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Govt looking for new FBR chief

ISLAMABAD: (Web Desk) The government is looking for a new chairman for the Federal Board of Revenue (FBR), an official told Dawn on Saturday. The incumbent, Dr Mohammad Irshad, is going to retire on June 30. Dr Irshad reached the pension age in April, but was given an extension until …

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Nepra faults K-Electric for power outages, initiates legal proceedings

ISLAMABAD: (Web Desk) An investigation by the power regulator has found serious shortcomings on part of K-Electric, including generation and distribution shortfalls which caused prolonged and unannounced electricity outages and sufferings to the people. The National Electric Power Regulatory Authority (Nepra) on Friday decided to initiate legal proceedings against the …

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Foreign investment surpasses $2bn in July-May

KARACHI: (Web Desk) Foreign direct investment (FDI) amounted to more than $2 billion in July-May, up 22.6 per cent from a year ago, reported the State Bank of Pakistan (SBP) on Wednesday. In 2015-16, FDI amounted to $1.903bn. It was less than $1bn in 2014-15. The improvement in FDI during …

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MFBs asked to use biometric technology

KARACHI: (Web Desk) Following a series of measures to curb money laundering and terror financing, the State Bank of Pakistan (SBP) asked all microfinance banks (MFBs) on Monday to use biometric technology for the verification of customers and complete this process by the end of 2017. In order to utilise …

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Tackling power crisis may cost govt dearly

ISLAMABAD: (Web Desk) The government may be heading towards a series of liquidity damages and swelling capacity payments as it works towards ending power cuts by the end of the year. Official documents seen by Dawn suggest that even though the government has lined up imported Liquefied Natural Gas through …

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Exports to Afghanistan drop by over a quarter in a year

ISLAMABAD: (Web Desk) Pakistan’s exports to Afghanistan fell by a significant 27 per cent over the past one year, thanks to growing mistrust between the two countries as well as downgrade of Nato presence in the war-ravaged nation. According to officials on Friday, the worsening law and order situation in …

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Setting up oil marketing companies likely to cost Rs7bn

ISLAMABAD: (Web Desk) After facilitating a selective few, the government is contemplating to increase the cost of opening new oil marketing companies (OMCs) by 14 times – from Rs500 million to at least Rs7 billion – to limit their mushroom growth. This comes following the opening of floodgates by Oil …

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Pakistan’s trade deficit widens to record $30bn

ISLAMABAD: (Web Desk) The country’s trade deficit ballooned by 42 per cent year-on-year to an all-time high of $30 billion in the first 11 months of the current fiscal year on the back of falling exports and a sharp increase in the import bill. The country’s annual trade deficit was …

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SNGPL, Ogra under pressure to allow new gas connections

ISLAMABAD: (Web Desk) Despite acute gas shortages, the Sui Northern Gas Pipelines Limited (SNGPL) and the Oil & Gas Regulatory Authority (Ogra) are under extreme pressure to allow launching new gas connection schemes in various constituencies across Punjab and Khyber Pakhtunkhwa. Sources told Dawn that the cost of these schemes …

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