Boeing may deliver Dreamliner 787 to Air India next week

Lahore, Jul 10: The Punjab government enforced smart lockdown in seven cities of the province for 15 days with an immediate effect from Thursday night, The News International reported.

The Primary and Secondary Healthcare Department on Thursday issued a notification under the Punjab Infectious Diseases Ordinance 2020, about enforcement of lockdown in Lahore, Multan, Faisalabad, Gujranwala, Sialkot, Gujrat and Rawalpindi, till July 24 midnight.

In Lahore, the lockdown will be enforced in A2 Block Township, EME Society, Main Bazaar Chungi Amr Sadhu, Punjab Government Servants Housing Scheme, Wapda Town, C-Block Jauhar Town and Green City.

The basic necessities of life will remain available in smart lockdown areas. "The purpose of the smart lockdown is to minimise movement of people in hotspots of positive coronavirus cases," said Capt (retd) Muhammad Usman, Secretary, Primary and Secondary Healthcare Department.

The country registered 2,751 new COVID-19 cases during the last 24 hours, taking the tally to 243,599 on Friday. The province-wise breakup includes 85,261 cases in Punjab, 100,900 cases in Sindh, 29,406 in Khyber Pakhtunkhwa, 11,099 in Balochistan, 13,829 in Islamabad, 1,619 in Gilgit-Baltistan and 1,485 in Pakistan-occupied Kashmir.

The death toll due to the virus reached 5,058 with 75 more deaths reported over the last 24 hours, as per data cited by Radio Pakistan.

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Islamabad, Feb 17: Prime Minister Imran Khan on Monday warned that Pakistan may face another refugee crisis if the international community failed to take notice of the current situation in India.

Speaking at the two-day refugee summit in Islamabad on 40 years of hosting Afghan refugees in Pakistan, he said India’s "ultranationalist ideology going unchecked could lead to destruction and the region could become a flashpoint", The Express Tribune quoted him as saying.

Khan said if the international community does not take notice of this situation, it will create another refugee crisis for Pakistan as Muslims of India will move to Pakistan.

"This is not the India of Jawaharlal Nehru and Mahatma Gandhi. The United Nations (UN) must play its role otherwise it will become a very big problem in the future," Duniya News quoted Khan as saying.

He said said that Prime Minister Narendra Modi’s statement that India can destroy Pakistan in 11 days is not a responsible statement by a premier of a nuclear state with a huge population, the paper reported.

Khan made the statement in the presence of visiting UN Secretary General Antonio Guterres, who was also attending the summit.

He said because of the "Hindutva" ideology, Kashmiris have been lockdown for over 200 days. He alleged under the same ideology, the BJP-led government passed two discriminatory nationalistic legislations, targeting 200 million Muslims in India.

Khan was referring to India's Citizenship (Amendment) Act and the revocation of the special status to Jammu and Kashmir.

The new citizenship law passed by the Indian Parliament in December 2019 offers citizenship to non-Muslim persecuted religious minorities from Pakistan, Bangladesh and Afghanistan.

The Indian government has maintained that the CAA is an internal matter of the country and stressed that the goal is to protect the oppressed minorities of neighbouring countries.

India revoked Jammu and Kashmir's special status on August 5. Reacting to India's move, Pakistan downgraded diplomatic ties with New Delhi and expelled the Indian High Commissioner.

India has always maintained that Jammu and Kashmir is its integral part and ruled out any third party mediation, including either from the UN or the US, saying it is a bilateral issue with Pakistan.