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Business

Gold prices steady at two-week low

LONDON (Web Desk) Gold steadied above an earlier two-week low on Thursday as the dollar softened despite strong US consumer inflation data, which could allow further interest rate increases from the Federal Reserve.The US currency was down 0.2 per cent against a basket of currencies, having posted its biggest one-day …

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Gold eases as dollar ticks up

LONDON (Web Desk) Gold dipped on Wednesday, erasing earlier slim gains as the dollar index moved into positive territory, though a retreat in global stocks after Tuesday’s record high kept the metal hemmed within a narrow range.Spot gold was down 0.4 per cent at $1,326.07 an ounce at 1410GMT, off …

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Govt rules out fresh IMF bailout

ISLAMABAD (Web Desk) The Ministry of Finance on Wednesday denied that Pakistan was going to approach the International Monetary Fund (IMF) for another bailout package.The ministry’s reply came in response to Pakistan Tehreek-i-Insaaf MNA Asad Umar’s press conference on Tuesday in which he highlighted the flaws in economic management by …

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YB Group, Sapphire to set up LNG terminal at Port Qasim

KARACHI (Web Desk) The boards of Younus Brothers Group and Sapphire Group have announced their investment plans for Energas LNG terminal to be developed at Port Qasim, a press release issued on Tuesday said.The LNG terminal is designed to berth a FSRU of 173,340 m3 along with an LNG carrier …

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Cotton prices under pressure

KARACHI (Web Desk) Cotton prices came under pressure after buying activity slowed down on Tuesday after past one week’s intense buying.Trading was influenced by rising cotton prices on New York market and suddenly subsided after global prices came under pressure.As fears of extensive damage in a couple of leading cotton …

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Deposits of Islamic banks grow 10pc

KARACHI (Web Desk) Islamic banks beat their conventional banking counterparts by mobilising deposits at a higher pace in April-June.The State Bank of Pakistan (SBP) issued on Monday the Islamic Banking Bulletin for April-June, which reveals that deposits of the Islamic banking industry increased by Rs156 billion or 10 per cent …

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Attock Petroleum profit rises 38pc to Rs5.3bn

KARACHI (Web Desk) The Attock group announced on Monday the financial results of its group companies, Attock Petroleum, Pakistan Oilfields, Attock Refinery and National Refinery. ATTOCK PETROLEUM LTD The company announced a profit after tax of Rs5.3 billion and earnings per share of Rs63.89 for the year ended June 30.Its …

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Businesses want tension with US to ease

US (Web Desk) Can the trajectory of the United States and Pakistan’s economic relationship be immune to renewed diplomatic bitterness?The government and leaders of the business community do not expect instant economic fallout owing to souring diplomatic relations. But American companies in Pakistan differ. “The acrimony, if allowed to persist, …

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Chief ministers urged to firm up positions on gas sector reforms

ISLAMABAD (Web Desk) The federal government has urged chief ministers of the four provinces for a second time in two weeks to make up their minds about concerns over proposed reforms in the gas sector, which envisage unbundling of two major companies into several public- and private-sector companies and absorption …

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Relief as Habib Bank episode ends

KARACHI (Web Desk) A sigh of relief swept through financial circles in the country on Friday as the difficulties of HBL, the country’s largest commercial bank, ended with a fine and nothing more.The quantum of the fine,at $225 million, is substantial, coming in at more than two-thirds of last year’s …

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