U.S. Senate Republicans elected John Thune to lead the chamber next year, opting for a well-regarded insider and shrugging off a public pressure campaign by supporters of Donald Trump to pick a loyalist to the president-elect. The South Dakota senator’s victory is a sign the Senate could retain some degree of independence from Trump next […]

Italian President Sergio Mattarella told Elon Musk on Wednesday not to interfere in Italian affairs after the US billionaire said Rome judges blocking a government anti-immigration initiative should be sent packing. The highly unusual statement from the Italian head of state came against a backdrop of growing tension between the ruling coalition and the judiciary […]

Labour Minister Yiannis Panayiotou on Wednesday night praised both workers and employers in the concrete sector for agreeing to the negotiation framework he has devised with the aim of bringing to an end the strikes which have been taking place in the industry over the last week. Employers, led by concrete manufacturers’ association head Costas […]

The Paris prosecutor on Wednesday requested a five-year prison sentence and a five-year ban from public office against far-right leader Marine Le Pen, at a trial where she and 24 others are accused of embezzling European Union funds. The trial, which comes almost a decade after initial investigations started, threatens to undermine her party’s efforts […]

British shoppers faced renewed pressure on their budgets in October after grocery price inflation edged higher for the second month in a row, industry data showed this week. Market researcher Kantar said annual grocery price inflation was 2.3 per cent in the four weeks to Nov. 3, having been 2.0 per cent in the previous […]

Sales of personal luxury goods are set to fall 2 per cent this year, making it one of the weakest on record, with price hikes and economic uncertainty shrinking the industry’s customer base, according to consultancy Bain & Company. In its closely-watched report on the 363-billion-euro ($386 billion) market, Bain estimated a 20-22 per cent […]

England skipper Harry Kane has hit out at several players who withdrew from the national team ahead of their Nations League crucial matches against Greece and Ireland, saying that country must always come before club football. England play Greece away on Thursday followed by Ireland three days later at Wembley but nine players, some of […]

Impact Lakefront at Muang Thong Thani invites everyone to float their krathongs into the lake and enjoy balloons in the sky during Loy Rim Lake 2024, which will kick off Friday and run daily from 4.30pm to 11pm until Sunday.

IRVING — Jake Paul is betting on himself to beat boxing legend Mike Tyson when the pair meet in the ring in Texas on Friday in what the social media star turned prize-fighter predicts will be a slugfest.

PATTAYA — A Korean live streamer has been arrested for allegedly injuring the owner of a massage parlour while attempting to block his live coverage of a client's massage.

Draped in the vibrant red of his Maasai shuka, 52-year-old Rumosiroi Ole Mpoke sits cross-legged on a worn cowhide mat outside his hut, his face etched with a sorrow deeper than the lines of age. His once-sharp eyes, now clouded by trachoma, can barely make out the shadows of the cattle he once tended with […]

[New Times] Achieving rapid private sector growth in Rwanda is unlikely without far-reaching reforms to economic policies, a new report released on November 13, by the World Bank has shown.

[Business Day Africa] Africa's biggest pay-television company Multichoice Group has reported a 99 percent dip in half-year profits on the back of subscriber decline and foreign exchange volatility in the operating environment.

[Capital FM] Nairobi -- President William Ruto has nominated Gerald Nyaoma Arita as the second Deputy Governor of the Central Bank of Kenya (CBK), succeeding Sheila M'mbijiwe, who retired in June.

[Liberian Observer] A six-member ECOWAS delegation visiting Liberia yesterday concluded a consultative meeting with the leadership of the Liberian Senate, with the Speaker assuring Senators that the delegation was here to seek clarity, and facilitate mediation.

[Dabanga] Adré / El Fasher -- The World Food Programme (WFP) has appealed to Sudan to keep the Adré border crossing open, as a convoy carrying crucial humanitarian aid heads toward the Zamzam camp for displaced people in North Darfur, where famine was confirmed earlier this year.

[Capital FM] NAIROBI -- United States Ambassador to Kenya, Meg Whitman has announced her resignation after two years of being stationed in Kenya.

[VOA] Harare, Zimbabwe -- Zimbabwe has recorded new cases of cholera several months after declaring the end of an outbreak that killed more than 700 people over an 18-month period.

[Mozambique News Reports And Clippings] Body count now 50

[allAfrica]

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ISLAMABAD: The Ministry of Mari­time Affairs has prepared the draft of a new shipping policy, which includes provisions aimed at providing financial sec­u­rity to the owners of registered ships.

‘Pakistan Shipping Policy 2024’ will replace Pakistan Merchant Marine Policy 2001, as well as the amended version of 2019. The ministry organised a workshop of stakeholders on Wednesday to discuss the draft of the new shipping policy.

Maritime Affairs Secretary Syed Zafar Ali Shah, chairpersons of port authorities, senior officials of the maritime affairs ministry and stakeholders from the private sector participated in the workshop.

The policy makes it possible by legislation to furnish a bond of adequate amount to owners of any registered ship if it is detained or seized for any reason within the territorial jurisdiction of Pakistan, and it should be within 24 hours after taking the surety bond.

The secretary of maritime affairs informed participants of the workshop that the Shipping Policy 2024 has been made in accordance with the standards and rules of the International Maritime Organisation.

It was noted that the government should ensure that if the case is settled, the bail bonds are returned within one month.

In this regard, a help desk should also be established within the ministry of maritime affairs and special courts related to maritime affairs should also be set up having powers equal to high courts.

The draft proposes that the newly registered Pakistani shipping company will pay $0.75 per gross registered tonnage for five years, while currently the Pakistan National Shipping Corporation (PNSC) is paying $1 per gross registered tonnage on its revenue.

The rebate of $0.25 to new companies is likely to encourage domestic and national investors to show interest in maritime industry.

The draft has proposed that the registered Pakistani shipping companies would be allowed to seek financing from foreign financial institutions and banks.

A proposal to grant tax exemption for 10 years to new foreign shipping companies was brought forward by the participants of the workshop, and they stressed for assistance by state authorities to Pakistan shipping companies in opening foreign currency accounts.

Published in Dawn, November 14th, 2024

ISLAMABAD: The Ministry of Commerce and the World Bank have agreed to form a joint working group on trade to capitalise on the country’s true export potential.

The understanding was reached during a meeting of Commerce Minister Jam Kamal Khan with a team from the World Bank. Both sides agreed that the working group would meet periodically to advance the goal of realising Pakistan’s export potential of $60 billion.

An official announcement said both sides discussed Pakistan’s export reform agenda, focusing on strategies to enhance export competitiveness and streamline enabling policies.

The discussion also addressed how the World Bank can support these initiatives under the broader country programme.

Mr Kamal highlighted the whole-of-government approach to export enhancement, which promotes a unified policy framework to improve competitiveness and the Ease of Doing Business for exporters.

This strategy emphasises export-led growth by providing crucial enabling factors such as financing, liquidity support, reduced input costs, and regulatory facilitation to empower Pakistan’s export sector.

Published in Dawn, November 14th, 2024

KARACHI: The stock market bounced back on Wednesday as investors indulged in value-hunting, helping the benchmark KSE 100 index partially recover overnight losses.

Ali Najib, Head of Sales at Insight Securities, attributed the market’s positive performance to continued buying activity from high-net-worth individuals and mutual funds, supported by improvements on the macroeconomic front, a stable rupee, and a decline in bond market yields.

In early trade, the benchmark KSE-100 index lost 281.49 points to 92,943.59 but rebounded on renewed buying interest, adding 579.02 points to hit an all-time high at 93,803.59 intraday. How­ever, the index settled at 93,355.43 with a trimmed gain of 130.86 points or 0.14pc day-on-day.

Ahsan Mehanti of Arif Habib Corporation said stocks showed recovery led by second and third-tier scrips on strong valuations.

He added that upbeat data on car sales surging 112pc year-on-year in October and the FBR assurance to IMF for dropping contingency measures on revenue, reversing fears about mini-budget were other factors that supported the positive performance at PSX.

Topline Securities Ltd said the market exhibited a consolidation phase, with the index reaching a peak of 93,804 and dipping to a low of 92,943.

The index was boosted by positive contributions from Mari Petroleum, Lucky Cement, The Searle, Engro Corporation, and POL, which collectively added 461 points. Conv­ersely, Oil and Gas Dev­elop­ment Company, Fauji Fertiliser, and Meezan Bank experienced some profit-taking, resulting in a combined loss of 213 points to the index.

The trading volume was up 1.78pc to 807.06m shares, and its value by 2.92pc to Rs31.68.

Stocks contributing significantly to the traded volume included WorldCall Tele­com (43.29m shares), Waves Home Appliances (33.20m shares), Pakistan Refinery (31.52m shares), K-Electric (27.45m shares) and Pak Elektron (26.99m shares).

The shares registering the most significant incre­ases in their prices in absolute terms were Rafhan Maize (Rs64.96), Philip Morris (Rs38.17), Mari Pet­ro­leum (Rs30.13), Lucky Cement (Rs28.64) and Packages Ltd (Rs28.37).

Foreigners remained net sellers as they offloaded shares worth $5.01m.

Published in Dawn, November 14th, 2024