Islamabad High Court (IHC) Thursday disposed of former Rear Admiral Jamil Akhtar's petition, after the Attorney General informed he proposes to the federal government to withdraw notifications of removal of chairman of the Karachi Port Trust (KPT).
Published 17 Apr, 2020 12:00am
PM seeks help of Ulema to contain spread of Covid-19

PM seeks help of Ulema to contain spread of Covid-19

Prime Minister Imran Khan on Thursday said that cooperation of religious scholars (Ulema) was required to contain the spread of coronavirus and added he would soon meet a delegation of Ulema-e-Kiram in that regard.
Published 17 Apr, 2020 12:00am
12 noon to 3pm: Murad orders complete closure today

12 noon to 3pm: Murad orders complete closure today

The Sindh government has announced to complete closure on Friday from 12 noon to 3 pm. This emerged on Thursday evening when Sindh Chief Minister Syed Murad Ali Shah met with a delegation of Ulema by Mufti Munib-ur-Rehamn. The delegation members include,
Published 17 Apr, 2020 12:00am
Disabled persons: PBM launches cash distribution programme

Disabled persons: PBM launches cash distribution programme

Pakistan Baitul Maal (PBM) has launched financial assistance programme under which Rs 10,000 each will be provided to disabled persons all over the country. Punjab Governor Chaudhry Mohammad Sarwar inaugurated the programme by giving away cheques of Rs 10
Published 17 Apr, 2020 12:00am
Al-Ghazi Tractors resumes operations
Business & Economy

Al-Ghazi Tractors resumes operations

Al-Ghazi Tractors Limited has resumed its plant operations on Thursday. According to details, Al-Ghazi Tractors Limited has temporarily suspended its plant operations from March 27, 2020 in order to comply with the then directives of the governmental auth
Published 17 Apr, 2020 12:00am
Lockdown extended to save lives of people: Murad

Lockdown extended to save lives of people: Murad

Chief Minister of Sindh Murad Ali Shah on Thursday said that the provincial authorities have extended the lockdown to save the lives of people from deadly coroanvirus.
Published 17 Apr, 2020 12:00am
Afridi appointed chairman of Parliamentary body on Kashmir

Afridi appointed chairman of Parliamentary body on Kashmir

National Assembly Speaker Asad Qaiser Thursday appointed Minister for States and Frontier Regions (SAFRON) Shehryar Afridi as chairman of the Parliamentary Committee on Kashmir. Shehryar Afridi has replaced Syed Fakhar Imam who was leading the Parliamenta
Published 17 Apr, 2020 12:00am
DC South issues SOPs for traders, shopkeepers

DC South issues SOPs for traders, shopkeepers

Deputy Commissioner District South Karachi Irshad Sodhar on Thursday issued Standards Operating Procedures (SOPs) for the traders and shopkeepers to resume their businesses as described in Government of Sindh Home Department's order dated on April 14.
Published 17 Apr, 2020 12:00am
NAPHDA signs agreement with HBL
Money & Banking

NAPHDA signs agreement with HBL

Naya Pakistan Housing and Development Authority (NAPHDA) and HBL's Islamic Banking arm have signed a Memorandum of Understanding (MOU). The MOU was signed in Islamabad by Lt-Gen Anwar Ali Hyder (retd) Chairman NAPHDA and in Karachi by Muhammad Aurangzeb,
Published 17 Apr, 2020 12:00am
Bid to smuggle Pakistani currency to Iran foiled

Bid to smuggle Pakistani currency to Iran foiled

Directorate of Intelligence and Investigation, Customs, Gwadar on Thursday claimed to have thwarted an attempt to smuggle Pakistani currency to Iran via sea route of Jiwani.
Published 17 Apr, 2020 12:00am
Ramazan transmissions: Pemra bans live audiences

Ramazan transmissions: Pemra bans live audiences

Pakistan Electronic Media Regulatory Authority (Pemra) has banned live audiences to attend Ramzan transmissions in the wake of the coronavirus pandemic. A notification issued by Pemra has further advised channels to disinfect and sanitize equipment, while
Published 17 Apr, 2020 12:00am
60 Rohingya die, hundreds rescued

60 Rohingya die, hundreds rescued

Sixty Rohingya died on a boat crammed with hundreds of people stranded in the Bay of Bengal for more than two months, two survivors told AFP on Thursday. Both said that the captain of the fishing trawler, carrying over 500 men, women and children, was als
Published 17 Apr, 2020 12:00am
Saudi Arabia executes Yemeni

Saudi Arabia executes Yemeni

Saudi Arabia on Thursday executed a Yemeni man convicted over a knife attack on a Spanish theatre group, the interior ministry said, amid a controversial push to ease decades-old restrictions on entertainment.
Published 17 Apr, 2020 12:00am
New York governor extends shutdown to May 15

New York governor extends shutdown to May 15

New York Governor Andrew Cuomo extended the state's shutdown order Thursday until May 15, citing data showing conditions were improving but insisting on the need to maintain vigilance.
Published 17 Apr, 2020 12:00am
Virus sees Doctors Without Borders launch first Canada project

Virus sees Doctors Without Borders launch first Canada project

The NGO Doctors Without Borders (MSF) has launched its first ever intervention in Canada by helping to set up a convalescent center for homeless people with COVID-19, an official said Wednesday. The 400-bed facility will soon open in Toronto, Canada's lar
Published 17 Apr, 2020 12:00am
China's stainless steel hits over seventh session high
Commodities

China's stainless steel hits over seventh session high

Stainless steel futures in China extended gains into a seventh session on Wednesday as restocking demand from traders rose, while raw material supply disruptions due to suspension at Philippines' nickel mines also supported prices.
Published 17 Apr, 2020 12:00am
US natural gas futures fall as LNG exports decline
Energy

US natural gas futures fall as LNG exports decline

US natural gas futures fell for a fifth consecutive day on Wednesday, as pipeline and liquefied natural gas (LNG) exports declined and concerns rose over how measures to slow the spread of coronavirus will continue cutting demand.
Published 17 Apr, 2020 12:00am
China's March iron ore imports fall
Commodities

China's March iron ore imports fall

China's iron ore imports dipped in March, official customs data showed on Tuesday, as mills slowed output to digest record-high steel inventories after disruptions caused by the coronavirus outbreak curtailed construction and industrial activities.
Published 17 Apr, 2020 12:00am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 124,424 tonnes of cargo comprising 66,061 tonnes of import cargo and 58,363 tonnes of export cargo including 8,732 loaded and empty containers during the last 24 hours ending at 0700 hours on Thursday.
Published 17 Apr, 2020 12:00am
Dullness remains on cotton market
Cotton & Textile

Dullness remains on cotton market

The trade activities remained dull on the cotton market as the government has extended the lock down for another two weeks.
Published 17 Apr, 2020 12:00am
Euronext wheat futures ease for second day
Commodities

Euronext wheat futures ease for second day

Euronext wheat eased for a second day on Wednesday in line with Chicago as wheat futures saw technical selling after a recent rally and forecasts of rain across Europe eased concerns about parched crops.
Published 17 Apr, 2020 12:00am
Asia's gasoline crack hits 1-1/2-week high
Energy

Asia's gasoline crack hits 1-1/2-week high

Asia's gasoline crack hit a 1-1/2 week high on Wednesday, rebounding from a record low in the previous session, following a plunge in raw material oil prices but the crack value remained in steep discounts due to oversupply and a lack of demand.
Published 17 Apr, 2020 12:00am
Japanese shares down
Stocks

Japanese shares down

Japanese shares on Thursday tracked overnight losses on the Wall Street, as economic damage from COVID-19 weighed on investor sentiment, with banks and automakers leading the declines.
Published 17 Apr, 2020 12:00am
Most Middle East stocks fall
Stocks

Most Middle East stocks fall

Most Middle East indexes fell for a second day on Thursday, after the International Monetary Fund (IMF) warned of the worst economic downturn since 1930s while an expected drop in global oil demand to quarter-century lows added to the woes.
Published 17 Apr, 2020 12:00am
China stocks surge
Stocks

China stocks surge

China stocks ended higher on Thursday on recovering global investor sentiment, but gains were modest ahead of March-quarter GDP data that is expected to show an economic contraction for the first time in nearly 30 years.
Published 17 Apr, 2020 12:00am
European shares bounce
Stocks

European shares bounce

European shares rose on Thursday as daily coronavirus death tolls in Spain and Italy eased, while a defiant statement on the crisis from two of the continent's big budget airlines helped battered travel stocks recover.
Published 17 Apr, 2020 12:00am
Thursday's early trade: S&P 500, Dow slip
Stocks

Thursday's early trade: S&P 500, Dow slip

The S&P 500 and Dow Jones slipped on Thursday, giving up early gains as concerns about dismal first-quarter earnings and lasting economic damage from the coronavirus pandemic offset better-than-expected weekly jobless claims numbers.
Published 17 Apr, 2020 12:00am
Southeast Asian stocks fall
Stocks

Southeast Asian stocks fall

Most Southeast Asian stock markets ended lower on Thursday, with the Philippines index plunging 7%, as dire prospects for the global economy due to the coronavirus pandemic dented investor sentiment.
Published 17 Apr, 2020 12:00am
UK markets steady
Stocks

UK markets steady

Britain's stock markets steadied on Thursday after a two-day slump as budget airline EasyJet signalled it would ride out the coronavirus-induced travel halt, but broader concerns that a lockdown would be extended pressured the FTSE 100.
Published 17 Apr, 2020 12:00am
Aussie, kiwi under pressure
Money & Banking

Aussie, kiwi under pressure

The Australian and New Zealand dollars were under pressure on Thursday, as evidence of the damage the novel coronavirus was wreaking on the world economy soured risk sentiment, unravelling a chunk of their recent gains.
Published 17 Apr, 2020 12:00am
Sterling slips against dollar, euro
Money & Banking

Sterling slips against dollar, euro

The pound slipped slightly against the dollar and euro on Thursday as the UK government said the novel coronavirus outbreak was starting to peak but it would be premature to lift a country-wide lockdown.
Published 17 Apr, 2020 12:00am
Dollar rises against others in Europe
Money & Banking

Dollar rises against others in Europe

The dollar consolidated its gains against other currencies on Thursday before the release of weekly US jobless data likely to provide more evidence of the world's biggest economy hurtling into a deep recession.
Published 17 Apr, 2020 12:00am
Refund claims: FBR directs completion of processing before 20th
Taxes

Refund claims: FBR directs completion of processing before 20th

The Federal Board of Revenue (FBR) has directed all the chief commissioners, Inland Revenue, to complete processing of the refunds claims before 20th April 2020 in view of the sensitivity of COVID19 relief package implementation, says a notification avail
Published 17 Apr, 2020 12:00am
Industries should follow SOPs: Buzdar
Industry

Industries should follow SOPs: Buzdar

Expressing concern over traffic on some roads of Lahore city, Chief Minister Punjab Sardar Usman Buzdar appealed to the citizens to follow the government's instructions and restrict themselves to their homes.
Published 17 Apr, 2020 12:00am
PSMA denies news report
Commodities

PSMA denies news report

Pakistan Sugar Mills Association - Punjab Zone takes a strong exception to the article titled "13 Mills Underreport Over 200,000 Tons of Sugar" published in press section, where the information provided by The Punjab Cane Commissioner's Office has been mi
Published 17 Apr, 2020 12:00am