Pakistan Today

If the news of the ban on Pakistani citizens getting new visas to the United Arab Emirates are true – and early indications seem to suggest that they are – then Pakistan may well be on the verge of having a long-overdue reckoning about the cost of its relationship with the Gulf Arab states, particularly the alliance led by...

MUMBAI: India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy. The country's energy minister was quoted here in June as saying India's oil refining capacity could jump to 450-500 million tonnes in 10 years...

BRUSSELS: Leaders of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented Covid-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control. High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford...

The State Bank of Pakistan has announced five regulatory relaxations to incentivize banks for financing low-cost and affordable housing, a statement issued by the central bank on Friday read. Firstly, the definition of low-cost housing finance used in the current regulations for banks has been aligned with definition used under Government Markup Subsidy Facility for Housing Finance eligible under Tiers...

Premier says country's coastal belt feasible to attract foreign tourism

ISLAMABAD: The Pakistan Sugar Mills Association (PSMA) has informed the Ministry of Industries that the millers were facing serious shortage of raw material and could shutdown their operations in the near future. In a letter addressed to Industries & Production Minister Muhammad Hammad Azhar, titled 'Non-Availability of Sugarcane due to High Prices Demanded by Farmers', PSMA Chairman Iskander Khan stated that...

The US Dollar gained Re0.11 against Pakistani Rupee in the interbank market on Friday. According to a State Bank of Pakistan tweet, the US Dollar opened at Rs160.62 and closed at Rs160.73. The greenback has gained Rs2.57 against Pakistani Rupee during the week. Market analysts believe that this weakening of PKR against the greenback is mostly sentiment driven. "The recent news of...

ISLAMABAD: International transit activity started at Gwadar with the arrival of the first fish carrier containing 200 tonnes of fish from international waters. In a statement, the Federal Board of Revenue (FBR) said that the fish will be shipped to China in reefer containers, opening up a new era of prosperity and growth for the people of Balochistan and the...

ISLAMABAD: Pakistan has considerably improved its implementation of the World Trade Organization (WTO)’s Trade Facilitation Agreement (TFA) from 34pc in June 2018 to 79pc in November 2020, a statement issued by the Federal Board of Revenue on Friday read. Owing to effective implementation of TFA, Pakistan has improved 31 positions in ‘Trading Across Border Index’, which tangibly contributed to the...

PESHAWAR: Khyber Pakhtunkhwa Food Safety and Halal Food Authority (KPFS&HFA) on Friday carried out a massive crackdown against food adulteration in various parts of the province. The authority during a raid in a factory in Pand area of Swat recovered more than 1,200kgs of unhealthy cherry. The factory was using non-food colours in cherries, besides using a number of other hazardous...

KARACHI: Karachi Port Trust and Metro Gas (Pvt) Ltd have entered a memorandum of understanding for establishment of a 'virtual pipeline system' to disseminate LNG across the country. The MoU was signed by KPT General Manager Rear Admiral Zakaur Rehman and Metro Gas CEO Owais Mir. The ceremony was also attended by KPT trustees and officials as well as members...

LAHORE: Normalisation of working capital and deferral of loans will help improve liquidity of Maple Leaf Cement Factory Limited (MLCF), analysts say.  Shahrukh Saleem, an investment analyst at AKD Securities Limited, said after adjusting working capital cycle, incorporating details of deferred loans under State Bank of Pakistan (SBP’s) scheme and recent announcement of extension in Waste Heat Recovery (WHR) capacity...

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved a grant of $150 million for the purchase of Covid-19 vaccine. Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the ECC meeting in Islamabad on Friday. Industries & Production Minister Hammad Azhar, Economic Affairs Division Minister Khusro Bakhtiar, Adviser to PM on Institutional Reforms...

KARACHI: Bears took charge of the Pakistan Stock Exchange (PSX) on Friday, with the indices succumbing to selling pressure ahead of the rollover week. Global equity markets, on the other hand, displayed a positive trend, whereas crude oil prices also moved north from the previous close; WTI oil price appreciating 0.67pc to $42.18 while Brent crude price rising 0.88pc to...

LONDON: Gilead’s remdesivir is not recommended for patients hospitalised with Covid-19, regardless of how ill they are, as there is no evidence the drug improves survival or reduces the need for ventilation, a World Health Organization panel said on Friday. “The ... panel found a lack of evidence that remdesivir improved outcomes that matter to patients,” the guideline said. “Especially given...