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Business

Peshawar bus project budget to be revised soon

ISLAMABAD (Web Desk) The Executive Committee of the National Economic Council (Ecnec) is set to approve a Rs66.4 billion revised plan for the Bus Rapid Transit (BRT) project in Peshawar this week. The revised plan of the BRT is being sent to Ecnec on the directives of Prime Minister Imran Khan …

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Sugar mills unwilling to start crushing amid ‘liquidity crunch’

KARACHI (Web Desk) The sugar industry has urged the government to fix sugarcane price in tandem with the selling price of sugar and asked for early payment of outstanding subsidies to come out of the woods. According to industry sources, around 89 sugar mills — located in Sindh and Punjab — …

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Meezan Bank gets Best Banking Award for 2018

KARACHI (Web Desk) Meezan Bank Limited on Friday won the 3rd Pakistan Banking Awards in the category of the Best Bank for 2018, while Habib Bank Ltd and Bank Alfalah fetched two awards in two different categories. Adviser to the Prime Minister on Institutional Reforms and Austerity and former governor of …

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Iran, S Korea agree on won-based settlement for trade

Tehran (Web Desk) Iran has reportedly reached an agreement with South Korea to have won-based settlement of bilateral trade transactions in the face of US sanctions. Following the US withdrawal from the Iran nuclear deal back in May and the re-imposition of economic sanctions on Iran, US President Trump vowed …

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Indian DTH equipment worth Rs78.3m seized

ISLAMABAD (Web Desk) The Supreme Court was informed on Wednesday that a large quantity of smuggled Direct-To-Home (DTH) equipment worth Rs78.3 million was seized from various markets in a countrywide crackdown against illegal devices. A two-judge bench headed by Justice Ijaz-ul-Ahsan was also told that 30 FIRs had been lodged during …

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FIA, SBP at odds over theft of bank accounts data

ISLAMABAD (Web Desk) Amid conflicting reports about a wide breach of bank accounts data, the top investigation agency of the country and the State Bank of Pakistan were found at odds on Tuesday, with the latter claiming that neither any bank nor any law-enforcement agency came up with such information. The …

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Oil industry wants forex exposure impact part of pricing

ISLAMABAD (Web Desk) The oil industry is seeking to include the impact of its foreign exchange exposure in the pricing of petroleum products in view of rising consumption, increased reliance on imports and abrupt currency fluctuations. This is part of the new downstream petroleum policy 2018 which is currently being firmed …

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Oil market on alert as Iran sanctions loom

LONDON (Web Desk) US sanctions against importers of Iranian oil threaten the crude oil market’s precarious balance and risk surging prices, all under Saudi Arabia’s watchful gaze, according to experts. “In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and …

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‘Biggest-ever’ fraud detected in National Savings schemes

ISLAMABAD (Web Desk) A major fraud has been detected in the National Savings — a public sector organisation of Rs3.6 trillion — in which insiders have reportedly siphoned off around Rs200 million, breaching trust of more than seven million small-to-medium individual savers. The fraud came to light on maturity of 10-year …

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Around 10 banks block international payments on debit and credit cards

KARACHI (Web Desk) As concerns about a breach of credit and debit card data spread in the banking circles, around 10 banks have blocked all international transactions on their cards. Sources said the State Bank of Pakistan (SBP) has been informed by several commercial banks that they have blocked international payments …

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