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EOBI losing Rs10bn a year due to unfinished projects

ISLAMABAD: The Employees Old Age Benefits Institution (EOBI) is losing Rs10 billion in revenue a year due to 18 incomplete mega development projects. Under the PPP government, the EOBI embarked on an ambitious, Rs20 billion plan to construct offices, commercial buildings and hotels in Islamabad, Lahore, Karachi and Sialkot. The ...

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Real estate market recovering

The real estate market is picking up after taking a plunge in the first half of this fiscal year. This has come as good news for banks and financial institutions eyeing credit expansion. In FY16, loans to the construction industry more than doubled from Rs14bn to Rs31.5bn with a fresh ...

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Bank deposits up

THE government raised Rs519.36bn from the auction of Market Treasury Bills of various tenors held on Jan 18, smaller against the offered amount of Rs1071.74bn. Of the total, six month T-bill fetched Rs266.18bn at a cut off yield of 5.93pc, followed by three month T-bill with Rs148.37bn at 5.90pc, and ...

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Creeping tax exemptions

The PML-N government has taken credit for withdrawing the major part of a purported Rs477bn worth of tax exemptions under the recent IMF programme. But tax exemptions now appear to be creeping in again, to support the CPEC Programme. Under a systematic scheme, tax exemptions were first introduced in road ...

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China’s 2016 growth is slowest in 26 years

BEIJING: China’s economy grew 6.7 per cent last year, its slowest since 1990, and is expected to slide further this year but at a stable clip to 6.5pc. Its performance last year, helped along by larger government spending and a buoyant property market, came with costs as debt went up ...

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Stock market rises 154 points in lacklustre week

KARACHI: It was by and large a lacklustre week for stocks. The bullish momentum fizzled out and the Pakistan Stock Exchange (PSX) consolidated at the current levels. Some support to the index came mid-week as the market prepared for the signing ceremony of 40 per cent stake sale-and-purchase agreement with ...

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With exports falling, spending on foreign trade offices jumps

ISLAMABAD: Govern­ment spending on running 54 trade offices in more than 30 countries jumped by more than a quarter in the previous fiscal year. Official documents available with Dawn show that government spending on overseas trade offices rose 27.3 per cent year-on-year to Rs1.71 billion in 2016-17. The bulk of ...

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Biscuits, candies, crisps market grows to Rs130bn

KARACHI: The market size of the biscuit industry formal and informal has grown to Rs60 billion now from Rs40bn in 2014 while the total crisps (potato chips, etc) market is over Rs20bn as compared to Rs15bn in 2014. The largest segment in the confectionery business comprises plain biscuits category, with ...

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Ex-banker held in politicians’ fake bank accounts case

KARACHI: The Federal Investigation Agency on Saturday arrested a former employee of the SME Bank for his alleged involvement in preparing fake bank accounts and term deposit reports (TDRs) in the name of some top politicians, including the speaker of the National Assembly. On Jan 18, National Assembly Speaker Ayaz ...

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FIA arrests ex-banker for issuing fake bank receipts to parliamentarians

The Federal Investigation Agency (FIA) on Saturday arrested a former employee of a private bank from Karachi over charges of his involvement in a case regarding opening of fake bank accounts of some parliamentarians, it has been learnt. “The suspect, an ex-employee of SME Bank, was found involved in issuance ...

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