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Print - 2020-05-05
Lockdown to be lifted only gradually: PM

Lockdown to be lifted only gradually: PM

The Prime Minister, Imran Khan, said on Monday that lockdown would be further eased gradually to provide livelihood to the low-income group and daily wagers.
Published 05 May, 2020 12:06am
STR becomes operational from April 30
Stocks

STR becomes operational from April 30

The Securities and Exchange Commission of Pakistan (SECP) has notified that Secured Transaction Registry (STR) has become operational from April 30, 2020.
Published 05 May, 2020 12:06am
Government given one week to formulate uniform policy

Government given one week to formulate uniform policy

The Supreme Court once again emphasized for national policy and gave one-week to the federal and provincial governments to formulate uniform policy to deal with the coronavirus pandemic, which so far, has claimed 466 people's lives.
Published 05 May, 2020 12:06am
China says Pompeo 'insane'

China says Pompeo 'insane'

China's state broadcaster CCTV on Monday attacked US Secretary of State Mike Pompeo's "insane and evasive remarks" over the origins of the coronavirus pandemic, further fuelling Sino-US tensions.
Published 05 May, 2020 12:06am
IPPs inquiry commission put on ice

IPPs inquiry commission put on ice

The government has reportedly decided to put on ice the inquiry commission on Independent Power Producers (IPPs) tasked to conduct a thorough probe and the release of the inquiry report for at least two months aimed at using the report as bargaining chip
Published 05 May, 2020 12:06am
Rs 200 billion Pakistan Energy Sukuk-II launched

Rs 200 billion Pakistan Energy Sukuk-II launched

In a bid to ensure transparency and competitive bidding, the government has launched the first-ever Rs 200 billion Shariah-compliant debt instrument - Pakistan Energy Sukuk-II (PES-II) - through Pakistan Stock Exchange (PSX).
Published 05 May, 2020 12:06am
Banking spreads down by 49 bps on YoY

Banking spreads down by 49 bps on YoY

Weighted average banking spreads continued their downward momentum and declined by 49bps on year-on-year and 18bps on month-on-month basis in March 2020.
Published 05 May, 2020 12:06am
Banks to use post-'quarantine' cash

Banks to use post-'quarantine' cash

The State Bank of Pakistan (SBP) on Monday allowed the banks for use of quarantined cash, which have completed quarantine period of fourteen (14) days.
Published 05 May, 2020 12:06am
Trump leadership void on South Asia persists as Wells retires

Trump leadership void on South Asia persists as Wells retires

The acting top US diplomat for South Asia announced her retirement Sunday, as President Donald Trump looks increasingly likely to go a full term without a Senate-confirmed State Department official focused on the subcontinent.
Published 05 May, 2020 12:06am
PIA clarifies

PIA clarifies

PIA management in a press release issued on Monday clarified its stance for derecognizing the numerous associations working in PIA and encroaching in the management of the company without any legal basis, baring the trade unions or CBA which has a constit
Published 05 May, 2020 12:06am
Vaccine telethon raises billions

Vaccine telethon raises billions

Hopes rose in the fight against the coronavirus on Monday as world leaders pledged billions of euros for a vaccine in a special telethon and European countries edged out of lockdown. Despite US President Donald Trump snubbing the fundraising effort, the W
Published 05 May, 2020 12:06am
No new currency notes this Eid: SBP

No new currency notes this Eid: SBP

The State Bank of Pakistan (SBP) has announced suspension of fresh currency notes to general public on Eid-ul-Fitr 2020.
Published 05 May, 2020 12:06am
NAB quizzes Shehbaz, asks him to reappear on June 2

NAB quizzes Shehbaz, asks him to reappear on June 2

Pakistan Muslim League-Nawaz (PML-N) president and the Leader of the Opposition in the National Assembly, Shehbaz Sharif, on Monday appeared before the National Accountability Bureau (NAB) in the "money-laundering and assets beyond known sources of income
Published 05 May, 2020 12:06am
Expo 2020 Dubai postponed till October 2021

Expo 2020 Dubai postponed till October 2021

The Expo 2020 global trade fair, hosted by Dubai, has been postponed by a year due to the coronavirus outbreak and will be held from October 1, 2021, to March 31, 2022, the Paris-based organiser said Monday. The six-month, multibillion-dollar global innov
Published 05 May, 2020 12:06am
Three major demands of cellular firms accepted

Three major demands of cellular firms accepted

The government has accepted three major demands of cellular companies including industry status, suspension of 12.5 percent withholding tax, and grant/auction of additional spectrum.
Published 05 May, 2020 12:06am
Corona days and nights
Letters

Corona days and nights

"The mask of the glittery world has slipped. Behind the pomp and grandeur of the booming lifestyles is the stark reality of a world that can no longer pretend that 'all was, and is well'. The pursuit of unlimited wants and desires had on one hand led to u
Published 05 May, 2020 12:06am
How commoners can cope with price hike
Articles

How commoners can cope with price hike

Even thinking or talking of any remedies how to grapple with the spiraling and uncontrollable price hike is a very tough ask, what to talk of actually implementing fanciful ideas and solutions for the rocketing prices indeed! While inflation is round-the-
Published 05 May, 2020 12:06am
Lives versus livelihoods
Articles

Lives versus livelihoods

The great dilemma for all governments in the thick of the COVID-19 pandemic is how to balance lives versus livelihoods. This dilemma is particularly acute for countries such as Pakistan, where the absence of universal healthcare and a social security syst
Published 05 May, 2020 12:06am
IMF's optimism
Articles

IMF's optimism

Pakistan has been able to get access recently to the IMF's Rapid Financing Facility in light of the adverse impact of the Covid-19 on the 'lives and livelihoods' of the people in the country. This quick support from the IMF must be appreciated. The amount
Published 05 May, 2020 12:06am
Lockdown controversy

Lockdown controversy

Since the coronavirus pandemic struck, the controversy over what kind of lockdown was necessary, affordable, and viable has continued to rage. Two protagonists on opposite sides of the debate have been the federal and Sindh governments. The latter kicked
Updated 08 May, 2020 03:33am
Short-term strategic domains

Short-term strategic domains

The reconstituted think-tank set up by the Prime Minister under the chairmanship of Advisor to the Prime Minister on Finance, Dr Hafeez Sheikh, met for the third time and proposed six priority domains including (i) boosting social safety nets (Ehsaas prog
Published 05 May, 2020 12:06am
City lacks fire safety measures: Mayor

City lacks fire safety measures: Mayor

Mayor Karachi Wasim Akhtar Monday said that there are no fire safety measures at Karachi's factories, educational institutions, markets and other multi storey buildings which could endanger lives and properties in case of any fire.
Published 05 May, 2020 12:06am
PML-N rejects NAB's statement

PML-N rejects NAB's statement

PML-N Secretary Information, Marriyum Aurangzeb, while rejecting the NAB's statement, has said that Shehbaz Sharif has answered all of the NAB's queries and has submitted them in writing as well, said a press release issued on Monday.
Published 05 May, 2020 12:06am
Abbasi moves IHC seeking protective bail

Abbasi moves IHC seeking protective bail

Former prime minister Shahid Khaqan Abbasi on Monday moved the Islamabad High Court (IHC) for protective bail in the National Accountability Bureau (NAB) reference against him for making an illegal appointment.
Published 05 May, 2020 12:06am
JI supports traders' protest in Sindh

JI supports traders' protest in Sindh

Jamaat-e-Islami [JI] on Monday announced to hold a protest demonstration with traders today to press the Sindh government for ease in lockdown restriction on businesses.
Published 05 May, 2020 12:06am
Covid-19: Nationwide death toll crosses 476: NCOC

Covid-19: Nationwide death toll crosses 476: NCOC

Nationwide death toll due to Covid-19 has crossed 476, while confirmed cases have surged past 20,800 of which over 5,600 have recovered, the National Command and Operation Centre (NCOC) said.
Published 05 May, 2020 12:06am
40 stranded Pakistanis depart Colombo for home

40 stranded Pakistanis depart Colombo for home

Another group of 40 stranded Pakistanis left here for home via Sri Lankan Airlines flight UL-1185 on Monday. Second Secretary (Political), Ayesha Abubakar Fahad, was present at the Bandaranaike International Airport on behalf of the High Commissioner to s
Published 05 May, 2020 12:06am
Covid-19 pandemic likely to delay mango export
Commodities

Covid-19 pandemic likely to delay mango export

Mango export from Pakistan is expected to start late due to Covid-19 Pandemic. Former Chairman of FPCCI Standing Committee on Agriculture, Ahmad Jawad has urged the government to allow Labourers from South Punjab to travel and work in mango farms to save
Published 05 May, 2020 12:06am
Sindh government will adopt all measures to save people, says minister

Sindh government will adopt all measures to save people, says minister

Sindh Minister for Information Syed Nasir Hussain Shah has said regardless of whether the federal government was unjustifiably defaming the Sindh government or the media was criticizing baselessly, the Sindh government would adopt all the precautionary me
Published 05 May, 2020 12:06am
417 new cases emerge; seven more deaths reported in Sindh

417 new cases emerge; seven more deaths reported in Sindh

Sindh Chief Minister Syed Murad Ali Shah has said that coronavirus situation is on the rise in the province as we have detected 417 cases when conducted 2571 tests which constitutes 16.2 percent of the tests.
Published 05 May, 2020 12:06am
MQM-P urges governments to open business activities

MQM-P urges governments to open business activities

Muttahida Qaumi Movement-Pakistan (MQM-P) Monday urged federal and provincial governments to accept the demands of business community for resumption of trade under standard operating procedures (SOPs).
Published 05 May, 2020 12:06am
PTCL fights against Covid-19 with Rs 1.9 billion relief package

PTCL fights against Covid-19 with Rs 1.9 billion relief package

Pakistan Telecommunication Company Limited Group, one of the country's largest telecom groups and backbone of connectivity in Pakistan, is undertaking a comprehensive Coronavirus relief and support effort worth PKR 1.9 Billion. The package aims to help pe
Published 05 May, 2020 12:06am
Shaista Bano assumes charge as CCP chairperson
Business & Economy

Shaista Bano assumes charge as CCP chairperson

Shaista Bano Gillani has taken charge as the Chairperson, Competition Commission of Pakistan (CCP). The Finance Division on Monday issued a notification after the federal cabinet in its meeting held on 28 April 2020 approved the appointment of Shaista Ban
Published 05 May, 2020 12:06am
PTAA moves FBR Member for credit of tax refunds
Taxes

PTAA moves FBR Member for credit of tax refunds

Pakistan Tax Advisors Association (PTAA) has approached Nadeem Hussain Rizvi new Member (Inland Revenue Operations), Federal Board of Revenue (FBR) for immediate credit of income tax refund amount into taxpayers' bank accounts where refunds have been conf
Published 05 May, 2020 12:06am
NADRA offices resume operations across country

NADRA offices resume operations across country

On the approval of the federal government, the National Database and Registration Authority (NADRA) offices resumed operations across the country to facilitate beneficiaries of the Ehsaas Emergency Cash programme who were facing problems in withdrawing ca
Published 05 May, 2020 12:06am
PM, Ethiopian counterpart discuss debt relief matters
Business & Economy

PM, Ethiopian counterpart discuss debt relief matters

Prime Minister Imran Khan, today, held a telephone conversation with Prime Minister Abiy Ahmed Ali of Ethiopia, said a press release issued on Monday. In the context of Pakistan's "Engage Africa" policy, the prime minister emphasized the importance of clo
Published 05 May, 2020 12:06am
AC adjourns proceedings against Hamza till 12th

AC adjourns proceedings against Hamza till 12th

An accountability court on Monday adjourned proceedings into Ramzan Sugar Mills and illegal assets/money laundering cases against Leader of Opposition in Punjab Assembly Hamza Shahbaz till May 12.
Published 05 May, 2020 12:06am
EFP voices concern over ban on export of edibles
Business & Economy

EFP voices concern over ban on export of edibles

Employers Federation of Pakistan (EFP) president and Economic Council chairman Ismail Suttar has recorded protest on the recent ban on food edibles for two weeks by the Prime Minister Imran Khan and the cabinet and demanded to lift the ban in favour of co
Published 05 May, 2020 12:06am
Abbott Laboratories Pakistan Limited
Brief Recordings

Abbott Laboratories Pakistan Limited

Abbott Laboratories Pakistan Limited's (PSX: ABOT) history in the country dates back to Pakistan's inception. It was established in 1948, initially as a private marketing company. Over the years it has grown, and expanded operations, with two manufacturin
Updated 05 May, 2020 05:13am
HK economy shrinks record 8.9 percent
Money & Banking

HK economy shrinks record 8.9 percent

Hong Kong suffered its worst quarterly contraction since modern records began, official figures showed Monday, as the coronavirus outbreak hammered an economy already mired in recession from political unrest and trade war woes.
Published 05 May, 2020 12:06am
France refuses coronavirus funds to Amazon in labour dispute
Global Business Economy

France refuses coronavirus funds to Amazon in labour dispute

France's labour ministry said Monday that it denied a request by Amazon for emergency funds to pay employees during the coronavirus crisis, after the US giant shut its warehouses over a court order to sell only essential items.
Published 05 May, 2020 12:06am
Air Canada's Q1 loss surpasses Can $1 billion
Global Business Economy

Air Canada's Q1 loss surpasses Can $1 billion

Air Canada on Monday announced a loss of more than Can $1 billion (US $710 million) in the first quarter as the coronavirus pandemic shut down air travel worldwide.
Published 05 May, 2020 12:06am
Pandemic pushes Austrian unemployment to all-time high
Global Business Economy

Pandemic pushes Austrian unemployment to all-time high

The novel coronavirus pandemic has pushed the number of unemployed Austrians to historically high levels, according to official figures released Monday, with a year-on-year rise of almost 60 per cent.
Published 05 May, 2020 12:06am
Governments urged to deliver on global air mail
Global Business Economy

Governments urged to deliver on global air mail

The collapse in passenger flights combined with a surge in online purchasing during the coronavirus crisis is slowing the delivery of air mail, the global aviation and postal industries warned Monday.
Published 05 May, 2020 12:06am
Turkish inflation dips
Global Business Economy

Turkish inflation dips

Turkish annual inflation fell below 11% in April as oil remained cheap and the coronavirus pandemic began to send the economy towards a mid-year slump, while separate data showed manufacturing and trade plunged.
Published 05 May, 2020 12:06am
Saudi chemical giant SABIC posts another loss
Energy

Saudi chemical giant SABIC posts another loss

Saudi petrochemicals giant SABIC on Monday posted its second quarterly loss in a row for the three months to March, blaming low prices and a slump in demand due to coronavirus.
Published 05 May, 2020 12:06am
In historic first, US Supreme Court to be broadcast live

In historic first, US Supreme Court to be broadcast live

After a pause occasioned by the coronavirus, the US Supreme Court will resume hearing cases Monday, but in a small revolution for the tradition-bound institution the justices will participate from home, with live audio broadcast on radio and television.
Published 05 May, 2020 12:06am
Afghanistan truck bomb kills five security personnel

Afghanistan truck bomb kills five security personnel

Five members of Afghan security forces were killed in a bombing targeting their base, officials said Monday, just days after the US military warned the Taliban against unleashing violence.
Published 05 May, 2020 12:06am
Japan extends virus state of emergency until 31st

Japan extends virus state of emergency until 31st

Japan's Prime Minister Shinzo Abe on Monday extended a state of emergency over the coronavirus until the end of May, warning it was too soon to begin relaxing restrictions.
Published 05 May, 2020 12:06am
Germany warns vaccine could take 'years'

Germany warns vaccine could take 'years'

Germany's health minister said developing a vaccine for the coronavirus could take "years", after Donald Trump predicted it could be achieved by the end of 2020.
Published 05 May, 2020 12:06am
PMEX daily trading report

PMEX daily trading report

On Friday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 3,637.
Published 05 May, 2020 12:06am
US natural gas futures fall from 10-week high
Energy

US natural gas futures fall from 10-week high

US natural gas futures fell on Friday from a 10-week high on forecasts for demand and exports to decline because of government lockdowns to stop the spread of the novel coronavirus.
Published 05 May, 2020 12:06am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 30,588 tonnes of cargo comprising 23,746 tonnes of import cargo and 6,842 tonnes of export cargo including 1,848 loaded and empty containers during the last 24 hours ending at 0700 hours on Monday.
Published 05 May, 2020 12:06am
Cotton spot rate falls by Rs 100
Cotton & Textile

Cotton spot rate falls by Rs 100

Traders in the cotton market are hopeful that situation in the cotton market will start improving very soon as the Punjab and Sindh governments have allowed the whole textile supply chain to start their operations.
Published 05 May, 2020 12:06am
India's rice export prices hit 9-month high
Commodities

India's rice export prices hit 9-month high

Rice prices in top exporter India hit a nine-month high this week, boosted by a pick-up in demand from African countries even as supplies remain constrained due to coronavirus-led lockdowns, while droughts in Thailand supported rates in the absence of new
Published 05 May, 2020 12:06am
HK stocks see worst day in 6 weeks
Stocks

HK stocks see worst day in 6 weeks

Hong Kong shares marked their biggest daily drop in six weeks on Monday, as investors braced for an escalation in US-China tensions and the release of the city's economic growth data.
Published 05 May, 2020 12:06am
Most Gulf stocks decline; Aramco aids Saudi index
Stocks

Most Gulf stocks decline; Aramco aids Saudi index

Most Gulf stocks ended lower on Monday, with the United Arab Emirates leading losses, as financials and real estate shares took a hit from the ongoing coronavirus crisis, while gains in oil giant Aramco helped the Saudi index buck the trend.
Published 05 May, 2020 12:06am
SE Asian stocks fall
Stocks

SE Asian stocks fall

Southeast Asian stocks slipped on Monday as a flare-up in US-China tensions over the origin of coronavirus spooked investors globally, while Indonesia fell the most after disappointing inflation data.
Published 05 May, 2020 12:06am
European stocks kick off May on dour note
Stocks

European stocks kick off May on dour note

European stocks ended lower on Monday as investors were greeted with fresh Sino-US tensions following a May Day break, after Washington threatened tariffs against China over the coronavirus.
Published 05 May, 2020 12:06am
Monday's early trade: S&P, Dow keep falling
Stocks

Monday's early trade: S&P, Dow keep falling

The S&P 500 and Dow Jones dropped for the third session on Monday following a US-China spat about the origins of the coronavirus outbreak, while major carriers slumped after billionaire Warren Buffett's Berkshire Hathaway dumped its stakes in the sector.
Published 05 May, 2020 12:06am
Australian, NZ shares up
Stocks

Australian, NZ shares up

Australian shares settled higher on Monday, driven by gains in healthcare and industrial stocks, while payments technology company Afterpay surged more than 35% after unveiling China's Tencent Holdings as a shareholder.
Published 05 May, 2020 12:06am
Turkish lira down
Money & Banking

Turkish lira down

The Turkish lira weakened to 7.0300 against the dollar in early trade on Monday to around its weakest levels since a currency crisis in August 2018 as the US currency rallied in markets globally.
Published 05 May, 2020 12:06am
Asian units slip on Sino-US tensions
Money & Banking

Asian units slip on Sino-US tensions

Asian currencies slipped on Monday on growing tensions between the United States and China over the origin of the coronavirus, while the Malaysian ringgit weakened ahead of a central bank meeting and on a grim economic forecast for 2020.
Published 05 May, 2020 12:06am