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Daily Archives: October 7, 2021

Multiple power buyer system likely from next fiscal year


October 7, 2021

KARACHI: Bulk consumers of electricity will have the option to buy electricity on a competitive basis from any power producer of their choice from July 2022 onwards, said Tabish Gauhar, who recently stepped down as Special Assistant to the Prime Minister (SAPM) on Power and Petroleum. Addressing the members of CFA Society Pakistan on Wednesday, Mr Gauhar said the first …

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‘A coward’s palace’: Australian PM slams social media amid defamation law controversy


October 7, 2021

Australia’s prime minister lambasted social media on Thursday as “a coward’s palace”, saying platforms should be treated as publishers when defamatory comments by unidentified people are posted, pouring fuel on a raging debate over the country’s libel laws. Prime Minister Scott Morrison’s comments suggest he would favour making companies like Facebook Inc liable for defamation with regards to some content …

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Reopening of passport office gives hope to threatened Afghans


October 7, 2021

KABUL: The reopening of the passport office in Kabul on Wednesday gave some Afghans who feel threatened under Taliban rule fresh hope they may soon be able to escape the country. Hundreds of people flocked to the department to apply for travel documents in a test of the new Afghan government’s commitment to the international community to allow eligible people …

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Tensions with China highest in decades, says Taiwan minister


October 7, 2021

TAIPEI: Military tensions between China and Taiwan are at their highest in four decades, the island’s defence minister warned on Wednesday, adding Beijing would be in a position to launch a full-scale invasion in 2025. Taiwan lives under the constant threat of invasion by China, which views the self-ruled democratic island as its territory to be seized one day, by …

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At least 20 killed as 5.9-magnitude earthquake rocks parts of Balochistan


October 7, 2021

An earthquake of magnitude 5.9 struck parts of Balochistan early on Thursday morning, killing at least 20 people and injuring over 300 others, the Provincial Disaster Management Authority (PDMA) said. According to the National Seismic Monitoring Centre, the earthquake was centred near the province’s Harnai district and had a depth of 15 kilometres. It added the quake had a longitude of …

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Record cotton rate sends buyers into frenzy


October 7, 2021

LAHORE: An all-time high rate of white lint in the Karachi cotton market traumatised the buyers, particularly textile spinners, on Wednesday when prices of the commodity crossed the Rs15,000 per maund mark. The price hike was forced by reports that cotton futures were traded at US 113.92 cents per pound in the New York market, which was perhaps the highest …

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Stocks lose another 293 points on foreign selling


October 7, 2021

KARACHI: Selling pressure from foreign investors continued on the Pakistan Stock Exchange (PSX) on Wednesday as its benchmark index closed at 44,373 points, down 293 points, or 0.7 per cent, from a day ago. High commodity prices, especially of coal, have had their bearing on cement and steel stocks with ripple effects on oil and gas marketing companies as well …

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Biometric proof must for buying $500 or above: SBP


October 7, 2021

KARACHI: The State Bank of Pakistan (SBP) has imposed another restriction on buying of dollars from open market as it made biometric verification compulsory for all those who would buy $500 or above from open market. On the other hand, the dollar set a new record as the price rose to Rs171 on Wednesday. “The exchange companies will be required …

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Gallipoli shipwrecks open to public


October 7, 2021

GALLIPOLI: Hulking hulls of mighty warships greet divers off Turkey’s western shore, testament to a World War I battle that gave birth to nations and is now an underwater museum. The British Royal Navy’s “HMS Majestic” is just one of 14 shipwrecks at Gallipoli, a peninsula that has been the graveyard of navies stretching back to ancient times. The last …

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Johnson vows ‘long overdue’ revamp of UK’s post-Brexit economy


October 7, 2021

MANCHESTER: British Prime Minister Boris Johnson rallied his Conservative party faithful on Wednesday, vowing a far-reaching overhaul to wean the UK economy off cheap foreign labour after Brexit. Shrugging off panic buying at petrol stations, bare supermarket shelves and retailers’ warnings of a bleak Christmas to come, the Tory leader said the short-term pain was worth it. Closing the Conservatives’ …

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