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Business

Govt hikes POL prices second time in a month

ISLAMABAD: The federal government, on the recommendations of Oil and Gas Regulatory Authority (Ogra), has announced hike in the prices of various petroleum products, the second time in a month. On January 15, the government had increased prices of petrol by Rs1.77 per litre and High Speed Diesel (HSD) by …

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Rupee rises against major currencies, except dollar

KARACHI: The rupee has been appreciating against all major international currencies, except the dollar, making it harder for exporters to keep their products globally competitive. The Monetary Policy Information Compendium for January issued by the State Bank of Pakistan (SBP) reveals that the Pakistani currency appreciated against global currencies during …

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NFC Awards: FATA deserves fair share

ISLAMABAD: President Pakistan Businessmen and Intellectuals Forum (PBIF), AKIA president, FPCCI senior vice chairman of the businessmen panel and former provincial minister Mian Zahid Hussain on Friday said that FATA deserves a fair share of the NFC award. Fata is receiving Rs 21 billion in annual development allocation which is …

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Work on Bhasha and Mohmand dams to commence in 2017: minister

ISLAMABAD: Minister for Water and Power Khawaja Asif on Wednesday said that the groundbreaking ceremonies of two massive reservoir construction projects, the Diamer-Bhasha dam and the Mohmand dam, will be performed in 2017. He said this while talking to the media after implementation agreements (IAs) of two coal-based power generation …

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Banks refuse to accept old-design US dollar notes

KARACHI: (Web Desk) Millions of dollars stashed away in lockers by Pakistanis face the risk of devaluation as banks have stopped accepting old-design notes. Meanwhile, moneychangers are charging up to a 4 per cent fee to exchange the old-design bills. Pakistanis who do not know the difference between old- and …

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Pakistan Stock Exchange tests 50,000 barrier in intraday trading

ISLAMABAD: (Web Desk) The Pakistan Stock Exchange (PSX) continued its record-breaking upward trajectory on Tuesday, with the KSE-100 index testing the 50,000 barrier in intraday trading for the first time in its history. The index gained 173 points soon after the market opened to touch 50,050 points by 9:34am. However, …

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Wapda cancels Rs5.4bn contracts for Dasu project

ISLAMABAD: (Web Desk) Even before the formal launch of $4.5 billion Dasu hydropower project, the Water and Power Development Authority (Wapda) has terminated two of its key contracts with a Chinese firm, citing ‘fundamental breaches’ of the agreement. Moving swiftly, Wapda has not only encashed the performance guarantees of the …

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Pakistan becomes third-largest importer of cooking oil

KARACHI: (Web Desk) Pakistan has become the third largest importer of cooking oil after China and India, a statement said on Saturday. “The import of crude and refined cooking oil has increased to 2.6 million tons per annum in Pakistan,” Westbury Group Chief Executive Rasheed Jan Mohammad said at a …

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ATR eyes 20-plane deal with Iran

TOULOUSE: (Web Desk) A deal for Iran to buy 20 short-haul passenger aircraft from ATR should be signed imminently, the head of the European planemaker told Reuters on Friday. The deal will come after Iran, which had not directly purchased a Western-built plane in nearly 40 years, signed contracts with …

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