Business News
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IMF sticks to 2.5% growth forecast for Pakistan | The Express Tribune
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[ad_1] ISLAMABAD: The International Monetary Fund (IMF) on Tuesday kept Pakistan’s economic growth forecast unchanged at 2.5% but slashed inflation rate to 23.6% for the current fiscal year, in a move that is largely in line with official projections. The global lender released its flagship report, the World Economic Outlook, at the start of annual…
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Remittances hit 6-month peak at $2.2b | The Express Tribune
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[ad_1] KARACHI: The remittances sent home by overseas Pakistanis hit a six-month high at $2.20 billion in September 2023, as expatriate workers increasingly used official channels following a government crackdown on currency smugglers and the illicit Hawala-Hundi traders. The increase in inflows sparked hopes that the current account deficit would be moderate for the month.…
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Minister for speeding up work on CPEC | The Express Tribune
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[ad_1] ISLAMABAD: Caretaker Minister for Planning, Development and Special Initiatives Muhammad Sami Saeed on Tuesday gave directives to accelerate the pace of work on the China-Pakistan Economic Corridor (CPEC) projects in Gwadar. Chairing a meeting to review the progress on CPEC projects in Gwadar, he asked ministries and divisions to speed up work on the…
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Gold rate released in Pakistan after a month’s hiatus
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[ad_1] An undated image of gold jewellery displayed at a store. — AFP/File The rate of gold was released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Tuesday after a month’s hiatus and the price of the bullion slipped below Rs200,000 per tola. The price of gold (24 carats) decreased by Rs15,500 per…
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PM terms smuggling ‘existential threat’ | The Express Tribune
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[ad_1] ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar disclosed on Monday that 27,000 vehicles of smuggled Iranian oil were illegally entering Pakistan daily with the connivance of local officials — a rare admission that also exposes the deep-rooted nexus between the smugglers and their benefactors. In an informal interaction with media persons, the country’s chief…
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US stocks feel heat as Israel-Hamas war feared to set Middle East on fire
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[ad_1] A missile explodes in Gaza City during an Israeli air strike on October 8, 2023. — AFP Wall Street stocks dropped, following a shocking attack by the Palestinian group Hamas and Israel’s air strikes on Gaza resulting in the death of 1,500 people on Monday. At least 1,000 people have been killed on the…
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Agri, property taxes top priority | The Express Tribune
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[ad_1] ISLAMABAD: The World Bank on Monday termed increase in taxes on the wealthier agriculture and property sectors its highest priority and said salaried persons were already paying taxes closer to their maximum potential. The highest priority areas for increasing tax collection were the agriculture and property sectors where there was a lot of wealth,…
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Gaza conflict: Israeli currency plunges to almost 8-year low
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[ad_1] A currency dealer holds packets of Israeli currency. — AFP/File Amid rising tensions in the Middle East in the backdrop of the Gaza conflict Israeli currency — shekel— fell to an almost eight-year low against the US dollar on Monday as over 1,200 people have lost their lives since Saturday. Over 550 Palestinians have…
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Oil prices hike amid Israel-Hamas war, fueling supply fears
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[ad_1] A plume of smoke rises above buildings in Gaza City on October 7, 2023, during an Israeli air strike. — AFP After Hamas carried out a surprise strike on Israel over the weekend, raising fresh concerns about tensions in the Middle East, oil prices rose while the US dollar and yen advanced on Monday.…
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Time to increase returns for local USD holders | The Express Tribune
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[ad_1] KARACHI: A sigh of relief is being noticed among pundits. It is loud and clear that we don’t earn enough – in rupee (fiscal) and in USD (external debt) – to put the country on a sustainable recovery path. While aggressive danda-nomics has proven productive to bring USD from Rs335 to Rs290 in open…
