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Rupee report: Rupee-dollar parity stable

KARACHI (Web Desk) IN the local currency market, the rupee/dollar parity last week displayed almost a stable trend amid minor variations.No new development was observed in the market where trading activity remained sluggish as leading currency players preferred to remain in sidelines.Last week on the interbank market, the rupee/dollar parity …

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Tomato prices exceed Rs200 in Lahore

LAHORE (Web Desk) The prices of tomato registered an unprecedented increase in Lahore on Sunday as the vegetable was being sold between Rs200 and Rs260 a kilo in retail.The city government fixed per kilo price of tomato at Rs160 for Sunday Rs40 more than Saturday but it could not ensure …

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Sri Lanka in talks with two Chinese firms for $3bn refinery

COLOMBO (Web Desk) Sri Lanka is in talks with two Chinese companies about investing up to $3 billion to build in a new refinery at its Chinese-controlled port, a top government official said on Friday.Sri Lanka wants to build a new refinery in its southern Hambantota port, where China Merchants …

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Petrol sales hit all-time high in Pakistan

KARACHI (Web Desk) Petrol sales hit a record high of 681,938 tonnes in August, according to an official of the Oil Companies Advisory Council.Petrol sales were 607,411 tonnes in May, a record that was broken in July when people bought 615,178 tonnes of fuel.Out of total sales recorded last month, …

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Foreign debt servicing increases by 53pc

KARACHI (Web Desk) Pakistan’s foreign debt servicing amounted to $8.16 billion in 2016-17, up 53 per cent from the preceding fiscal year.The State Bank of Pakistan (SBP) reported on Thursday that the country paid $6.54bn in principal and $1.62bn in interest during the last fiscal year.Foreign debt servicing amounted to …

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Pakistan to pay dearly for ‘expropriating’ assets of Turkish firm Karkey

ISLAMABAD (Web Desk) The government is trying to downplay the international arbitration loss in a rental power project case to Turkish firm Karkey Karadeniz, which claims to have secured an $800 million compensation award.The office of the Attorney General of Pakistan (AGP), which coordinated the arbitration proceedings, and the Power …

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Value-added sector driving growth in exports

ISLAMABAD (Web Desk) Pakistan’s exports of value-added textile products recorded positive growth during the first two months of 2017-18, the Pakistan Bureau of Statistics (PBS) reported on Wednesday.The upsurge in the value-added textile category has become the main driver of growth in the country’s overall exports,PBS data shows.Exports of readymade …

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Nepra allows 48-paisa hike in power tariff

ISLAMABAD (Web Desk) Amidst a divided house, the National Electric Power Regulatory Authority (Nepra) on Wednesday allowed an increase of 48 paisa per unit in the average electricity tariff for ex-Wapda distribution companies (Discos) for 2015-16.However,Nepra unanimously rejected a series of demands by the government that would have an additional …

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Projects worth Rs90bn approved

ISLAMABAD (Web Desk) The Central Development Working Party (CDWP) on Tuesday cleared a total of 27 development projects having a total estimated cost of Rs80.7 billion.This included 24 development projects of Rs53.6bn that the CDWP meeting presided over by Deputy Chairman Planning Commission Sartaj Aziz approved and referred Rs27.1 billion …

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Oil, gas findings: committee endorses producer province’s first right

ISLAMABAD (Web Desk) The Inter-Provin­cial Coordination Committee (IPCC) on Tuesday recommended with a majority vote to give rights over all future oil and gas findings to the respective producer provinces so that Article 158 of the Constitution is implemented in its true spirit.The IPCC meeting was presided over by Federal …

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