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Cotton market stable


October 21, 2018

KARACHI: Forced by rapidly rising cotton prices, buyers on Saturday took a cautious approach which reduced trading activity and stabilised cotton prices which mostly stayed pegged at overnight level. The recent consistent rising trend in prices first came under check a day earlier and extended to another day which indicated that buyers are in no mood to buy lint pay …

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Stocks rebound as investors pick attractive values


October 21, 2018

KARACHI: Stocks staged strong rebound in last three days of the outgoing week which helped the KSE-100 index to close with healthy gains of 912 points (2.4 per cent) to settle at 38,430. Investors rushed to build positions in stocks trading at attractive valuations, leading the market to bounce back from its June 2016 low of 36,496 points. The market …

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NBP urges SC to allow sugar mills to resume work


October 21, 2018

ISLAMABAD: The National Bank of Pakistan (NBP) on Saturday approached the Supreme Court with a plea to order constitution of a committee for operating eight sugar mills in Sindh, owned by the Omni Group, to prevent default on payment to sugar cane farmers or banks. The crushing season will begin in November and if the mills do not start operation …

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Finance minister stresses need for liquidity in banking sector


October 21, 2018

KARACHI: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said there is an urgent need to enhance banks’ deposits to boost their lending capacity to the private sector for achieving higher economic growth rate. Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday, the minister stressed upon the banking sector to to …

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FBR mulls DTRE scheme for makers of knitwear, garments


October 20, 2018

KARACHI: The Federal Board of Revenue (FBR) is mulling to allow manufacturers of knitwear garments to import raw materials under the Duty and Tax Remission on Export (DTRE) scheme. FBR Member Customs Muhammad Zahid Khokhar during a meeting with manufacturers and exporters of value-added textile goods at PHMA House on Friday, said he was convinced that by adopting the Bangladesh …

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Khashoggi crisis shines light on Saudi ties to Silicon Valley


October 20, 2018

SAN FRANCISCO: The crisis surrounding the disappearance of journalist Jamal Khashoggi, and concerns that he may have been killed in the Saudi consulate in Turkey, has highlighted the role of the Middle East kingdom in the US economy, especially in Silicon Valley. Saudi money has been a key source of capital for startups and other technology firms in recent years, …

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LNG terminal operators hit back at govt allegations


October 20, 2018

ISLAMABAD: The operators of two liquefied natural gas (LNG) terminals — Engro Elengy and Pakistan Gasport — on Friday challenged allegations by two federal ministers that they secured contracts at exorbitant rates through non-transparent and underhand deals and pledged to defend them. “Engro is under no contractual obligation to renegotiate the contract,” said Engro Elengy Terminal Pvt Ltd (EETPL), a …

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France lends support to Belt & Road Initiative


October 20, 2018

ISLAMABAD: At a time when some major countries are overtly or covertly opposing China’s Belt and Road Initiative (BRI) that aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient routes of Silk Road, France has declared its support for China’s gigantic programme. Talking to Chairman of the Senate Standing Committee on Defence …

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Chinese leadership committed to further invest in Pakistan’s energy sector


October 20, 2018

ISLAMABAD: Pakistan has great potential to grow and its energy market will witness major expansion in the coming years. China would continue to complement Pakistan’s efforts in reforming and expanding its energy sector”, this was underscored by LianWeiliang, Vice Chairman of National Development and Reform Commission (NDRC) in a meeting with Federal Minister for Energy, Omar Ayub Khan, Friday. During …

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FDI dips 42pc as Chinese investment declines


October 19, 2018

KARACHI: Foreign direct investment (FDI) declined by 42 per cent during the first quarter of current fiscal year compared to the same period last year falling short of even half billion mark. Central bank’s data revealed that FDI during July-September FY19 clocked in at $439.5 million compared to $765m last year. Pakistan desperately requires foreign exchange inflows to cap the …

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