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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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Voluntary tax scheme: LHC wants to know about cabinet approval

LAHORE: The Lahore High Court on Wednesday directed the federal government to inform it whether cabinet’s approval had been accorded before the Voluntary Tax Compliance Scheme (VTCS) was passed by parliament in 2016. Earlier, Advocate Sheraz Zaka argued that the tax amnesty scheme should be declared discriminatory as it was …

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SECP approves first PE fund

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved the first private equity and venture capital fund worth $100 million under Private Funds Regulations 2015. Ijara Capital Partners Ltd, a private equity firm licensed by the SECP in October 2016, has been allowed to undertake private equity and …

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Wholesalers fear shortage of essential items

KARACHI: Wholesalers at Dandia Bazaar fear shortage of essential items and increase in prices as container trailers and trucks loaded with goods have been barred from entering the city after 11pm. “We have taken up the matter with Chief Secretary Sindh and Commissioner Karachi on Friday asking them to take …

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Dar seeks investment from US companies as economy picks up

ISLAMABAD: Pakistan is looking forward to working closely with the new US administration, Finance Minister Ishaq Dar said on Saturday in a keynote address at the Washington-based Heritage Foundation. He said Pakistan and the United States were long-standing friends with many shared interests, and they have worked closely to counter …

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Textile exporters fail to rise to the challenge despite incentives

KARACHI: Without producing even a single cotton flower, Bangladesh has left Pakistan far behind on the list of textile-exporting countries. Pakistan is the fourth largest cotton producer in the world while Bangladesh is one of the biggest textile exporters globally. Incentive-hungry textile exporters in Pakistan failed to fully utilise even …

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Panamagate verdict propels index by 2,132 points last week

KARACHI: The trading week that ended on Friday saw the KSE-100 index post staggering gains of 2,132 points or 4.5 per cent, which settled the benchmark at 49,709 points. The upsurge in the index represented the highest-ever gain in a single week, after Dec 9, 2016, and included the addition …

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Full-day report: Benchmark index surges nearly 1,000 points day after Panamagate verdict

After a strong resurgence in the immediate aftermath of the Supreme Court’s verdict on the Panamagate case, the Pakistan Stock Exchange saw the bulls rally for another charge on Friday to pull the index to 49,743 — the day’s high — at market close. KSE-100 volumes touched 159.07 million shares, …

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