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Profit outflows jump by 237pc in eight months


March 28, 2024

KARACHI: Repatriation of profits and dividends during the first eight months of the current fiscal year jumped by 237 per cent, reaching close to the inflow of foreign investment in the same period. The State Bank of Pakistan’s (SBP) latest data shows that the central bank eased the outflow of profits and dividends on foreign investments. The poor outflow of …

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Trade gap with nine regional states widens


March 28, 2024

ISLAMABAD: Pakistan’s trade deficit with the nine regional countries widened by 10.98 per cent to $5.415 billion in the first eight months of the current fiscal year from $4.879bn over the corresponding period of last year. The trade deficit is mainly driven by an increase in imports from China and India during the period under review. Exports to regional countries, …

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Centre eyeing provincial kitty for ‘strategic projects’


March 28, 2024

ISLAMABAD: After drying up the provincial project financing from the national kitty in January, the federal government is pushing financing of national ‘strategic nature projects’ jointly by the federal and provincial governments besides the creation of synergies among the provinces through an integration of provincial projects. “Federal and provincial projects in sectors such as health, education, infrastructure, urban services, agriculture, …

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PSX reaches new high, crosses 67,000 milestone


March 28, 2024

Bulls continued their stampede at the Pakistan Stock Exchange (PSX) on Thursday as shares gained over 600 points in intraday trade as analysts attributing the rally to progress regarding the privatisation of Pakistan International Airlines (PIA). The KSE-100 index gained 639.22 points, or 0.96 per cent, to stand at 67,187 at 11am from the previous close of 66,547.78 points. Finally, …

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Yen hits 34-year low, most global markets rise


March 28, 2024

LONDON: Wall Street and European stock markets mostly rose on Wednesday ahead of key US inflation data later this week while the yen recovered slightly from a 34-year low against the dollar. The yen dropped to 151.97 to the dollar in Asian trading hours after a top Bank of Japan official indicated that it would press ahead with a loose …

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Cabinet approves 11-member board of PIA holding company


March 27, 2024

RAWALPINDI: The federal cabinet has approved the board of PIA Holding Company, and former State Bank governor Tariq Bajwa has been appointed as its chairman. The federal cabinet, through circulation on Tuesday, gave the nod to the 11-member board, according to sources. The move is being hailed as a significant development in the national carrier’s privatisation process as its liabilities …

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Shares at PSX climb over 600 points in intraday trade


March 27, 2024

Bulls dominated the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 600 points in intraday trade, with analysts attributing the gains to “good progress” made regarding the privatisation of Pakistan International Airlines (PIA). On Tuesday, the federal cabinet approved the board of PIA Holding Company, with former State Bank governor Tariq Bajwa being appointed as its …

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China moves WTO against US subsidies to EV industry


March 27, 2024

GENEVA: China has initiated dispute settlement proceedings against the United States at the World Trade Organisation to safeguard its interests in the electric vehicle industry, the Chinese mission said on Tuesday and the WTO confirmed. China said it was contesting “discriminatory subsidies” under the US Inflation Reduction Act that it said resulted in the exclusion of goods from China and …

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Energy conservation body in peril as execs face the axe


March 27, 2024

ISLAMABAD: The state of affairs at the National Energy Efficiency and Conservation Authority (Neeca) has become a true depiction of the country’s energy sector challenges. The government has suddenly notified abolition of key executive positions at Neeca, the agency tasked with efficiency and conservation of the energy sector that was already extremely understaffed — operating with just 10 members against …

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Rupee keeps going up amid IMF inflow hopes


March 27, 2024

KARACHI: For the last three months, the rupee continued appreciating against the US dollar, reaching close to Rs277 in the interbank market on Tuesday amid hopes for fresh inflows from the International Monetary Fund (IMF). However, a surge in terrorist attacks in the country and the killing of five Chinese engineers associated with the Dasu hydropower project could shatter the …

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