Daily Update News World: BUSINESS NEWS

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Friday, May 15, 2020

Exports fell by 54 per cent, imports by 32 per cent and trade deficit by 14 per cent

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Exports fell by 54 per cent, imports by 32 per cent and trade deficit by 14 per cent

Due to the corona, Pakistan's exports fell by 54% and imports by 32%. The trade deficit in April also declined by 14.5 per cent over the previous year. Due to the corona, the state of emergency around the world stifled trade activities, Pakistan's exports as well as imports fell significantly.

According to the report, Pakistan's exports in April 2020 were 54 percent lower than in April 2019, but imports of four products increased, basmati rice 21 percent, tents and tarpaulins 32 percent and plastic materials 30 percent more. According to officials, exports of cotton, wheat, sugar and coal remained completely closed while exports of textile products declined by 64.52 per cent, carpets by 92 per cent, sports goods by 77 per cent and leather products by 70 per cent less than the previous year. ۔ According to the import report, due to reduction in consumption, imports of petroleum products were reduced by 55%, crude oil by 86% and gas by 52%. Overall, imports were 32% lower than the previous year.

In April 2020, Pakistan's trade deficit narrowed to 14.40 percent from 2 2.62 billion in the same period last year, to 2 2.24 billion. According to officials, the trade deficit was reduced by more than 25% in 10 months.

SBP saves more than 200,000 people from unemployment SBP saves more than 200,000 people from unemployment... amazon news updates

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KARACHI: The State Bank of Pakistan (SBP) has saved more than 200,000 people from becoming unemployed due to the Korna virus.

According to a statement issued by the central bank, the SBP has issued concessional loans to various companies to prevent layoffs.

https://twitter.com/StateBank_Pak/status/1258746023956094977?s=20

According to the statement, so far the SBP has issued loans of Rs 23 billion to 209 companies, which has secured the jobs of 220,000 employees.

The SBP says that loans are being given to companies at an interest rate of 3% and at present a total of 1100 companies are considering loan applications of Rs 90 billion.

According to the SBP, the issuance of loans will save the employment of 850,000 employees.

It may be recalled that the State Bank of Pakistan while introducing a new scheme, had decided to lend to companies at concessional interest rates equal to the salaries of the employees, and this decision was taken by the companies to encourage people not to lay off their jobs from April to June. Was made for.

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Rise in deaths, use of malaria drug chloroquine on corona patients stopped in Pakistan... amazon amazon updates

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LAHORE: The use of chloroquine, a drug used to prevent and treat malaria, has been discontinued in Corona patients, an advisory group member said.

According to the details, Corona Expert Advisory Group has decided to immediately stop the use of Coroquine, an anti-malarial drug on patients with Corona. To put

Professor Saqib said that chloroquine, hydroxychloroquine is causing the irregular heartbeat. In the first study, the use of chloroquine had beneficial effects.

On the other hand, a meeting of the Corona Expert Advisory Group will be held today, in which the final decision on cohort patients' home isolation will be made. Will not be found

The advisory group member had said that patients with home isolation would be geo-tagged through the application, adding that 80 percent of Corona patients did not need treatment while 3 out of 100 people needed to go to the ventilator.

Saqib Saeed said that for isolation, it is necessary to have a separate room, attic bathroom, and caretaker in the house. The home administration and district health will inspect the house before insulation. I need to log in.

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Coronavirus effects, superpower America forced to borrow heavily.....amazon amazon updates

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WASHINGTON (Reuters) - The United States will borrow 30 3 trillion to increase spending on coronaviruses, including health care funding and direct payments.

According to the details, the coronavirus has shaken the economies of the world, not only the developing but also the developed countries could not escape from its effects, in this situation the superpower America has been forced to borrow.

The United States has said it will borrow 3 trillion for the first time in the second quarter, to be raised from the sale of bonds to cover the heavy costs of Corona virus-related projects.

The money will be spent by the United States on health-related funding and virus-related assistance, including direct payments.

It is believed that the United States had earlier taken a loan at the height of the financial crisis in 2018, but this amount of 30 trillion is five times more than the previous loan.

In 2019, the United States also borrowed 29 trillion 70 billion dollars, the total volume of debt of the United States is 250 trillion dollars.

Coronavirus has killed 69,000 people in the United States, while the US president has expressed fears that the death toll could rise to 100,000.

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$ 3 cheaper 31 paise a day

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Due to the Corona virus, economies around the world, including Pakistan, are experiencing a slowdown and the dollar has been rising steadily over the past several days.

dollar

But now after the good news about the Pakistani economy, the rupee has appreciated against the dollar and the dollar has fallen by Rs. 31 paise in one day.

It is to be noted that yesterday, a group of the 20 largest economies of the world (G20) announced a one-year delay in repayment of nearly $ 40 billion in debt payments to 76 developing countries, including Pakistan. Pakistan will receive about $ 12 billion in debt relief.

Subsequently, the State Bank of Pakistan reduced interest rates by 2% to 9%, which triggered a wave of happiness among investors and its impact was also seen in the stock market today.

The third big news for the Pakistani economy was the World Monetary Fund's approval of a $ 38 billion relief package for Pakistan, which will increase Pakistan's reserves.

https://twitter.com/StateBank_Pak

How did Amazon's boss make $ 24 billion during the Corona crisis

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The Corona virus, which is currently the victim of global economic downturns and freezing of business activity, raised $ 24 billion in assets during the unpredictable crisis of American shopping giant Amazon City, or usa company Amazon on Saturday. Do. Is.

It is to be noted that American journal Forbes recently released the list of the richest people of the year 2020, with Amazon's head of the billion consecutive third year list.

Now Bloomberg, the leading economy-based broadcasting company, issues a billionaire report, which says Jeff Bezos has earned $ 24 billion during the recent Corona crisis and has assets grown to $ 138 billion.

According to Bloomberg, Jeff Bezos ranks first with $ 138 billion in assets, followed by his rival Bill Gates, with $ 105 billion.

According to the report, the Corona virus has increased the record of online purchases worldwide, which has also earned Amazon billions of dollars and its shares have risen 5.3% over the recent crisis.

Amazon has recruited thousands of new people due to increased shopping sales, but it has also been criticized for taking inadequate measures to protect Corona employees, and many of its

Asian Development Bank unveils $ 20 billion virus rescue package for member states

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The Asian Development Bank (ADB) has announced a $ 20 billion Corona virus rescue package for developing countries.

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The package provided by ADB is for the recovery of economic losses in developing countries.

Under the package, $ 13 billion has been allocated for the budget deficit of Corona virus-affected developing countries, while $ 2 billion has been allocated for the private sector.

The developing countries of the Asian Development Bank include the countries from Afghanistan to Myanmar and India to China.

The bank says the global economy's shutdown due to the Corona virus has created an atmosphere of depression.

ADB Coronavirus has suffered $ 4100 billion in losses to the global economy as a result of major economic forces such as the US and Europe.

It is thought that the number of Corona virus-infected people worldwide has exceeded 18 million 70,000, out of which more than 166,000 have died.

In his video message yesterday, Prime Minister Imran Khan appealed to the UN and global financial institutions to help developing countries and provide relief to repay loans so they can deal with Corona.

The Asian Development Bank has announced $ 35 million to Pakistan to deal with Corona, while the World Bank has also announced $ 1 billion.

The World Bank issued a report on the damage to the Corona virus in South Asia

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The World Bank issued a report on the damage to the Corona virus in South Asia

world bank

The World Bank has said that the Corona virus is predicting a slowdown in the South Asian economy, saying that South Asia's economy will be down 4 percent.

According to a report released by the World Bank, the economy has stalled in South Asia due to Lock Down, and business is suspended in eight countries.

The report expressed concern that for the first time in 40 years, South Asia's economy will suffer from a slowdown.

According to the report, in the next year, 2021, the pace of economy in South Asia is likely to improve at 3.1 to 4%.

The World Bank says South Asian countries have to work faster than ever to fight public health and poverty, and to support the daily wages and the poor.

OPEC and the Allies agree to reduce oil production by one million barrels a day

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OPEC and the Allies agree to reduce oil production by one million barrels a day

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At the meeting of the Organization of Petroleum Exporting Countries (OPEC) and allies, OPEC Plus agreed to reduce oil production by one million barrels per day.

According to foreign media, the OPEC Plus meeting agreed to reduce one million barrels per day of oil production for May and June, which will be maintained at 8 million barrels per from July to the end of 2020.

According to the British Broadcasting Agency, other producing countries have also planned to cut 5 million barrels a day.

At the OPEC Plus meeting, trading oil and gas prices declined while agreeing to reduce oil production.

WTI crude oil was down 10% to trade at about $ 23 a barrel, while Brent crude was down 4% to $ 31.5 a barrel. In addition, there was a 3% reduction in gas prices.

Oil and gas prices experts say that despite the agreement by Saudi Arabia and Russia to reduce oil production, the decline in oil prices in the global market was due to a Mexican walkout.

Earlier, the OPEC meeting was delayed due to a literal war on the decline in oil production in Saudi Arabia and Russia.

Saudi oil price cut sharply, criticism of Saudi Arabia

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Saudi oil price cut sharply, criticism of Saudi Arabia

Saudi Arabia has sharply criticized Russia for cutting oil prices in global markets on Saturday. Previously, the Moscow government had blamed Saudi Arabia for the change in oil prices.

to be continued

The escalation of tensions between the two countries comes at a time when an emergency meeting of OPEC, an oil-producing country, is being held.
Saudi Arabia and Russia could not agree on a reduction in oil production at the beginning of March in the wake of a record drop in oil prices. Global demand for oil has seen a significant decline since the Corona virus outbreak. At present, oil is being sold at $ 24 a barrel in global markets