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Official says missing coal dumped ‘accidentally’

LAHORE / BAHAWALPUR: The Pakistan Railways and Railway police teams have initiated separate probes to track the whereabouts of a large shipment of coal that went ‘missing’ from a hopper wagon in the second freight consignment from Port Qasim to Sahiwal on Wednesday. Authorities wised up to the ‘theft’ when …

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Buying at dips helps index contain losses

KARACHI: Extending the overnight sell-off, the stock market plunged 214.57 points (0.44 per cent) to close at 48,757.67 on Tuesday. But as panic gave way to reason, companies and individuals started to accumulate stocks at attractive levels. But mutual funds, mainly the capital protected funds, decided to book profit in …

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Cronyism led to selective lending, cost GDP 1.6pc

ISLAMABAD: A new report by the World Bank reveals that politically connected firms in Pakistan received 45 per cent more credit than others between 1996 and 2002. Such loan recipients were less productive and had 50pc higher default rates, says World Development Report 2017. Based on the productivity gap between …

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Infrastructure finance policy approved

ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a summary on Infrastructure Finance Policy 2017 with comprehensive vocabulary having four broad parameters. Finance Minister Ishaq Dar had called a single-point meeting of the ECC to ‘consider and approve the Infrastructure Finance Policy Pakistan …

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India plans big budget despite growth, revenue worries

NEW DELHI: India’s finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways …

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PSX closes above 50,000 for first time; market cap hits record Rs10tr

KARACHI: After failed attempts in the previous two sessions to settle above 50,000 points, the KSE-100 index finally managed to accomplish the feat for the first time on Thursday. The buying frenzy intensified in the last hour, which saw the index surge 435.59 points, or 0.88 per cent, to close …

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China’s hopes of globalising currency hit snag: report

SHANGHAI: China’s renminbi slipped a notch to become the sixth most-used global currency over the course of last year, hit by depreciation and government capital controls, a report said Thursday. Analysts said the drop was a setback for Beijing’s ambitious plans to dramatically increase the use of its currency abroad …

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Power tariff reduced by Rs2.21 per unit

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday cut electricity tariff by 2.21 per unit for all distribution companies except for privatised K-Electric that was provisionally allowed to charge about 40 paisas per unit more from its consumers. The tariff adjustments were allowed after public hearings under monthly …

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Stocks fall 212 points on profit-taking

KARACHI: The stock market came under selling pressure on Wednesday with KSE-100 index retreating 212.15 points (0.42 per cent) to close at 49,756.77. The market got off to a roaring start with the index up by 298 points, but having touched the intra-day high of 50,267 points, the index succumbed …

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Govt restores Hub coal power project capacity after ‘Chinese firm objected’

ISLAMABAD: The government has restored the capacity of a coal-fired power project in Hub, Balochistan, to 1,320 megawatts after the Chinese company that was developing the project reportedly took up the matter at the highest level. On Wednesday, the government signed an implementation and power-purchase agreements with two Chinese and …

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