JOHANNESBURG: South Africa’s beleaguered national airline has signed a cooperation agreement with its Kenyan counterpart, with the long-term aim at creating a Pan-African airline, it said on Wednesday. South African Airways (SAA) recently emerged from bankruptcy proceedings and flew its first plane last week after March 2020. “[The] SAA is signing a memorandum of cooperation … Read more
ISLAMABAD: The British American Tobacco Group, the parent organisation of the Pakistan Tobacco Company Limited (PTC) has invested in a shared business services setup in Pakistan and inaugurated its Islamabad office on September 28, 2021, a statement said. Federal Minister for Planning, Development and Special Initiatives Asad Umer congratulated the company on setting up the … Read more
KARACHI: Pakistan stocks witnessed a massive selloff, falling below the level of 44,000 points, owing to the statement announced by the US general that Pakistan-Taliban ties are to become more complicated after the US withdrawal, dealers said. Additionally, rising international commodity prices and dollar closing at the interbank at 170.48 continued to rattle the bourse. … Read more
ISLAMABAD: Royal Group of China, a Chinese company is set to establish buffalo milk farming units across Pakistan to produce high quality fresh milk, milk powder, cheese, and other dairy products in the country. Royal Group of China chief executive Kith Meng informed Federal Minister for Planning, Development, and Special Initiatives Asad Umar during a … Read more
MOSCOW: Russia on Wednesday detained the head of one of the country’s leading cyber-security firms on the charges of treason, in a move that targets a company collaborating with the West on stemming cyber-attacks. The arrest comes after US President Joe Biden earlier this year raised concerns with Russian President Vladimir Putin that Moscow is allowing … Read more
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated the government’s decision to hold the compulsory requirement of digital mode of payments for all businesses under a new law, i.e., the Tax Laws (Third Amendment) Ordinance, 2021, a statement said on Wednesday. The new law makes it mandatory for all the … Read more
PITTSBURGH: The US and the EU officials will hold two days of high-level meetings in Pittsburgh this week in an effort to repair relations damaged under the administration of Donald Trump and boost cooperation on technology issues. The timing of the inaugural meeting of the Trade and Technology Council (TTC) is important, coming amid a global … Read more
ISLAMABAD: Pakistan reported 1,560 new Covid-19 cases over the past 24 hours, the National Command and Operation Centre (NCOC) said on Wednesday. The positivity rate of novel coronavirus cases has dropped in the country recently. However, the overall tally of the infected people climbed to 1,243,385 across Pakistan, said the NCOC, the department leading the … Read more
ISLAMABAD: The Asian Development Bank (ADB) has appointed Hong Kong University of Science and Technology (HKUST) professor Albert Park as its new chief economist. He will assume office on December 15, 2021, a statement issued by the bank said on Wednesday. As chief economist, Park will serve as the director general of the Economic Research … Read more
SEOUL: North Korea has successfully tested a new hypersonic gliding missile, state media reported Wednesday, in what would be the nuclear-armed nation’s latest advance in weapons technology. Tuesday’s launch was of “great strategic significance”, the official Korean Central News Agency said, as the North seeks to increase its defence capabilities a “thousand-fold”. Hypersonic missiles move … Read more
LONDON: Pakistan and the United Kingdom have agreed to form a Joint Working Group to formulate a strategy for strengthening bilateral ties in multiple spheres, including trade and investment. The bilateral ties were discussed during a meeting between Foreign Minister Shah Mahmood Qureshi and UK Secretary of State for Foreign Affairs and Minister for Women … Read more
DHAKA: A Bangladeshi man in his 80s has been reunited with his nearly 100-year-old mother after about 70 years thanks to social media. Abdul Kuddus Munsi was sent to live with his uncle when he was about 10, but lost touch with his family after running away and being adopted by two sisters. “This is … Read more
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has announced to boycott the public hearings being organised by the National Electric Power Regulatory Authority (Nepra) on September 29 and 30, 2021 as it has been observed that the regulator has not been providing the adequate opportunity to share opinion and give suggestions neither to … Read more
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has asked Turkey to help Pakistan in the development of the tourism industry and enhancing agricultural output. During a meeting with Ihsan Mustafa Yurdakul, ambassador of Turkey, to Pakistan, who called on him, at the Finance Division on Tuesday, the finance minister said Turkey is one … Read more
LAHORE: Mian Nauman Kabir has been elected unopposed as the president of the Lahore Chamber of Commerce and Industry (LCCI) for the term 2021/22, a statement said on Tuesday. Similarly, Mian Rehman Aziz Chan has been elected as the senior vice president and Haris Attiq as the vice president, as no one filed their nomination … Read more
LONDON: Brent crude oil jumped above $80/barrel on Tuesday for the first time in almost three years on the expectations for surging demand and concerns about tight supplies, as the world slowly emerges from the pandemic crisis. The stock markets mostly dropped, as traders tracked a strengthening dollar, high oil prices, political impasse in Germany … Read more
KUALA LUMPUR: China has shown exceptional economic resilience in the face of the Covid-19 pandemic and other challenges, Malaysian Foreign Minister Saifuddin Abdullah said on Tuesday. Speaking at an event hosted by the Chinese embassy in Kuala Lumpur to mark the 72nd anniversary of the founding of the People’s Republic of China which falls on … Read more
BRUSSELS: The Council of the European Union (EU) on Tuesday gave a green light to a €5 billion fund designed to help member states cushion the negative impact of Brexit. The fund will support the hardest-hit regions, sectors and communities to cover extra costs, compensate for losses or counter other adverse economic and social effects resulting … Read more
ATHENS: A state of emergency was declared on Monday in the Heraklion region of the Greek island of Crete after a 5.8-magnitude earthquake that struck the area earlier in the day left one person dead, 12 injured and hundreds without shelter, Greece’s Climate Crisis and Civil Protection Minister Christos Stylianides said. “We are monitoring the … Read more
KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced a final cash dividend of Rs1.5/share for the year ended June 30, 2021, which is in addition to the interim dividend of Rs5.4/share already paid to the shareholders, a bourse filing said on Tuesday. The company posted a net profit of Rs91.53 billion, translating … Read more
BANGKOK: Thai authorities on Tuesday rushed to protect parts of Bangkok from floodwaters that have already inundated 70,000 homes and killed six people in the country’s northern and central provinces. Tropical storm Dianmu has caused flooding in 30 provinces, with the kingdom’s central region the worst hit, the Thai Disaster Prevention and Mitigation Department said. … Read more
BEIJING: Pakistan’s national flag that was carried to the Chinese space station onboard the Shenzhou-12 spacecraft was handed to the Embassy of Pakistan at a special hatch-opening ceremony at the China Academy of Space Technology (CAST). The national flags of Pakistan and China were sent by China Manned Space Agency (CMSA) to outer space to … Read more
ISLAMABAD: Pakistan’s exports to the seven regional countries witnessed an increase of 34.75 per cent in the first two months of the current financial year (2021/22), compared with the corresponding months of the last year. The country’s exports to the regional countries, including Afghanistan, China, Bangladesh, Sri Lanka, India, Nepal, and the Maldives account for … Read more
KARACHI: Biafo Industries Limited has signed an agreement for the purchase and installation of a new signal transmission tube manufacturing plant with a cost of Rs392 million, a bourse filing said on Tuesday. “This is an import substitution project with excellent margins for the company, which eyes the signal transmission tube sales for not only … Read more
KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced gas and condensate discovery in Wali Exploration Licence in Khyber-Pakhtunkhwa, a bourse filing said on Tuesday. “OGDCL, being the operator of the Wali Exploration Licence with 100 per cent working interest has successfully tested gas and condensate in Lockhart Limestone at Wali-1 well, which … Read more
ISLAMABAD: Through managing the controllable factors, which included the availability of the high quality of seeds that are rust-resistant and certified, effective utilisation of water and proper usage of fertilisers and pesticides, the overall production of wheat can be significantly increased, a senior government official said. In this regard, a meeting of the Wheat Review … Read more
NEW YORK: A full US economic recovery “will take time to complete,” a top Federal Reserve official said on Monday, adding that effects from the far-reaching Delta variant of Covid-19 have surfaced in recent data. “The recovery continues to show solid momentum,” John Williams, president of the Federal Reserve Bank of New York, said in a … Read more
ISLAMABAD: The government is committed to engage the International Monetary Fund (IMF) to broaden the economic development in the country, a senior official said. Talking to IMF country representative for Pakistan Teresa Daban Sanchez, who made a farewell courtesy call on him, Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar welcomed the appointment of … Read more
