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Cotton price under pressure

KARACHI: Cotton prices remained under pressure on Tuesday as slow activity in the yarn market discouraged spinners who generally preferred to stay away. However, global markets somewhat showed stability. As phutti (seed cotton) arrivals in Punjab have started, buying for Sindh-quality cotton has somewhat slowed down. Until last week, most …

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Pakistan to offer two LNG tenders by October, working on govt deal

Pakistan plans to issue two international tenders for 750,000 tonnes per year of liquefied natural gas (LNG) each in the coming month, the head of the country’s state-owned LNG company said, as the South Asian nation seeks to alleviate chronic energy shortfalls. Pakistan’s economy has long been hamstrung by crippling …

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‘Fuel-efficient’ Balloki power plant to be fully operational by 2018

BALLOKI: The under-construction 1223 megawatt Balloki Combined Cycle Power Plant, having latest and environment-friendly 9-H gas turbine technology, will be fully operational by January 2018. Project’s acting general manager Muhammad Aslam Butt Saturday said that at first stage the power plant would start adding 386.5MW electricity to the national grid …

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PTA bans Xiaomi smartphone sales in Pakistan

  KARACHI: The Pakistan Telecommunication Authority (PTA) on Wednesday confirmed it had banned the sale of Xiaomi smartphones in Pakistan. PTA Spokesman Khurram Mehran confirmed to media that ‘Mi devices’ had been banned, saying, “They are not following the country’s rules and laws.” “All phone sets have to be type-approved …

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Old design banknotes will cease to be legal tender from December 1

ISLAMABAD: As per the federal government’s Gazette Notification, old design banknotes will cease to be legal tender with effect from December 01, 2016. “Therefore, it has now been decided to phase out all remain in gold design banknotes of Rs10, 50, 100 and 1000, said a statement issued by the …

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WB assures of help as Dar vows to complete Dasu project on time

ISLAMABAD – Finance Minister Ishaq Dar chaired a meeting on Thursday to review implementation status of the Dasu Hydropower Project. World Bank Country Director Patchamuthu Illangovan was also present on the occasion. Finance minister highlighted that early implementation of Dasu Hydropower Project Stage-I was a national priority to make affordable …

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CPEC projects will generate 2 million jobs

KARACHI: Governor Sindh Dr Ishratul Ebad Khan said on Wednesday that MQM had distanced itself from him whereas he had not withdrawn from the party. The Governor Sindh performed Eid prayers alongside Chief Secretary Sindh Siddiq Memon and senior officials as well as delegates from Muslims countries, at Bagh-e-Jinnah polo …

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Rs.539,115 mln released for various water, power projects in FY2015-16 J

ISLAMABAD, July 4 (APP): The government has released Rs.539115.990 million out of total Rs.700,000 million allocated for various water and power projects in Public Sector Development Programme (PSDP) 2015-16. According to the Planning Commission data, an amount of Rs.66351.416 million out of total Rs.122,821.605 million allocated during the last fiscal …

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POL prices to remain unchanged for July

ISLAMABAD: The prices of petroleum products would remain unchanged for the month of July despite a recommendation by the Oil and Gas Regulatory Authority (OGRA) to increase the prices. This was announced by Finance Minister Ishaq Dar at a press conference here Thursday. He said that the government has decided …

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Pakistan, EU sign two financing agreements

ISLAMABAD – Financing agreements for the Balochistan Rural Development and Community Empowerment Programme and the International Labour and Environment Standards programme were signed between the European Union and the government of Pakistan on Wednesday. Secretary, Economic Affairs Division (EAD) Tariq Bajwa signed the agreements on behalf of Pakistan while Stefano …

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