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PESHAWAR: At least 59 people were martyred and more than 157 were injured after a suicide bomber blew himself up at a mosque in Peshawar’s Police Lines during afternoon prayers on Monday, security and health officials said. Security officials, confirming that it was a suicide […]
PakistanISLAMABAD: The United States is building a fresh consensus among key regional and international players against the Afghan Taliban government after the de facto rulers banned female education and resorted to other steps that Washington believes are contrary to the Doha deal. As part of […]
PakistanThe death toll from a boat incident in Khyber-Pakhtunkhwa’s Kohat district rose to 30 as rescuers recovered 19 more bodies on Monday. The boat carrying over 30 passengers, including madrassa students, capsized in Kohat’s Tanda Dam on Sunday. A search operation is still underway to […]
PakistanMOSCOW: Russian President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed Bin Salman on Monday to discuss cooperation within the OPEC+ group of oil producing countries in order to maintain oil price stability, the Kremlin said in a statement. Ministers from the […]
Workers wearing protective masks and suits help a Chinese traveller leaving the arrival hall of Rome Fiumicino International Airport on December 29, 2022 after being tested for COVID.— AFP GENEVA: The World Health Organisation’s emergency committee on COVID-19 was meeting Friday to discuss whether the […]
HealthJust days away from introducing its new 2023 flagship line, Samsung reported a sharp drop in profits for the fourth quarter of 2022. The South Korean-based company said, “The business environment deteriorated significantly in the fourth quarter due to weak demand amid a global economic […]
TechnologyMickey Arthur waves to fans at the end of the second Test cricket match between Sri Lanka and West Indies at the Galle International Cricket Stadium in Galle on December 3, 2021. — AFP After the appointment of Mickey Arthur as Pakistan’s first “online coach”, […]
SportsThe Pakistan Cricket Board (PCB) is set to appoint former coach, Mickey Arthur, as Pakistan’s team director. According to media reports, there will no head coach of the side. Instead, PCB is looking to hire assistant coaches for all three facets of the game i.e. […]
SportsWREXHAM, UNITED KINGDOM: Hollywood star Ryan Reynolds has hailed his involvement with non-league side Wrexham as the “greatest experience” of his life after he jetted in to watch his team in the FA Cup. Reynolds and fellow actor Rob McElhenney took over the National League […]
SportsFormer Pakistan head coach Mickey Arthur is poised to return as the head coach of the Pakistan cricket team yet again. According to media reports, the PCB management committee is expected to finalize his contract within the next two weeks. Due to the ongoing pandemic, Arthur […]
SportsInterior ministry has clarified that there is no change in the fee charged for Pakistan’s machine-readable passport. A spokesperson for the ministry highlighted that the rumours making rounds on social media regarding the hike in the fee for machine-readable passports were baseless and unfounded. ‘The […]
PakistanInterior ministry has clarified that there is no change in the fee charged for Pakistan’s machine-readable passport.
A spokesperson for the ministry highlighted that the rumours making rounds on social media regarding the hike in the fee for machine-readable passports were baseless and unfounded.
‘The federal government has approved the issuance of e-passport but there has been no increase in the fee for machine-readable passports,’ said the spokesman.
The official highlighted that the facility for issuance of e-passport has not started as of now.
Directorate General Immigration & Passports had recently set a fee for issuance of e-passport. Soon after the news, social media was flooded with stories that there has been an increase in fee for other passport types as well.
The Directorate General of Immigration & Passports operates under the interior ministry and issues passports to the applicants after completion of codal formalities.
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KARACHI: The country’s steel industry is in a dire situation, fearing business closure and widespread job losses as banks have failed to open letters of credit (LCs) for import. Shortage of raw material, due to the inability to establish LCs, has led to production delays […]
BusinessThe country’s steel industry is in a dire situation, fearing business closure and widespread job losses as banks have failed to open letters of credit (LCs) for import.
Shortage of raw material, due to the inability to establish LCs, has led to production delays and financial losses for companies, despite recent relief announcements, according to the Pakistan Association of Large Steel Producers (PALSP).
PALSP Secretary General Wajid Bukhari said the steel industry was facing a critical situation as the State Bank of Pakistan (SBP) could not force commercial banks to open LCs, resulting in the closure of numerous steel businesses. He called on the government and the SBP to take immediate action to resolve the crisis and ensure the survival of steel industry.
“Steel is a vital sector for Pakistan’s economy, contributing over 5% to the country’s GDP and providing jobs for over 200,000 people with annual production capacity of over 5 million tons.”
However, the current crisis forced many steel companies to reduce production or even shut down operations, he added. “If there is no steel, approximately 7.5 million jobs will be at stake and there is a possibility of closure of cement and all industries associated with the construction sector within a few weeks,” said Bukhari.
He cautioned that Pakistan’s steel production could slump by over 50% next year, with devastating consequences for the economy and the ordinary people.
“We need a circular to be issued immediately, allowing manufacturers to import raw material, albeit at curtailed levels,” said Bukhari.
Taurus Securities noted that thousands of LCs related to raw material, spares and supplies for the manufacturing sector as well as finished goods and even essential items were awaiting approval, along with thousands of containers awaiting clearance at ports, which were incurring demurrages.
Of late, steel rebar manufacturers had started increasing prices and from early January prices had been raised by about Rs53,000 per ton as they feared a shortage of raw material because of restrictions on the opening of LCs, said JS Global steel sector analyst Waqas Ghani Kukaswadia. Some steel companies also suffered losses because they had to pay demurrages on the containers carrying steel scrap, he said.
“The construction industry, as a whole, will be impacted by lower steel production, which will reduce demand for cement, glass, tiles, PVC, etc.” Banks’ inability to open LCs was due to a shortage of foreign currency reserves, leading to delay in the import of essential raw material such as steel scrap and additives for the manufacturing of steel products, he added.
“Steel bar prices have surpassed Rs275,000 per ton but if the shortage persists, experts believe that the prices can easily cross Rs300,000 per ton.” The industries relying on imported raw material were facing challenges due to the import restrictions placed by the government, said Optimus Capital Management senior research analyst Mehroz Khan.
Operations of the graded steel industry, the manufacturers of steel rebars, have been clogged as the graded steel players solely relied on imported scrap.
Published in The Express Tribune, January 31st, 2023.
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Meghan Trainor and husband Daryl Sabara are expecting their second child Meghan Trainor is expecting her second child with husband Daryl Sabara. On Monday, January 30th, 2023, the All About That Bass singer revealed the news in a post on Instagram. Talking to People about […]
EntertainmentMeghan Trainor is expecting her second child with husband Daryl Sabara.
On Monday, January 30th, 2023, the All About That Bass singer revealed the news in a post on Instagram.
Talking to People about the big news, Trainor said, “What a blessing. I’m just so grateful I can get pregnant. And I’m like, ‘I’m crushing it. This is amazing. This is my dreams.’ I’m halfway there — I want four kids!”
Talking about her firstborn’s reaction, the singer said that her almost two-year-old took it quiet well.
“We try to tell him, ‘There’s a baby in the belly,’ but then he points to his belly now and is like, ‘Baby.’ And we’re like, ‘Oh no, it’s not in yours — it’s in Mama’s belly!’” she said.
Trainor also revealed how she managed to keep the news a secret until her big announcement, four months into the pregnancy.
“Hoodies, babe! I wrote a smash that says, ‘Even with me hoodie on…’” she said, referencing her hit single Made You Look.
“I only wear hoodies,” she explained. “And everyone’s like, ‘You’re not even showing, you’re so small.’ I’m like, ‘Well, you can’t see me!’ For real.”
The singer detailed that she is now experiencing symptoms the second time because the first time, she didn’t experience any.
“It’s like a real pregnancy. The first one was like make-believe. I had no symptoms with Riley to the point where I was like, ‘We need to go to the doctor. There’s nothing in me.’ I got my symptoms late in my pregnancy with Riley,” Trainor told the outlet. “I got them a right away with this baby.”
Trainor and the Spy Kids actor, 30, are already parents to son Riley, whom they welcomed in February 2021.
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ISLAMABAD: The State Bank of Pakistan (SBP), on Monday, directed commercial banks and authorised dealers to facilitate the Information Technology (IT) industry in swiftly opening foreign currency accounts and to ensure the timely credit of remittances in local currency accounts. The Ministry of Information Technology […]
BusinessThe State Bank of Pakistan (SBP), on Monday, directed commercial banks and authorised dealers to facilitate the Information Technology (IT) industry in swiftly opening foreign currency accounts and to ensure the timely credit of remittances in local currency accounts.
The Ministry of Information Technology and Telecommunication (MoITT), Pakistan Software Export Board (PSEB), and Pakistan Software Houses Association ([email protected]) have been working with the State Bank of Pakistan (SBP) to ease the foreign currency retention and utilisation issues faced by the IT industry.
The development came after SBP Governor Jameel Ahmed met with representatives from PSEB, MoITT and [email protected] on Monday to review the industry’s issues and concerns.
On January 13, the SBP had issued EPD circular letters titled “Exports of Software, Information Technology (IT) and IT Enabled Services (ITeS)” and “Utilisation of Funds held in Exporters’ Special Foreign Currency Account”, however, due to misinterpretation by commercial banks, the exporters were facing difficulties in converting the foreign currency remittances into PKR.
This issue was highlighted to the finance minister and SBP governor, and as a result, the central bank issued directions to the authorised dealers on January 27, 2023, to facilitate the IT and ITeS exporters in swiftly opening foreign currency accounts to retain up to 35% of export proceeds.
Published in The Express Tribune, January 31st, 2023.
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