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Too many ‘ifs’ and ‘buts’ for crude


July 12, 2020

How would the oil markets behave in the near future? What would be the demand and consumption scenarios? Has the oil demand already peaked? Any idea about the long-term impact of the pandemic on crude markets? Would the Greens movement gain in intensity or lose steam due to the pandemic? Answers to these ‘crude’ questions are crucial. Yet, any attempt …

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PSX sees longest bull run since Jan 2018


July 12, 2020

KARACHI: There was never a dull moment at the stock market in the outgoing week as the KSE-100 index continued to amass gains in all five trading sessions. The benchmark surged by 1,139 points (3.3 per cent) and closed the last session at 36,190, knocking down the 36,000 barrier. That saw the bull-dominated market in a buying spree that completed …

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Confusion emerges on June export data


July 12, 2020

ISLAMABAD: Confusion prevails over official export statistics for June as three different figures have emerged in a week’s time. “Three institutions compiled three different numbers from a single source” a senior official told Dawn. Official documents show that three institutions are using export data of the Pakistan Revenue Automation Ltd — a subsidiary of the Federal Board of Revenue (FBR). On …

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Malpractices in AGPR cause Rs175bn annual loss to exchequer: minister


July 12, 2020

ISLAMABAD: Federal Minister for Information and Broadcasting Senator Shibli Faraz on Saturday acknowledged that mismanagement and malpractices in office of the Accountant General Pakistan Revenue (AGPR) were causing a loss of up to Rs175 billion per annum to the exchequer. “The estimated purchases made by the federal government were around Rs1 trillion every year but Rs150bn to Rs175bn was paid …

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Out-of-box solutions needed for economic growth: PM


July 12, 2020

ISLAMABAD: Prime Minister Imran Khan on Saturday emphasised that out-of-the-box solutions were required for economic growth in these crucial times as the Covid-19 had adversely impacted the world’s economy, including that of Pakistan. Chairing a meeting of the think tank on finance and economy, he said that from day one, the government had adopted a strategy to maintain a balance …

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Pakistan ensuring completion of FATF action plan: Shaikh


July 11, 2020

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Friday said Pakistan as a responsible member of the international community continued to ensure the earliest completion of the Financial Action Task Force (FATF) Action Plan through increasing the effectiveness of its AML/CFT regime. In a keynote speech thro­ugh Zoom to a high-level panel on …

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EOBI pensioners to get 10pc subsidy at utility stores


July 11, 2020

ISLAMABAD: Around eight million beneficiaries of the Employees Old-age Benefits Institution (EOBI) will get up to 10 per cent subsidy at the outlets of the Utility Stores Corporation (USC) located across the country. The EOBI and USC on Friday signed an agreement in this regard and Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development …

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Lawmakers in rare unison over growers issues


July 11, 2020

ya ISLAMABAD: The treasury and opposition were in rare unison when the National Assembly on Friday took up the issues being faced by farmers and urged Prime Minister Imran Khan to save the agriculture sector, which is the “backbone” of Pakistan’s economy. On a calling attention notice, NA Speaker Asad Qaiser opened the debate on the agriculture sector and referred …

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Planning Commission told to update project evaluation, monitoring


July 11, 2020

ISLAMABAD: The government on Friday directed the Planning Commission to revive and strengthen its monitoring and evaluation sections to ensure real-time updates on development projects to avoid leakage and waste of public money. The directions were issued after Prime Minister’s Inspection Commission (PMIC) expressed serious concerns over the prevailing practices in the project evaluation and monitoring, resulting among other things …

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Generator sales shoot up in Karachi due to loadshedding, prolonged power cuts


July 11, 2020

KARACHI: Prolonged loadshedding by K-Electric in residential areas coupled with rising temperatures in the last several days has boosted the sales of generators in the metropolis. Dealers said many people were buying generators because their loved ones suffering from Covid-19 were in home isolation and could not afford to stay at home without electricity. Sikandar Shahzada, the owner of a …

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