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Power firms seek Re1 hike in fuel adjustment for November


January 18, 2020

ISLAMABAD: The electricity tariff for consumers of 10 distribution companies of ex-Wapda is set to go up by about Re1 per unit on account of fuel cost adjustment for November. The National Electric Power Regulatory Authority (Nepra) will take up for public hearing on Jan 29 a petition for increase in consumer tariff for ex-Wapda distribution companies (Discos) on account …

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Indonesia releases no kinno import quota for Pakistan


January 18, 2020

KARACHI: The federal government has been asked to approach Indonesia for issuance of quota for importing kinno from Pakistan. Waheed Ahmed, Patron-in-Chief of Pakistan Fruit and Vegetable Exporters Association (PFVEA), had informed Commerce Adviser Abdul Razak Dawood that the country’s citrus exports may suffer if Indonesia could not release import quota for the fruit. In a letter to the adviser, …

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Big industry output shrinks 4.61pc for eighth month


January 18, 2020

ISLAMABAD: Pakistan’s large-scale manufacturing (LSM) shrank for eighth month in row, raising fears of layoffs across the industrial sector. The LSM index contracted by 4.61 per cent year-on-year in November, the Pakistan Bureau of Statistics (PBS) reported on Friday. Between July and November, the big industry output declined 5.93pc on a yearly basis. At a time when LSM is on …

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Foreign investment in treasury bills reaches record $2.2bn


January 18, 2020

KARACHI: Pakistan received a record foreign investment of $2.225 billion in treasury bills during the current fiscal year. The latest T-bills auction held on Jan 15 yielded $537.9 million — the highest amount for a single auction which was also confirmed by the State Bank of Pakistan. While the speedy foreign investment helped the government improve its reserves, it set …

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To defuse palm row, Davos diplomacy likely between India, Malaysia


January 18, 2020

Trade ministers from India and Malaysia are likely to meet on the sidelines of the World Economic Forum’s annual meeting in Davos next week amid a palm oil spat between the two countries, a Malaysian government spokesman told Reuters on Friday. Hindu-majority India has repeatedly objected to Malaysian Prime Minister Mahathir Mohamad speaking out against its recent policies which critics say discriminate against Muslims. …

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Six-month foreign direct investment jumps 68.3pc


January 17, 2020

KARACHI: The inflows of foreign direct investment (FDI) jumped 68.3 per cent to $1.34 billion during the first half of the current fiscal year compared to $796.8 million in the same period last year. The major chunk of these investments was concentrated in the telecommunication, power and electrical machinery sectors with China and Norway emerging as the top investors. The …

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Malaysia bets on diplomacy to tackle India palm oil curbs


January 17, 2020

KUALA LUMPUR: Malaysia does not want to escalate a palm oil spat with India by talking of any retaliation for now, two government sources said on Thursday, after the prime minister’s media adviser called for tighter regulations on Indian expatriates and products. Malaysia is instead betting on diplomacy to quell India’s anger at Prime Minister Mahathir Mohamad speaking out against …

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After India’s Amazon snub, Modi’s party slams Bezos-owned Washington Post


January 17, 2020

Indian Prime Minister Narendra Modi’s ruling party on Friday slammed the editorial policies of billionaire Jeff Bezos-owned Washington Post, even as his e-commerce firm Amazon announced plans to create a million jobs in the country by 2025. Vijay Chauthaiwale, the chief of the Bharatiya Janata Party’s (BJP) foreign affairs department, said there was “a lot of problem” with the newspaper’s coverage …

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Pakistan economy to ‘recover slightly’ from 2021 but reforms critical for growth: UN report


January 17, 2020

Pakistan’s economy is expected to recover slightly from 2021 onward as increased government revenues from a tax hike allow expanded public investment and as other government reforms required by the International Monetary Fund (IMF) begin to bear fruit, says the latest United Nations report on the state of the world economy. The ‘World Economic Situation and Prospects 2020’ report emphasised …

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China posts weakest growth in 29 years as trade war bites


January 17, 2020

China’s economic growth cooled to its weakest in nearly 30 years in 2019 amid a bruising trade war with the United States, and more stimulus is expected this year as Beijing tries to boost sluggish investment and demand. But data on Friday also showed the world’s second largest economy ended the rough year on a somewhat firmer note as a …

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