Business News
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Russian oil only on favourable terms: Dar | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has informed the US about its decision to buy oil from Russia but only at terms that are favourable than offered to its arch-rival India, said Finance Minister Ishaq Dar on Wednesday. Dar, in his first public event after returning from Washington, also ruled out seeking any relief from the International Monetary…
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Pakistan well-positioned to manage over $30b external financing in FY23: Dar
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[ad_1] Finance Minister Ishaq Dar addresses a press conference in Islamabad, on October 19, 2022. — YouTube/GeoNewsLive ISLAMABAD: Pakistan is well-positioned to manage around $34 billion in external financing in the fiscal year 2023, Finance Minister Ishaq Dar said Wednesday. In a conversation with journalists, he said: “The total (borrowing) requirement for the current fiscal…
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FinMin against particular supportive measures for Pakistani rupee
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[ad_1] There is no need for any particular supportive measures for the rupee, Finance Minister Ishaq Dar told Bloomberg Wednesday. Dar — in an interview with the publication in Washington, where he has been attending annual meetings of the International Monetary Fund (IMF) and the World Bank — said: “The rupee has been heavily undervalued.”…
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What led to major power outage on October 13?
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[ad_1] A gas station worker takes a nap after a major power breakdown took place on October 13, 2022, in Karachi. — APP On October 13, several parts of the country — mainly in Sindh, Punjab and Balochistan — came to a standstill as a major power outage hit them following a fault in the…
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Protectionism: Govt slaps up to 500% taxes on imported cars
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[ad_1] Chairman Public Accounts Committee (PAC) Noor Alam Khan chairing a session in this undated photo. — Twitter/NAofPakistan/File ISLAMABAD: The government, pursuing an extreme protectionist approach, has slapped up to 500% more taxes on imported cars to cushion the local car industry from overseas competition. The plan was revealed by Commerce Additional Secretary during a meeting…
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Rupee continues losing streak against US dollar
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[ad_1] A foreign currency dealer counts US dollars at a shop in Karachi, Pakistan, May 19, 2022. — AFP/File The Pakistani rupee further lost ground against the US dollar as it depreciated by Rs1.16 in the interbank market on Wednesday. The local unit closed at 220.875 in the interbank market, according to the State Bank…
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Biden to release 15m barrels from US oil reserves: official
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[ad_1] US President Joe Biden speaks in the East Room of the White House about Russian military activity near Ukraine February 22, 2022, in Washington, DC. — AFP WASHINGTON: US President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves,…
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Ahsan reviews projects on JCC agenda | The Express Tribune
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[ad_1] ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal directed the ministries concerned to ‘complete homework’ before the joint cooperation committee (JCC)’s 11th meeting, scheduled to take place at the end of October, so that the presented projects are finalised. Secretary planning, secretary of communications, executive director CPEC and representatives from different…
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Cabinet moves to tackle line losses | The Express Tribune
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[ad_1] ISLAMABAD: The federal cabinet on Tuesday approved, in principle, the expansion of installation of advance meters project from Islamabad to other areas of the country to overcome the issue of line losses. The cabinet in its meeting chaired by Prime Minister Muhammad Shehbaz Sharif also approved the installation of advance meters on power transformers.…
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Rupee continues to depreciate against dollar
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[ad_1] A foreign currency dealer counts US dollars at a shop in Karachi, Pakistan, May 19, 2022. — AFP/File KARACHI: Pakistani rupee extended losses against the dollar for the fifth straight session as the demand for the US currency from the importers heated up owing to the opening of new LCs (letters of credit). The…
