Print - 2020-05-06
April exports decline 47.24pc on MoM

April exports decline 47.24pc on MoM

The country's exports on month-on-month (MoM) basis have witnessed a 47.24 percent decline, from $1.814 billion to $957 million, during April 2020 against March 2020, the Pakistan Bureau of Statistic (PBS) said.
Published 06 May, 2020 12:04am
Reduction in CGT rates for two years under study

Reduction in CGT rates for two years under study

Keeping in view current stock market situation, the Securities and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) are working on a key budget proposal for reducing capital gains tax (CGT) rates for two years on disposal of liste
Published 06 May, 2020 12:04am
Rs 200 billion Sukuk: Book building to begin on 15th

Rs 200 billion Sukuk: Book building to begin on 15th

The book building of Rs 200 billion Sukuk meant to partially clear energy sector circular debt will commence from May 15, 2020, a senior official of Power Division told Business Recorder. The book building, which was scheduled for May 4, 2020, has
Updated 06 May, 2020 10:52am
Virus deaths top 250,000

Virus deaths top 250,000

The global death toll from the coronavirus pandemic topped a quarter of a million on Tuesday, with the US government predicting a further surge in fatalities as an international vaccine drive garnered $8 billion in pledges.
Published 06 May, 2020 12:04am
Death toll reaches 514 across country

Death toll reaches 514 across country

Nationwide death toll from Covid-19 has reached 514, while confirmed cases surged to 22,063 of which over 5,782 have recovered, the National Command and Operation Centre (NCOC) said.
Published 06 May, 2020 12:04am
ADB to give $305m for social protection, health

ADB to give $305m for social protection, health

The Asian Development Bank (ADB) would provide $305 million to Pakistan for social protection for the poor and public health emergency preparedness in the efforts to support the Covid-19 emergency relief services under the title "Emergency Assistance for
Published 06 May, 2020 12:04am
UAE: Government concerned at workers returning coronavirus-positive

UAE: Government concerned at workers returning coronavirus-positive

Pakistan has raised concerns with the United Arab Emirates that workers are returning home from the Gulf nation with high rates of Covid-19 and that crowded living conditions in the UAE may be helping the virus to spread, its foreign ministry said.
Published 06 May, 2020 12:04am
Balochistan extends lockdown till 19th

Balochistan extends lockdown till 19th

The Balochistan government has extended the ongoing lockdown for 15 more days in view of the mounting coronavirus cases across the province. Balochistan government Spokesperson Liaquat Shahwani said that the coronavirus is spreading at an alarming rate an
Published 06 May, 2020 12:04am
Stimulus scheme: German court hands ECB 3-month ultimatum

Stimulus scheme: German court hands ECB 3-month ultimatum

Germany's top court on Tuesday gave the ECB three months to justify bond purchases under its flagship stimulus programme or lose the Bundesbank as a participant, raising questions about both the scheme and the euro's future.
Published 06 May, 2020 12:04am
ECC to approve conversion of Rs136.5bn PHPL debts into public debt today

ECC to approve conversion of Rs136.5bn PHPL debts into public debt today

The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet Wednesday (May 6) will approve conversion of Rs 136.5 billion debts of Power Holding Company Limited (PHPL) into public debt as per agreement with World Bank, sources in t
Published 06 May, 2020 12:04am
PSMA summoned by inquiry commission

PSMA summoned by inquiry commission

The Sugar Inquiry Commission has summoned Sugar Mills Association (PSMA) on Thursday (tomorrow) for presenting its viewpoint on the sugar scam worth billions of rupees, after allegedly five sugar dealers have offered to turn approvers, well-informed sourc
Published 06 May, 2020 12:04am
THE RUPEE: Slight recovery
Money & Banking

THE RUPEE: Slight recovery

Pakistan Rupee appreciated by a slight margin on Tuesday in both interbank and open markets. INTER-BANK MARKET RATES: Pakistan Rupee recorded no change in buying rate against USD while it went up by 50 paisas for selling closing at 159.50 and 160 for buyi
Published 06 May, 2020 12:04am
BRT project: SC extends stay, seeks reply from KP government

BRT project: SC extends stay, seeks reply from KP government

The Supreme Court on Tuesday extending stay against the Peshawar High Court (PHC) impugned judgment, sought reply from the Khyber-Pakhtunkhwa government about completion of the Bus Rapid Transit (BRT) Project.
Published 06 May, 2020 12:04am
UK reports second-highest toll

UK reports second-highest toll

Britain on Tuesday overtook Italy with the second-highest number of coronavirus deaths worldwide after the US, as countries accelerated plans to ease lockdowns aimed at halting the deadly pandemic.
Published 06 May, 2020 12:04am
'Illegal' appointment: Khaqan granted protective bail

'Illegal' appointment: Khaqan granted protective bail

Islamabad High Court (IHC) Tuesday granted protective bail to former Prime Minister Shahid Khaqan Abbasi in a reference filed by the National Accountability Bureau (NAB) against him for making an illegal appointment.
Published 06 May, 2020 12:04am
MoF kicks off process of hiring CCP members

MoF kicks off process of hiring CCP members

The Finance Ministry has initiated the process of hiring members of the Competition Commission of Pakistan (CCP) for a period of three years and invited applications of professional persons.
Published 06 May, 2020 12:04am
Trump urges China to reveal all about origin of coronavirus

Trump urges China to reveal all about origin of coronavirus

US President Donald Trump urged China on Tuesday to be transparent about the origins of the novel coronavirus outbreak that has killed more than a quarter of a million people since it started in the Chinese city of Wuhan late last year. Secretary of State
Published 06 May, 2020 12:04am
Sindh government launches 'People's Media Support Programme'

Sindh government launches 'People's Media Support Programme'

Sindh Information Minister Syed Nasir Hussain Shah said Chief Minister Syed Murad Ali Shah has launched People's Media Support Program (PMSP) under which all kind of relevant support would be provided to the media.
Published 06 May, 2020 12:04am
NA session to begin on Monday

NA session to begin on Monday

The National Assembly session would be held on Monday under strict adherence of health guidelines and SOPs for ensuring safety of the members and the staff due to Covid-19. The decision for holding National Assembly session on May 11 (Monday) at 3pm has b
Published 06 May, 2020 12:04am
Sales of OMCs down by 35pc YoY

Sales of OMCs down by 35pc YoY

The sales of Oil Marketing Companies (OMCs) for the month of April 2020 stood at 1.07 million tons, down by 35 percent on year-on-year basis as compared to 1.65 million tons in the same month in 2019.
Published 06 May, 2020 12:04am
ISP does not fall under Nepra's purview, SHC told

ISP does not fall under Nepra's purview, SHC told

The National Electric Power Regulatory Authority (NEPRA) on Tuesday informed the Sindh High Court (SHC) that issue of Industrial Support Package (ISP) does not fall under its purview, and it pertains to the federal government.
Published 06 May, 2020 12:04am
'Crude estimations of SMEs survival'
Letters

'Crude estimations of SMEs survival'

This is apropos a Business Recorder analysis "Crude estimations of SMEs survival" carried by the newspaper in its Analyses and Comments section the other day. It has argued, among other things, "Granted that the government does not have time for a
Published 06 May, 2020 12:04am
Covid-19 has killed the IMF backlash?
Articles

Covid-19 has killed the IMF backlash?

Just as Covid-19 may have killed the tech backlash (as reported in The Economist), it may have also killed the IMF backlash (on-going since August'19) in this country. The politicians, media, gurus, businessman and speculators are heaving a sigh of relief
Published 06 May, 2020 12:04am
Economy in a federal framework
Articles

Economy in a federal framework

When a federal state tries to manage its economy using a centrist financial system the result would certainly be no better than what Pakistan had experienced during its first 63 years leading to 2010 when the 7th National Finance Commission (NFC) Award wa
Published 06 May, 2020 12:04am
The state of human rights

The state of human rights

Annual reports put out by the Human Rights Commission of Pakistan (HRCP) on the state of human rights hold a mirror to this state and society. The image they portray is pretty disturbing. The latest report says Pakistan has failed to protect its most vuln
Published 06 May, 2020 12:04am
Smart way to relax lockdown

Smart way to relax lockdown

Planning and Development Minister Asad Umar was right when he observed that many thousands of people had died so far in Europe and the US yet they were 'relaxing their lockdowns to run their economies', implying that the same should be done in Pakistan de
Updated 08 May, 2020 03:32am
'Hamdard' marks Youm-e-Babul Islam

'Hamdard' marks Youm-e-Babul Islam

Signifying the importance of 10th Ramazan, Hamdard chairperson Sadia Rashid paid tribute to Muhammad bin Qasim for his bravery and valor.
Published 06 May, 2020 12:04am
Qureshi phones Omani FM

Qureshi phones Omani FM

To exchange views on the Covid-19 pandemic and its repercussions, Foreign Minister Shah Mahmood Qureshi held a telephonic conversation with Foreign Minister Yusuf bin Alawi bin Abdullah of the Sultanate of Oman.
Published 06 May, 2020 12:04am
Number of Covid-19 cases increasing in KP: PPP

Number of Covid-19 cases increasing in KP: PPP

Senior leaders of the Pakistan People's Party (PPP) Khyber-Pakhtunkhwa (KP) have said that due to low testing capacity in the province, the number of the Covid-19 patients is increasing.
Published 06 May, 2020 12:04am
ICT admn restricts lockdown directives

ICT admn restricts lockdown directives

With the number of Covid-19 positive cases rising in the federal capital and surrounding areas, the Islamabad Capital Territory (ICT) Administration on Tuesday started dealing strictly with the violators who set aside the directives of closure of all shop
Published 06 May, 2020 12:04am
JI for opening of businesses in Sindh

JI for opening of businesses in Sindh

Jamaat-e-Islami (JI) on Tuesday staged a stationary protest in the city to support traders' demand for the businesses resumption during the lockdown.
Published 06 May, 2020 12:04am
PM urged to reduce power tariffs
Business & Economy

PM urged to reduce power tariffs

President of Korangi Association of Trade & Industry (KATI), Sheikh Umer Rehan, has urged Prime Minister Imran Khan to reduce electricity tariff to 30 percent as oil prices has been reduced locally and internationally.
Published 06 May, 2020 12:04am
Fire breaks out at business centre

Fire breaks out at business centre

A massive fire broke out at the 11th floor of a business centre on the I I Chundrigar Road here on Tuesday morning, however no loss of life was reported.
Published 06 May, 2020 12:04am
11 more coronavirus patients died: Murad

11 more coronavirus patients died: Murad

Sindh Chief Minister Syed Murad Ali Shah has said that 307 new cases of the coronavirus have been detected in the province while 11 more people died, taking the death toll to 148.
Published 06 May, 2020 12:04am
CRTF volunteers may face financial, logistic challenges

CRTF volunteers may face financial, logistic challenges

The newly-formed Corona Relief Tiger Force (CRTF) formed by Prime Minister Imran Khan in the battle against the coronavirus is facing serious challenges involving finances and logistics in the wake of no salary and transportation being provided to the vol
Published 06 May, 2020 12:04am
Getz Pharma launches 'Care for Heroes' drive
Business & Economy

Getz Pharma launches 'Care for Heroes' drive

Getz Pharma under its "Care for Heroes" initiative to combat corona virus in healthcare facilities, is disinfecting over 8,000 clinics, 650 hospital wards and conducting free screening tests of more than 25,000 doctors across Pakistan.
Published 06 May, 2020 12:04am
Plea for refinance facility to combat other diseases

Plea for refinance facility to combat other diseases

An activist for thalassemia eradication from Pakistan, Ateeq-ur-Rehman, has suggested that a refinance facility for combating other diseases should be available and encouraged by the SBP to fight diseases like blood disorders, thalassemia, dengue, malaria
Published 06 May, 2020 12:04am
Sanofi Aventis Pakistan Limited
Brief Recordings

Sanofi Aventis Pakistan Limited

Sanofi Aventis Pakistan Limited (PSX: SAPL) was established in Pakistan in 1967 as Hoechst Pakistan, manufacturer of pharmaceuticals and specialty chemicals. After a number of changes of business, mergers and acquisitions, it stands today as Sanofi-Aventi
Updated 06 May, 2020 05:31am
General Electric to cut 10,000 aviation jobs
Global Business Economy

General Electric to cut 10,000 aviation jobs

General Electric announced Monday it will cut an additional 10,000 jobs from its aviation sector as the coronavirus pandemic decimates the industry, forcing companies to cancel orders.
Published 06 May, 2020 12:04am
Canada trade deficit widens
Global Business Economy

Canada trade deficit widens

Despite keeping its borders open for goods shipments during the coronavirus pandemic, Canadian trade fell in March while its trade deficit widened to Can$1.4 billion (US$1 billion), according to data released Tuesday.
Published 06 May, 2020 12:04am
Malaysia slashes rates
Money & Banking

Malaysia slashes rates

Malaysia's central bank on Tuesday slashed interest rates to their lowest level since the 2009 global financial crisis as the coronavirus pandemic batters the economy.
Published 06 May, 2020 12:04am
Indonesia economy sees weakest growth in almost two decades
Global Business Economy

Indonesia economy sees weakest growth in almost two decades

Indonesia's economy grew in the first quarter at its slowest pace for almost two decades, and economists warned Tuesday the coronavirus crisis would likely deal an even greater blow in the next three months.
Published 06 May, 2020 12:04am
Virgin Atlantic cuts over 3,000 jobs
Global Business Economy

Virgin Atlantic cuts over 3,000 jobs

Virgin Atlantic will cut over 3,000 jobs - around a third of staff - as the coronavirus pandemic grounds planes worldwide, the British carrier part-owned by tycoon Richard Branson announced Tuesday.
Published 06 May, 2020 12:04am
US trade deficit widens, services sector contracts
Global Business Economy

US trade deficit widens, services sector contracts

The US trade deficit increased by the most in more than a year in March as a record drop in exports offset a shrinking import bill, suggesting the novel coronavirus outbreak was upending the global flow of goods and services.
Published 06 May, 2020 12:04am
UK car sales crash to 1946 low as virus slams economy
Global Business Economy

UK car sales crash to 1946 low as virus slams economy

Sales of new cars in Britain plunged 97 percent in April, striking the lowest level since 1946, as coronavirus fallout slams the brakes on economic output, data revealed Tuesday.
Published 06 May, 2020 12:04am
US names new ambassador to EU

US names new ambassador to EU

The United States on Tuesday named a new ambassador to the European Union, after the previous envoy was sacked following his testimony in President Donald Trump's impeachment hearing.
Published 06 May, 2020 12:04am
Tajik health minister fired as virus spreads

Tajik health minister fired as virus spreads

Tajikistan's health minister was sacked on Tuesday, as coronavirus cases surged in the former Soviet republic. Nasim Olimzoda lost his job after the authorities spent weeks playing down the threat the country faced from coronavirus.
Published 06 May, 2020 12:04am
Aviation industry opposes leaving middle seat empty
Global Business Economy

Aviation industry opposes leaving middle seat empty

The global aviation body said Tuesday that the risk of catching COVID-19 on a plane was low and there was no need to leave the middle seat empty once the industry takes off again.
Published 06 May, 2020 12:04am
Philippines forces top media network off air

Philippines forces top media network off air

The Philippines' top broadcaster ABS-CBN was forced off air on Tuesday over a stalled operating licence renewal, drawing fresh accusations that the authorities are cracking down on press freedom.
Published 06 May, 2020 12:04am
'Promising' virus-fighting antibody found: study

'Promising' virus-fighting antibody found: study

An antibody that can stop the new coronavirus infecting cells in laboratory tests has been identified by researchers in the Netherlands, in what scientists say could help the development of therapies for COVID-19.
Published 06 May, 2020 12:04am
China says launch of key new space rocket 'successful'

China says launch of key new space rocket 'successful'

China on Tuesday successfully launched a new rocket and prototype spacecraft, state media said, in a major test of the country's ambitions to operate a permanent space station and send astronauts to the Moon.
Published 06 May, 2020 12:04am
Asia's naphtha, gasoline plunge to 2-week low
Energy

Asia's naphtha, gasoline plunge to 2-week low

Asia's naphtha crack plunged 68% on Monday to reach a two-week low of $11.13 a tonne as high volumes of western cargoes weighed while demand could slow this week due to holidays in key importing countries of China, South Korea and Japan.
Published 06 May, 2020 12:04am
European wheat hits new six-week low
Commodities

European wheat hits new six-week low

European wheat hit a new 6-week low on Monday on easing concerns of the upcoming crop following dry Spring weather, but pared losses as US markets recovered slightly and helped by strong export demand.
Published 06 May, 2020 12:04am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 70,380 tonnes of cargo comprising 65,739 tonnes of import cargo and 4,641 tonnes of export cargo including 2,151 loaded and empty containers during the last 24 hours ending at 0700 hours on Tuesday.
Published 06 May, 2020 12:04am
Traders hopeful about resuming business on cotton market
Cotton & Textile

Traders hopeful about resuming business on cotton market

Traders are hopeful that very soon trading will resume on the cotton market as both provincial and federal governments had allowed different sectors to start their operations phase by phase.
Published 06 May, 2020 12:04am
US natural gas rises on cooler weather
Energy

US natural gas rises on cooler weather

US natural gas futures rose on Monday on forecasts for cooler weather and more heating demand over the next two weeks than previously expected and a slowing of output as drillers shut oil wells in shale basins due to the 67% collapse in crude prices since
Published 06 May, 2020 12:04am
Australian, New Zealand shares end higher
Stocks

Australian, New Zealand shares end higher

Australian shares closed higher on Tuesday, as upbeat sentiment following the government's plans to further ease coronavirus-led restrictions outweighed grim forecasts from the central bank's policy meet.
Published 06 May, 2020 12:04am
Most Gulf stocks up
Stocks

Most Gulf stocks up

Most stock markets in the Middle East gained on Tuesday, driven by rising oil prices amid hopes for a recovery in traffic and fuel demand as countries began to ease coronavirus lockdown measures.
Published 06 May, 2020 12:04am
European shares surge
Stocks

European shares surge

European stocks closed higher on Tuesday, shrugging off uncertainty over regional bond purchases as a swathe of positive earnings and an easing of coronavirus lockdown restrictions in some countries caused some optimism.
Published 06 May, 2020 12:04am
Wall Street snaps two-day slump
Stocks

Wall Street snaps two-day slump

US stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns sparked by fresh US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.
Published 06 May, 2020 12:04am
Hong Kong shares up
Stocks

Hong Kong shares up

Hong Kong shares closed higher on Tuesday after the Asian financial hub scaled back social distancing measures put in place to curb the spread of the pandemic, and as economies elsewhere also showed signs of re-opening businesses.
Published 06 May, 2020 12:04am
Most SE Asian markets rise
Stocks

Most SE Asian markets rise

Most Southeast Asian stock markets closed higher on Tuesday, with Philippines gaining the most after President Rodrigo Duterte apologised for his "hurting words" about two tycoons associated with some of the biggest companies in the country.
Published 06 May, 2020 12:04am
Oil companies boost FTSE 100
Stocks

Oil companies boost FTSE 100

A surge in big oil companies boosted Britain's FTSE 100 on Tuesday, with investors counting on a revival in economic activity as several countries emerged from coronavirus lockdowns.
Published 06 May, 2020 12:04am
Asian currencies edge up
Money & Banking

Asian currencies edge up

Asian currencies were mostly firmer on Tuesday, as easing lockdowns in some parts of the world offset worries about rising tensions between China and the United States.
Published 06 May, 2020 12:04am
Sterling rebounds against dollar
Money & Banking

Sterling rebounds against dollar

Sterling rebounded against the dollar on Tuesday as demand eased for the US currency on the back of improving risk sentiment in global markets, allowing the pound to recover some of its 1.5% loss this month.
Published 06 May, 2020 12:04am
Euro weakens across the board in Europe
Money & Banking

Euro weakens across the board in Europe

The euro weakened across the board on Tuesday after a German constitutional court ruled that the Bundesbank must stop buying government bonds if the European Central Bank cannot prove those purchases are needed.
Published 06 May, 2020 12:04am