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GE to sell corporate jets in cost-cutting move

General Electric plans to sell its corporate jets in a cost-cutting move amid sluggish activity in key industrial divisions, a spokesperson said Wednesday. “As we have said, we are executing on a plan to take out $2 billion in cost by the end of 2018,” the GE spokesperson told AFP. “As part of that effort,…

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Time ripe to get benefit as CPEC making tremendous progress: Ahsan

ISLAMABAD: Minister for Interior Prof Ahsan Iqbal on Tuesday said China Pakistan Economic Corridor (CPEC) was making tremendous progress with the completion of infrastructure and energy projects and time was ripe to get benefits from the major initiative. The Chinese investment, technology and Pakistani location with low production cost combined together made a winning combination,…

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UK to help Pakistan overcome trade barriers: Joint Statement

ISLAMABAD: The United KingdoM (UK) Monday asserted that it would help Pakistan overcome trade barriers and take advantage of opportunities to create jobs and reduce poverty. “With more than 200 million consumers, Pakistan is an exciting market for British business,” said a joint statement issued after trade talks between UK Minister of State for Trade…

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Nawaz Sharif has ruined Pakistan’s economy: Bilawal Bhutto

DADU: Pakistan People’s Party chairman Bilawal Bhutto Zardari Sunday addressed a large gathering of his supporters Dadu city of Sindh. Bilawal paid a rich tribute to the people of Sindh, especially Dadu, for their role in movements against dictators and for the support of democratic forces. Charged Crowd is chanting “Aj tou hogae Bhutto Bhutto…

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Shehbaz Sharif plans to sell out Pakistan’s largest solar plant

First ever in the history of Pakistan, biggest ever Quaid-e-Azam Solar Park went out of the control of Punjab government; hence, it has decided to sell it out. A road show is being organized in London for the purpose. Punjab Chief Minister Shehbaz Sharif will conduct the show for a project that besmirched his name….

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Ishaq Dar is Pakistan’s economic hit-man, should resign: Imran Khan

NEWS DESK: After Nawaz Sharif, PTI chief Imran Khan has targeted Finance Minister Ishaq Dar. Demanding that he resign from his post, Imran said that there was more investment in the country during the tenures of former military dictator Pervez Musharraf and former president Asif Ali Zardari. He called Dar ‘Pakistan’s economic hit-man’. Watch this…

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Ishaq Dar to attend two events in Urumqi

ISLAMABAD: Finance Minister Ishaq Dar will attend the inaugural ceremony of the Central Asia Regional Economic Cooperation Institute and the second CAREC Think Tanks Development Forum at Urumqi, China on Thursday. The Minister is attending the events on invitation from his Chinese counterpart Xiao Jie. He will also have meetings with senior Chinese leaders and…

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HBL chief calls $630 mln US fine “disproportionate”

By: Zamir Husain Laghari KARACHI: Habib Bank Ltd (HBL), which is facing a possible penalty of up to $630 million by the US regulators has vowed to fight all 53 points included in the charge sheet it has received over ‘suspicious transactions’ from its New York branch. Addressing a news conference here, HBL President Nauman…

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PM Abbasi rules out devaluation, but will cut ‘unnecessary’ imports

NEW YORK: Prime Minister Shahid Khaqan Abbasi has scotched speculation of devaluation of the rupee, saying his government is instead looking to curb imports through tariffs and help boost local production. “Devaluation is our option, theoretically, even though it should incentivize exports but in reality it doesn’t,” Abbasi said in an interview with Bloomberg News,…

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PIA to operate Karachi-Bangkok direct flights

KARACHI: The Pakistan International Airlines (PIA) will operate three weekly flights from Karachi to Bangkok. According to PIA statement, three weekly nonstop flights between Karachi and Bangkok will start from Sept 16. Passengers coming from other major cities including Lahore, Islamabad and Peshawar will also be able to travel to Bangkok with convenient timings. For…

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Foreign reserves rise to $14,375.1 million

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose 0.45% on a weekly basis, according to data released by the central bank on Thursday. The SBP’s press release states, “On August 18, the foreign currency reserves held by the central bank were recorded at $14,375.1 million, up $64.6 million or…

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Pakistan’s exports increase 10.58 percent in July

ISLAMABAD:The country’s exports witnessed 10.58 percent increase during the first month of the ongoing fiscal year (2017-18), compared to the corresponding month of last year. Pakistan exported goods worth $1.631 billion in July 2017 compared to the exports of $1.475 billion in July 2016, showing upward growth of 10.58 percent, an official in ministry of…

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Pakistan eyeing to become top 25th economy by 2025

ISLAMABAD: Pakistani nation has travelled a long way, going through so many ups and downs in its 70 years, but it is still staying strong and moving ahead as the sixth most populous country of 200 million people. In 70 years, although the country has exhibited significant economic growth with a phenomenal increase in the…

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US stocks tumble on Trump woes, Spain attack

NEW YORK: US stocks fell sharply on Thursday as a deadly attack in Spain added to existing unease over President Donald Trump’s agenda amid the latest controversy and the split with business leaders.

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Nobody to be allowed to sabotage peace in Karachi: Ahsan

ISLAMABAD: Minister for Interior Ahsan Iqbal Wednesday said nobody would be allowed to sabotage peace in Karachi. He was chairing a meeting over the law and order in Karachi. The minister was given a briefing by Director General Rangers Sindh in the meeting attended by high level officials of interior ministry. He said Karachi was…

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PM spells out govt’s economic objectives

KARACHI: Prime Minister Shahid Khaqan Abbasi Saturday said the objectives of the government were economic growth, creation of jobs and increase in tax collection. In fact, the objectives of the government and those of the business community were the same. If the business community did not grow, the government would not be able to achieve…

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Saudi tax axe forcing thousands of Pakistanis to return home

By: Zamir Hussain Laghari Since July 1st, Saudi Arabia has been collecting a new levy from expatriates and their dependents in a move seen to augment state revenues. The new monthly fee will apply to foreigners and their families in Saudi Arabia and will be collected on top of the existing monthly tax that some…

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What is ‘The Dieselgate Scandal’?

German government officials and automakers meet in Berlin Wednesday to discuss the future of diesel vehicles, after a nearly two-year saga of scandal spread from Volkswagen to others in the sector. Here is an overview of the controversy: – How the scandal started – On September 18, 2015, the US Environmental Protection Agency (EPA) reported…

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Interim PM vows to keep up course of economic stability

ISLAMABAD: Interim Prime Minister- designate Shahid Khaqan Abbasi Saturday said that he would strive to keep up the mandate of economic stability and completion of development projects during his stint, before handing it over to the next prime minister. Talking to media after his nomination by former prime minister Muhammad Nawaz Sharif at a Parliamentary…

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Net borrowings increase by seven percent in FY2016-17

ISLAMABAD: The net borrowings by the government witnessed increase of 7 percent during the outgoing fiscal year 2016-17, the Senate Committee on Finance Revenue, Economic Affairs, Statistics and Privatization was informed Wednesday. The committee meeting, chaired by Saleem Mandviwalla, was attended among others by Senators Ilyas Ahmad Bilour, Muhamamd Mohsin Khan Leghari, Mohsin Aziz and…

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Ishaq Dar says customs procedures are being improved

ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar said Tuesday that comprehensive measures were being taken to improve and upgrade customs procedures in Pakistan in line with international standards. The Minister was talking to Visiting Secretary General, World Customs Organization (WCO), Kunio Mikuriya who called on him here Tuesday. Dar said that the government has also…

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