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US, China sketch outlines of deal to end trade war


February 22, 2019

WASHINGTON: The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations. The world’s two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars of goods, slowing global economic …

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India to suffer itself after anti-Pakistan trade moves: Asad


February 22, 2019

ISLAMABAD: Finance Minis­ter Asad Umar on Thursday said India would itself suffer for its decision to withdraw Most Favoured Nations (MFN) status to Pakistan and impose 200pc duty on its products. The ‘inappropriate and unwise’ decisions of the Indian government on trade with Pakistan “tantamount to harm its own on economy instead of causing any loss to Pakistan”, said the …

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Olive farming gets boost with arrival of 100,000 plants from Spain


February 22, 2019

ISLAMABAD: Olive farming in Pakistan has received a strong boost with the arrival of 100,000 olive plants from Spain and Turkey. The move is part of a project to promote cultivation of olive on commercial basis in the country. A total of 550,000 plants will be imported under the project which is being implemented by the National Agricultural Centre. Talking …

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Current account deficit falls by 47pc in January, exports grow slightly


February 22, 2019

KARACHI: The country’s current account deficit during January narrowed to $809 million, falling by 47 per cent from the $1.544 billion recorded during December last year, according to the latest data released by the State Bank of Pakistan (SBP). Cumulatively, the deficit during the first seven months of current fiscal year when compared to the same period last year also …

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33 Karachi taxpayers among FBR’s top 50


February 22, 2019

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday released a list of 150 taxpaying citizens that have contributed the highest taxes, with the Karachi-based Saima Shahbaz Malik topping the category for tax year 2018. Of the total, Mehvish A. Tapal, who was ranked at 45 in the category of the top 50 individuals, is also from Karachi. The FBR …

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Nepra allows Rs1.80 per unit hike


February 21, 2019

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday continued to express concern over fuel mix management but allowed an increase of Rs1.80 per unit in consumer tariff for ex-Wapda distribution companies (Discos) for a month on account of fuel cost adjustment. The decision would generate Rs13.5 billion revenue to the Discos. This is despite the fact that Nepra’s …

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Wait for finance bill passage delays tax relief


February 21, 2019

ISLAMABAD: The wait for the passing of a supplementary bill in the National Assembly has delayed its likely impact in tax relief to businesses and individuals. The Finance Supplementary (Second Amendment) Bill 2019 was introduced in January with big claims by the government to give instant relief to taxpayers and businesses. However, the passage of the bill has been delayed owing to …

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HBL reports profit-after-tax at Rs12.4bn


February 21, 2019

KARACHI: Habib Bank Limited declared profit-after-tax at Rs12.4 billion with earning per share (EPS) at Rs8.22 for the financial year ending Dec 31, 2018. It represented improvement of 42 per cent over the PAT at Rs8.8bn and EPS at Rs5.79 from the previous year. The bank recommended final cash dividend at Rs1.25 per share, which was in addition to the …

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Fiscal health deteriorating sharply, half-year data shows


February 21, 2019

ISLAMABAD: Pakistan’s fiscal deficit crossed 2.7 per cent of gross domestic product (GDP) in the first half of this fiscal year – the highest in eight years – despite government’s claims to have put the house in order with greater fiscal discipline and austerity. Almost all the major fiscal indicators – both on expenditure and revenue side – showed deterioration …

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Gold soars by Rs1,100 per tola


February 21, 2019

KARACHI: Domestic gold prices on Wednesday hit a new all time peak of Rs69,600 per tola and Rs59,671 per 10 grams, respectively, up by Rs1,100 and Rs943 from Tuesday. All Sindh Sarafa Jewellers Association (ASSJA) said domestic rates were increased after $16 per ounce rise in global gold price to $1,344. From Jan 2018 till to date, one tola and …

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