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FAO to implement $6.9m rice project in Sindh


February 18, 2024

ISLAMABAD: The Food and Agriculture Organisation (FAO) of the United Nations will implement a Sustainable and Regenerative Management of Rice Production in Pakistan, for which the Global Environment Facility (GEF) approved funding of $6.9 million last week. The project aims to enhance sustainable rice production landscapes in Sindh, one of Pakistan’s major rice-producing provinces. It will restore 15,000 hectares of …

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Tax hike to halve car sales, warn auto assemblers


February 17, 2024

KARACHI: The Economic Coordina­tion Committee’s (ECC) decision to increase the general sales tax to 25 per cent on locally produced vehicles of 1,400cc and above or priced Rs4 million will result in a drop in volumes and revenues. The auto assemblers said it is highly unlikely that a hike in GST would additionally generate revenue of Rs4 billion. The measure …

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Exports of textiles rise 10pc in January


February 17, 2024

ISLAMABAD: Textile and clothing exports grew for the second consecutive month in January, according to data issued by the Pakistan Bureau of Statistics (PBS) on Friday. The sector’s exports rose 10.10 per cent to $1.45 billion in January from $1.32bn in the same month last year. Month-on-month the exports increased by 3.33pc. However, in the first seven months of FY24, …

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Short-term inflation eases to 34.2pc


February 17, 2024

ISLAMABAD: Short-term inflation has been on a downward trajectory for the third week in a row, decelerating to 34.25 per cent year-on-year in the week ending Feb 15, official data showed on Friday. This comes after a consistent 11-week period of inflation above 40pc, which surged from 29pc recorded on Nov 8, 2023. The spike was primarily fuelled by a …

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Mari discovers gas in ‘troubled’ Kohlu Block


February 17, 2024

ISLAMABAD: Mari Petroleum Company Ltd (MPCL) on Friday announced a gas discovery in a very prospective, highly security sensitive and unexplored region of Kohlu District in Balochistan. “The discovery is of significant importance for future exploration as it has revealed valuable information about the existing petroleum system of the area,” said MPCL, the operator of the block with 95pc interest …

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Conventional banks trail Islamic peers in lending


February 17, 2024

KARACHI: Conventional banks lag far behind Islamic banks in lending to the private sector, with conventional banks still in the negative zone at the end of the seventh month of the current fiscal year, FY24. The latest data from the State Bank of Pakistan, issued on Friday, indicates that conventional banks continue to experience net debt retirement instead of lending …

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IMF’s liberal import plan may imperil stable rupee


February 16, 2024

KARACHI: The latest proposal of the International Monetary Fund (IMF) to further liberalise imports could destabilise rupee-dollar parity, said market sources. “The IMF wants to see up to 45 per cent increase in the imports in the second half of the current fiscal year which would surely put pressure on the exchange rate,” a well-informed senior banker told Dawn on Thursday. He …

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Cabinet okays up to 67pc hike in gas tariff


February 16, 2024

ISLAMABAD: The federal cabinet on Thursday approved a 67 per cent increase in the natural gas tariff with effect from Feb 1, apparently to meet the revenue requirement of the gas utilities targeted for the current year. According to the Prime Minister’s Office (PMO), the cabinet meeting presided over by caretaker Prime Minister Anwaarul Haq Kakar approved all decisions of the Economic …

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Stocks lose 1,133 points on instability fears


February 16, 2024

KARACHI: Bears took over the trading floor of the Pakistan Stock Exchange on Thursday after Pakistan Tehreek-i-Insaf nominated candidates for prime minister and Punjab chief minister as it also started contacts with different parties for the formation of coalition governments. Also, the Pakistan Peoples Party’s reluctance to join Shehbaz Sharif’s cabinet despite announcing support to elect him as prime minister drew strong reactions …

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Regulator slashes RLNG prices for February


February 16, 2024

ISLAMABAD: With system losses touching a massive 14.5 per cent, the Oil and Gas Regulatory Authority (Ogra) on Thursday notified up to 9pc reduction in the sale price of Regasified Liquefied Natural Gas (RLNG) for SSGCL and SNGPL for the current month, effective Feb 1, owing to lower international prices. This is the second month in a row that RLNG …

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