Business News
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Cement sales decline by 17% | The Express Tribune
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[ad_1] LAHORE: Cement sales declined by 16.82% in November 2022 as total dispatches came in at 4.009 million tons against 4.820 million tons in the same month of last year. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), local cement sales of the industry were 3.862 million tons in November 2022…
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Google ‘temporarily suspends’ purchase of carrier-paid apps in Pakistan: MoITT
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[ad_1] A representational image of the Google Play Store logo. —AFP/File ISLAMABAD: Ministry of IT and Telecom (MoITT) confirmed Friday that Google has suspended the purchase of carrier-paid apps in Pakistan via mobile phone owing to nonpayment of outstanding dues held after the central bank shut down the mechanism of payment. The dreaded suspension comes…
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Gold scales new peak, price rises by Rs750 per tola in Pakistan
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[ad_1] An undated image of gold bangles. — AFP/File KARACHI: Gold scaled to a new peak on Friday as the political uncertainty clouded the economic outlook and bolstered bullion’s safe-haven allure, though analysts said the rapid pace of gains could prompt some correction. Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA)…
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Saudi Arabia extends term of $3bn deposit
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[ad_1] A representational image of $100 note and coin. — AFP/File The State Bank of Pakistan (SBP) Friday announced that Saudi Arabia has extended the term for the $3 billion deposited with the central bank. “Implementing the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud — may Allah…
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No restrictions imposed on LCs for import of crude oil, LNG: SBP
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[ad_1] An undated image of the State Bank of Pakistan building in Karachi. — AFP/File The State Bank of Pakistan (SBP) Thursday clarified that no restrictions have been imposed on the opening of Letters of Credit (LCs) or contracts for the import of crude oil, liquefied natural gas (LNG) and other petroleum products. “Such information…
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Gold price jumps Rs1,550 per tola in Pakistan
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[ad_1] A representational image of gold bangles. — AFP/File KARACHI: Gold price in Pakistan jumped over Rs1,500 per tola in Pakistan in line with the surge in the international market on the expectation that the US central bank could ease its pace of interest rate hikes “as soon as” December. Data released by All Pakistan…
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Forex reserves drop by $327m to $7.49b | The Express Tribune
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[ad_1] KARACHI: The foreign exchange reserves held by the central bank fell by 4.17% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On November 25, the foreign currency reserves held by the SBP were recorded at $7,498.7 million, down by $327 million compared with $7,825.7 million…
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Margins, freight rates increased for OMCs | The Express Tribune
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[ad_1] ISLAMABAD: The government has increased margins and freight rates for oil marketing companies (OMCs) and the petroleum levy on high-speed diesel. In the latest oil price revision, the government has hiked the margins on petrol by Rs0.32 to Rs4 per litre. As far as diesel is concerned, the margins were jacked up by Rs1.32…
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Iqbal proposes forum to discuss private sector issues | The Express Tribune
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[ad_1] KARACHI: Federal Minister for Planning, Development and Strategic Initiatives Ahsan Iqbal has said that his ministry will constitute a forum to discuss the issues of the private sector. Speaking at the Karachi Chamber of Commerce and Industry (KCCI), Iqbal stated that he is “presenting an institutional solution for private sector companies by making a…
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Forex reserves decline by $327m; expected to rise next week after addition of AIIB proceeds
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[ad_1] A representational image of a $100 note and a coin. — AFP/File KARACHI: In line with the dominant trend for the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 4.17%. On November 25, the foreign currency reserves held by the SBP were…
