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Business

Govt breaks the bank for MNAs’ uplift schemes

ISLAMABAD (Web Desk) Despite being beset on all sides by political challenges, the Pakistan Muslim League-Nawaz government has disbursed all the funds earmarked for parliamentarians’ development schemes for the fiscal year 2017-18.This is in stark contrast to less-than one per cent released for the rest of the country’s core development …

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Oil tankers to go on strike as safety talks with Ogra fail

ISLAMABAD: (Web Desk) The All Pakistan Oil Tankers Owners Association (APOTOA) on Saturday decided to go on strike from Monday after negotiations with the Oil and Gas Regulatory Authority (Ogra) failed. Meanwhile, seeking to defuse the situation, the Ministry of Energy (Petroleum Division) has called a meeting of all stakeholders …

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Report on rupee depreciation due next week

KARACHI: (Web Desk) A committee investigating the rupee’s sudden depreciation against the dollar last month is expected to submit its report next week, according to banking sources. The spokesman for the State Bank of Pakistan (SBP), Abid Qamar, did not state the exact date of submission. But he confirmed the …

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Indian rules for power grid, telecoms aim at China

NEW DELHI (Web Desk) India is tightening the rules for businesses entering its power transmission sector and making stringent checks on both power and telecoms equipment for malware — moves that government and industry officials say aim to check China’s advance into sensitive sectors.Chinese firms such as Harbin Electric, Dongfang …

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Turkey urged to reciprocate market access

ISLAMABAD (Web Desk) Pakistan has reiterated its commitment to offer market access to Turkish manufacturers under the proposed Free Trade Agreement (FTA), but linked it with reciprocal access for Pakistani goods.Commerce Minister Pervaiz Malik made this offer during a meeting with the Turkish Ambassador to Pakistan Sadik Babur Girgin on …

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Foreign investment jumps by 162pc

KARACHI (Web Desk) Foreign direct investment (FDI) jumped 163 per cent to $222.6 million in July on a year-on-year basis, the State Bank of Pakistan (SBP) reported on Wednesday.FDI continued showing the upward trend that began in the second half of the preceding fiscal year. It grew 4.6pc in 2016-17.Pakistan …

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China plans petrochemical complex near Karachi

KARACHI (Web Desk) A Chinese proposal to set up a refinery along with a downstream petrochemical complex near Karachi is advancing steadily as requests for 500-1,000 acres has been submitted to the provincial governments of Sindh and Balochistan.The estimated cost of the project is about $4 billion. This was disclosed …

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China’s debt on a dangerous trajectory, warns IMF

BEIJING (Web Desk) China’s massive debt is on a “dangerous” path, raising the risk of a sharp slowdown in growth, the IMF warned on Tuesday, urging Beijing to speed up structural reforms.The International Monetary Fund (IMF), which has repeatedly warned China over its ballooning debt, said in a new report …

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Colgate-Palmolive slapped Rs10m fine for deceptive marketing

ISLAMABAD (Web Desk) The Competition Comm­ission of Pakistan (CCP) on Tuesday imposed a penalty of Rs10 million on Colgate-Palmolive Pakistan (Pvt) Ltd for running a deceptive marketing campaign for one of its products — Max All Purpose Cleaner (Max APC) — in violation of Section 10 of the Competition Act, …

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Profit margins of oil companies, dealers likely to go up

ISLAMABAD (Web Desk) The maiden meeting of the reconstituted Economic Coordination Committee (ECC) of the cabinet is expected this week to consider increasing profit margins of oil marketing companies (OMC) and dealers through prices of petroleum products.A senior official told Dawn that the oil industry has been lobbying the government …

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