Pakistan Seeks Saudi Investment in Tourism Sector
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VOLUME 15 | N o 176 Lahore Regd No. CPI 251 LAHORE 6P3 INTERNATIONAL 6P7 Punjab to continue The its help for EU warns Balochistan’s China over uplift: Buzdar An English Daily published simultaneously from Lahore and Faisalabad Hong Kong security law PAGES 08 | R s 20 Buswwwi.thebnusiness.ceom.pk sZil-s Qad 02 1441 Wednesday, June 24 , 2020 Govt decides to US-China trade increase petrol, deal fully intact, diesel quality says Trump WASHINGTON: A White House ad - to EURO 5 viser who said the trade deal with China is ISLAMABAD: The federal government effectively dead due to their deceitful con - has decided to shift petrol and diesel from duct, had to go on the defensive after Don - EURO 2 to higher-quality EURO 5. ald Trump swiftly rebuked the comment, The historical decision was taken in the saying the deal is alive and well. federal cabinet meeting held today under the The US-China trade deal, signed in Janu - chair of Prime Minister Imran Khan. It is de - ary, “is fully intact,” US President Donald cided to increase the quality of petrol and Trump tweeted late Monday, adding that he diesel from EURO 2 to EURO 5. hopes Beijing “will continue to live up to the PM Imran Khan approved the plan to terms of the agreement.” make a shift to the higher-quality fuel stan - The president’s Twitter intervention came dards in Pakistan. PM’s Adviser on Climate shortly after Peter Navarro, the White House Change Malik Amin Aslam said that the trade adviser, unloaded on China when premier had promised to increase the quality speaking to local media. “It’s over,” he told the media, saying that Beijing proceeded to of petrol and it has been fulfilled. ISLAMABAD: Prime Minister Imran Khan chairs a meeting on wheat situation. He added that petrol will be shifted to sign the deal on January 15, and that was “a EURO 5 from August, whereas, diesel’s stan - full two months after they knew the [coron - dard will be shifted from January 2021. g avirus] was out and about.” Aslam said that 70 percent petrol and 40 New Delhi informs Pak Charged'Affaires about decision Navarro was seemingly caught off-guard by percent diesel are being imported and Pak - Trump’s rebuke, issuing a haphazard state - istan will become the first country to shift ment later. He maintained his incendiary com - fuel standards from EURO 2 to EURO 5. He ments were “taken wildly out of context.” added that only EURO 5 fuel will be avail - “They had nothing at all to do with the Phase able in the smog-hit areas. —DNA I trade deal, which continues in place,” the White House official said. Repeating a well- India asks Pakistan worn Washington narrative, he explained that he was speaking about “the lack of trust we Dollar rises by now have of the Chinese Communist Party” after they “lied about the origins of the [Covid- Rs1.07 to reach 19] virus and foisted a pandemic upon the world.” Designed to ease mounting tensions at Rs167.65 HC to cut staff between the two nations, the agreement saw China pledging to boost US imports by KARACHI: The US dollar strengthened $200bn and improve intellectual property by Rs1.07 against Pakistani rupee in the in - rules, while the US agreed to cut in half some terbank on Tuesday. of its tariffs on Chinese goods in exchange. — According to a tweet of State Bank of Pak - strength by 50pc TLTP istan, the US dollar was opened at Rs166.58 The Business Report ties. There has been no reaction yet from “While their officials indulged in actions and closed at Rs167.65. Meanwhile, the for - Islamabad but officials said a meeting is that are not in conformity with their privi - eign reserves of the country stand at $16.70 ISLAMABAD: Amid the ongoing underway at the Foreign Office to discuss leged status in the High Commission, Pak - Gold price jump billion as of June 05, said State Bank of Pak - diplomatic tussle with Pakistan the Indian the latest development. istan has in parallel engaged in a sustained istan in another tweet on Friday last. —TLTP government orders return Pakistan High Pakistan had downgraded diplomatic ties campaign to intimidate the officials of the Commission in New Delhi to cut staff by in August last year when it pulled out its Indian High Commission in Islamabad by Rs1100 to 50 percent, on Tuesday. High Commissioner and ordered the ex - from carrying on their legitimate diplo - PSX gains 314 According to sources, India has also de - pulsion of the Indian envoy after New matic functions,” the statement further Rs103,100 per tola cided to recall half of its officials from the Delhi revoked the special status of Indian blamed Pakistan. Contrary to Pakistan ver - ISLAMABAD: The price of 24 karat gold points, crosses Indian High Commission in Islamabad and Occupied Jammu and Kashmir (IOJ&K). sion, the Indian government claimed two increased by Rs1100 on Tuesday and was the decision will be implemented within the On May 31, India declared two staffers officials were not involved in hit-and-run traded at Rs103,100, against 34,000 mark next seven days. New Delhi has informed of the Pakistani mission persona non grata case but were abducted at gunpoint. “Their Rs 102,000 on last trading day, Karachi the Pakistan’s Charge d Affaires of the de - after accusing them of espionage. Both severe ill treatment underlines the extent to Sarafa Association reported. By Our Staff Correspondent cision. Sources said that India has taken were expelled later. However, Pakistan which Pakistan has gone in that direction,” Likewise the price of 10 gram gold also this step out of anger after the detention of strongly dismissed Indian claims and in - the Indian handout claimed. witnessed increase of Rs943 and was trade at KARACHI: The Pakistan Stock exchange two Indian officials in Islamabad. stead accused New Delhi for violating the “The behaviour of Pakistan and its offi - Rs88,391 against its sale at Rs87,448. (PSX) kept its control over the stock market Another report adds: In yet another sign Vienna Convention on diplomatic rela - cials is not in conformity with the Vienna The price of per tola silver remained sta - on Tuesday as well and helped the bench - of deepening tensions between the two nu - tions. Convention and bilateral agreements on ble and was trade at Rs1050 and that of 10 mark index rise past the 34,000-point mark. clear-armed neighbours, India has decided Recently, India withdrew two of its the treatment of diplomatic and consular gram silver was recorded at Rs900.20. A recovery in global stock markets cou - to reduce the staff strength of Pakistani staff members, who were briefly detained officials. On the contrary, it is an intrinsic In international market, the price of per pled with increase in international crude oil High Commission in New Delhi by 50 per by Islamabad police in a “hit-and-run” ac - element of a larger policy of supporting ounce gold increased by $9 and was traded at prices helped strengthen investor sentiment cent. The decision was conveyed to the cident. Both officials returned to New cross-border violence and terrorism,” the $1,757 against $1,748, Karachi Sarafa asso - and supported the uptrend at the local stock Charge d’Affaires of Pakistan, who was Delhi on Monday. Meanwhile, the Modi official statement added. ciation reported. —APP market. The spike in crude prices enhanced summoned to the Ministry of External Af - government claimed that officials of Pak - “Therefore, the government of India has investors’ interest in exploration and produc - fairs, said a statement issued by the Indian istani mission in New Delhi had engaged taken the decision to reduce the staff tion and oil marketing companies’ stocks. As External Affairs Ministry on Tuesday. in “acts of espionage and maintained deal - strength in the Pakistan High Commission a result, both sectors closed entirely in the It added that India would also reduce the ings with terrorist organisations”. in New Delhi by 50%. It would recipro - Saudia to allow green. In addition, the investors accumulated staff strength of its diplomatic mission in “The activities of the two officials cally reduce its own presence in Islam - stocks in anticipation of a low inflation read - Islamabad by the same amount. caught red-handed and expelled on 31 May abad to the same proportion. This 1,000 pilgrims ing for June, which would pave the way for The Indian government blamed Pakistan 2020 was one example in that regard,” the decision, which is to be implemented in further monetary easing in July. for further downgrading in the diplomatic Indian external affairs ministry alleged. seven days, was conveyed to the Pakistani to perform Haj Earlier, the index shot up as soon as trad - ing began and positive investor sentiment JEDDAH: Saudi Arabia will allow around triggered a buying spree as market partici - Cabinet shows concern over ministry failure to control petrol crisis 1,000 pilgrims residing in the kingdom to pants cherry-picked stocks throughout the perform Haj this year, a minister said on day. Tuesday, after it announced the ritual would Towards midday, some of the gains were be scaled back due to coronavirus. “The number of pilgrims will be around erased, however, the dip was corrected later 1,000, maybe less, maybe a little more,” Haj in the day. At close, the benchmark KSE-100 PM asks special assistants, Minister Mohammad Benten told reporters. index recorded an increase of 314.69 points, “The number won't be in tens or hundreds or 0.93%, to settle at 34,052.61 points.