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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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Uber CEO quits Trump’s business advisory group

Uber Technologies Inc Chief Executive Officer Travis Kalanick quit President Donald Trump’s business advisory group on Thursday amid mounting pressure from activists and employees who oppose the administration’s immigration policies. Critics included Uber drivers, many of whom are immigrants themselves. “Joining the group was not meant to be an endorsement ...

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Stocks notch gains despite volatility

KARACHI: The stock market extended its rally on Thursday, with the benchmark KSE-100 index adding 210.11 points to close at 49,665.97. The index started the day on a strong note as it made intraday gains of 478 points, but then succumbed to selling pressure in the second half and turned ...

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Pakistan’s first dry bulk terminal will open in March

CAPE TOWN: Pakistan’s first dry bulk terminal will open next month and is expected to handle three million tonnes a year of coal imports, rising to 20 million tonnes over the next five years, the port’s chief executive said on Thursday. The $285 million Muhammad Bin Qasim Port, which was ...

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21 OMCs given licences in six months vs 20 in 70 years

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has opened floodgates to oil marketing companies (OMCs) by granting 21 fresh licences in just six months compared to only 20 over the past 70 years. The new 21 companies given licences between July-December 2016 are expected to invest about Rs10.5 billion ...

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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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