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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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CM approves Gwadar special economic zone

QUETTA: Balochistan Chief Minister Nawab Sanaullah Khan Zehri said on Wednesday that planning for the Gwadar port city should be made keeping in view the future expansion of the city. Presiding over the first meeting of the Special Economic Zones Authority (SEZA) on Wednesday, the chief minister approved Gwadar Industrial ...

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Dubai’s Abraaj Group invests in 50MW wind power project in Sindh

The Abraaj Group, a Dubai based investment group, announced it had bought a majority stake in a 50MW wind power project in Sindh, it has been learnt. The project which is part of the Jhimpir wind corridor achieved financial close in August 2016 and is expected to commence operations in ...

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Saudi Arabia pledges Rs3.4bn for construction of Swat Expressway

Saudi Arabia has agreed to provide financial assistance of Rs3.4 billion for the construction of the Swat Expressway, state-owned Radio Pakistan reported Wednesday. The total cost of the Swat Expressway mega project was estimated to be Rs38bn when it was first launched. It was envisaged as a collaborative effort involving ...

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Panama suspends Panama Papers probe

Panama is suspending its probe into the Panama Papers, the leak of a legal firm’s files on clients who stored assets in opaque offshore companies, prosecutors said Tuesday. The records from the Panamanian law firm Mossack Fonseca revealed the names of leaders, politicians, celebrities and wealthy individuals from around the ...

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Index fails to sustain gains above 50,000 level

KARACHI: The stock market for a brief moment saw the KSE-100 index break the psychological barrier of 50,000 points in trading on Tuesday. The market, however, remained in grip of volatility as nervous investors continued to engage in alternative bouts of buying and selling, which saw the index move between ...

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SECP warns investors not to get in ‘rat race’

ISLAMABAD: As the stock market breached the 50,000 mark during intraday trade on Tuesday, Chairman Securities and Exchange Commission of Pakistan (SECP) Zafar Hijazi warned investors not to enter the ‘rat race’ following the advice of manipulators. Talking to the media at his office, Mr Hijazi said that as regulator, ...

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