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China to finance three more road projects under CPEC

ISLAMABAD: (Web Desk) Beijing has pledged to finance three more road projects under the China-Pakistan Economic Corridor (CPEC), making its total contribution to the corridor-related road projects to Rs1.025 trillion so far. China will provide Rs107.76 billion as soft loan for the three new projects, National Highway Auth­ority (NHA) spokesman …

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Finance ministry dispels demonetization rumors

ISLAMABAD: (Web Desk) The finance ministry Monday categorically denied the news reports and rumors circulating in a section of press and some business circles regarding demonetization of Rs 5,000 note. According to finance ministry’s spokesman, the government had not taken any decision regarding discontinuation of Rs 5,000 note, so there …

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Uncertainty about Rs.5,000 notes heats up gold market

KARACHI: (Web Desk) Frequent denials by the government and the State Bank of Pakistan (SBP) did not calm the anxiety in the market over the fate of Rs5,000 banknotes. The currency hoarders’ rush to get rid of these notes has led to an increase in demand for gold in the …

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Chinese company keen to invest in Pakistan auto sector

LAHORE: (Web Desk) A Chinese company has shown keen interest in investment in auto sector in Punjab. President of Chinese Company, Wang Tao showed the interest during a meeting with Punjab Chief Minister Shehbaz Sharif in Lahore. President of the Chinese Company said his company wanted to set up vehicles manufacturing …

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Airbus seals deal with Iran for sale of 100 aircraft

PARIS: (Web Desk) Europe’s Airbus signed a firm contract on Thursday to sell 100 jets to IranAir, completing a return by Western plane giants and paving the way for deliveries to start next month, a year after sanctions against Iran were lifted. The deal took weeks of shuttling between Airbus …

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Chinese media advises India to ease tensions with Pak, join CPEC

BEIJING: (Web Desk) Top Chinese daily Global Times in an opinion piece has advised India to join the China-Pakistan Economic Corridor (CPEC) to ease tensions with Pakistan and boost growth. The writer suggested that surprise aside, New Delhi should consider accepting the olive branch Pakistan has extended in a bid …

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Senate decides to withdraw Rs 5,000 banknote

ISLAMABAD: The Senate adopted a resolution to withdraw the Rs5,000 note from circulation on Monday. According to a private news channel, Pakistan Peoples Party (PPP) Senator Usman Saifullah tabled the resolution, arguing that the note was being used in illegal transactions and should be withdrawn. Opposing the resolution, law minister …

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Rupee gains against euro

ISLAMABAD: (Web Desk) Last week, the dollar in international trade hit its highest level against a basket of major currencies in nearly 14 years after the Federal Reserve raised interest rates for the first time this year, further signalling a faster pace of increase in 2017. Since the US election …

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Weekly review: Oil-supported index reaches new record high

KARACHI: (Web Desk) Led by oil stocks, the KSE-100 Index continued its positive run and ended positive in all four sessions of the week to end at a new record high. The bullish run saw the index gain 2.6% or 1,197 points week-on-week, closing at 46,584 with local institutions leading …

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Pak-China Optical Fiber to be completed by June 2018

ISLAMABAD: The construction work regarding installation of optical fiber cable between Pakistan and China is in full swing in Abbottabad and Haripur districts. According to Radio Pakistan, the 820km Pakistan-China Optical Fiber Cable project from Rawalpindi to Khunjerab will be completed by Special Communications Organisation at a cost of $44 …

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