GLASGOW: A decision on whether Jerome Powell will serve a second term as the Federal Reserve chair or be replaced will come soon, US President Joe Biden said. Speaking at a press conference; following the COP26 summit in Glasgow, Biden declined to discuss the decision over who will lead the US central bank, but said … Read more
FRANKFURT: The European Central Bank (ECB) is “very unlikely” to raise its interest rates in 2022, president Christine Lagarde said on Wednesday, amid pressure on the central bankers to respond to soaring prices. “Despite the current inflation surge, the outlook for inflation over the medium-term remains subdued,” Lagarde said in a speech in Lisbon. And … Read more
KARACHI: The rupee continued to recover against the dollar in the interbank market on Wednesday, dealers said. The exchange rate ended with a gain of 57 paisas to Rs169.97 against the dollar from the previous day’s closing of Rs170.54 in the interbank foreign exchange market. The rupee rebounded strongly against the dollar since falling to … Read more
Two senior officials of the Federal Investigation Agency’s (FIA) Karachi office were convicted on Tuesday for taking bribes to the tune of Rs24 million from a known businessman of Faisalabad. According to sources, Deputy Director Ata Ullah and Assistant Director Dr Muhammad Anwar were declared guilty by Special Judge (Central) Karachi Mahboob Ali Dayo. The … Read more
MOSCOW: US Central Intelligence Agency director William Burns met the head of Russia’s powerful Security Council for talks in Moscow on Tuesday, the council’s press service said. Burns and Security Council Secretary Nikolai Patrushev discussed “Russian-American relations”, it said in a terse statement. Burns’ visit to Moscow was not previously announced and the Security Council … Read more
KARACHI: The Pakistan equity market traded in the green territory throughout the day on Tuesday on the reports that all the issues have been settled with the International Monetary Fund (IMF) for the revival of $6 billion Extended Fund Facility where the formal agreement is expected in a day or two, dealers said. “Moreover, Pakistan’s … Read more
RIYADH: The Saudi-led military coalition backing the government in Yemen said Tuesday that 115 Houthi rebels were killed in air strikes around the strategic city of Marib as the insurgents advanced. The Iran-backed Houthi rarely comment on losses, and AFP could not independently verify the toll. “Fourteen military vehicles were destroyed and more than 115” … Read more
WASHINGTON: Toyota urged Washington on Tuesday not to “play politics” with environmental issues by offering tax credits for US made electric vehicles, joining a chorus of foreign opposition to the issue. President Joe Biden’s focus on helping blue collar American workers led to a proposal in his Build Back Better legislation to offer $4,500 in … Read more
NEW YORK: Tesla shares sunk in early trading on Tuesday after founder Elon Musk cast doubt on a deal to supply Hertz with rental cars. The Hertz announcement last week of an agreement for Tesla to supply the car rental firm with 100,000 of its electric autos helped push Musk’s company to a $1 trillion … Read more
ISLAMABAD: The Federal Board of Revenue (FBR) is all set to launch a single sales tax portal this month to facilitate taxpayers and ensure ease of doing business through automation, digitalisation, and minimisation of human interaction with the taxpayers. This landmark initiative has been made possible after thorough discussions with the provincial revenue authorities of … Read more
ISLAMABAD: Pakistan and Germany on Tuesday signed a financial cooperation agreement worth €129 million. Federal Minister for Economic Affairs Omar Ayub Khan witnessed the signing of agreement between the Ministry of Economic Affairs, Pakistan and the Federal Ministry for Economic Cooperation and Development, Germany. The minister appreciated the German’s enhanced bilateral economic cooperation with Pakistan … Read more
LAHORE: The Punjab Provincial Development Working Party (PDWP) on Tuesday approved execution of two development schemes of health and irrigation sectors with an estimated cost of Rs6.421 billion. The meeting chaired by Planning and Development Board chairman Abdullah Khan Sumbal approved the establishment of Institute of Urology and Transplantation, Rawalpindi at cost of Rs5.354 billion … Read more
KARACHI: The Pakistan LNG Limited (PLL) has issued a tender for the import of two cargoes to be delivered on November 19 and 20 and November 26 and 27, 2021. This emergency tender came after ENI and Gunvor refused to make the deliveries in November under long-term contracts. Pakistan has a five-year import deal with … Read more
WUHAN: The China-Pakistan Friendship Square was unveiled in Wuhan, capital of central China’s Hubei Province, on Tuesday, as part of the celebration of the 70th anniversary of the establishment of diplomatic ties between China and Pakistan. The square, located beside the Yangtze River in the city center, is the first China-Pakistan Friendship Square in China. … Read more
Pakistani dramas are generally perceived as women-oriented, but most of the plays usually revolve around the ordeals of a damsel (or a married woman) in distress. Sometimes their husbands leave them for another woman, and on other occasions, their old flame returns to reclaim his position. However, there have been some instances where a powerful … Read more
PARIS: French President Emmanuel Macron on Tuesday refrained from implementing a threat to disrupt trade with Britain in a standoff over post Brexit fishing rights as talks to defuse the latest row continued in Brussels. France had threatened to ban British boats from unloading their catches at French ports and to subject all British imports … Read more
KARACHI: Pakistan’s total petroleum products off-take rose 17 per cent on a year-on-year basis to 1.99 million tonnes in October 2021, compared with 1.70 million tonnes sold in the same period of the last year, the official data showed. “Growth was witnessed in all the three major fuels, supported largely by recovering economic activity. The … Read more
KARACHI: The rupee continued upward movement against the dollar for the fifth consecutive trading session on Tuesday, dealers said. The exchange rate ended with a gain of 75 paisas to Rs170.54 against the dollar from the previous day’s closing of Rs171.29 in the interbank foreign exchange market. The local currency is recovering after the announcement … Read more
BUENOS AIRES: Argentina made a payment of $390 million to the International Monetary Fund (IMF) for interest on a $44 billion loan it is seeking to renegotiate, the government said. The amount was the final interest payment for 2021, the Economy Ministry told AFP. So far this year, Argentina has paid $1.9 billion down payment … Read more
LONDON: The Bank of England (BoE) could this week raise its main interest rate for the first time in more than three years to rein in on surging inflation, as economies reopen from pandemic lockdowns, analysts say. Economists are predicting that the BoE led by governor Andrew Bailey could hike borrowing costs from a record … Read more
KARACHI: Karachi, one of the largest cities in the world popularly known as the ‘City of Lights’, now suffers from looming urban crises. The metropolis does not have a mass transit system and universal access to potable water is a distant dream. Sanitation and drainage issues are persistent while power outages in commercial and residential … Read more
KARACHI: The National Bank of Pakistan (NBP) has said that it had recovered from a cyber-attack on its system reported last week. The NBP, a public sector bank, on October 29, 2021 reported a cyber-security breach on its system; following which the bank terminated its services to secure the data and money. The bank has … Read more
LONDON: Energy giant British Petroleum (BP) posted mixed earnings on Tuesday, running up a hefty quarterly net loss linked to future gas costs, but bumper underlying profits thanks to soaring oil prices. The net loss for the third quarter stood at $2.5 billion (2.15 billion euros), compared with a loss of $450 million in the … Read more
ROME: The G20 major economies have committed to the key goal of limiting global warming to 1.5°Celsius, but some disappointed leaders warned more was needed to make a success of the UN climate talks beginning in Glasgow. British Prime Minister Boris Johnson, the host of the COP26 summit that opened on Sunday, said the pledge … Read more
LAHORE: Sui Northern Gas Pipelines Ltd (SNGPL) Managing Director Syed Ali Javaid Hamdani has assured the members of the All Pakistan Textile Mills Association (Aptma) of uninterrupted gas supply during the winter season and resolving all gas-related issues of the export-oriented sectors on a priority basis. He lauded the role of the textile industry in … Read more
KARACHI: The Pakistan stocks witnessed a bull run on the first day of the month, crossing the psychological barrier of 47,000 points, as the government is confidently hoping for a positive result on the agreement with the International Monetary Fund (IMF), analysts said on Monday. “Additionally, the rupee strengthened against the dollar and coal prices … Read more
ISLAMABAD: Pakistan’s exports in October 2021 grew 17.5 per cent to $2.471 billion, compared with $2.104 billion in October 2020. This is the highest-ever export in any October in the history of the country. The export target for October 2021 was $2.6 billion. For the period July-October 2021, exports grew 25 per cent to $9.468 … Read more
ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Asad Umar chaired a progress review meeting on the Gilgit-Baltistan development plan on Monday. The Gilgit-Baltistan additional chief secretary briefed the minister on the development projects funded through the Public Sector Development Programme (PSDP) and non-PSDP resources, as well as in the public-private partnership mode. Various … Read more
