July 9, 2020 (MLN): The State Bank of Pakistan has announced the revised office timings for Banks/MFBs, effective from July 13, 2020.
According to the circular issued to all Banks and MFBs, the Office Hours from Monday to Thursday would be 09:00 a.m. to 5:30 p.m. (with prayer/lunch break from 1:30 p.m. to 2:00 p.m.), whereas the timings for Friday would be from 09:00 a.m. to 5:30 p.m. (with prayer/lunch break from 1:00 p.m. to 2:30 p.m.).
However, banks/MFBs may prescribe business hours for branches as per their business requirement subject to observance of SBP business (banking) hours for public dealings.
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July 09, 2020: Private sector representatives from Pakistan and Afghanistan met on July 8 to boost prosperity and create jobs in both countries. The participants in this U.S. government-facilitated event addressed a range of trade issues between the two countries that have held back the growth of the cross-border economy.
The “Pakistan-Afghanistan Bilateral Trade – Private Sector Perspectives, Strategy and Recommendations” conference was a first-of-its-kind, cross-border dialogue. At an event organized by the United States Agency for International Development (USAID), the participants met virtually because of the ongoing COVID-19 pandemic.
Participants included the Pakistan-Afghanistan Joint Chamber of Commerce and Industry, the Sarhad Chamber of Commerce and Industry, and the Chaman Chamber of Commerce and Industry, as well as a number of Afghanistan chambers of commerce and a variety of logistics service providers, transport operators, and traders from both countries.
The participants highlighted a desire to forge closer cross-border private sector partnerships and government ties to promote trade between the two countries. Many of the participants expressed concerns over unscheduled closures of border crossing points, slow clearing processes, lack of facilities at the Torkham border, and increasing transport costs. They also supported the creation of a core team of representatives from all participants to plan subsequent coordination efforts with the Governments of Pakistan and Afghanistan.
This inaugural virtual discussion sets the stage for a sustained and continued effort to improve trade relations between Pakistan and Afghanistan.
July 9, 2020: Punjab government is providing a sixty percent subsidy on the installation of sprinkle or drip irrigation systems to farmers of the province for the year 2020-21.
According to a spokesman of the department, a drip irrigation system saves up to 75 percent of water, reduces the expense of crop production, and increases the crop yield by 20 to 100 percent.
The spokesperson said that farmers can get a free application form from deputy director agriculture and also download it from the website www.ofwm.agripunjab.gov.pk
July 09, 2020: European stock markets advanced at the start of trading on Thursday, after another record close on Wall Street and a mostly positive session in Asia.
At the opening bell, London's benchmark FTSE 100 index of major blue-chip companies rose by just 0.1 percent to 6,163.18 points compared with Wednesday's closing level.
In the eurozone, Frankfurt's DAX 30 index won 1.1 percent to 12,626.88 points and the Paris CAC 40 added 0.4 percent to 5,001.17.
Most Asian indices also gained ground as concerns about a new spike in infections around the world were outweighed by economic recovery hopes, dealers said.
"Optimism surrounding the economic recovery and more stimulus is overshadowing a record daily increase in US COVID-19 numbers, the return to lockdown for five million Australians and elevated US-Chinese tensions," noted City Index analyst Fiona Cincotta.
July 9, 2020: The rates of cotton have come down substantially across the country as a result of poor cotton quality caused by rainfalls.
According to official data, the price of cotton in Punjab has fallen by Rs. 400 to Rs. 8,600 per maund, while the price in Sindh has fallen by Rs. 150 to Rs. 8,350 rupees per maund.
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