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Business

Govt moves to appease masses, keeps oil prices unchanged

ISLAMABAD: The government decided to keep oil prices unchanged from November 1 (today) amid increasing political pressure building up in the capital. Following an uptick in the international price, the Oil and Gas Regulatory Authority (Ogra) had recommended an increase in the range of 2.8% to 15.6% for November. PSO …

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ADB offers 100 million USD for Hydro projects in Balochistan

QUETTA:  Asian Development Bank (ADB) has offered 100 million dollars for Hydro projects in Baluchistan. According to media reports, these projects will be constructed in Zohb and Muller. Director Environmental Division of ADB Amkal Siddique held a meeting with Chief Minister Baluchistan Sanaullah Zehri. The total cost of these projects …

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Losses of Pak Steel Mills reach over Rs170 billion, PAC told

The Public Accounts Committee (PAC) was informed on Tuesday that the arrears and losses of the Pakistan Steel Mills (PSM) had reached over Rs170 billion and now the government had decided to privatise it. The committee was informed that even Russia and China had refused to revive the mills, as …

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ECC approves reduction in price of imported urea

ISLAMABAD:  (Iblagh Desk) – Economic Coordination Committee (ECC) of the cabinet here on Monday has approved the reduction in price of imported urea fertilizer and fixed its price at Rs. 1,200 par bag. The ECC which met here with Federal Minister for Finance Senator Mohammad Ishaq Dar in chair approved …

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World Bank to loan $390M for Tarbela hydropower project

The World Bank has approved an Additional Financing (AF) of $390 million to help the sustainable expansion of Pakistan’s electricity generation capacity. The AF, under the Tarbela Fourth Extension Hydropower Project, will add 1,410 Megawatt (MW) of environment-friendly, renewable and low-cost electricity generation during the high-demand summer season, the World …

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World Bank chief Kim heads for 2nd term

WASHINGTON: World Bank President Jim Yong Kim effectively won a second five-year term after nominations to lead the global development bank closed Wednesday with no other candidates proposed. The World Bank executive board said in a statement that, following official procedures, it would formally meet with Kim as a candidate …

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Pakistan signs OECD convention to fight tax avoidance

ISLAMABAD: Pakistan signed on Wednesday the Multilateral Convention on Mutual Adminis­trative Assistance in Tax Matters of the Organisation for Economic Cooperation and Development (OECD) in Paris. The convention is an instrument for international tax cooperation that provides for all forms of administrative assistance in tax matters: exchange of information (EOI) …

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Rs161bn fresh notes issued for Eid

KARACHI: The State Bank of Pakistan (SBP) has issued fresh banknotes of Rs161 billion for this Eidul Azha as compared to Rs116bn issued last year for the religious festival. In a press statement issued on Saturday, the central bank said it has made arrangements to meet the increasing demand for …

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CPEC projects worth $17 billion in advance stage of approval

ISLAMABAD: (Iblagh Desk)- Several projects worth US$ 17 billion under China Pakistan Economic Corridor (CPEC) are in pipeline and advance stage of approval. Out of US$ 46 billion to be invested under CPEC initiative in Pakistan, road network, infrastructure and energy projects worth US$ 18 billion are already under full …

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Kuwait wins approval for setting up oil refinery in Balochistan

ISLAMABAD: Economic managers of Pakistan have given the go-ahead to Kuwait Petroleum Corporation for setting up an oil refinery in the coastal area of Balochistan – a welcome investment initiative for the largely under-developed province, which will reduce the need for import of refined petroleum products in the country. The …

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