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Govt to increase AJK’s power tariff by over 100pc


December 12, 2018

ISLAMABAD: The government is expected to issue policy guidelines to the power regulator to increase electricity tariff of Azad Jammu and Kashmir (AJK) by more than 100pc and shift about Rs100 billion fiscal burden of past arrears to the federal budget. A meeting of the Economic Coordination Committee (ECC) of the Cabinet to be presided over by Finance Minister Asad …

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Foreign selling pulls index below 39,000-level


December 12, 2018

KARACHI: After a brief period of positivity in early trade, stocks retreated on Tuesday, ceding a big chunk of gains a day earlier as investors opted to book profit on lack of triggers; falling remittances; gas shortage problems; and worries over the country’s economic situation. All of that poured cold water over the enthusiasm that was generated after the government’s …

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Storm clouds gathering for next global crisis: IMF


December 12, 2018

WASHINGTON: The International Monetary Fund (IMF) warned on Tuesday that the storm clouds of the next global financial crisis were gathering but the world financial system was not ready to deal with it. David Lipton, the fund’s first deputy managing director, also warned that recent capital outflows had further exposed vulnerabilities in emerging markets, which could be hit harder by …

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Chinese investors given another extension for two CPEC projects


December 12, 2018

ISLAMABAD: The government on Tuesday gave another extension to Chinese investors for achieving financial close of two major power sector projects worth $2.2 billion under the China-Pakistan Economic Corridor (CPEC). The projects given extensions include 4000MW Matiari-Lahore Transmission Line and 300MW Gwadar Coal Power Project. At a meeting of the Private Power & Infrastructure Board (PPIB) presided over by Power …

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SSGC stops gas supply to CNG sector, captive power plants


December 12, 2018

KARACHI: The Sui Southern Gas Company (SSGC) announced on Tuesday that it was stopping supply of gas to the compressed natural gas (CNG) sector and captive power plants. The SSGC said it was not getting the required pressure and amount of gas for distribution due to a technical fault being experienced at some gas fields. Gas shortage: consumers start feeling …

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Remittances jump over 12pc in five months


December 11, 2018

KARACHI: Remit­tances from overseas Pakistanis jumped 12.5 per cent to $9.028 billion in the first five months of this fiscal year, from $8.021bn in same period last year, reported the State Bank of Pakistan (SBP) on Pakistan. However, on a monthly basis, remittances plunged by 19.6pc to $1.609bn in November, as compared to $2bn earlier in October. Bankers believe the …

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Water scarcity hits major crops in Balochistan


December 11, 2018

ISLAMABAD: Farmers in Balochistan are not able to grow any major crops like wheat due to scarcity of water and inputs, and the comparative edge of climate in the province is being exploited by fruits and vegetable growers, according to ‘Soil Fertility Atlas’ jointly released by the Food and Agriculture Organisation (FAO) and the US Department of Agriculture, on Monday. …

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Index shoots up 738 points after PM visit


December 11, 2018

KARACHI: The stock market staged a robust rally on Monday as brokers and investors were jubilant over the outcome of meeting with prime minister and his team on Sunday. The index, which had witnessed the worst weekly performance in over a year last week with a loss of 1,934 points, started out on a positive note as buyers fell over …

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Govt releases 41pc less funds for development projects


December 11, 2018

ISLAMABAD: With tight fiscal position and revenue shortfall, the Public Sector Development Programme (PSDP) continues to shrink during the current fiscal year. In the first five months (July-November) of the current year, total PSDP releases by the Planning Commission amount to Rs182 billion against Rs305bn of the same period last year, showing a reduction of 40.3 per cent. According to …

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Balochistan cabinet shocked by CPEC presentation


December 11, 2018

KARACHI: The Balochistan cabinet was left shell-shocked at the end of a briefing on the progress of CPEC projects in the province when it was revealed that no progress has been made in any projects outside Gwadar and the meagre share of the province in the overall portfolio of CPEC projects. The briefing was provided by the CPEC Cell that …

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