RIEL, The Netherlands: In the flat expanse of the Dutch countryside, Corne de Rooij nostalgically strokes the muzzles of his calves, wondering how long he will be able to keep them. Livestock farming is one of the main emitters of greenhouse gases in the Netherlands, where climate change threatens to swallow up the low-lying fields. “It’s … Read more
COLOMBO: Sri Lanka unveiled a $1.1 billion targeted relief package on Tuesday to help consumers pay soaring food costs as an economic crisis bites. The island’s tourism-dependent economy was hammered by the pandemic and rampant shortages have left its people struggling to buy essential goods. Supermarkets have been rationing milk powder, sugar, lentils and other essentials, … Read more
MANILA: The Philippines will expand coronavirus restrictions in Manila from Wednesday to include more than 11 million people living near the capital as cases surge, the government said. Daily infections have spiked to a two-month high in January and the health department warned of higher caseloads in the coming days following the detection of local … Read more
BEIJING: The Beijing Winter Olympics will be spread over three zones and merge new venues with existing ones from the 2008 Games, including the “Bird’s Nest” stadium. With one month to go, AFP Sport looks at where the Olympics will take place: Beijing The 80,000-seater “Bird’s Nest” National Stadium — whose cross-hatched steel girders produce a nest-like … Read more
In 2022, a lot hangs in the balance for the Pakistan Tehreek-e-Insaaf (PTI) Government following the completion of its almost three-and-half- years in power. The recent Khyber Pakhtunkhwa local bodies’ election upset, the rising economic insecurity for the masses, the instability in the region due to the precarious situation in Afghanistan and tensions with neighbouring … Read more
PARIS, Dec 29, 2021 (AFP) – France said Wednesday that nightclubs would remain closed for a further three weeks, after nearly 180,000 new Covid cases smashed the record for daily cases since the pandemic began. The roughly 1,600 clubs were ordered shut on December 6 for four weeks as officials hoped to avoid a wave of … Read more
TOKYO: Japan’s industrial production surged a record 7.2 per cent in November compared to the previous month, with auto output rebounding from a decline triggered by a global semiconductor shortage and supply chain disruptions, government data revealed on Tuesday. The seasonally adjusted production index for factories and mines stood at 97.7 against the 2015 base … Read more
MANILA: The Philippines has lifted a four-year ban on new open-pit mines, an official said on Wednesday, in a bid to revitalise the country’s coronavirus-battered economy slammed by activists as “short-sighted”. The move sees the Philippine government reverse a ban imposed in 2017, when the then-environment minister blamed the sector for widespread ecological damage. Manila has … Read more
There has been a significant increase in the tyre prices due to higher cost of production/import emanating from depreciating rupee, increase in regulatory duty by 10 per cent to 25 per cent and an increase in the Customs valuation, the predetermined value on which the taxes are imposed. Moreover, lesser inflows of smuggled goods also … Read more
The number of equity investors in Pakistan declined in the last few years As the stock market is not the reliable indicator of the strength of the economy, oversubscribed initial public offerings (IPOs) also do not reflect the growth and depth of the equity market. Surprisingly, the total number of investors participating in the IPOs … Read more
ANKARA: Turkish President Recep Tayyip Erdogan unveiled a new package of measures on Monday to support deposits denominated in Turkish lira, after the currency has lost about 50 per cent of its value against the dollar this year. Speaking at a press conference after a cabinet meeting, Erdogan said Turkey would introduce new measures within … Read more
RIYADH: Egypt has ordered a state-owned company to work with a Chinese firm to build affordable electric vehicles priced at 315,000 Egyptian pounds ($20,000), Arab News reported. The Egyptian authorities have approached three potential companies to partner with the state-owned automobile company El Nasr Automotive Manufacturing on the project. It aims at investing 2 billion Egyptian pounds, Bloomberg reported, … Read more
LONDON: Oil prices slid on Friday, heading for a slight decline over the week, on concern curbs to slow the spread of the Omicron variant could hit demand, Arab News reported. Brent crude futures declined 1.5 per cent to $73.88 a barrel at 1.10 p.m. Riyadh time, while US West Texas Intermediate (WTI) crude fell 1.4 per … Read more
WASHINGTON: Amid ongoing talks on a new aid programme, the IMF is examining data from Lebanon’s government on the scope of financial sector losses, estimated at about $69 billion, a fund spokesman said on Thursday. “I’d say there’s been considerable progress in identifying financial sector losses,” IMF spokesman Gerry Rice told reporters in reference to the … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to continue the practice of getting corporate guarantee in provisional assessment dispute cases. In letters to the prime minister, adviser to PM on finance and its secretary, LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president … Read more
KARACHI: The State Bank of Pakistan (SBP) has said that the inflows of remittances sent by overseas Pakistanis grew 9.7 per cent to $12.9 billion during the first five months (July-November) 2021/22. The SBP said that with $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion … Read more
CAIRO: Egypt announced it is ready to officially join the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) for emerging markets by the end of January next year, CNBC Arabia reported citing the finance minister. Upon joining, Egypt will become one of only two countries in the Middle East North Africa region to make the index. Mohamed Maait said … Read more
ISLAMABAD: The Asian Development Bank (ADB) on Friday approved $385 million in financing to help improve the livability and community health of five cities in Khyber-Pakhtunkhwa. The Khyber-Pakhtunkhwa cities improvement project will help construct two clean water supply treatment facilities, three sewerage treatment facilities, and will rehabilitate dysfunctional tube-wells among several other important subprojects in … Read more
BEIJING: Debt-crippled Chinese property giant Evergrande looks headed for a huge restructuring after it defaulted on $1.2 billion in bond repayments and remains mired in further liabilities worth more than $300 billion. What would a restructuring mean for creditors, homeowners and investors? The government is keen to limit any contagion hitting the financial system, but is … Read more
LONDON: Britain’s economic growth recovery slowed in October, official data showed on Friday, even before the appearance of the Omicron coronavirus variant that has pushed the UK government to restore restrictions. Gross domestic product increased 0.1 per cent in October compared with output of 0.6 per cent the previous month, the Office for National Statistics said … Read more
ACCRA: Public health authorities in Ghana have introduced new travel guidelines requiring visitors to show proof of vaccination against Covid-19 from next week as the government tries to avert a fourth wave of infections. Under new rules coming into effect from midnight on Sunday, travellers “will be required to provide evidence of full vaccination,” Ghana’s … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has welcomed the Punjab government’s decision to withdraw an increase in the property tax, a statement said. The Excise, Taxation and Narcotics Control Department has issued a notification, in this regard. LCCI president Mian Nauman Kabir, senior vice president Mian Rehman Aziz Chan and vice president … Read more
LAHORE: The Punjab government has enhanced the development allocation for the ongoing fiscal year, an official said. Chairing a meeting of the Punjab Cabinet’s Standing Committee on Finance and Development, Finance Minister Makhdoom Hashim Jawan Bakht said that after enhancing the development budget by Rs85 billion, the total ADP allocation stood at Rs646 billion. The … Read more
ISLAMABAD: The Fertiliser Review Committee has reviewed the supply, stock position and production targets of urea in the current month for sowing season. To supervise the urea supplies, amid Rabi season, Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar along with Federal Minister for Food Security and Research Syed Fakhar Imam held a meeting … Read more
WASHINGTON: President Joe Biden on Wednesday signed an executive order to make the federal government carbon-neutral by 2050, aiming for a 65 per cent reduction in planet-warming greenhouse gas emissions by 2030 and an all-electric fleet of car and trucks five years later, Arab News quoted AP as saying. The White House said the order shows how the government … Read more
WASHINGTON: The US employers posted 11 million open jobs in October, nearly matching a record high reached in July and a sign that companies were confident enough in the economy to expand, Arab News reported. The government report on Wednesday also showed that the number of people quitting their jobs dropped slightly in October to 4.2 million, … Read more
KARACHI: The Federal Board of Revenue (FBR) plans to replace the fixed sales tax regime with the normal regime on import of mobile phones, which will generate sizeable revenue for the government and encourage the sale of locally-manufactured mobile phones, sources said on Wednesday. To apply the normal sales tax regime at 17 per cent, … Read more
WASHINGTON: US senators struck a deal on Tuesday to create a one-time law, allowing Democrats to lift the nation’s borrowing authority and avert a catastrophic credit default without requiring votes from the opposition Republicans. The House of Representatives approved the fix in an evening vote and it is expected to be approved by the Senate in … Read more
