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European shares rise on upbeat global mood, cyclicals jump

July 2, 2020: European shares climbed on Thursday, as encouraging economic data from across the globe and hopes of a COVID-19 vaccine lifted sentiment ahead of the crucial U.S. jobs data.

The pan-European STOXX 600 rose 0.9% by 0716 GMT, in its fourth consecutive day of gains. Banks, automakers and travel & leisure were the top gainers, rising between 1.5% and 2%.

Financial markets entered the second half of the year on a positive note this week, as business surveys showed a coronavirus-induced slump in global manufacturing eased in June, while a COVID-19 vaccine was found to be well-tolerated in early stage human trials.

The U.S. payrolls data, due at 1230 GMT, is likely to show the economy created jobs at a record clip in June, although surging virus cases threaten to derail the recovery.

Among individual movers, Associated British Foods jumped 7.1% as it said that trading in its Primark fashion stores that reopened after lockdown has been "reassuring and encouraging".

German fashion house Hugo Boss rose 1.4% after it appointed Tommy Hilfiger executive Oliver Timm as its chief sales officer.

Scandal-hit Wirecard slumped 25% after police and public prosecutors raided its headquarters in Munich and four properties in Germany and Austria.


Export Industries allowed to work 6 days a week:...

July 02, 2020 (MLN): Advisor to Prime Minister, Abdul Razak Dawood has said that Export Industries are allowed to work 6 days a week from 07:00 AM to 07:00 PM.

Advisor to Prime Minister for Commerce and Investment said in his official Twitter handle that he has received confirmation from Chief Secretary Punjab.

Furthermore, he said this decision will further facilitate the export industry.

Government extends the date for encashment of Rs 40,000...

July 2, 2020 (MLN): The federal government on Thursday, extended the date for encashment of Rs 40,000 denomination national prize bonds for another six months.

Now, Rs 40000 prize bonds could be converted till December 31, 2020.

This is the second extension that government has given for conversion of prize bonds as earlier, the date to encash bonds was March 31, 2020 which was extended to June 30, 2020.

It is pertinent to mention that government gave three options for conversion of prize bonds-deposit bonds in your account, convert into savings certificate or convert these bonds as registered ones.

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Govt initiates thorough process of reforms in CAA

July 02, 2020: Meeting of the Federal Cabinet was held in Islamabad on Wednesday with Prime Minister Imran Khan in the chair. The meeting discussed the overall political and economic situation in the country.

Briefing media after the cabinet meeting in Islamabad, Information Minister Senator Shibli Faraz said the federal government has initiated a thorough process of reforms in the Civil Aviation Authority and all airlines of the country to ensure transparency in all procedures and licensing of pilots.

The Information Minister said pilots with dubious credentials have been grounded forthwith. He said the pilots whose licenses were found to be suspicious have been terminated from service.

He said five employees of CAA have also been grounded until the process is completed. In addition, the CAA has been directed to start further action on a fast track basis. He said the degrees of all airline staff will be verified.

The Minister said Prime Minister strongly believes in meritocracy and transparency in all sectors.

Senator Shibli Faraz said the cabinet deliberated on the report of Auditor General and expressed satisfaction that remarkable improvement has been made in procedures during this government.

He said the cabinet also endorsed the decisions taken in the ECC meeting of the 25th of last month.

The cabinet accorded approval to three agreements of hydropower projects.  It also took into consideration the renewable energy options for power production including solar and wind. The Prime Minister directed to remove any hurdles and bottlenecks in the way of these alternative sources to encourage cheap energy production.

The cabinet also discussed sustainable development goals and on the suggestion of Minister for Information Technology Aminul Haq, the Prime Minister directed to reallocate development funds within a month before their lapse.

Shibli Faraz said the Prime Minister directed to activate provincial finance commission in order for equitable development in all parts of provinces in an organized way and without any undue influence. This will also help remove a sense of deprivation among residents of different areas in a province.

He said Prime Minister directed to form a committee under the leadership of Federal Minister of Economic Affairs Khusro Bakhtiar to look into public sector projects to be undertaken on reduced costs and improved quality. The committee will submit its report in 90 days' time.  

The cabinet accorded approval to appoint an auditor for SECP.

The Minister said the cabinet discussed the potential of IT exports and how to increase Pakistan's share in the international market. This sector has the potential to increase exports to 5 billion dollars from the earlier one billion dollars.

The forum discussed the issue of evacuee properties and their optimal use for income generation. It was decided that education and health-related properties can be offered to private parties to not only generate their business but also provide facilities to the public.

Replying a question, the Minister said that a transparent system of accountability is inevitable for the development of the country. He said that Prime Minister Imran Khan will hold accountable all those who looted the national exchequer.

He urged the opposition to join hands with the government to meet challenges in the wake of the corona pandemic.

Radio Pakistan



FM stresses need for review of EASA’s decision about...

July 02, 2020: Foreign Minister Shah Mahmood Qureshi has stressed the need for a review of the European Union Aviation Safety Agency's decision regarding temporary suspension of PIA flights into Europe.

In a telephonic conversation with High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell on Wednesday, he conveyed concern on a temporary suspension of PIA flights into Europe by the European Union Aviation Safety Agency.

He underlined that the steps being taken by the government are to ensure the highest level of flight safety in PIA operations and that PIA remains committed to maintaining the highest standards and quality in its air operations.

Foreign Minister also offered condolences on the loss of precious lives in Europe due to Covid-19. He acknowledged the efforts of the European Commission to come up with a coordinated strategy to deal with the Pandemic.

He delineated the steps taken by the government of Pakistan to save lives, secure livelihoods, and stimulate the economy. He thanked the European Union for its support to Pakistan in its endeavors to tackle Covid-19.

The Foreign Minister conveyed the desire to expand cooperation between Pakistan and the EU, post Covid-19, and expressed the hope that Pakistani nationals will not be subjected to any restrictions or discrimination as and when travel restrictions are relaxed by the European Union.

Shah Mahmood Qureshi and High Representative exchanged views on a range of subjects related to Pakistan-EU partnership-including trade, the next phase of GSP Plus, and early operationalization of the Strategic Engagement Plan.

He suggested that the two sides may also engage in a structured dialogue on migration-related matters while providing opportunities for skilled human resources from Pakistan.

The Foreign Minister also apprised his EU counterpart on the deteriorating humanitarian and human rights situation in Indian Occupied Jammu and Kashmir, and the latest moves by the Indian government to perpetuate its illegal occupation.

He stressed the need for urgent steps to address the grave situation.

In the regional context, Foreign Minister reaffirmed Pakistan's commitment to an Afghan-owned and Afghan-led peace and reconciliation process and highlighted Pakistan's positive contribution towards that end.

He stated that peace in Afghanistan is vital for regional peace, stability, and prosperity.

The Foreign Minister assured his EU counterpart that Pakistan will continue to facilitate the peace process as a shared responsibility.

The High Representative of the European Union condoled with the Foreign Minister on the loss of precious lives in the terrorist attack on the Pakistan Stock Exchange.

Thanking the EU High Representative, the Foreign Minister underlined Pakistan's concerns about externally sponsored terrorism against Pakistan and India's material support to terrorist outfits targeting Pakistan.

Foreign Minister Qureshi invited the High Representative to visit Pakistan once the corona pandemic subsides, which he accepted with pleasure. Josep Borrell stated that he also looks forward to welcoming the Foreign Minister in Brussels in the near future.

Radio Pakistan

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