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Print - 2020-05-19
No need to keep markets closed on weekends: SC

No need to keep markets closed on weekends: SC

The Supreme Court declared the decision of closure of business on Saturdays and Sundays illegal, and directed the Sindh government to approach the Ministry of National Health Services, Regulation and Coordination (NHSRC) for reopening of shopping malls in
Published 19 May, 2020 12:02am
PIA special flight brings students back from Wuhan

PIA special flight brings students back from Wuhan

As many as 174 Pakistani students were repatriated to the country from Wuhan and Hubei province on Monday. A first special flight of the Pakistan International Airlines (PIA) from China transported Pakistani nationals back home.
Published 19 May, 2020 12:02am
Rail service will resume tomorrow

Rail service will resume tomorrow

After months long closure, rail service will be resumed partially on Wednesday but on the condition that standard operating procedures (SOPs) are adhered to as the country battles the novel coronavirus. Speaking at a presser, the Minister for Railways, Sh
Published 19 May, 2020 12:02am
Japan slides into recession

Japan slides into recession

Japan dived into its first recession since 2015, according to official data Monday, with the world's third-largest economy shrinking by 0.9 percent in the first quarter as it wrestles with the fallout from the coronavirus.
Published 19 May, 2020 12:02am
Outsourcing of airports: Cabinet to consider plan

Outsourcing of airports: Cabinet to consider plan

The federal cabinet which is scheduled to meet today with prime minister in the chair, will consider a plan to outsource major airports of Pakistan, official sources told Business Recorder.
Published 19 May, 2020 12:02am
FDI grows 127 percent in 10 months

FDI grows 127 percent in 10 months

Despite Covid-19 pandemic, Foreign Direct Investment (FDI) continued its rising trend in Pakistan and posted a healthy growth of 127 percent during the first ten months of current fiscal year (FY20). The State Bank of Pakistan (SBP) revealed on Monday tha
Published 19 May, 2020 12:02am
NAC estimates provisional growth at -0.38 percent

NAC estimates provisional growth at -0.38 percent

The provisional growth of Gross Domestic Product (GDP) for the year 2019-20 has been estimated at -0.38 percent, which is based on growth estimates of the agricultural, industrial and services sectors at 2.67 percent, -2.64 percent and 0.59 percent, respe
Published 19 May, 2020 12:02am
Loopholes, gaps in taxation system identified

Loopholes, gaps in taxation system identified

International tax expert Dr Ikramul Haq on Monday conveyed to the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, that the tax gap in Pakistan had been estimated at 50 percent, which immediately required removal of enforcemen
Published 19 May, 2020 12:02am
Taliban blast near Afghan intelligence base kills 7

Taliban blast near Afghan intelligence base kills 7

The Taliban claimed a deadly attack on an Afghan intelligence agency post Monday, even as they urged the new power-sharing government to accelerate a prisoner swap to pave the way for talks.
Published 19 May, 2020 12:02am
PIA reports 43 percent growth in revenue

PIA reports 43 percent growth in revenue

With a 76 percent reduction in operating losses, Pakistan International Airlines (PIA) has reported 43 percent growth in revenue for 2019.
Published 19 May, 2020 12:02am
A picture says a thousand words
Letters

A picture says a thousand words

A picture of a PIA flight showing facemask-wearing passengers and cabin crew carried by Business Recorder in its Sunday's issue is a strong reflection of a meaningful ease in almost two-month-long lockdown across the country. PIA has claimed that i
Published 19 May, 2020 12:02am
Hedging oil
Articles

Hedging oil

.Oil prices have touched zero and became even negative recently. A debate has ensued in Pakistan that we should have bought cheaper oil. It is a different matter that around the same time, there was news of diesel shortages. Petroleum Division, probably,
Published 19 May, 2020 12:02am
The forthcoming budget
Articles

The forthcoming budget

The Federal and Provincial Budgets for 2020-21 are expected to be announced in the month of June, starting with the presentation of the Federal Budget on the 5th of June. These budgets come at a time when the economy has been badly hit by the COVID-19 and
Published 19 May, 2020 12:02am
An unending war

An unending war

Two brutal attacks in recent days in Afghanistan have laid bare the fragility of the so-called peace agreement struck between the US and the Taliban in Doha in January 2020. The first attack was on a hospital in Kabul that specifically targeted the matern
Updated 19 May, 2020 07:10am
Exams and Covid-19

Exams and Covid-19

Of all the things about daily life that the coronavirus has disrupted so badly, since it has made it all but impossible for even a few people to be in the same vicinity without serious risk to a lot of people's lives, perhaps the worst is the ability of s
Updated 19 May, 2020 07:09am
Transporters protest against Sindh government decision

Transporters protest against Sindh government decision

The Sindh Transporter Associations on Monday staged a protest against the decision of Sindh Government not allowing the transport to be plied in the province but the transporters announced to bring the vehicles on road from 20th May 2020.
Published 19 May, 2020 12:02am
KP reduces public transport fares by 18-25 percent

KP reduces public transport fares by 18-25 percent

Advisor to KP CM on Information and Public Relations Ajmal Khan Wazir has said that in wake of reduction in the prices of petroleum products the provincial government has reduced fares of public transport by 18 to 25 percent.
Published 19 May, 2020 12:02am
Eid-specific items witness manifold increase

Eid-specific items witness manifold increase

The prices of an entire range of Eid-specific items have witnessed manifold increase with the religious festival just around the corner, while the shopping is also gaining momentum.
Published 19 May, 2020 12:02am
Indian diplomat summoned over ceasefire violations

Indian diplomat summoned over ceasefire violations

Pakistan summoned senior Indian diplomat on Monday and lodged with him a strong protest over the ceasefire violations by the Indian troops along the Line of Control (LoC) the other day that resulted in serious injuries to an innocent civilian.
Published 19 May, 2020 12:02am
FBR official's posting
Taxes

FBR official's posting

Syed Muhammad Tariq Huda, a BS-21 officer of Pakistan Customs Service, on repatriation to the FBR (HQ), is transferred and posted as Member (Customs-Operations), Federal Board of Revenue (HQ), Islamabad, with immediate effect. In this regard, the FBR has
Published 19 May, 2020 12:02am
Eid holidays

Eid holidays

The government has announced six-day-Eid holidays - May 22 to May 27 - for the forthcoming Eid-ul-Fitr including Juma-tul-Wida which falls on May 22, prolonging the festive vacations.
Published 19 May, 2020 12:02am
PID expedites payment process

PID expedites payment process

In the light of the directions of the Prime Minister's office to clear outstanding payments to media, PID has taken up the issue of outstanding payments with all the Federal Ministries/ Departments/Organizations and expedited the payment process. In this
Published 19 May, 2020 12:02am
All malls to be opened in capital

All malls to be opened in capital

The district administration on Monday decided to open all big shopping malls, which have been closed following the spread of the Covid-19.
Published 19 May, 2020 12:02am
FBR urged to release verified income tax refunds before Eid
Taxes

FBR urged to release verified income tax refunds before Eid

The manufactures have urged the Federal Board of Revenue (FBR) to release their verified income tax refunds before Eid providing them much needed cash liquidity to meet their pressing expenses especially those pertaining to staff salaries/wages.
Published 19 May, 2020 12:02am
Health sector major focus in next budget: Sindh minister

Health sector major focus in next budget: Sindh minister

Sindh Minister for Information, Local Government, Housing & Town Planning, Religious Affairs, Forest and Wildlife Syed Nasir Hussain Shah has said that the major focus of the Sindh government in the forthcoming budget would be on the health sector.
Published 19 May, 2020 12:02am
Covid-19: People urged to follow SOPs

Covid-19: People urged to follow SOPs

Aaj News Special Transmission to create awareness against coronavirus "Pur Azm Pakistan" is making strides in terms of sensitising the people about the pandemic by appealing them to take precautionary measures and follow the standard operating procedures
Published 19 May, 2020 12:02am
Heatwave likely for next two days: Met

Heatwave likely for next two days: Met

The city is expected to witness a 'very' hot and humid weather with maximum temperature up to 42 degrees Celsius, as the Met Office on Monday forecast heat wave for the next 2 days.
Published 19 May, 2020 12:02am
LHC expresses dismay over affairs of police department

LHC expresses dismay over affairs of police department

The Lahore High Court on Monday directed the police department to resolve by June 11 the dispute regarding denial of promotion to police inspector Rizwan Qadir, a complainant in state FIR of Model Town killings incident, and accused in the second FIR of t
Published 19 May, 2020 12:02am
CM lays foundation of Firdous Market underpass project

CM lays foundation of Firdous Market underpass project

Punjab Chief Minister Sardar Usman Buzdar laid the foundation stone of Firdous Market underpass project here on Monday. Talking on the occasion, the CM said that a sum of Rs 1.76 billion would be spent on that project which included land acquisition. Givi
Published 19 May, 2020 12:02am
KE announces further relief for small businesses
Business & Economy

KE announces further relief for small businesses

In continuation of earlier relief measures on account of the COVID-19 crisis, K-Electric (KE) is facilitating Small and Medium Enterprises (SMEs) through pre-paid electricity bills under the "Chota Karobar-o-Sannat Imadadi package" announced by the Federa
Published 19 May, 2020 12:02am
Sindh Assembly session tomorrow

Sindh Assembly session tomorrow

Speaker of Sindh Assembly, Agha Siraj Durrani, has summoned a session of the provincial assembly of Sindh to meet on Wednesday.
Published 19 May, 2020 12:02am
OICCI welcomes amendments to Companies Act 2017
Business & Economy

OICCI welcomes amendments to Companies Act 2017

The Overseas Investors Chamber of Commerce and Industry (OICCI), has felicitated the SECP on the Companies (Amendment) Ordinance, 2020 promulgated on April 30. The Chamber, along with other leading business association, has in the past challenged some of
Published 19 May, 2020 12:02am
Mayor for increasing KMC employees' salaries by 15 percent

Mayor for increasing KMC employees' salaries by 15 percent

Mayor Karachi Wasim Akhtar Monday directed finance department of Karachi Metropolitan Corporation (KMC) to increase 15 percent salaries of employees and pay them May salary in advance ahead of Eidul Fitr.
Published 19 May, 2020 12:02am
Global Covid-19 plastic waste could end up in country

Global Covid-19 plastic waste could end up in country

While Pakistan is still grappling with an ever increasing number of Covid-19 cases, it is facing another impending environmental and health disaster as thousands of tons of global Covid-19 plastic waste may end up in the country in the absence of a ban on
Published 19 May, 2020 12:02am
Coronavirus will not spare anyone, says Governor

Coronavirus will not spare anyone, says Governor

Expressing concern over reports that coronavirus infections would multiply in the days to come, Punjab Governor Chaudhry Mohammad Sarwar said on Monday that the virus will not spare anyone and the only remedy left is either to stay home or strictly observ
Published 19 May, 2020 12:02am
Neelum Jhelum crosses 8 billion units mark
Energy

Neelum Jhelum crosses 8 billion units mark

State-of-the-art 969 MW-Neelum Jhelum Hydropower Project achieved another milestone as its contribution to the national grid crossed 8 billion mark, said Wapda sources.
Published 19 May, 2020 12:02am
KBP rejects agriculture package

KBP rejects agriculture package

The Kissan Board Pakistan (KBP) rejected the agricultural package announced by the federal government and termed it a joke with the farmers.
Published 19 May, 2020 12:02am
'Medical students not to be promoted without exams'

'Medical students not to be promoted without exams'

The Inter-Medical University Board, which met here on Monday, decided that no student of any medical or dental college would be promoted to next class without passing the examination.
Published 19 May, 2020 12:02am
PFMA, food secy talks end with no result

PFMA, food secy talks end with no result

Dialogues between the flour millers and the Punjab food secretary remained inconclusive on Monday to convince the millers to call off their strike after which the Pakistan Flour Mills Association (PFMA) announced to continue its strike till acceptance of
Published 19 May, 2020 12:02am
FBR chief seeks updated lists of refund claimants
Taxes

FBR chief seeks updated lists of refund claimants

Federal Board of Revenue (FBR) Chairperson Nosheen Javed Amjad on Monday directed chief commissioners of large taxpayer units and regional tax offices (RTOs) to update lists of income tax refund claimants on emergency basis.
Published 19 May, 2020 12:02am
Rs 6.53 billion distributed among deserving families: Buzdar

Rs 6.53 billion distributed among deserving families: Buzdar

Punjab Chief Minister Sardar Usman Buzdar on Monday said that more than Rs 6.53 billion has been distributed among the deserving families in five days under the CM Punjab Insaf Imdad Programme and Ehsaas Programme.
Published 19 May, 2020 12:02am
IT sector fetches $35.1m FDI in Jul-Apr
IT & Computers

IT sector fetches $35.1m FDI in Jul-Apr

Information Technology sector fetched $35.1 million Foreign Direct Investment (FDI) in July-April 2020 compared to $22.9 million in the corresponding period of last fiscal year, registering an increase of around $12.2 million.
Published 19 May, 2020 12:02am
PSDP 2019-20: Rs 562 billion released against budgeted Rs 701 billion

PSDP 2019-20: Rs 562 billion released against budgeted Rs 701 billion

The federal government has released Rs562 billion (80 percent) including Rs109.29 billion foreign aid (85 percent) for various ongoing and new development projects under the Public Sector Development Programme (PSDP) 2019-20 against the total budgeted all
Published 19 May, 2020 12:02am
Gul Ahmed Textile Mills
Brief Recordings

Gul Ahmed Textile Mills

Gul Ahmed Textile Mills Limited (PSX: GATM) was established in 1953 as a private limited company and converted into a public limited company two years later in 1955. GATM has fully integrated textile operations, and is in the business of making cotton yar
Updated 19 May, 2020 04:26am
Thai economy slips into recession after worst quarter in 8 years
Global Business Economy

Thai economy slips into recession after worst quarter in 8 years

Thailand's economy contracted at its sharpest pace in eight years in the first quarter, pushing Southeast Asia's second largest economy into recession sooner than expected, as the coronavirius pandemic hit tourism and domestic activity.
Published 19 May, 2020 12:02am
Huawei to fund new tech hub at Imperial College London
Telecommunication

Huawei to fund new tech hub at Imperial College London

Chinese telecoms giant Huawei is to fund a new £5 million ($6.1 million, 5.6-million-euro) technology hub at Imperial College London, British media reported. The institution did not confirm or deny the reports when contacted by AFP, and said an announceme
Published 19 May, 2020 12:02am
US auto plants get back to work
Global Business Economy

US auto plants get back to work

Two months after effectively freezing American auto manufacturing, Detroit's "Big Three" on Monday began a gradual ramp-up of plants with new configurations and procedures to prevent coronavirus outbreaks.
Published 19 May, 2020 12:02am
Macron, Merkel agree 500 billion euro recovery plan
Global Business Economy

Macron, Merkel agree 500 billion euro recovery plan

France and Germany proposed Monday a 500 billion euro ($542 billion) fund to finance the recovery of the European Union's economy from the devastation wrought by the coronavirus crisis.
Published 19 May, 2020 12:02am
Uber says cutting 3,000 jobs and trimming investment
Global Business Economy

Uber says cutting 3,000 jobs and trimming investment

Uber on Monday announced it is cutting a quarter of its global workforce and trimming investment to survive the financial hit to its business from the coronavirus pandemic.
Published 19 May, 2020 12:02am
McDonald's slapped with sexual harassment lawsuit
Global Business Economy

McDonald's slapped with sexual harassment lawsuit

An international group of labor unions said Monday it has filed a lawsuit against McDonald's for "systemic sexual harassment" at the fast food chain's restaurants around the world.
Published 19 May, 2020 12:02am
US economy showing 'encouraging signs': White House

US economy showing 'encouraging signs': White House

The US economy is showing "encouraging signs" and there's no need for another spending package to combat the downturn caused by the coronavirus pandemic, a White House advisor said on Monday.
Published 19 May, 2020 12:02am
American bluesman Lucky Peterson dies

American bluesman Lucky Peterson dies

American blues musician Lucky Peterson died suddenly Sunday at age 55 in Dallas, Texas. A message on his Facebook page, announcing the death "with great sorrow," said Peterson was rushed to a hospital in critical condition after falling ill at his home.
Published 19 May, 2020 12:02am
French screen legend Michel Piccoli dies

French screen legend Michel Piccoli dies

Michel Piccoli, one of the most original and versatile French actors of the last half century, has died aged 94, his family said Monday. He died "in the arms of his wife Ludivine and his children Inord and Missia after a stroke", the family told AFP.
Published 19 May, 2020 12:02am
Vietnamese coffee prices fall
Commodities

Vietnamese coffee prices fall

Vietnamese coffee prices fell this week, tracking weakness in London prices, while trade in Indonesia was quiet as market participants waited for new harvest, traders said on Thursday. Farmers in the Central Highlands, Vietnam's largest coffee-growing are
Published 19 May, 2020 12:02am
Asia's naphtha crack more than doubles on demand
Energy

Asia's naphtha crack more than doubles on demand

Asia's naphtha physical crack surged by another 145% on Monday to reach a near two-and-a-half-week high of $32.20 a tonne, supported by strong demand and improving gasoline fundamentals.
Published 19 May, 2020 12:02am
Activities of Karachi Port and Port Qasim
Business & Economy

Activities of Karachi Port and Port Qasim

The Karachi Port handled 83,046 tonnes of cargo comprising 63,092 tonnes of import cargo and 19,954 tonnes of export cargo including 1,451 loaded and empty containers during the last 24 hours ending at 0700 hours on Monday.
Published 19 May, 2020 12:02am
Few trading activity seen on cotton market
Cotton & Textile

Few trading activity seen on cotton market

Trading activity will fully resume in the cotton market after the Eid holidays. In the local cotton market some trading activity was witnessed after the easing of long lockdown.
Published 19 May, 2020 12:02am
Gold demand tepid in most Asian centres
Commodities

Gold demand tepid in most Asian centres

Physical gold demand was tepid in most Asian centres this week with retail buying yet to see any significant recovery even as top hubs India and China eased some coronavirus-driven restrictions.
Published 19 May, 2020 12:02am
Most Gulf stocks rise
Stocks

Most Gulf stocks rise

Most major Gulf stock markets rose on Monday, lifted by rising oil prices, led by Saudi Arabia after its banking sector got a boost from upbeat corporate earnings.
Published 19 May, 2020 12:02am
Tokyo stocks up
Stocks

Tokyo stocks up

Japanese shares rose on Monday as signs of a slowdown in coronavirus infections raised optimism that the government would soon ease restrictions in additional prefectures, although escalating US-China trade tensions kept investors wary.
Published 19 May, 2020 12:02am
European shares gain
Stocks

European shares gain

European shares bounced on Monday after their worst week in two months, as investors hoped for a gradual economic recovery with many countries easing coronavirus-led lockdowns.
Published 19 May, 2020 12:02am
China equities rise
Stocks

China equities rise

China shares ended higher on Monday as investors took hope from data showing home prices rose in April, but renewed trade tensions between Beijing and Washington and the threat of a second wave of coronavirus infections limited gains.
Published 19 May, 2020 12:02am