Business News
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Logistics startup Trax raises $3.7 million in seed funding
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[ad_1] A delivery rider of Pakistani startup Trax. — Trax/File A delivery startup, Trax, on Friday announced that it has raised $3.7 million funding in an early seed round as it seeks to benefit from growth in the South Asian country’s nascent e-commerce market, Bloomberg reported. The company raised $3.7 million in a round led by…
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Toyota manufacturer ‘completely’ shutdown plant till March 27
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[ad_1] Toyota logo is seen at a Toyota Society Motors showroom. — AFP For the second time in the ongoing calendar year, Indus Motor Company (IMC), the maker of Toyota vehicles in Pakistan, Friday announced its decision to completely shutdown its production plant due to “hurdles in import and clearance of consignments”. In a notice…
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OGRA accused of flouting price mechanism | The Express Tribune
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[ad_1] ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) and oil marketing companies (OMCs) are locked in a tug of war over the recovery of exchange rate losses on imports, which have put the latter on the verge of collapse. Last month, OMCs had conveyed to the government that they had incurred losses of Rs32…
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Pakistan, China scientists to combat citrus diseases | The Express Tribune
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[ad_1] BEIJING: Chinese and Pakistani scientists are collaborating to develop biological control measures to enhance the quality and quantity of citrus fruit in Pakistan. A research centre was launched by the two countries in 2018 to jointly explore green and sustainable solutions to the growing prevalence of citrus diseases across the South Asian nation. Speaking…
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SBP-held reserves rise to $4.6bn on Chinese loan
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[ad_1] An undated image of a currency dealer holding $100 notes. — AFP The State Bank of Pakistan (SBP)-held foreign exchange reserves maintained their uptrend for the sixth consecutive session, rising $280 million during the week ended March 17. Foreign exchange reserves increased by $280 million to $4.6 billion as of the week ended March…
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China rolls over $2b in SAFE deposits | The Express Tribune
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[ad_1] ISLAMABAD: China has granted Pakistan a rollover of $2 billion in State Administration of Foreign Exchange (SAFE) deposits for a period of one year — helping the country in meeting one of the requirements set by the International Monetary Fund (IMF) for it to meet its external financing needs and move towards a staff-level…
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Headway in bailout talks hinges on financing assurances, IMF says
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[ad_1] A man walks past the International Monetary Fund (IMF) logo. Reuters/File The International Monetary Fund (IMF) on Friday said a headway in the loan revival talks with Pakistan was critically contingent upon prompt financing assurances from bilateral loaners as the cash-strapped country continues to surrender to the handicapping demands of the lender of the…
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Yearly inflation hits another peak at 46.65% | The Express Tribune
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[ad_1] ISLAMABAD: The yearly short-term inflation rose by 46.65% – highest ever in the country’s history – measured on the basis of the Sensitive Price Index (SPI) during the week that ended on March 22, the Pakistan Bureau of Statistics (PBS) on Friday reported. The highest-ever increase was recorded on account of the rising food…
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Pakistan’s cotton yield 50% lower than region | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan is facing a sharp decline in cotton production as its per-acre yield has contracted to just half of the cotton productivity in regional countries. Owing to thin profit margins for cotton planting, farmers have switched over to other crops like rice, maize and sugarcane. Economic policymakers have expressed serious concern over the…
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Consumers brace for hardship as SSGC announces Ramadan gas timings
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[ad_1] An undated image of women lightening up a stove. — Online/File In order to facilitate the people of Pakistan, the Sui Southern Gas Company (SSGC) announced on Wednesday that gas will be provided to consumers during Iftar and Sehr timings in Ramadan. According to the SSGC helpline, for Iftar, the gas will be supplied to…
