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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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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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