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Banks charge up to 29pc interest rate, NA told

ISLAMABAD: The government informed the National Assembly on Friday that commercial banks were charging individuals up to 29 per cent interest rate despite the historically lowest 5.75pc policy rate of the State Bank of Pakistan (SBP). The SBP has maintained the policy rate at 5.75pc since May 2016 — a ...

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Gold pares losses

LONDON: Gold steadied on Friday, erasing earlier losses as the dollar came under pressure from a US payrolls report that flagged up weak wage growth last month, weakening the case for near-term interest rate hikes. Spot gold was at $1,215.80 an ounce at 1425 GMT, little changed from late on ...

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Index finishes weekend session with 110-point loss

KARACHI: The share prices see-sawed on the last trading day of the week as the KSE-100 index closed 110.14 points (0.22 per cent) down at 49,555.83 on Friday after having moved between the intra-day high and low of 114 and 235 points. The overall volume decreased by 24pc to 338 ...

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Trump takes first step to scale back financial regulations

WASHINGTON: President Donald Trump is taking his first steps aimed at scaling back financial services regulations, and the Republican-run Congress cast a vote early Friday signaling that it’s eager to help. The president will sign an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank ...

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Wathra asks banks to rationalise lending rates for agri sector

MULTAN: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra on Friday urged banks to rationalise lending rates for the agriculture sector. While chairing the annual meeting of the Agricultural Credit Advisory Committee (ACAC), the SBP governor said banks met their agriculture credit target in 2015-16 and have achieved 43 ...

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Engro Foods’ profit drops by 25pc to Rs2.4bn

KARACHI: Engro Foods posted a net profit of Rs2.4 billion for 2016, down 25 per cent from Rs3.2bn a year ago. In the fourth quarter (Oct-Dec) alone, the company recorded a loss of Rs208 million against earnings of Rs635m in the comparable three-month period a year ago, according to a ...

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Tariq Bajwa appointed secretary finance

ISLAMABAD: The government on Friday appointed Tariq Bajwa as Secretary Finance and tasked him with the preparation of the budget. “Tariq Bajwa, a BS-22 officer of Secretariat Group, presently posted as Secretary Economic Affairs Division is transferred and posted as Secretary, Fina­nce Division with immediate effect and until further orders,” ...

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Cotton crop recovers to 10.6m bales

KARACHI: Cotton production has increased 10.6 per cent year-on-year to 10.634 million bales this season, Pakistan Cotton Ginners Association (PCGA) said on Friday. During the outgoing fortnight (Jan 15 to Feb 1), however, cotton output fell 28pc to 98,785 bales. Cotton analyst Naseem Usman believed the growth of 10.6pc was ...

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Sindh govt admits Rs40m fraud motor vehicle tax collection detected

KARACHI: The Sindh government on Thursday admitted that a Rs40 million fraud in motor vehicle tax collection had been detected at National Bank of Pakistan branches in which some officials of the excise and taxation ministry were involved. Responding to a question asked by Kamran Akhtar of the Muttahida Qaumi ...

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Chinese, Pakistani businesses build ties as Beijing splurges on ‘Silk Road’

Chinese companies are in talks to snap up more businesses and land in Pakistan after sealing two major deals in recent months, a sign of deepening ties after Beijing vowed to plough $57 billion into a new trade route across the South Asian nation. A dozen executives from some of ...

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