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Intl. ratings agencies optimistic about Pakistan’s economic performance: Sartaj Aziz

Deputy Chairman Planning Commission Mr. Sartaj Aziz on Tuesday has said that the international ratings agencies are optimistic about Pakistan’s economic performance and are predicting Pakistan to emerge as one of the fast growing economies in the world in the coming years. While addressing in a conference on “Redefining prosperity paths in changing global economy: opportunities and challenges for Pakistan” …

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IPPAC urges PM to resolve Independent power producers’ financial crisis

The Independent Power Producers Advisory Council (IPPAC) has urged the Prime Minister to resolve serious financial crisis the independent power producers are facing on account of large overdue receivables from NTDC/CPPA. “This is in continuation to our previous letter dated November 15th and as highlighted in the previous letter, the overdue amounts payable to the 20 members of the IPPAC …

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Brexit breakthrough boosts European stock markets

LONDON (AFP) – Europe s stock markets climbed Friday and the pound briefly topped $1.35 on news of Britain s breakthrough Brexit deal. Asian stock markets rallied after overnight gains on Wall Street, which opened higher as data showed the US economy continued to see robust job creation in November. Cryptocurrency bitcoin broke fresh records above $17,000 on speculative buying, …

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IMF and World Bank say Ukraine corruption fight is threatened

KIEV: The World Bank and the International Monetary Fund (IMF) on Thursday said they were concerned about attacks on Ukrainian anti-corruption institutions, joining the United States and European Union (EU) in warning against threats to Ukraine’s efforts to fight graft. The two banks are among the largest financial contributors to a $40 billion bailout package given to Ukraine to shore …

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Buy it with bitcoin in New York, but it’s not cheap

NEW YORK: At Melt Bakery, a hole in the wall that sells ice cream sandwiches in New York’s upscale Manhattan neighbourhood, you can pay for your guilty pleasure in bitcoin. And while a few swipes of a mobile app are all it takes to fill your electronic wallet, the novelty, for now, comes at a hefty cost. Melt is one …

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OPEC committee recommends oil deal extension

VIENNA (AFP) – A joint committee of oil producers inside and outside OPEC has recommended that a deal curbing output be extended, Russia s energy minister said ahead of a key meeting in Vienna on Thursday. “The (oil) market has not yet achieved complete stability and more action is needed beyond April 1. Everyone (in the committee) recommended an extension,” …

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Pakistan to raise $1.5 billion via Eurobond, sukuk: official

ISLAMABAD, – Pakistan’s federal cabinet has approved borrowing of up to $3 billion via a Eurobond and sukuk, but the government would “most likely” raise only $1.5 billion, a senior Pakistani government official told Reuters on Tuesday. Pakistan is likely to split the fund raising equally between the Eurobond and sukuk depending on the rates, the official added. Reuters had …

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Car production surges by over 31pc in 1st Quarter

ISLAMABAD (APP):The production of jeeps and cars surged by 31.37 percent during the first quarter of the current fiscal year against the output of the corresponding period of last year. As many as 57,642 jeeps and cars were manufactured during July-September (2017-18) against the output of 43,878 units during July-September (2016-17), according to the data of Pakistan Bureau of Statistics …

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Pakistan diversifies LNG imports with first cargo from Nigeria

ISLAMABAD: Pakistan succeeded in diversifying its gas import sources as first liquefied natural gas (LNG) vessel, carrying 70,000 tons, arrived from Nigeria on Friday at the Floating Storage and Regasification Unit at Port Qasim. Before the fresh supplies, Pakistan has been importing LNG from Qatar since March 2015. The government is also negotiating a state-to-state LNG deal with Nigeria without …

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Indus Motor investing $40 million to increase output by 10000 units

Indus Motors makers of Toyota cars has decided to expand their existing plants with a capital investment of 40 million dollars, help increasing the production of vehicles by around 10000 units per annum. Indus Motors hold a meeting with the group of analysts belonging to local brokerage house which revealed that company’s debottlenecking activity currently in process is progressing smoothly, …

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