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Cement ‘cartel’ inquiry proceeds


September 25, 2020

ISLAMABAD: Teams of Competition Commission of Pakistan (CCP) on Thursday carried out search and inspection of All Pakistan Cement Manufacturers Association (APCMA) in Lahore. The move is part of an inquiry launched in May 2020 to investigate possible anti-competitive activities by cement manufacturers. The CCP enquiry was initiated on the information gathered through various media reports and complaints regarding increase …

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Hafeez asks for improvement in data integrity, reliability


September 25, 2020

ISLAMABAD: Finance Adviser Dr Abdul Hafeez Shaikh reviewed the government economic performance, and according to one source present in the meeting, asked whether the improvements in fiscal and external accounts were helping the well being of the people. While presiding over a meeting of the Monetary and Fiscal Policies Coordination Board (MFPCB), the adviser also desired that Pakistan Bureau of …

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SBP eases cash margin curb on imports


September 25, 2020

KARACHI: The State Bank of Pakistan (SBP) on Thursday eased 100 per cent cash margin requirements on the import of certain raw materials to support manufacturing and industrial sectors. The central bank said the easing of the cash margin would further enhance capacity of manufacturing and industrial sectors to contribute towards the recovery of the economy in post Covid-19 era. …

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Consortium to invest hugely in two mega projects, PM told


September 25, 2020

ISLAMABAD: Prime Minister Imran Khan was informed on Thursday that some leading businessmen of the country have formed a consortium to make a huge investment in two mega development projects — Urban Development and Bundle Island Project (UDBSP) in Karachi and Ravi River Front Urban Development Project (RRFUDP). In a separate meeting of the National Coordination Committee (NCC) on Housing, …

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Govt estimates IPP talks could save Rs856bn over next decade


September 25, 2020

ISLAMABAD: The government is claiming to have saved about Rs856 billion over a period of 10 years on account of renegotiation with independent power producers (IPPs) and change in terms of contracts and closure of public sector power projects. This was the crux of a meeting of the Cabinet Committee on Energy (CCoE) presided over by Minister for Planning and …

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Govt raises Rs520.5bn from T-bills


September 24, 2020

KARACHI: The State Bank of Pakistan (SBP) on Wednesday sold Market Treasury Bills (MTB) worth Rs520.55 billion from the three-, five- and 12-month tenors, a press release showed. The SBP had set an auction target of Rs450bn against a maturing amount of Rs603.9bn. The data showed that the cut-off yields for three-, six- and 12-month papers were relatively unchanged at …

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PM wants action plan for agriculture sector


September 24, 2020

ISLAMABAD: Prime Minister Imran Khan on Wednesday directed the federal food security ministry and the provinces to gather accurate data regarding agriculture production, its consumption, wastage and exports so that the government could exactly know about the demand and supply of commodities. Presiding over a meeting held to review reforms in the agricultural sector, the prime minister called for an …

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Stocks post modest gains amid positive macros


September 24, 2020

KARACHI: Stocks remained volatile throughout the session on Wednesday as the market searched for a direction. The KSE-100 index opened in the red after a steep fall a day earlier. It dipped to intraday low by 73 points but managed to find a foothold and make to an intraday high by 194 points before dropping back to close almost flattish …

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C/A sees another surplus in August


September 24, 2020

KARACHI: Pakistan’s current account again recorded a surplus in August at $297 million, as against a deficit of $601m in the corresponding period of previous year, reported the State Bank on Wednesday. However, the current account surplus plunged by 71 per cent compared to $508m in July, which was revised upwards from $424m announced earlier. For July-August cumulatively, the current …

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TCP gets lowest wheat bid from Russia


September 24, 2020

HAMBURG: The lowest price offered in the tender from Pakistan to purchase 300,000 tonnes of wheat which closed on Wednesday was believed to be $280.90 a tonne c&f for Russian wheat, European traders said. The Trading Corporation of Pakistan (TCP) is still considering the offers and no purchase has been reported, traders said. The lowest offer was said to have …

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