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Trans-Pacific Partnership: US trade tsar warns TPP scrapping carries costs

LIMA: US Trade Representative Michael Froman warned of ‘serious’ strategic and economic costs from scrapping a major trans-Pacific trade deal on Friday, as proponents lobbied hard to overcome president-elect Donald Trump’s opposition. Acknowledging that the fate of the 12-nation Trans-Pacific Partnership agreement, or TPP, is now largely out of the ...

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Secretary promises necessary facilities to textile sector

KARACHI: The textile sector, which was the economic backbone of Pakistan, would be provided all necessary facilities including a plan to increase cotton production to facilitate exporters, stated Textile Secretary Hasan Iqbal. Speaking during a visit to the Pakistan Hosiery Manufacturers Association (PHMA) House where top value-added textile exporters were ...

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Current account deficit expands 63% to $1.76b

KARACHI: Pakistan’s current account deficit widened by 63% in the first four months (Jul-Oct) of 2016-17, increasing to $1.76 billion from $1.08 billion in the same period last year, according to data released by the State Bank of Pakistan (SBP) on Friday. With the difference of exports and imports being ...

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Furniture manufacturing: Turkish team expresses interest in joint ventures

LAHORE: A Turkish delegation has stated that furniture companies of Turkey are keen on enhancing business activities with the Pakistan Furniture Council (PFC) by holding business-to-business (B2B) meetings. The delegation of Turkish furniture manufacturers, led by Mehmat Kirtas, said that they wanted to do business by undertaking joint ventures either ...

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Halal product export market still to be tapped

ISLAMABAD: Pakistan can become one of the top Halal product exporting countries, Chairman of Punjab Halal Development Agency (PHDA) Justice Khalilur Rehman Khan said, but businessmen and the government need to join hands to make that happen. Pakistan’s Halal product exports were dismally low – a fact that could be ...

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Development spending targets missed

ISLAMABAD: The government has been quick in disbursing the whole of the annual allocations for parliamentarians’ development schemes against only 15 per cent releases for the current year’s core national development programme. More than 42.5pc disbursement for security enhancement and settlement of the ‘temporarily displaced persons’ (TDP) against the allocation ...

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Over 20% smokers consume smuggled cigarettes

KARACHI: Over 20% of smokers puff tax-evaded smuggled cigarettes in Pakistan as heavy taxes on locally manufactured products continue to hit the industry hard. “These LTE (local tax-evaded) cigarettes are extremely cheap,” said the State Bank of Pakistan (SBP) in the Annual Report on the State of Economy in fiscal ...

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Argentina seeks partnership in agriculture, livestock

LAHORE: Embassy of Argentina’s Head of Consular Section Maria Carmela Mirabelli and Deputy Head of Commercial Section Guido Maiulini have expressed interest in boosting trade and economic ties with Pakistan. During a recent visit to the Lahore Chamber of Commerce and Industry (LCCI), the Argentinean envoys said Pakistani businessmen should ...

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Market watch: Uncertainty continues to cloud the market

KARACHI: Clouds of uncertainty cast a dark shadow over the equity market on Friday. These stemmed from uncertainty in politics on the national and international front. Faltering coal prices pushed up cement stocks, but the push proved insufficient to rescue the bourse. At close, the Pakistan Stock Exchange’s benchmark KSE ...

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Listed companies: SECP asks for reasons behind surge in stock prices

ISLAMABAD: In order to protect investors from market abuse, the stock market surveillance team of the Securities and Exchange Commission of Pakistan (SECP) has sought explanation from those companies experiencing a hike in their share prices and traded volumes. “Such explanation helps clarify if such a movement is attributable to ...

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