Business360

LONDON: More employers in Britain say working from home is increasing the productivity of their staff, according to a survey published on Thursday. A third of employers think the shift to home-working has boosted productivity, up from 28% last June, the Chartered Institute of Personnel and Development said. Those who said working from home had decreased productivity fell to 23% from 28%. “The pandemic has shown that ways of working that previously seemed impossible are actually possible,” Claire McCartney, CIPD senior policy adviser for resourcing and inclusion, said. It remains to be seen how permanent the shift to working from home proves to be. A survey published last week by accountants KPMG showed most major global companies no longer planned to reduce their use of office space after the pandemic, though few expect business to return to normal this year. The CIPD said in a report more progress can be made to offer flexible hours: part-time work is used by 19% of staff but f

WASHINGTON: The Federal Aviation Administration (FAA) said on Wednesday it had approved the design for the Boeing 737-8200, part of the Boeing 737 MAX series, a necessary step before the U.S. planemaker can begin delivering the airplanes to Ryanair. The FAA said the 737-8200 incorporates all of the design improvements that were part the 20-month review of the 737 MAX that led to the ungrounding of the MAX in November, more than a year after two fatal crashes killed 346 people. Ryanair first ordered the 737-8200 plane, which seats 197 passengers, in 2014. The European Union Aviation Safety Agency still must approve the aircraft, a move that could come soon after the FAA approval. Boeing said Wednesday it would “continue to work with global regulators to safely return the 737-8 and -9 to service. Our teams are also focused on ensuring future members of the 737 family meet all regulatory requirements.” In December, Ryanair – Europe’s largest airline – said it was is placing a firm or

TOKYO: Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions. Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 0159 GMT after falling 2.2% overnight. U.S. oil was up 38 cents, or 0.6%, at $59.54 a barrel, having dropped 2.3% on Wednesday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase. “The most likely outcome of the … meeting is no significant changes in production,” Eurasia Group said in a report on the gathering. “The caution on display in the OPEC+ discussions signals that any decisions on tapering will likely be delayed to the May meeting,” Eurasia said, referrin

ISLAMABAD: Pakistan and Tajikistan have agreed to boost efforts for the early completion of the CASA-1000 project, ARY News reported. According to the details, the development came during a meeting between Foreign Minister Shah Mahmood Qureshi and Tajikistan President Emomali Rahmon in Dushanbe. In a statement, the Foreign Office (FO) said that in the bilateral segment of his visit to Dushanbe, FM Qureshi held a range of meetings with the Tajik leadership today. He called on President Emomali Rahmon, Chairman of the Lower House of Tajik Parliament Zokirzoda Mahmadtoir Zoir, and Defence Minister Sherali Mirzo. The Foreign Minister also held extensive delegation-level talks with his Tajik counterpart. During his meeting with President Rahmon, the foreign minister conveyed warm greetings from Prime Minister Imran Khan and felicitations from Pakistani leadership on his reelection as president of the Republic of Tajikistan. In the wide-ranging review of bilateral relations during the

ISLAMABAD: Special Assistant to Prime Minister (SAPM) on Power and Petroleum Tabish Gohar on Wednesday said that the government wants Shanghai Electric to take reins of the K-Electric, however, it should be as per the conditions set by the government, ARY NEWS reported. Speaking during ARY NEWS programme, Power Play, Tabish Gohar said that they want Shanghai electric to make investments in K-electric and take control of the power utility. He, however, said that it was not possible for them to waive off the Rs150 billion loan of the K-Electric and hike electricity prices. “The K-Electric has made these suggestions to make a lucrative offer to Shanghai Electric,” he said adding that the power utility further suggested surcharge in power tariff over delay in the provision of subsidy. He said that several institutes owed Rs 250 billion to the K-Electric. Circular Debt Speaking on circular debt, Gohar said that Pakistan’s circular debt has reached Rs2,300 billion and would be reduced

LAHORE: In a bid to provide relief to the masses ahead of the holy month of Ramazan, the Punjab government has decided to fix the ex-mill price of sugar, ARY News reported. Sources privy to the development said that the Punjab government has decided to notify Rs78 to Rs83 per kilo as the ex-mill price of the commodity . The provincial government, however, was mulling to fix retail sugar price at Rs86 per kilogram. The matter will be discussed in the provincial cabinet meeting soon, the sources said, adding that strict action will be taken against those sugar mills that would violate the rates fixed by the government. Read More: Surplus sugar output in Punjab as crushing season ends Earlier on March 27, the sugar mills in Punjab had announced an end to the crushing season, producing 3,773,000 metric tonnes of the commodity, around 400,000 metric tonnes of surplus sucrose than the provincial need. According to details, 3,773,000 metric tonnes of sugar had been produced in the prov

ISLAMABAD: Federal government has directed all concerned institutions to expedite the process of the revival of the Pakistan Steel Mills (PSM) and establishment of its subsidiary, ARY NEWS reported on Wednesday. A weekly-review meeting for the revival of the PSM was jointly headed by Federal Minister for Privatization Muhammad Mian Soomro and the newly-appointed Minister for Finance Hammad Azhar. The meeting was briefed on the progress made on the revival plan besides also discussing the establishment of a new subsidiary for the steel mills. The federal ministers directed all concerned institutions to expedite the revival process. Speaking on the occasion, Muhammad Mian Soomro said that measures have been taken to revive the national asset in the prescribed timeframe. “We are working for improving the economy of the country,” he said. In one of the previous meetings headed by both the ministers, Mohammad Mian Soomro and Hammad Azhar, they were briefed on progress as per the appro

RIYADH: Saudi Arabia launched on Tuesday a $3.2 trillion (12 trillion riyal) program to boost the private sector’s role in diversifying the Kingdom’s economy by increasing resilience and supporting sustainable growth. Under the new Shareek program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030, along with 3 trillion riyals from the country’s sovereign wealth fund, the Public Investment Fund (PIF), and 4 trillion riyals as part of a new national investment strategy, Crown Prince Mohammed bin Salman said. “Building a vibrant and prosperous private sector is one of the national priorities for the Kingdom, and that is why we are today inaugurating a new and more powerful era in terms of cooperation and partnership between the government and private sector,” the crown prince said. “The new Shareek program will help the private sector create hundreds of thousands of new jobs and will boost the contribution of the private sector to GDP by up to

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved Rs5552 million Technical Supplementary Grants (TSG) for various ministries and divisions. The cabinet committee meeting, chaired by Finance Minister Hammad Azhar approved the revision of Minimum Support Price (MSP) of wheat crop 2020-21 at the rate of Rs.1800 per 40Kg. The committee also approved the wheat procurement targets of PASSCO and Provincial Food Departments. Import of 3 MMT of wheat through Trading Corporation of Pakistan / GTG Private Sector was also allowed to meet the requirements of local consumers and build strategic reserves. ECC allowed the commercial import of white sugar from India up to 500,000 MT till 30-6-2021 through land and sea routes, on the basis of quota issued by the Ministry of Commerce. The decision will be time and cost-effective and would also stabilize the prices of sugar in the domestic markets. ECC also approved the registration of Pakistan’s “Pink Rock Sal

ISLAMABAD: Prime Minister Imran Khan on Wednesday appreciated the Federal Board of Revenue (FBR) for achieving historic growth of 41 per cent in March-2021 with collections recorded at Rs460 billion, ARY News reported. Taking to social networking website, Twitter, PM Imran said, “I commend FBR efforts, achieving historic growth of 41 per cent in March-21 with collections recorded at Rs.460 bn.”   I commend FBR efforts, achieving historic growth of 41% in March ’21 with collections recorded at Rs.460 bn. During Jul ’20-Mar ’21 our collections reached Rs.3380 bn which is 10% higher than the same period last year. This reflects broad-based econ revival led by govt policies. — Imran Khan (@ImranKhanPTI) March 31, 2021 “During July ’20-Mar ’21 our collections reached Rs.3380 bn which is 10% higher than the same period last year.” He maintained that it reflects broad-based econ revival led by the government’s policies. Read More: FBR exceeds tax target, collects Rs2916 bn in ei

ISLAMABAD: Former finance minister of Pakistan Shaukat Tarin has Wednesday responded to media coverage over his prospects in being appointed in a key role in the finance division saying he would not accept any offer as long as the accountability watchdog has not dropped appeals on him, ARY News reported. I have been offered the portfolios in the official economic teams before this as well, he said, adding that he however cannot accept any portfolio as long as National Accountability Bureau pursues case appeals after him.   The courts have already decided my cases following which NAB has filed appeals, he said. If NAB drops its appeals on my cases, it is likely I shall consider the offers of being part of government’s economic team, he said. READ: Govt likely to appoint Shaukat Tarin as SAPM on Finance Earlier today, the Pakistan Tehreek-e-Insaf–led federal government reportedly decided to appoint Shaukat Tarin as Special Assistant to Prime Minister (SAPM) on Finance. Sources pr

KARACHI: Sindh government on Wednesday announced a set of new restrictions to halt the spread of the coronavirus amid the third Covid-19 wave, ARY News reported, According to a notification issued here on Wednesday, the provincial government imposed a complete ban on indoor/outdoor wedding ceremonies from April 6. It ordered that “all kinds of gatherings (indoor/outdoor) will be banned with immediate effect.” “This will include all social, cultural, political, sports and other events,” the notification reads. The notification reads that all markets, shopping malls and other businesses will work from 6am in the morning till 8pm. Also Read:  NCOC bans indoor, outdoor gatherings including weddings The Sindh government also announced to shut all public parks, cinemas, shrines and imposed a ban on dine-in services at restaurants. Outdoor dining will be allowed till 10:00 pm According to a notification issued in this regard, the following measures will be taken: Indoor dining will

KARACHI: The per tola gold price on Wednesday witnessed a decrease of Rs3050 to Rs102,700 in the domestic market, ARY News reported. Sharing the price of the precious metal, All Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad said that the rate of 10 grams of gold decreased by Rs2,614 to Rs88,048. Gold prices in the international market inched lower on Wednesday as data showing a faster-than-expected growth in China’s factory activity weighed on the metal’s safe-haven appeal, while a surge in U.S. Treasury yields added further pressure. Spot gold was down 0.1% to $1,683.56 per ounce. U.S. gold futures were flat at $1,685.10 per ounce. Silver was steady at $24.01, while platinum rose 0.5% to $1,160.05 and palladium was up 0.7% at $2,607.04. On the other hand, the Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank currency market. Also Read:  Pakistan receives third tranche of $500mn from

LONDON: Saudi Aramco will set strict business criteria for ventures it backs under a new private partnership initiative to help diversify the kingdom’s oil-reliant economy and was not being pushed into projects by the state, the CEO said. His comments in an interview on Wednesday came a day after Saudi Crown Prince Mohammed bin Salman announced the new Shareek (Partner) initiative, in which the state-controlled oil giant and petrochemical firm SABIC would lead private sector investments worth 5 trillion riyals ($1.3 trillion) by 2030. The new programme is part of efforts to mobilise private investment in the world’s biggest oil exporter, helping the kingdom diversify away from crude sales that still generate more than half the state’s income. “You can look at Shareek as a catalyst in making Saudi Arabia even more compelling as an investment destination for both local and foreign investors,” Aramco Chief Executive Amin Nasser told Reuters. The government has not spelled out how the

ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) has notified a reduction in the prices of Liquefied Petroleum Gas (LPG) in the country for the month of April 2021, hours after the finance minister announced lowering fuel prices, ARY NEWS reported on Wednesday. According to a notification issued by Ogra, the LPG prices would go down by Rs 14 per kilogram and it would now be sold out at Rs145.64 per kilogram. “The LPG cylinder used for household purposes will witness a reduction of Rs166.33 and will now be sold out at Rs1718.59,” it said adding that the new prices would come into force from the month of April 2021. It is pertinent to mention here that the Oil and Gas Regulatory Authority (OGRA) had notified an Rs1.84 per kilogramme increase in the price of Liquefied Petroleum Gas (LPG) for the month of March. According to a notification issued by the regulatory body, the new price per kg LPG was set at Rs159.73. After an increase of Rs21.78 per 11.8kg LPG cylinder for domestic co

ISLAMABAD: Finance Minister Hammad Azhar announced on Wednesday a Rs1.50 per litre cut in the price of petrol while a Rs3 per litre decrease in that of diesel. He announced the reduction in prices of petroleum products during a press conference in Islamabad. The Oil and Gas Regulatory Authority (OGRA) sent a summary to the Petroleum Division for revision of fuel prices for the month of April. It recommended a Rs1.50 per litre cut in petrol price and a Rs 2.50 per litre decrease in diesel. Also Read: Revision of petrol prices after every 15 days challenged in LHC On March 15, the federal government had decided against raising the prices of petrol and high-speed diesel in the country, rejecting a summary forwarded by the Ogra. The post Finance minister announces cut in prices of petroleum products appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3fuiVl6

KARACHI: The Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank currency market. According to forex dealers, the greenback began trading at Rs151.50 against the local unit but later rebounded to Rs152.25. After depreciating 84 paisas, the dollar is now trading at Rs152.25, a 21-month low.  Also Read: Pakistan fetches US$2.5 bn from Euro bond rollout The US dollar had finished at 153.09 against the rupee the other day, according to the State Bank of Pakistan (SBP). The rupee has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, foreign loan receipts, higher remittances besides less demand of dollar due to the ongoing pandemic. Also Read: Pakistan receives third tranche of $500mn from IMF The rupee has recovered more than Rs14 during the last seven months since it touched an all-time low of Rs168.43 last year in August. The post Pakistani rupee climbs to

MELBOURNE: Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May. Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures jumped 15 cents, or 0.3%, to $60.70 a barrel, after falling 1.6% in the previous session. “The expectation is OPEC+ is going to show supply discipline, so that’s pivoting the market,” said Commonwealth Bank commodities analyst Vivek Dhar. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are set to meet on Thursday, following a month in which oil prices have whipsawed on concerns about extended pandemic lockdowns in Europe, slow vaccine rollouts and rising COVID-19 cases in India and Brazil, pitted against growing optimism on growth in the United States. OPEC+ last month surprised th

KARACHI: Pakistan has received $498.7 mn as a third tranche of the $6 billion Extended Fund Facility from the International Monetary Fund (IMF) on Tuesday, ARY News reported. In a message posted on its Twitter account, the SBP said that it had received an IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under the Extended Fund Facility. #SBP has received IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under the Extended Fund Facility. — SBP (@StateBank_Pak) March 30, 2021 The International Monetary Fund (IMF) on March 25 had approved the release of the next loan tranche of around $500 million for Pakistan. According to the declaration released by the IMF, the approval was given after reviewing Pakistan’s progress in line with the program in the Board of Directors (BoD) meeting. Read More:  Pakistan, IMF reach staff-level agreement to pave way for release of $500mn tranche Out of the $6 billion, the IMF has disbursed $2 billion in three tran

ISLAMABAD: In a show of confidence in Pakistan from foreign investors, the Euro bonds floated by the country were able to fetch US$2.5 billion from the international market, ARY NEWS reported on Tuesday. According to details, the country rolled out three separate Euro bonds in the international market with having a time frame between 5 years to 30 years and an interest rate ranging between six percent to 8.87 percent. The five-year Euro bond rolled out with an interest rate of six percent was able to fetch US$1 billion while another bond for a duration of 10 years with an interest rate of 7.73 percent was able to yield US$1 billion. The 30-year Euro bond floated by the country at 8.87 percent was able to garner US$500 million. The floating of bonds in the international market has helped the country in increasing its foreign reserves by US$2.5 billion. Besides this, the State Bank of Pakistan (SBP) has announced receiving the third tranche of the IMF loan, USD 498.7 million. The

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Tuesday approved a hike of Rs 0.65 per unit in the price of electricity, ARY News reported. The latest increase has been made on account of variations in the fuel charges for the month of February 2021. According to the power regulator, the tariff hike will be applicable to all consumers and would be charged from consumers in April billing month. The increase in power tariff will put a cumulative burden of Rs4.59 billion on consumers. The consumers could not get relief of Rs210 million due to the low supply of LNG in February. On March. 9 the National Electric Power Regulatory Authority (NEPRA) had approved a hike of Rs 0.89 per unit in the price of electricity. Nepra ordinance President Arif Alvi last week promulgated the National Electric Power Regulatory Authority (NEPRA) Act (Amendment) Ordinance 2021. Under the new law, National Electric Power Regulatory Authority (NEPRA) has been given autonomy regardin

Economic growth led by the United States and China is accelerating, amplifying the risks of an uneven global recovery, the head of the IMF said Tuesday. “In January we projected global growth at 5.5 percent in 2021,” said IMF Chief Kristalina Georgieva in an address ahead of the body’s annual spring meeting cohosted with the World Bank. “We now expect a further acceleration,” she said ahead of the international organization’s official update of its forecast in a week. Key factors in the improved outlook includes the US passage of President Joe Biden’s $1.9 trillion economic relief package and an expected bounce from coronavirus vaccines increasingly available in larger economies, Georgieva said. She also praised the “extraordinary effort” of workers throughout the health care universe, including doctors, nurses and vaccine scientists. Governments played a key role in averting a worldwide depression, Georgieva said, with some $16 trillion in fiscal support and a “massive liquidity

WASHINGTON: German automaker Volkswagen’s US unit confirmed Tuesday it will rename its US operations as “Voltswagen of America” as it shifts its focus to electric vehicles. The revised name takes effect in May and the announcement came after several outlets on Monday reported on a draft release mistakenly posted on the automaker’s US website. “We might be changing out our K for a T, but what we aren’t changing is this brand’s commitment to making best-in-class vehicles for drivers and people everywhere,” said Scott Keogh, president and CEO of Voltswagen of America in a statement. The German automaker has committed to sell one million EVs worldwide by 2025. The traditional VW Dark Blue color logo will remain for gas-powered vehicles and it will use a new light blue logo for electric vehicles. The company will use “Voltswagen” as an exterior badge on all EV models and gas vehicles will only have the VW emblem. The name change will not impact other VW brands like Audi, Porsche or Be

ISLAMABAD: Federal Minister for Finance Hammad Azhar will head the Economic Coordination Committee (ECC) meeting on Wednesday (tomorrow), where summaries for approving the import of sugar and cotton from India will be tabled, ARY NEWS reported. According to sources having knowledge of the ECC meeting’s agenda, the meeting headed by Hammad Azhar would mull over a 21-points. “Summaries regarding import of cotton and sugar from India will be tabled in the meeting for approval,” they said adding that a summary for registration of Geographical Indications (GI) for pink salt would also be tabled in the meeting. The ECC will also mull over strategic trade policy framework 2020-25, they said. The committee headed by Hammad Azhar will also approve an Rs2 billion grant for the low-cost housing scheme and restructuring in the PIA. “A technical grant for petroleum ministry and educational grants including scholarships for community schools and students will also be approved from the meeting ,

Chinese smartphone maker Xiaomi has formally entered the automotive industry with a new smart electric vehicle (EV) business, the company announced on Tuesday in a filing. The firm will initially invest 10 billion yuan ($1.52 billion) in the wholly-owned subsidiary, with a total investment goal of $10 billion over the next ten years. Xiaomi CEO Lei Jun will also serve as CEO of the smart electric vehicle unit, the company added. The company’s move into the EV industry follows similar steps by other tech giants, both in China and overseas. In January, Chinese search giant Baidu Inc announced it would develop an EV unit via a partnership with domestic car maker Geely Automobile Holdings Ltd. In February, Reuters reported that beleaguered Chinese smartphone giant Huawei Technologies Co Ltd is currently in talks with state-owned automaker Changan Automobile and other companies to manufacture EVs. Apple has also long been planning an entry into the EV market, according to reports. L

ISLAMABAD: Prime Minister Imran Khan on Tuesday approved a “historic” development package for the uplift of Gilgit-Baltistan, fulfilling the promise made before elections in November last year. As per details, the premier gave go-ahead while chairing a meeting on Gilgit-Baltistan Integrated Development Plan, which is being dubbed as historic. The projects related to clean energy, transport and communication, health, infrastructure, water sanitation and tourism are part of the package. Read More:  Gilgit Baltistan Assembly demands ‘interim province’ status from Pakistan The package envisaging development schemes in various sectors will usher in a new era of development in the region. This will not only address the problems of the area but also provide immense job opportunities to the youth. Addressing the meeting, the prime minister said, “Gilgit Baltistan has a lot of tourism potential and it should be utilized. The development of Gilgit Baltistan is one of the top priorities of

ISLAMABAD: Prices of petroleum products may go down by Rs2.50 from April 1 as the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division, ARY News reported on Tuesday, citing sources. According to sources, the regulator has recommended to cut petrol price by Rs1.50 per litre and Rs 2.50 per litre decrease in diesel. Sources prior to the matter said that prices of petroleum products may remain the same if the government decided to increase the levy. Currently, the levy on petrol is Rs11.23 per litre and Rs12.74 per litre on diesel. However, the prime minister will make the final decision about the prices of petroleum products, the sources added. On March 15, the federal government had decided against raising the prices of petrol and high-speed diesel in the country, rejecting a summary forwarded by the Ogra. Read More:  Revision of petrol prices after every 15 days challenged in LHC The petrol and high-speed diesel prices remained unchanged at Rs11

LAHORE: Keeping in view the rising coronavirus cases, the Punjab Transport Department on Tuesday banned all types of public transport in nine cities of Punjab including provincial capital Lahore, ARY News reported. In this regard, a notification has been issued by the transport department. Public transport modes include intra-city buses, coaster service, taxi, rickshaw, qingqi rickshaw, Speedo buses, Metro bus Service, and Orange Line Metro train. As per details, the transport authorities have also launched a crackdown against public transport violating government orders. The Punjab govt on Monday banned wedding ceremonies, including both indoor and outdoor, from April 1. It further decided that markets and shopping malls across the province will close at 6pm. Punjab recorded as many as 2,467 new cases of COVID-19 and 73 deaths in the last 24 hours, the provincial health department said in a statement on Tuesday. In a day 73 more patients of the disease died by coronavirus in t

GameStop said on Tuesday it named Amazon.com executive Elliott Wilke as chief growth officer, the latest top level appointment after shareholder Ryan Cohen took charge of the video game retailer’s e-commerce pivot. The company’s shares, which were at the heart of a Reddit-driven retail trading frenzy early this year, rose nearly 5% in pre-market trading. GameStop is in the process of shifting its business away from the brick-and-mortar retailer model and into an e-commerce business that can compete with large-scale retailers like Target and Walmart, as well as technology firms such as Microsoft and Sony. Signaling a broader overhaul, at least two executives have departed since – Chief Customer Officer Frank Hamlin and Chief Financial Officer Jim Bell. Wilke, who has spent nearly seven years at Amazon and last led its Fresh Stores business, will oversee growth strategies and marketing at GameStop. The company on Tuesday also named former Chewy.com executives Andrea Wolfe and Tom P

LONDON: PayPal Holdings will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce. Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said. “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement. Checkout with Crypto builds on the ability for PayPal users to buy, sell and hold cryptocurrencies, which the San Jose, California-based payment

KARACHI: Pakistani rupee strengthened by 74 paisas against the United States (US) dollar at the start of today’s trading in the inter-bank currency market, reported ARY News. According to foreign currency dealers, the local unit appreciated 74 paisas to 153.30 against the greenback, hitting a 21-month high. The rupee had closed at 154.04 against the dollar the other day.  Also Read: Hafeez Shaikh removed as finance minister The rupee has gained considerable ground on the back of improved foreign exchange reserves, current account surplus, higher remittances besides less demand of dollar due to the ongoing pandemic. The rupee has recovered more than Rs14 during the last seven months since it touched an all-time low of Rs168.43 last year in August. Also Read: IMF board agrees to release third tranche of $500m for Pakistan On March 26, the International Monetary Fund (IMF) gave a go-ahead to the release of the third tranche of around $500 million to Pakistan, reviving the $6 bill

TOKYO: Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and attention switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns. Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 0115 GMT, after gaining 0.6% on Monday. U.S. oil was down 1 cent at $61.55 a barrel, having fallen 1% in the previous session. Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway. With the likelihood that the disruption will prove minimal, the market is turning its focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia in Vienna, collectively known as OPEC+. They will discuss whether to keep in place curbs on outp

ISLAMABAD: The federal government has rejected an impression of default with IPPs over agreed payments to them as sources claimed that the delay was made after the National Accountability Bureau (NAB) is taking its time to give a nod to it, ARY NEWS reported.   According to sources within the government, the hue and cry raised by some of the independent power producers (IPPs) were aimed at pressuring the government and create an impression of default. The officials who wished not to be named said that the payment would be cleared as soon as the NAB authorities would give clearance on the payment summary. The IPPs that would be receiving payments are owned by Razak Dawood, Nadeem Babar, Mian Mansha, Saif group and others. These IPPs have earned billions from the country during the past two decades. The government said that it has not declined payments to the IPPs, however, it awaits clearance from NAB in this regard in order to implement upon procedures to avoid any legal hitches i

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Monday agreed to expand cooperation in various sectors, ARY News reported.       The understanding came during a virtual meeting between Minister for Economic Affairs Makhdum Khusro Bakhtyar and Director General, the Central and West Asia Department of the Asian Development Bank Yevgeniy Zhukov. Both sides discussed and agreed to expand cooperation in the areas of trade and competitiveness, social protection, public-private partnership, operationalization of the EXIM Bank, and domestic resource mobilization. During the meeting, Khusro Bakhtyar appreciated ADB’s role as a trusted development partner of Pakistan especially in terms of the quality of the portfolio and support keeping in view the emerging needs of the country that includes ADB’s timely support to fight the COVID-19 pandemic. Read More:  ADB to provide $10 billion to Pakistan for development projects He highlighted that despite challenges posed by COVID-19 and wo

Bahrain has Monday unveiled a phased system aimed to protect the wages of private-sector employees and limit labour disputes. The kingdom’s Minister of Labour and Social Development Jamil Bin Mohammed had issued a decree specifying dates of the phased system, local media reported. According to the decree, reported by the local media, the employer is committed to regularly paying the employees. The first phase of the system applies on May 1, covering private sector institutions that employ 500 workers or above.   The second phase, taking effect as of September 1, covers employers of 50 up to 449 workers, while the third covering employers of one to 49 workers, will come into effect on January 1 next year. Employers will be given a six-month grace period with the enforcement of each related phase. The system will be applied on an optional basis to domestic workers’ employers. READ: EXPLAINER: What Suez Canal blockade means for the globe? The system aims to guarantee the