Business360

ISLAMABAD: Prime Minister Imran Khan on Saturday commended the Federal Board of Revenue (FBR) on achieving growth of 57 per cent in tax collection in April, 2021. Taking to the popular microblogging site Twitter, Prime Minister Khan said, “I commend FBR efforts on achieving growth of 57% in April 2021 with collections recorded at Rs.384 bn compared to Rs.240 bn in April 2020.” During July-April, tax collections reached Rs3780 billion, which is 14% higher than the same period last year, he said, adding the growth in tax collection shows “our policies have led to broad-based econ[omic] revival.” I commend FBR efforts on achieving growth of 57% in April 2021 with collections recorded at Rs.384 bn compared to Rs.240 bn in April 2020. During Jul-Apr collections reached Rs.3780 bn – 14% higher than same period last yr. Shows our policies have led to broad-based econ revival. — Imran Khan (@ImranKhanPTI) May 1, 2021 According to the tax authorities, the FBR surpassed its revenue col

ISLAMABAD: Prime Minister Imran Khan has expressed satisfaction over the progress of ongoing projects of the China-Pakistan Economic Corridor (CPEC), ARY News reported on Friday. The premier chaired a high-level session to review the progress of CPEC projects which was attended by Chief of Army Staff (COAS) General Qamar Javed Bajwa, foreign minister, finance minister, planning minister, commerce minister and other senior officials. PM Imran Khan said that the present government has completed various projects of the previous governments during the last 2.5 years. He said that the present government is paying special attention to the establishment of special economic zones (SEZs). The Pakistan Tehreek-e-Insaf (PTI) led federal government expedited development work on Rashkai, Dhabeji, Allama Iqbal Industrial City and Gwadar Industrial Zone. Read: CPEC western route to usher in new chapter of development in Balochistan: PM He added that local and foreign investors have shown inter

ISLAMABAD: Special Assistant to Prime Minister on Political Affairs (SAPM) Dr Shahbaz Gill has said that PM Imran Khan rejected the summary sent by the Oil and Gas Regulatory Authority (OGRA) for hiking the petroleum products’ prices, ARY News reported on Friday. Shahbaz Gill said in a Twitter message that OGRA had recommended an increase up to Rs5 to Rs10 at petroleum products prices. He added that the premier decided to maintain the prices of April 16. Earlier, the Oil and Gas Regulatory Authority (Ogra) had forwarded a summary to the Petroleum Division seeking upward revision of fuel prices for the next fifteen days starting May 1 (Saturday). Sources told ARY News that the regulatory authority had recommended an increase of Rs5.75 in the per litre price of petrol while Rs6 increase in that of diesel. The Ogra recommended the increase in the prices of petrol and diesel on the basis of the current petroleum levy. The current levy on petrol is Rs11.23 while that on diesel Rs15.29

A Turkish court jailed pending trial six suspects late on Thursday as part of a probe into cryptocurrency trading platform Thodex, including the CEO’s siblings, a spokeswoman for the prosecutor’s office said. At least 83 people were detained over the past week as users of the platform said the company scammed them and blocked access to accounts and money withdrawals. Upon Turkey’s request, Interpol issued a red notice for Thodex chief executive and founder Faruk Fatih Ozer, who had flown to Albania before news of the problems surfaced. The six people formally arrested included Ozer’s brother and sister, as well as senior company employees, the spokeswoman for Istanbul’s Anadolu prosecutor’s office said. Most of those detained over the past week have been released. Others, including seven on Thursday, were let go with judicial control measures. The Thodex platform, which had been handling daily crypto trade worth hundreds of millions of dollars, said on its website last week it wo

Under the patronage and in the presence of Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Sports Council, Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), is organizing the ‘Most Noble Numbers’ charity auction to sell off special car plate numbers and exclusive mobile numbers on Saturday, May 1. Held in partnership with the Roads and Transport Authority in Dubai, Etisalat, and Emirates Auction, the auction will give bidders the opportunity to own the prestigious single-digit car plate, AA9, and three double-digit car plates: U31, T38, and E51. Up for bidding will also be five exclusive Etisalat mobile numbers: 056999999 , 0569999993, 0549999993, 0565555556, and 0545555558. Proceeds will go towards providing food parcels for disadvantaged individuals and families across 30 countries during the Holy Month of Ramadan. Attendees to the auction, which will be held at Hilton Dubai Al Habtoor City, will include several philanthropists, high-profile persona

KARACHI: The Pakistani rupee appreciated 17 paisas against the United States (US) dollar on the last day of week’s trading in the interbank currency market on Friday. According to the State Bank of Pakistan (SBP), the local currency closed at Rs153.45 against the greenback, registering appreciation of 17 paisas (0.11%) over the previous close of Rs153.45. Interbank closing #ExchangeRate for today: https://t.co/zYKQDA8nuK pic.twitter.com/Ep1s94JffC — SBP (@StateBank_Pak) April 30, 2021 In the open market, however, the rupee rose 10 paisas to Rs153.90 from Rs154 against the dollar. On April 28, the rupee had appreciated to 152.95 against the dollar, hitting a 22-month high. The rupee has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August. The post Rupee recovers losses against US dollar appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3t0XjzT

AstraZeneca said its COVID-19 vaccine sales were $275 million in the first-quarter and it is on track to deliver 200 million doses a month from April, as better-than-expected results and a second half growth forecast boosted its shares. Chief Executive Pascal Soriot again defended the vaccine rollout on Friday, saying that Anglo-Swedish drugmaker had not overpromised on its ability to supply shots, as he defended big cuts in deliveries that prompted a European Union lawsuit. AstraZeneca, which has said it will not make a profit from the shot during the pandemic, was reporting financial details of distribution and sales of the vaccine it developed with Oxford University for the first time. It said the revenue included delivery of about 68 million doses, adding that European sales were $224 million, emerging markets $43 million and $8 million in the rest of the world. Sales of $275 million for 68 million doses equates to a price tag of around $4 per shot. AstraZeneca was one of the

ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) has notified reduction in prices of Liquefied Petroleum Gas (LPG) for the month of May, ARY NEWS reported.     According to a notification issued by the Ogra, the LPG price was reduced by Rs12.38 per kilogram, with 11.8 kilograms of household cylinders witnessing a reduction in price by Rs146.19. The new prices for the LPG would come into effect from May 2021. The new price of the household cylinder stands at Rs1572.40 as compared to its price of Rs 1718.59 in April. The reduction in LPG prices came after the Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Petroleum Division seeking upward revision of fuel prices for the next fifteen days starting May 1 (Saturday). Sources said the regulatory authority has recommended an Rs5.75 increase in per litre price of petrol while an Rs6 increase in that of diesel. Read More: Petrol crisis 2020: Government makes inquiry commission report public The Ogra recommended

ISLAMABAD: Hungary has desired to boost its economic ties with Pakistan. This was stated by the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto while addressing the Pakistan-Hungary Economic Diplomacy event in Islamabad today (Friday). The Hungarian Foreign Minister said his country attaches special importance to this region because of cultural and historical similarities as well as security reasons. He said Hungary really values and respects the contributions that Pakistan has been making to ensure the security and stability of the region. The Hungarian Foreign Minister also commended the efforts undertaken by Pakistan to check the spread of Covid-19. In his remarks, Foreign Minister Shah Mahmood Qureshi expressed the confidence that the visit of the Hungarian Foreign Minister accompanied by a business delegation will mark a new era in the bilateral economic relationship. He said a Pakistani business delegation will also soon visit Hungary. Shah Mahmood Qureshi

ISLAMABAD: The government is likely to increase prices of petroleum products by up to Rs6, ARY News reported, quoting sources. The Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Petroleum Division seeking upward revision of fuel prices for the next fifteen days starting May 1 (Saturday). Sources said the regulatory authority has recommended a Rs5.75 increase in per litre price of petrol while a Rs6 increase in that of diesel. Also Read: Petrol crisis 2020: Government makes inquiry commission report public The Ogra recommended the increase in the prices of petrol and diesel on the basis of current petroleum levy. The current levy on petrol is Rs11.23 while that on diesel Rs15.29. The new prices of petroleum products are likely to be announced later today following approval of Prime Minister Imran Khan. On April 15, the federal government had slashed prices of petroleum products by up to Rs2 per litre. According to a notification, the government reduced the

PESHAWAR: The administration of Peshawar airport has sought action against the responsible persons involved in projecting laser lights on aircraft, ARY News reported on Friday. As per the airport administration, as many as eight incidents of projecting laser lights on the aircraft of foreign and domestic airlines were reported in the current month. The airport administration raised concerns over the rising number of incidents from the flight safety point of view and has informed the district administration of Peshawar and police. The district administration has imposed section 144 in areas surrounding Bacha Khan International airport Peshawar to prevent any mishap. Meanwhile, four incidents of laser light projection were reported at Karachi International airport in the current month of April.  The pilots of many airlines raised complaints about the disturbance caused by subject technologies which affected the flight operations and distracted the maneuverability of pilots. The inc

ISLAMABAD: The federal government has decided to discontinue Rs7,500 denomination prize bonds from January 2022 in order to address concerns of the Financial Action Task Force (FATF), ARY News reported on Thursday. The federal government has decided to discontinue Rs25,000 denomination prize bonds and a notification was also issued by the finance ministry which announces a deadline of December 31, 2021, for its encashment. After the deadline, Rs7,500 prize bonds will be discontinued from January 1, 2022, whereas, the lucky draw for the said category of prize bonds will not be held on May 1 and the money will be transferred to a bank account after returning the bond. Read: Government bans sale of Rs25,000 prize bonds It may be noted here that the federal government discontinued Rs15,000, 25,000 and 40,000 prize bonds in order to eliminate corruption and money laundering. For Rs15,000 prize bonds, the government issued orders to encash the bonds till June 30 besides ending its lucky

Throughout the globe, frontline health workers responded to COVID-19 at their earliest. Their rapid response played a significant part in controlling the spread. All the health workers across the globe are putting their lives to serve humanity and ensure the care that people deserve, and need. It is pertinent to mention that not only health workers are risking their lives. Frontline workers, helping significantly in the sustainability of a country’s economy during these hardships should be appreciated and acknowledged. Bankers, in our country and across the globe, are serving consumers globally on the frontline. While risking their lives and avoiding all the possibilities, bankers have played a vital role to accommodate people every other day. These heroes are responsible for assurance of peace in terms of financial matters regardless of a pandemic being an obstacle. We feel delighted in acknowledging the efforts of our own bankers, especially the staff who is on the frontline. Ho

ISLAMABAD: The National Command and Operation Centre (NCOC) on Thursday recommended a ban on inbound flights to Pakistan from May 5 to May 20 amid the country’s worsening coronavirus situation. The NCOC meeting headed by Asad Umar on Thursday reviewed oxygen supplies in the country, the COVID-19 vaccination process, Eid policy and restrictions on international flights. Detailed instructions regarding the reduction in air travel would be provided by the Pakistan Civil Aviation Authority (PCAA), a press statement announced. NCOC announces ‘Stay Home Stay Safe Strategy’ for mobility control from 8-16th May 21 including Eid ul Fitr holidays pic.twitter.com/6yqo4BnV9r — NCOC (@OfficialNcoc) April 29, 2021 The forum also decided to review the measure on May 18. Furthermore, the NCOC meeting also gave its nod to begin vaccination for the age group 40-49 the country from May 03. Read More:  Stay home, stay safe: NCOC announces six-day Eid holidays amid COVID surge Other than this,

Heathrow, Britain’s biggest airport, said on Thursday a first quarter loss of 329 million pounds ($459 million) took total losses since the start of the pandemic to nearly 2.4 billion pounds as travel continues to be hammered. It said only 1.7 million passengers travelled through the London airport in the three months to March 31, down 91% compared to the first quarter of 2019. Heathrow, which during the pandemic lost its crown as Europe’s busiest hub to Paris, said continuing uncertainty over British government policy meant it had reduced its passenger forecast for the year to a range of between 13 million and 36 million, compared to 81 million in 2019. Britain’s aviation industry is hoping that flying will rebound in late May once COVID-19 restrictions are eased, but uncertainty remains about where people will be able to go, and how digital vaccine passports will work. British transport secretary Grant Shapps has said he will chair a meeting of G7 transport ministers next week t

KARACHI: The Pakistani rupee appreciated 26 paisas against the United States (US) dollar in the interbank currency market on Thursday. According to the State Bank of Pakistan (SBP), the local currency closed at Rs153.62 against the greenback, registering appreciation of 26 paisas (0.17%) over the previous close of Rs153.88. Interbank closing #ExchangeRate for today: https://t.co/lYiG2rVzyF pic.twitter.com/l6aE238TQq — SBP (@StateBank_Pak) April 29, 2021 On April 28, the rupee had appreciated to 152.95 against the dollar, hitting a 22-month high. The rupee has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August. The post Rupee strengthens against US dollar appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/2QxwENZ

KARACHI: Amid rising cases of the novel coronavirus across the country, the State Bank of Pakistan (SBP) has decided not to issue fresh currency notes for Eid-ul-Fitr.  In a statement, the central bank said fresh currency notes will not be issued this Eid in a bid to prevent the spread of the virus. The State Bank had also not issued new currency notes last year when the country was reeling under the first wave of Covid-19 infections. The country is currently battling the third wave of the coronavirus as Pakistan reported more than 150 deaths from Covid-19 for the third consecutive day today. According to the National Command and Operation Center (NCOC) data, 151 people died of the coronavirus overnight, pushing the nationwide tally of fatalities to 17,680. A total of 5,480 persons tested positive for COVID-19 during the same period, pushing the number of confirmed cases to 815,711. The post No fresh currency notes this Eid-ul-Fitr appeared first on ARY NEWS . from Business

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves were recorded at $16.42 billion during the week ending on April 23, showing an increase of $384 million. According to the central bank, overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23.52 billion after an increase of $300 million. Net reserves held by commercial banks amounted to $7 billion. Total liquid foreign #reserves held by the country stood at US$ 23.52 billion as of April 23, 2021. For details: https://t.co/WpSgomnd3v pic.twitter.com/jsHEgjrdJ3 — SBP (@StateBank_Pak) April 29, 2021 On April 24, Prime Minister Imran Khan tweeted that cumulative inflows in Roshan Digital Account (RDA) crossed the $1 billion mark. “Alhamdulillah, funds received through Roshan Digital Account have crossed $1bn. I would like to thank our overseas Pakistanis for their overwhelming response,” the prime minister wrote on Twitter. The pos

Kebab chef Kadir Oner hoped to boost his new business by accepting payment in cryptocurrencies, but a ban by Turkish authorities will force him next month to fall back on payment methods as traditional as his spit-roasted meat. Interest in cryptocurrencies has boomed in Turkey, where double digit inflation and a tumbling lira make them an attractive alternative investment, and Oner says that customers used them to settle between 5% and 10% of their bills. “The world is adapting to the digital era and we have to get on board with it,” Oner said adding that crytopayments were easier than bank transactions and would have accounted for a growing slice of his doner kebab sales if allowed to continue. But Turkey’s Central Bank sees dangers in the new practice, and on April 16 banned the use of cryptocurrencies and crypto assets for purchases from April 30, citing “irreparable” damage and transaction risks. Authorities last week also launched investigations into possible fraud at two cry

Samsung Electronics snatched back the crown from Apple as the world’s biggest smartphone producer, accounting for a fifth of overall global sales in the first quarter, market research firm Canalys said. China’s Xiaomi clocked its best quarterly performance ever, with shipments surging 62% to 49 million phones and market share to 14%, taking it to the third position after Samsung and Apple. Overall, global sales surged 27% to 347 million units in the first quarter as the Chinese economy opened up after the pandemic and a swift vaccine rollout in the United States raised hopes of an economic recovery. Xiaomi clocked its best quarterly performance ever, with shipments surging 62% to 49 million phones and market share to 14%, taking it to the third position after Samsung and Apple South Korea’s Samsung shipped 76.5 million smartphones in the quarter to grab a 22% share of the market, Canalys said. The company on Thursday reported a 66% surge in quarterly profit in its mobile busines

ISLAMABAD: Prime Minister (PM) Imran Khan on Thursday has lauded the contribution of overseas Pakistanis in uplifting the country’s economy, ARY News reported.   This he said while addressing overseas Pakistanis in connection with Roshan Digital Account reaching a milestone of one billion dollars. He also congratulated Governor State Bank of Pakistan Reza Baqir over the milestone achieved by the Roshan Digital Accounts. PM Imran Khan expressed his wish to take the services of Finance Minister Shaukat Tarin in the project. “As far as I know, Tarin has vast experience of marketing.” It is unfortunate that Pakistan approached International Monetary Fund (IMF) 20 times in the last 30 years and added that his government was compelled to start a new program with the fund over decreasing exports and low preservation of US dollars. The prime minister Imran Khan said he has summoned an envoy in Saudi Arabia over not facilitating the Pakistani labors there and allegedly demanding money f

KARACHI: The Aviation Division has summoned an important session to mull over increasing the number of international flight operations, ARY News reported on Wednesday. The secretary aviation will chair a session on Friday to discuss the requests made by the foreign airlines to increase the number of flights to Pakistan. The secretary air transport section of the Civil Aviation Authority (CAA) will give a briefing to the secretary aviation in the upcoming session which would be attended by the representatives of Pakistan International Airlines (PIA), as well as the country heads of private and foreign airlines. Read: CAA updates its international travel categories amid COVID-19 third wave It may be noted here that the foreign airlines have requested Pakistan’s aviation authority to allow them to increase the number of flights, whereas, a private airline pleaded with the CAA to granting permission for hiking the overall flights. An airline from the United Arab Emirates (UAE) has re

BUENOS AIRES: Even if for a brief moment, it may be remembered through decades that Google Argentina’s domain landed in the hands of a 30-year-old graphic designer from Buenos Aires who bought it for just an amount that translates to Rs446 in Pakistani currency. The giant of search engines lost its entire web presence across the country a couple of hours earlier this month as the web address would instead redirect surfers to a man named Nicolas Kuroña. He claimed to have bought ‘Google.com.ar’ domain through a normal, legal process. Esto es lo que vi el día que compre el dominio de https://t.co/cK20BdyuxB , gracias por el apoyo !! pic.twitter.com/hYsVcEoLLj — Nicolas David Kuroña (@Argentop) April 23, 2021 Nicolas told this entire happening to a media channel interviewing him, where he explained how he managed to buy Google’s Argentina domain name and that absolutely legally… at least according to him. One night, Nicolas started getting messages that Google was down. And when

KARACHI: The State Bank of Pakistan has Wednesday rolled out new bank timings halfway into the holy month of Ramazan apparently after complaints by people over the prayer breaks that eat into customer service time, ARY News reported. The new timing will be from 9 am till 2 pm in days Monday to Thursday, without a break. However, for Friday, the timing will be from 9 am to 1 pm, due to the Friday sermon, said the new announcement today. In the same vein, the Pakistan Stock Exchange (PSX) has too updated its roster with trade timing amended to new hours from 9:15 am to midday (12 pm) on days Monday to Thursday. Similarly, for Friday the PSX trade timing will be 9:15 am to 11:30 am. READ ALSO: SBP announces banking hours for Ramazan Earlier this month right ahead of Ramazan,  the State Bank of Pakistan (SBP) had announced office timings for all banks, development finance institutions and microfinance banks during Ramazan, which now stand scrapped. According to the earlier notificat

KARACHI: Gold rates dropped by Rs600 to Rs104,100 per tola in the domestic market on Wednesday, ARY News reported. Likewise, the rate of 10 grams of yellow metal recorded an Rs414 drop and was traded at Rs89,248, according to Muhammad Arshad, chairman of the All Pakistan Jewelers Manufacturers Association. In the International market, gold gained on Tuesday as a rise in U.S. Treasury yields stalled and the dollar steadied near multi-week lows. Gold slipped to a near two-week low on Wednesday as U.S. Treasury yields firmed while investors awaited policy signals from the U.S. Federal Reserve. Spot gold edged 0.2% lower to $1,772.53 per ounce after dipping to its lowest since April 16 at $1,762. U.S. gold future fell 0.3% to $1,772.60. Silver shed 1% to $25.97 per ounce, after reaching a low since April 21 at $25.80. Platinum dipped 1.3%, to $1,212.44. The post Gold prices fall in domestic market appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3dXv1lu

ISLAMABAD: The federal finance minister Shaukat Tarin spoke on Wednesday in the 77th commission session held virtually by United Nations Economic and Social Commission for Asia and the Pacific (UN-ESCAP) earlier today speaking particularly on challenges faced by Covid-hit economies, ARY News reported. He spoke of the 2018 situation right after the incumbent government assumed its term saying that the only reason for turning to the bailouts by the International Monetary Fund (IMF) was because Pakistan experienced a debilitating economy. Pakistan qualified all the prerequisites set by the global money lender and fulfilled its targets, said Tarin in the 77th commission session today. #COVID19 has made it difficult for several developing economies in #AsiaPacific to service their external debts. At a #CS77 side-event by #Pakistan today, @UNECOSOC and top officials shared their experiences and proposed solutions to address the debt situation. pic.twitter.com/PvqzmGu5Cc — United N

The space race between the world’s two richest men went into hyperdrive on Tuesday after Tesla chief Elon Musk took a swipe at Jeff Bezos’ attempt to challenge a major NASA contract. The two billionaires, who have been trying to launch long-range orbital rockets, were competing for a coveted contract from the government to build a spaceship to deliver astronauts to the moon as early as 2024. Musk won. Bezos was not happy. Bezos’ Blue Origin on Monday filed a protest with the Government Accountability Office (GAO), accusing the National Aeronautics and Space Administration (NASA) of moving the goalposts for contract bidders at the last minute. Musk, who also leads SpaceX, fired back with a tweet that said: “Can’t get it up (to orbit) lol.” He did not elaborate on the tweet, but pasted a screenshot of a 2019 report about Bezos unveiling Blue Origin’s moon lander on the same Twitter thread. Blue Origin has fallen far behind SpaceX and United Launch Alliance (ULA) on orbital transp

Saudi Arabia’s crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco to a leading global energy company. Crown Prince Mohammed bin Salman said Aramco, the world’s biggest oil company which listed on the Saudi bourse in late 2019, could sell further shares including to international investors within the next year or two. “There are talks now for the acquisition of a 1% stake by a leading global energy company in an important deal that would boost Aramco’s sales in … a major country,” he said, without elaborating. “There are talks with other companies for different stakes, and part of Aramco’s shares could be transferred to the (Saudi) Public Investment Fund and a part listed … on the Saudi bourse,” he said in an interview aired by Saudi TV marking the fifth anniversary of Vision 2030. The Aramco initial public offering in 2019 was seen as a pillar of the economic diversification programme aimed at attracting

KARACHI: The Pakistani rupee appreciated 62 paisas against the United States (US) dollar in the interbank currency market on Wednesday. According to the State Bank of Pakistan (SBP), the local currency closed at Rs153.88 against the greenback, registering appreciation of 62 paisas (0.40%) over the previous close of Rs154.50. Interbank closing #ExchangeRate for today: https://t.co/GMjmhrHymv pic.twitter.com/8arykboxiD — SBP (@StateBank_Pak) April 28, 2021 On April 28, the rupee had appreciated to 152.95 against the dollar, hitting a 22-month high. The rupee has recovered more than Rs15 during the last seven months since it touched an all-time low of Rs168.43 last year in August. The post Rupee rises 62 paisa against US dollar appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3sZNZMC

Ethereum , the world’s second largest cryptocurrency in terms of market capitalisation, touched a new peak on Wednesday, with participants citing media reports about the European Investment Bank’s plans to launch a “digital bond” sale on the ethereum blockchain network. Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable. Bloomberg reported on Tuesday, citing unnamed sources, that the EIB plans to issue a two-year 100-million euro digital bond, with the sale to be led by Goldman Sachs, Banco Santander, and Societe Generale, according to analysts. Ether hit a record high of $2,713.95 on Wednesday, following a more than 5% rally the previous day. It was last up 1.4% at $2,706.39. Danny Kim, head of revenue at SFOX, a full-service crypto broker, said reports on an EIB digital bond issuance has “triggered a bullish institutional use case for ethereum”. He also ci

DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman said in televised remarks on Tuesday that the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. The kingdom had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic. “Raising VAT was a painful measure and I hate to hurt any Saudi citizen, but it is my duty to build Saudis a long-term sustainable future,” the prince said in an interview aired on Saudi TV to mark the fifth anniversary of Vision 2030. “Raising VAT to 15% is a temporary decision that will last one to five years and then it will go down to between 5% to 10%,” he said. Prince Mohammed also said the kingdom aims to reduce unemployment to 11% this year. Unemployment among Saudi citizens fell to 12.6% in the fourth quarter of 2020 from 14.9% in the third quart

KARACHI: Pakistan International Airlines (PIA) on Wednesday has finalised arrangements to airlift another consignment of COVID vaccine from China. As per details, three Boeing 777 aircraft of the PIA will fly to Beijing to transport another one million COVID vaccine doses to Pakistan today evening. Arrangements have been put in place. The PIA had sought permission from the relevant department, earlier this week, to send its aircraft to Beijing to airlift COVID-19 vaccine doses. On Tuesday,  Special Assistant to PM (SAPM) for Health Dr Faisal Sultan had said that the use of corona vaccine is underway in a transparent manner, it is absolutely wrong that the government is relying on donated vaccines only. Pakistan has purchased 3 million vaccine doses since March 30 and deals for 30 million vaccine doses have been finalised, while 1.7 million doses of the vaccine were donated by China. Earlier, three planes of Pakistan International Airlines carrying a consignment of one million COVI

ISLAMABAD: Pakistan and Japan on Tuesday inked debt suspension agreements amounting to $ 367 million under the G-20 debt service suspension initiative, ARY News reported.   Economic Affairs Division (EAD) secretary and Japan’s ambassador to Pakistan Kuninori Matsuda signed the agreements in Islamabad today. Under the accord, the government of Pakistan will repay the suspended amount in 4-years starting January, 2022. On the occasion, EAD secretary reiterated his appreciation for the debt suspension provided by the Japanese government. He also thanked the government of Japan for its generous support for fighting against COVID-19 pandemic. Japan’s ambassador Matsuda also reaffirmed Japanese support to Pakistan on issues of mutual interest. “Japanese economic assistance has played and shall continue to play a vital role in the socio-economic uplift of Pakistan,” he added. On the occasion, both sides reiterated a strong commitment towards further expanding bilateral economic cooperati

Digital euros, yuan and dollars? Faced with increased popularity for cryptocurrency bitcoin, as well as for online payments during the pandemic, central banks are exploring new units of their own. Outlined below is an examination of how central bank digital currencies could resemble and differ from cryptocurrencies and “stablecoin” projects like Facebook-backed Diem. What are central banks doing? With the backing of Europe’s biggest economy Germany, the European Central Bank is mulling a digital euro that could be guaranteed by the central bank, in turn potentially offering greater security than by commercial banks. The ECB has spoken also about the possibility one day of central bank personal payment cards and accounts being linked to a digital euro. A formal decision on how to proceed is expected this year following consultations amid European concerns around privacy protection. Issuing and transferring digital euros could be done using technology similar to the blockchain le

British grocery sales rose 6.5% in the four weeks to April 18, with the rollout of COVID-19 vaccinations and partial relaxation of social restrictions encouraging older shoppers to return to physical stores, industry data showed on Tuesday. Market researcher Kantar said the four week period was the busiest in store for grocers in more than a year, and the number of trips made in April increased by 4% compared to March. “With much of the over-65 community now vaccinated, older shoppers accounted for nearly half of the increased footfall,” said Fraser McKevitt, head of retail and consumer insight at Kantar. In contrast, the number of people shopping online fell for the second consecutive month. Digital orders accounted for 13.9% of grocery spend, down from a peak of 15.4% in February. Kantar said the return to sales growth in the latest four-week period also reflected what was happening in April 2020. After the initial rush to stock up before Britain’s first lockdown, this time las