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Reserves losing half a billion dollars every month

KARACHI: Foreign exchange reserves have been dropping by a monthly average of half a billion dollars, making it difficult for the government to strike a balance between the outflow and inflow of greenbacks. Market sources said public-sector companies are not buying dollars from the interbank market. Instead, they are taking …

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Builders protest ‘high’ prices of steel, cement

KARACHI: Builders are agitating against high prices of steel, cement and ceramics, and have asked the government to protect interests of the general public instead of the industry. In a statement issued on Thursday, Association of Builders and Deve­lopers (ABAD) Chairman Mohsin Sheikhani said manufacturers were seeking a permanent anti-dumping …

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Customs valuation rate on import of 1,800cc vehicles increased

KARACHI: The Direc­torate of Customs Valuation has increased the customs valuation rate on import of 1,800cc and above vehicles ahead of federal budget 2017-18. All Pakistan Motor Dealers Association (APMDA) Chairman H.M. Shehzad said the decision would raise the duty of such vehicles by Rs200,000 to Rs1.5 million depending on …

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Efforts under way to boost Pak-Iran trade volume to $5bn

QUETTA: The Consul General of Iran in Quetta, Agha Mohammad Rafai, said on Thursday that efforts were under way to enhance trade volume between Iran and Pakistan up to $5 billion annually. Speaking to businessmen and traders at the office of the Pak-Iran Joint Chambers of Commerce here on Thursday, …

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Stocks retreat as investors take profits

KARACHI: Stocks dropped on Thursday as investors decided to book profit, partly to sell off overvalued stocks and in part due to futures rollover week. The benchmark KSE-100 index shed 346 points, or 0.69 per cent, to close at 49,481.70. While foreign investors sold shares worth $3.41 million, mutual funds …

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FBR barred from making unauthorised raids

ISLAMABAD: The Senate Standing Committee on Finance on Thursday directed the Federal Board of Revenue (FBR) not to conduct raids at any business entity without the authorisation of its chairman or member operations. “The committee will collect monthly details of raids from all chambers of commerce and industry in the …

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PPL earnings jump; Hubco profit slips

KARACHI: Pakistan Petroleum Ltd (PPL) on Thursday reported that its earnings per share (eps) for the third quarter (3QFY17) of this fiscal year recorded an increase of 87 per cent year-on-year (YoY) to Rs3.69 from Rs1.97. Pre-tax profit of the company rose by 79pc while lower effective tax rate led …

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Cotton prices stay steady

KARACHI: Short covering by spinners generated some activity on the cotton market on Thursday, although prices remained steady like elsewhere in the world. Brokers said the market is expected to stay sluggish in coming days as most spinners are waiting for the new crop. There are some quality issues, although …

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Gold resumes slide

LONDON: Gold resumed its downward slide from a five-month high in mid-April, giving up gains that came after US President Donald Trump announced unfunded tax cuts, causing shares and US bond yields to fall. Spot gold was down 0.4 per cent at $1,263.57 an ounce at 1445 GMT on Thursday, …

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Harabav dam inaugurated in Khuzdar

KHUZDAR: Balochistan Agriculture Minister Sardar Muhammad Aslam Bizenjo inaugurated on Wednesday the Harabav dam completed at the cost of Rs150 million in three years. Speaking on the occasion, he said the adjoining areas would soon experience development. The government, he said, was determined to usher in progress and prosperity for …

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