G20 nations have pledged a “united front” in the fight against coronavirus.
To counter the pandemic amid forecasts of a deep recession, the G20 nations are injecting $5 trillion into the global economy.
US President Donald Trump and Russian President Vladimir Putin joined the emergency video conference chaired by Saudi Arabia’s King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.
The talks come amid criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 21,000 dead worldwide according to official data, and triggered financial shock waves as more than three billion people are locked down.
“We are strongly committed to presenting a united front against this common threat,” the leaders said in a joint statement after the summit.
We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and gua..
Category: Finance
All Educational Institutes Will Remain Closed Till May 31
All the educational institutions including public and private schools, colleges, universities, & madaris in the country will remain closed till May 31, 2020.
This was stated by Shafqat Mehmood, federal minister for Education, professional training and National Heritage on twitter.
He said that the school closure was ordered by the National Coordination Committee (NCC) on the recommendation of Interprovincial Education Ministers meeting held on Thursday.
Following the ministers’ recommendations, NCC ordered the closure of all educational institutions in the country till May 31. This includes public and private schools, colleges, universities, & madaris, he added. He further stated that this closure will be treated as summer vacation and if by the grace of Allah the corona problem is resolved, the educational institutions will reopen in June.
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However, the educational authorities would continue to engage with studen..
US Now the Coronavirus Epicenter as Pakistan Crosses 1,200 Cases
With over 85,000 cases, US now the global epicenter of coronavirus Cases in Pakistan cross the 1,200 mark PIA withdraws decision to operate special flights to Canada and UK Pakistan decides to seal areas with coronavirus cases Sindh & Balochistan ban congregational prayers Pakistan pays tribute to doctors, nurses, & paramedics today With over 85,000 infections so far, US now tops the world in coronavirus cases overtaking China and Italy. In terms of death toll, however, Italy remains the worst hit with the virus having claimed over 8,000 lives so far, followed by Spain where over 4,000 people have lost their battle against COVID-19.
Pakistan is seeing a continuous surge in its virus tally too with confirmed cases crossing 1,200 and its toll risen by one on Thursday to nine. Both the center and the local governments are scrambling to contain the spread with nearly all cities already locked down.
The federal and provincial governments have also decided to seal the areas where new cases..
Govt Cancels Oil Imports to Reduce Expenses Amid Less Demand
The Ministry of Energy has canceled crude oil imports with effect from 1 April 2020, in order to support Pakistan’s domestic refining industry through an official order.
The MoE also defined all of the nation’s refiners as an essential service in the midst of the current lockdown. The order guarantees free movement of the industry’s employees, vendors, and contractors to ensure that Pakistan’s refining industry can provide a continuous supply of petroleum products at all petrol pumps across the country.
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Oil Refining Companies like PRL, NRL, ARL, Byco, and Parco have been deemed essential services by The Ministry of Energy (MoE), Petroleum Division through a recent order.
The Refining Industry has lauded the MoE’s steps to direct law enforcement agencies to facilitate the unhindered movement of refineries/OMCs including their subcontractors, personnel and vehicles so that an uninterrupted supply of petrol..
Internet Consumption in Pakistan Up by 15% Amid Lock-downs
While the nation is under lock-down, to contain the spread of Coronavirus, the internet consumption has surged in the country.
According to information being collected from telecom operators by Pakistan Telecommunication Authority (PTA), a net increase of around 15% in internet usage was witnessed since last week as the country fights against Corona virus.
The increase has been observed due to increased online activities by educational institutions and businesses and ‘work from home’ policy adopted by individuals and organizations across the country.
While some users faced congestion and slower speeds, particularly while on mobile broadband, PTA has said that there is sufficient internet capacity available in the country to meet the growing demands of the future.
PTA said that it has been closely monitoring the internet usage patterns so as to ensure that fast & efficient telecom services remain available to the consumers in this difficult time.
SBP & Local Banks Announce Relief Package for Households & Businesses
Amid growing concerns about the potential economic impact of the COVID-19 pandemic, State Bank of Pakistan (SBP) with the collaboration of Pakistan Banks Association (PBA), has announced a comprehensive relief package.
This package will help relevant stakeholders including households and businesses (microfinance, SMEs, corporates, commercial, retail, and agriculture) to manage their finances through this temporary phase of disruption.
Key highlights of the package are as follows:
Banks To Enhance Advances to Borrowers Banks’ overall pool of loanable funds has been increased. To support the banking sector to supply additional loans to businesses and households, SBP has reduced the Capital Conservation Buffer (CCB) from its existing level of 2.50% to 1.50%.
This will enable banks to lend an additional amount of around Rs. 800 billion, an amount equivalent to about 10% of their current outstanding loans. The reduced CCB level will remain applicable till further instructions by SBP.
D..
Netflix Reduces Traffic on Pakistani Networks by 25% to Ease Congestion
In order to match increased demand, Netflix has removed the highest bandwidth streams in Pakistan, as well as across Europe and the UK.
The decision has been taken in order to reduce traffic so that more users can avail the service.
In an email statement issued on Thursday, Ken Florance, the Vice-President of Content Delivery at Netflix, said: “Given the crisis, we’ve developed a way to reduce Netflix’s traffic on telecommunications networks by 25% while also maintaining the quality of our service. So consumers should continue to get the quality that comes with their plan — whether it’s Ultra-High, High or Standard Definition.
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Netflix said that it wants to help ensure that the Internet continues to work well during this crisis.
Netflix typically has many different streaming options for a single title within each resolution. This action means they have simply removed the highest bandwidth streams.
So whether yo..
First Study on Anti-Malaria Medicine’s Use for Coronavirus Proves Unsuccessful
As the world grapples with the coronavirus, medical experts around the world are working on a vaccine to help stem the pandemic.
Hydroxychloroquine is one of the few available drugs that experts were confident that would show better symptoms and recovery in clinical trials for patients with COVID-19.
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Professor Sunit K Singh, molecular immunology & virology and head of the molecular biology unit at Banaras Hindu University’s Institute of Medical Sciences in Varanasi, India said,
The combination therapy of azithromycin and hydroxychloroquine was thought to be better over the monotherapy of hydroxychloroquine to control the mixed infection of virus and bacteria.
Currently, the drug also known as Plaquenil is used for lupus and rheumatoid arthritis. It differs from chloroquine phosphate, another medicine being used for malaria which is also being looked at to treat the COVID-19. Both drugs have ..
Bank Alfalah Clears the Air by Announcing Risk Mitigation Strategy in the Wake of COVID-19 Pandemic
Bank Alfalah issued a statement signifying that they are aware of circulating news regarding the potential spread of CoronaVirus within its locations.
As per the bank’s protocol, any employee exhibiting flu-like symptoms in the workplace is being asked to immediately return home, go into self isolation and seek medical assistance. This is being followed by a thorough disinfection and deep cleaning exercise of the premises on priority basis.
As per their statement, the same protocol had also been followed at the Shahdin Manzil Branch, which had been operating with the essential workforce only. In the said branch, one of the employees had reported possible flu-like symptoms and was instructed to self-isolate and seek medical assistance.
The employee is awaiting his test results and Bank Alfalah wishes him good health and a speedy recovery regardless of the outcome. To further minimize exposure, the essential staff present at the Shahdin Manzil Branch has also been instructed to stay h..
Saudi Govt’s Letter to Pakistan Raises Doubts Over Hajj This Year
According to media reports, the Saudi government has asked Pakistan not to enter into Hajj agreements citing fears over the coronavirus pandemic.
The Hajj agreement is to help arrange food, shelter and travel for the pilgrims from the country. Dr. Muhammad Saleh bin Taher Benten, Saudi Minister, has written a letter to Pakistan’s Ministry of Religious Affairs asking them not to sign such agreements until the “direction of Covid-19 is clear”.
The letter has been received today by the Religious Affairs Ministry in Pakistan and it goes on to say that the Saudi government is monitoring the developments and will brief about any future course of action after.
As per reports, after receiving the letter, the Ministry has stopped all work on the Hajj agreements.
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