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Asian stocks, oil prices rebound as Iran anxiety eases


January 9, 2020

Asian stock markets rebounded Thursday as anxiety over potential US-Iranian conflict eased. Tokyo’s benchmark gained more than 2 per cent. Shanghai, Hong Kong and Southeast Asia markets also advanced. Markets sank after Tehran retaliated for the US killing of an Iranian general by launching missiles at American bases in Iraq. But anxiety subsided after reports indicated no Americans were killed …

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Fresh roadblock for Tapi as Pakistan seeks gas price cut


January 9, 2020

ISLAMABAD: The multi-billion dollar Turkmenistan-Afghanistan-Pakistan-India (Tapi) Pipeline project has hit fresh snags as its two major stakeholders and prospective gas purchasers — Islamabad and New Delhi — have sought gas price openers before the project could physically take off. On Wednesday, Pakistan formally constituted a five-member price negotiation committee (PNC) to begin talks with Turkmenistan for price cut after authorities …

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Tanker owners face insurance headache as Mideast war risk haunts shipping trade


January 9, 2020

Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week — higher insurance bills. According to industry sources, payments known as war risk premiums for tankers shuttling through …

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Airlines face higher fuel bills as they avoid Iran, Iraq amid tensions


January 9, 2020

Airlines are facing higher fuel bills as they reroute flights to avoid airspace over Iran and Iraq due to recent heightened tension between Washington and Tehran, adding further financial pressure to an industry already contending with the prolonged grounding of Boeing’s 737 MAX jets. Read more: US-Iran conflict: Before and after the killing of Gen Soleimani Germany’s Lufthansa AG, Air France-KLM …

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PM approves Rs7bn Utility Stores relief package


January 8, 2020

ISLAMABAD: Special Assistant to the Prime Minister on Information Dr Firdous Ashiq Awan said on Tuesday Prime Minister Imran Khan has approved a Rs7 billion package for providing relief to the poor through the Utility Stores Corporation (USC). Speaking at a press conference here along with USC Chairman Zulqarnain Ali Khan and Managing Director Umar Lodhi, the special assistant said …

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Talk of shake-up swirls at FBR


January 8, 2020

ISLAMABAD: Ms Nausheen Javaid Amjad on Tuesday took over as acting chairman of the Federal Board of Revenue after Shabbar Zaidi applied for a 15-day leave citing health reasons. Nausheen is a BS-22 officer of Inland Revenue Service presently posted as Member (Administration). Sources in the FBR told Dawn that Mr Zaidi initially applied for one week leave but later extended it …

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PSO dues, Wapda loans and Tapi on second ECC meeting agenda


January 8, 2020

ISLAMABAD: The government has called another meeting of the Economic Coordination Committee (ECC) on Wednesday for constitution of a price negotiation committee for Turkmenistan-Afghanistan-Pakistan-India (Tapi) Pipeline and settlement of about Rs75 billion liabilities to state-run entities. To be presided over by Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh, the second meeting of the ECC …

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Oil up, stocks down after Iran missile attack on US troops


January 8, 2020

Oil prices rose and Asian stock markets fell Wednesday after Iran fired missiles at US bases in Iraq in retaliation for the killing of an Iranian general. Brent crude futures, the benchmark for international oils, spiked more than $3 per barrel in London before retreating. Tokyo’s stock market benchmark fell nearly two per cent before recovering some of its losses …

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Centre, Sindh agree to streamline gas supplies


January 7, 2020

ISLAMABAD: In a major development, the centre on Monday claimed to have secured a broad agreement with the Sindh government for introduction of a significantly higher weighted average cost of natural gas and imported liquefied natural gas (LNG) in future to streamline supplies. At the same time, Minister for Energy Omar Ayub Khan and Special Assistant to the Prime Minister …

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Cargo traffic suspended as goods transporters go on countrywide strike


January 7, 2020

KARACHI: Cargo supplies across the country came to a halt on Monday when goods transporters suspended their operations in protest over a hefty increase in fines, forcing the federal government to send in its top guns for holding talks to resolve the crisis. Sindh Governor Imran Ismail, Punjab Governor Chaudhry Sarwar and Prime Minister Imran Khan’s point man Jahangir Khan …

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